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Top Ten Most Widely Read Fiduciary News Stories in 2010
Excerpt: "[N]ow might be a good time to relive some of the issues that drove the news in 2010. What were some of these issues? How did they impact the fiduciary liability of 401k plan sponsors? Where did the hottest debates dwell? For answers to these compelling questions, we turned to our own internal analytics to determine the top ten most widely read Fiduciary News stories in 2010."
Congressional Bill Addresses States With Underfunded Pensions
Excerpt: "Principal author of the Public Employee Pension Transparency Act is Rep. Devin Nunes, a Republican from California . . . . His bill would define the scale of the problem of underfunded state and local government pensions and would notify states not to approach Congress like Oliver Twists, holding out porridge bowls and asking for more."
(The Washington Post; one-time registration required)
The First 11 State Pension Funds That Will Run Out of Money
Excerpt: "Illinois is just 8 years away from exhausting its pension fund and creating a yearly $14 bil.lion hole, according to data from Kellogg professor Joshua Rauh . . . . That's a projected 32 percent of the state's revenue going to fill a pension hole. Every year. Indiana, Louisiana, Oklahoma and Colorado are among the next pension funds to fall. The rest of the union is just around the corner."
(Business Insider, Inc.)
Investigating Detroit, Michigan's Public Pension Boards
Excerpt: "The Free Press has chronicled the spending and investment practices of Detroit's two public pension funds over the past year, investigations that have revealed lavish travel by trustees and pension staffers and a host of risky investments that went sour. Throughout, the two pensions - one for police and fire employees, the other for general city workers - have resisted efforts to release public records or shed light on how they make their decisions."
(Detroit Free Press)
New rules from the IRS require paid tax preparers to obtain a PTIN, as well as either meet broad competency requirements or become an Enrolled Retirement Plan Agent (ERPA). We can help you become an ERPA with our incredible tools, practice exams and study aids. Register now and order your materials. The exam window is January 6-February 17, 2011!
For more information and study aids, visit AIRE, LLC. To register for the exam, visit ERPA Exam
Benefits in General; Executive Compensation
IRS Relief on PPACA $500,000 Compensation Deduction Limit (PDF)
4 pages. Excerpt: "The $500,000 deduction limitation applies to compensation for services provided during any year after 2009 in which a company is a 'covered health insurance provider.' All entities that are treated as members of the same controlled group under the qualified plan rules (Code section 414) will be treated as one employer for this purpose (with exceptions for brother-sister corporations and combined group arrangements)."
(Groom Law Group)
Court Finds Severance Plans Not ERISA Governed
Excerpt: "The employees alleged in their ERISA lawsuit that Alcatel-Lucent breached its ERISA fiduciary duties by not telling them that they would have received a greater amount of [Lucent Career Transition Option Program] benefits if they were involuntarily terminated by the company instead of voluntarily leaving the company."
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