DATAIR's DC/Win System for Allocations, Discrimination Testing, and Proposals. Handles New Comparability Plans, Sole Proprietorships, 401(k) and 403(b) plans. Use with our DB System for Cash Balance and Combo Plans. Expert support. DC/401(k) System includes:*
Downloads from many allocated account fund providers *
Automated loan processing
Flexible data import/export *
Interface with DATAIR's 5500/1099R firstname.lastname@example.org
or call 1-888-328-2474
DOL Proposed Update to Definition of Fiduciary to Include More Advisers (PDF)
5 pages. Excerpt: "According to EBSA, the new rule will better protect participants from conflicts of interest and self-dealing by giving a broader and clearer understanding of when persons providing investment advice are ERISA fiduciaries, subject to duties of loyalty and prudence."
(Thompson Hine LLP)
Non-U.S. Pension Funds May Be Subject to New IRS Reporting and Withholding on U.S. Investments (PDF)
3 pages. Excerpt: "In March 2010, the US Congress passed the Foreign Account Tax Compliance Act, or 'FATCA'. This new law should be of particular concern to non-US pension funds investing in the US, as they may be subject to withholding on payments of US-source interest, dividends and capital gains unless the fund enters into an agreement with the IRS to undertake fairly onerous information reporting."
(Groom Law Group)
401(k) Fee Simple Absolute
Excerpt: "With new regulations promulgated by the Department of Labor that will require retirement plan fee disclosure in 2011, many wonder how this change will affect the 401(k) industry. This articles consider what will happen, what may happen, and won't happen to the 401(k) industry after the regulations go into effect in July 2011."
(The Rosenbaum Law Firm P.C. via JD Supra, LLC)
Potential Pittsburgh, Pennsylvania, Pension Costs
Excerpt: "A state pension official reaffirmed Tuesday that without a fast cash payment, Pittsburgh faces large increases in its annual contributions to municipal retirement accounts under state management."
What Does the Market Crash Mean for the Ability of 401(k) Plans to Provide Retirement Income?
Excerpt: "This paper simulates the effects of the market crash of 2008 for 401(k) plan participants of various ages, earnings levels, and portfolios. Because Social Security is such an important component of retirement income, focusing solely on 401(k) balances can overstate the effect of the market crash. Most workers with low to moderate earnings are projected to have only moderate reductions in retirement income. In many cases the change in retirement income would be more than offset by working an additional year."
(National Tax Journal via Social Science Research Network)
Four Reforms to Save Multiemployer Plans (PDF)
4 pages. Excerpt: "'Bankrup.tcy proceedings, rooted in equitable concepts of the law, are the best way to handle multiemployer plans whose financial obligations greatly exceed their assets but that still have significant financial holdings.' [Reproduced with permission from Pension & Benefits Daily.]"
(Kraw & Kraw Law Group)
IASB Reaches Decisions on Defined Benefit Accounting Proposals Effective in 2013
Excerpt: "The International Accounting Standards Board . . . and the Financial Accounting Standards Board . . . have come to some tentative agreements following a review on October 19-22, 2010, of comments received on an exposure draft of proposed amendments to its IAS 19 Employee Benefits that would become effective January 1, 2013."
New DOL Regulation Will Ratchet Up the Scrutiny of Bundled 401(k) Plan Fees
Excerpt: "The reality is bundled services have the potential for conflicts of interest with proprietary funds, soft dollars, and undisclosed fees. This makes it difficult for plan sponsors to fulfill their fiduciary duty in verifying participant costs are reasonable. As a result of these drawbacks, plan participants could suffer and plan fiduciaries might be exposed to unnecessary liability."
IRS Revenue Procedure Provides Guidance on Pre-Approved IRAs
Excerpt: "The document includes guidance to drafters and users of prototype IRAs, including rules for when documents must be submitted to the [IRS] and new user fees for individual retirement annuities. In addition, the IRS provides guidance to users of its model IRAs and describes the availability of new model individual retirement annuities."
U.S. Looks to a Three-Part Plan to Revamp the 'Road to Retirement' Infrastructure (PDF)
Excerpt: "So how do we begin to rebuild the American road to retirement? We know we can't do things the same way as in the past, because so much has changed over the last 100 years. Employers must be competitive globally, and employees typically don't stay with one employer their entire career. The imperative is to help employers to achieve their human resource goals while ensuring employees have a modest and stable retirement income -- and to do so in way that makes fiscal sense."
(National Institute on Retirement Security)
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
ISS Publishes its 2011 U.S. Corporate Governance Policy Updates
Excerpt: "Last week . . ., ISS published its 2011 U.S. Corporate Governance Policy Updates, giving corporate America an indication of how ISS will recommend as to votes on executive compensation (and other) issues. [This Blog presents] the key policies for 2011, including changes from last year's policy . . . ."
(Michael S. Melbinger via Winston & Strawn LLP)
New Form 1099 Reporting May Be Repealed
Excerpt: "Senate Bill 3946 was introduced on November 15 to repeal the expanded Form 1099 reporting requirements under the Affordable Care Act."
(Deloitte via BenefitsLink.com)
Benefits Plan Management at Year-End
Excerpt: "Executives and managers responsible for their organization's employee benefit plans can find themselves busier than usual during year-end, with open enrollment periods, benefits modifications, health care reform, and the like. Where to start? This article highlights a number of year-end compliance tasks of which you may already be aware, and a few big picture decisions you may want to think about before it is too late."
(Chang, Ruthenberg & Long PC)
Webcasts and Conferences
Newly Posted Employee Benefits Jobs
Subscribe to the BenefitsLink Health & Welfare Plans Newsletter, Too!
This email has been published by:
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
Fax: (407) 644-2151
Jeanette Hull, News Editor
David Rhett Baker, J.D., Editor and Publisher
Copyright 2010 BenefitsLink.com, Inc.; except that you can
forward this email in full (including this boilerplate part) or
otherwise reprint this email in full (including this boilerplate
part) without obtaining our permission.
Anyone can subscribe to this newsletter.
Other useful links: