Ninth Circuit Finally Adopts Moench Presumption of Prudence in Stock Drop Case
Excerpt: "The decision is important because two prior Ninth Circuit rulings had failed to endorse the presumption. With the Ninth Circuit now joining the fold, the prospects of a Circuit Court split on the issue are rapidly becoming more remote. However, the decision does not narrow the divide among the courts on other issues impacting stock drop litigation."
(Proskauer Rose LLP)
Reminder: ERISA DB Plans Must Post Certain Form 5500 Information on Intranets
Excerpt: "[DOL] has not issued any information or guidance about this posting requirement. The [target page] questions and answers describe what would appear to be reasonable compliance, based on the language of the statute, subject, as always, to review and agreement by the plan sponsor's legal counsel . . . ."
(The Segal Group, Inc.)
The Case of the ERISA Plan Bil.lion-Dollar Typo
Excerpt: "A recent decision by a U.S. Court of Appeals allowed a company to retroactively correct a scrivener's error in their cash balance plan document and avoid having to pay out a whopping $1.67 bil.lion in extra benefits to plan participants. In its decision, the court stated: 'People make mistakes. Even administrators of ERISA Plans.' Young v. Verizon's Bell Atlantic Cash Balance Plan."
(Fisher & Phillips LLP)
Half of Americans Left Assets in Previous Employer's 401(k)
Excerpt: "Nearly 30% of respondents indicated they failed to rollover their retirement savings into an IRA or new 401(k) because they are unsure about the rollover process and/or where to put their money, don't have the time to roll their retirement money over, or have simply forgotten about their account."
IRS Lays Out its Employee Plans Agenda for 2011
Excerpt: "The FY 2011 EP Work Plan includes seven operating priorities which, according to the document, address EP's mission in FY 2011 of protecting retirement plan assets and the benefits of plan participants."
Understanding 401(k) Fees and Making Every Basis Point Count (PDF)
8 pages. Excerpt: "In this article reprinted with permission from the Fourth Quarter 2010 issue of Benefits Quarterly, Aon Hewitt retirement expert Pam Hess and her co-author Valerie M. Kupferschmidt discuss the components of Total Plan Cost in DC plans, along with methods to reduce them."
New Congress Means Little Pension Action Ahead
Excerpt: "The Republican takeover of the House combined with the narrow retention by Democrats of their Senate majority in Tuesday's election means that executive branch agencies will be taking the lead on pension issues over the next two years, pension industry lobbyists said."
(Pensions & Investments)
Comments on Proposed Rule 12b-2 Regarding Use of Mutual Fund Assets to Pay Fees from Sale of Mutual Fund Shares
15 pages. Excerpt: "ASPPA understands the Commission's desire to eliminate problematic and excessive broker compensation arrangements that have evolved under the current Rule 12b-1, however changes to address that issue should not undermine the success that servicing and administration arrangements have fostered for participant-directed retirement plans."
(American Society of Pension Professionals & Actuaries;Council of Independent Recordkeepers)
Itís a whole new world at the 2011 NTSAA Annual Conference, the premier 403(b) and 457 forum for educating producers, providers, agents, broker/dealers, sales and marketing managers, office staff, plan sponsors and other business officials. Register now and join your colleagues in Orlando February 2-5, 2011.
For more information and a brochure, go to www.asppa.org/ntsaaconference
Benefits in General; Executive Compensation
2010 Election Guide (PDF)
139 pages. This is a comprehensive guide that summarizes the 2010 election results and their impact on the 112th Congress, which will convene in January.
(K&L Gates LLP)
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