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Retirement Plans Newsletter

October 28, 2010

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Already approved for 2010. Clients love the ease and convenience of the ASC 5500 system: "We completed the forms & schedules with ease. The fact that there's no software to install is an added bonus." RJ Kelly, PBC, Inc
* Quickly produce DOL/IRS 5500 forms/schedules
* Invite your clients to e-sign via our web-portal with your logo
* Workflow tracking and DOL 5500 filing status
* "No i-file required" For more information click here.
Sponsored by ASC

[Guidance Overview]
IRS Announces 2011 Limits on Contributions and Benefits
In general, either these limits will either remain unchanged, or the inflation adjustments for 2011 will be small. Chart shows limits from 1996 through 2011.
(Calhoun Law Group, P.C.)

[Guidance Overview]
DOL's Final Regulation on Fiduciary Requirements for Participant Disclosure in Participant-Directed Individual Account Plans & Final Amendment to Regulation Under ERISA Section 404(c)
Excerpt: "The final regulation also requires that participants and beneficiaries be provided a glossary of terms to assist them in understanding the designated investment alternatives, or an internet address that provides access to such a glossary, along with a general explanation of the purpose of the address."
(Proskauer Rose LLP)

[Guidance Overview]
DOL's Proposed New ERISA 'Fiduciary' Definition (PDF)
3 pages. Excerpt: "The DOL indicated that, by giving a broader and clearer understanding of the circumstances that will cause persons providing such advice to be subject to ERISA's fiduciary standards, the proposed regulation would better protect plan participants from conflicts of interest and self-dealing."
(Dechert LLP)

[Guidance Overview]
EBSA's Final Fee Disclosure Regs for Participant-Directed Account Plans
Excerpt: "The final regulations provide plan administrators protection from liability for the completeness and accuracy of information provided to participants if the plan administrator reasonably and in good faith relies upon information provided by a service provider."
(Wolters Kluwer)

[Guidance Overview]
Investment Comparison Charts: DOL Required Participant Fee Disclosure Will Affect Most Plans for the First Time in 2012
Excerpt: "Virtually all 401(k) plans are affected, unless the plan sponsor completely controls investments. Limited cost disclosure must even be made for self-directed brokerage accounts."
(Osler, Hoskin & Harcourt LLP)

[Guidance Overview]
DOL Takes Action to Require Additional Transparency and Accountability
Excerpt: "What should be understood about the DOL's proposed rule change is that it maintains the status quo for advisors that are providing continuous advice to a plan and its participants and beneficiaries."
(fi360 Blog)

[Guidance Overview]
IRS's Final and Proposed Hybrid Plan Regulations (PDF)
7 pages. Excerpt: "These regulations provide guidance on certain hybrid plan provisions included in the Pension Protection Act of 2006 . . ., as amended by the Worker, Retiree, and Employer Recovery Act of 2008 . . . ."
(Aon Hewitt)

[Guidance Overview]
New Rules Dramatically Expand Options for Cash Balance Plan Sponsors (PDF)
3 pages. Excerpt: "[This] Information Release outlines many of the new Interest Crediting Rate options and what they mean for employers, with a focus on greater investment flexibility that minimizes funding issues."
(Kravitz, Inc.)

Roth 401(k) Conversion: Pros and Cons
Excerpt: "Here are four possible reasons to consider the Roth 401k conversion . . . ."
(CBS Interactive Inc.)

Oregon's Public Employee Retirement System Will Go to Court to Try to Keep Pension Benefit Records Secret
Excerpt: "Earlier this month, [the Oregon Attorney General],ordered PERS to release records to The Oregonian of all PERS-covered retirees whose annual retirement benefits exceed $100,000.'
(Oregon Live LLC)




Whether you're working towards an ASPPA credential or just looking to expand your knowledge in specific topical areas, ASPPA's exams are great ways to expand your knowledge while earning valuable CPE credits (valid for ASPPA, JBEA and ERPA requirements)! The proctored exam window is open from November 1 to December 16 but it's important to register early and have time to prepare.

Registration ends October 29. For more information, visit ASPPA's exam site

Sponsored by ASPPA

Benefits in General; Executive Compensation

[Official Guidance]
Text of Proposed Rule on Shareholder Approval of Executive Compensation and Golden Parachute Compensation (PDF)
31 pages. Excerpt: "Section 951 of the Dodd-Frank Act amends the Securities Exchange Act of 1934 by adding Section 14A, which requires companies to conduct a separate shareholder advisory vote to approve the compensation of executives, as disclosed pursuant to Item 402 of Regulation S-K or any successor to Item 402."
(U.S. Securities and Exchange Commission)

[Official Guidance]
Text of Proposed Rule on Reporting of Proxy Votes on Executive Compensation and Other Matters (PDF)
22 pages. Excerpt: "[SEC] is proposing rule and form amendments . . . that, if adopted, would require an institutional investment manager that is subject to Section 13(f) of the Securities Exchange Act to report annually how it voted proxies relating to executive compensation matters as required by Section 14A of the Securities Exchange Act . . . ."
(U.S. Securities and Exchange Commission)


Webcasts and Conferences

New Fiduciary Regulations for IRA and 401(k)/403(b) Markets
Nationwide on November 3, 2011
presented by Convergent Retirement Plan Solutions, LLC


Press Releases

IRS Announces Pension Plan Limitations for 2011
Internal Revenue Service (IRS)


Newly Posted Employee Benefits Jobs

Benefits Research Paralegal
for HEREIU Welfare Fund
in IL

Retirement Plan Administrator
for Thompson Pension Employee Plans Inc.
in NY

Internal Sales Consultant
for John Hancock Financial Services
in IL




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