See for yourself why you can rely on ASC for your 5500 e-filings. Your clients will e-file with all the convenience and efficiency of a fully web-based system. Invite signers with one click, secure signing portal, DOL status report, integrated with ASCi’s Plan Document System and IRS approved for 2010.
to register for the FREE 5500 demo on December 9th.
Former YRC Worldwide Employees Denied Jury Trial in Stock-Drop Case
Excerpt: "[The District Judge] noted that all federal appellate courts have held that there is no right to a jury trial for ERISA claims. He also pointed out that courts have consistently characterized ERISA actions as akin to common law trust actions that are governed by common law trust principles."
Regulation of Target-Date Funds: A Look Back and A Look Ahead
Reprinted with permission from Employee Benefit Plan Review, December 2010. Excerpt: "This column provides a brief background on target-date funds, surveys regulatory interest in target-date funds over the past few years, summarizes expected new regulatory initiatives and closes with suggestions for plan fiduciaries with target-date funds."
(Winston & Strawn LLP)
Amendments to IRA Documents Not Required for Now (PDF)
3 pages. Excerpt: "In a twist from the typical IRS approach to amendment requirements for tax-qualified retirement plan documents, Rev. Proc. 2010-48 establishes a new rule providing that IRA agreements do not need to be amended for various law changes since 2002 for IRA sponsors to take advantage of such law changes."
(Kelly, Hannaford & Battles P.A.)
Statement of PBGC Director to the Senate Committee on Health, Education, Labor, & Pensions (Dec. 1, 2010)
Excerpt: "Today, I would like to describe and discuss how PBGC performs the complex tasks that ERISA has given the agency: Trying to preserve pension plans, Stepping in to pay benefits when plans fail, Working to recover what is owed those plans, and Maintaining high standards of stewardship and accountability. Of course, PBGC also works with Congress and the Administration to implement and improve pension laws."
(Pension Benefit Guaranty Corporation)
Retirement Industry Reps Blast Fiscal Commission Report
Excerpt: "According to a statement from Brian H. Graff [of The American Society of Pension Professionals & Actuaries], the commission's recommendations include reducing the defined contribution limit by more than half. Further, Graff said, tax free contribution limits would be cut from the current limit of $49,000 to a new cap of $20,000 or 20% of pay. If adopted by Congress, Graff warned that the plan would effectively eliminate employer sponsored profit-sharing plans, shifting responsibility for retirement savings to workers."
The Role of IRAs in U.S. Households' Saving for Retirement, 2010 (PDF)
26 pages. Excerpt: "Four out of 10 U.S. households owned IRAs in 2010. More than three-quarters of IRA-owning households also had employer-sponsored retirement plan accumulations or had defined benefit plan coverage. All told, 70 percent of all U.S. households had retirement plans through work or IRAs."
(Investment Company Institute)
How Well Are Social Security Recipients Protected from Inflation?
Excerpt: "We show that Social Security benefits net of average out-of-pocket medical expenses have declined relative to a price index for non-medical goods by almost 20 percent for men, and almost 27 percent for women, in the 1918 birth cohort. We also explore the extent to which indexing Social Security benefits to the CPI-E, an experimental measure of inflation for the elderly, would change these results."
(National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)
Framing Effects and Expected Social Security Claiming Behavior
Excerpt: "This project shows that individual intentions with regard to Social Security claiming age are sensitive to the manner in which the early versus late claiming decision is framed."
(Pension Research Council; registration required to download papers)
What Do People Know About Social Security?
Excerpt: "To gain benchmark information about how much people know about Social Security and the public's attitudes toward the system overall, this project undertook two surveys in the Spring of 2010: a random-digit-dial telephone survey and an internet survey using the American Life Panel . . . . This report summarizes survey results as well as significant differences between population subgroups."
(Pension Research Council; registration required to download papers)
An Empirical Analysis of 401(k) Loan Defaults
Excerpt: "Many 401(k) pensions allow plan participants access to their pension saving before retirement via a plan loan. This paper investigates the determinants of defaults on such loans, using a rich dataset of over 100,000 participants who terminate employment with a plan loan outstanding."
(The Pension Research Council; registration required to download papers)
For Pension Funds, a Smarter Application of the 'Risk-Free Discount Rate'
Excerpt: "[M]y latest work on pension reform and retirement plan redesign has convinced me that the financial economists have a valid point that should not be lost in the national effort to redesign these retirement plans on sustainable terms. Instead of focusing on the employer's side of the balance sheet and payroll stub, we should apply their logic to the calculation of employee contributions to these retirement plans."
American Benefits Council Testimony at Hearing on PBGC: Is Stronger Management and Oversight Needed? (PDF)
4 pages. Testimony given December 1, 2010, before the U.S. Senate Committee on Health, Education, Labor and Pensions. Excerpt: "The core problem we see is that PBGC and the business community need to communicate more effectively about why employers are fleeing the defined benefit plan system, why they are freezing their plans, and how certain well-intended PBGC policies and actions can actually threaten business viability and increase PBGC liability."
(American Benefits Council)
NTSAA presents the premier 403(b) and 457 forum for educating and providing sales ideas for producers, providers, agents, broker/dealers, sales and marketing managers, office staff, plan sponsors and other professionals. Interact with recognized authorities and the top technicians in the field! February 2-5, 2011 at the Omni Orlando at ChampionsGate in Orlando, FL.
Learn more and register at asppa.org/ntsaaconference.
Benefits in General; Executive Compensation
Present Law and Historical Overview of the Federal Tax System
74 pages. Excerpt: "The Senate Committee on Finance has scheduled a public hearing on December 2, 2010, on 'Tax Reform: Historical Trends in Income and Revenue.' This document . . . provides a summary of the Federal tax system, briefly describes its historical development over the period of time beginning in 1975, and provides an appendix of selected historical data on Federal tax rates, Federal tax receipts, components of adjusted gross income, and other features of the Federal tax system."
(U.S. Congress, The Joint Committee on Taxation)
Is the Reduction in Older Workers' Job Tenure a Cause for Concern?
Excerpt: "Using data from the Health and Retirement Study . . ., we analyze trends in voluntary, pressured, and forced quits and risk factors associated with each type of quit. We show that leaving one's age-50 job between ages 50 and 56 in any of the above circumstances more than doubles the likelihood that an individual will be working part-time at age 60, relative to a base case of working full-time."
(Center for Retirement Research at Boston College)
Report of the National Commission on Fiscal Responsibility and Reform (PDF)
66 pages. Excerpt: "In establishing this Commission, the President gave us a two-part mission: to bring the budget into primary balance (balance excluding interest costs) in 2015, and to meaningfully improve the long-run fiscal outlook. Our recommendations accomplish both of these goals, while keeping . . . core principles in mind . . . ."
(The White House)
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