[Guidance Overview]
Comcast 401(k) Plan Stock Drop Case $5M Settlement Gets Court OK
– "The pact okayed by Chief U.S. District Judge . . . not only includes a cash settlement to be paid out to about 36,000 Comcast workers involved in the suit, but calls for the company to make changes in its 401(k) program . . . ."
(PLANSPONSOR.COM)
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[Guidance Overview]
Revised Determination Letter Procedures Issued by IRS
– "The IRS has issued revised procedures for issuing determination letters on the qualified status of pension, profit-sharing, stock bonus, annuity, and [ESOPs], and the status for exemption of any related trusts or custodial accounts."
(Wolters Kluwer)
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[Guidance Overview]
401(k) Class Actions for Fiduciary Breach Still Alive
– "Although the 3-judge panel vacated class certification orders against Boeing and International Paper, in so doing the court was clear that it was not ruling that ERISA § 502(a)(2) lawsuits brought by defined contribution plan participants can never be brought as class actions."
(Tax Management Inc.)
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[Guidance Overview]
Complying with the Participant Disclosures Regulations (PDF)
– "[An employer in its role as plan administrator should] consider updating its contracts with its TPA and other service providers, as applicable, to (i) properly delegate responsibility for complying with the new disclosure requirements and (ii) obtain indemnification for compliance failures."
(Wang Kobayashi Austin, LLC)
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New Hampshire Legislators Propose Wide-Ranging State Pension Revisions
– "The New Hampshire Union Leader reports that the bill raises mandatory contributions by employees, increases retirement ages and required years of service, cuts the number of workers serving on the New Hampshire Retirement System, and reduces the compensation that can be considered in pension formulas."
(PLANSPONSOR.COM)
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CBO Projects Social Security Depletion by 2037
– "According to the Associated Press, the nonpartisan Congressional Budget Office said Wednesday that this year alone, Social Security is projected to collect $45 bil.lion less in payroll taxes than it pays out in retirement, disability and survivor benefits."
(PLANSPONSOR.COM)
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Investor Attitudes and Actions: Retirement Security (PDF)
– "Despite the stock market downturn that began in late 2007 and continued through early 2009, and the market volatility experienced in 2010, households -- whether they had DC plan accounts or not -- were generally confident in these plans' ability to help individuals meet their retirement goals."
(Investment Company Institute)
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California Public Pension Cases Yield Opposite Outcomes
– "Two different California appeal courts came down on opposite sides today in litigation over pensions for government workers [when t]he Second District dealt a blow to pension reform advocates when it blocked Orange County's attempt to rescind sweetened pension provisions it granted county workers a decade ago."
(ALM Media Properties, LLC)
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[Opinion]
The DOL and the Definition of Fiduciary
– "As the U.S. Department of Labor . . . prepares to expand the definition of fiduciary, at the same time that the U.S. Securities and Exchange Commission is doing likewise, the financial industry is girding for some potentially massive changes."
(Susan Mangiero)
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[Opinion]
Benefit Practitioners Suggest Candidates for President's Regulatory Review Initiative
– "A regulation that ranked high on a short list mentioned by benefit practitioners is a PBGC proposed regulation [that] would increase pension plan liabilities and reporting requirements for single-employer defined benefit plan sponsors that downsize their business operations for various reasons, causing job losses affecting more than 20 percent of active participants in the employer's qualified plan. [Click on the link under 'Items of Interest' on the target page.]"
(The Bureau of National Affairs, Inc. via Keightley & Ashner LLP)
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Benefits in General; Executive Compensation
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[Guidance Overview]
Final 'Say on Pay' Rules Published
– "What are the differences between the Dodd-Frank final rules and the proposed rules and what stays the same?"
(John Lowell)
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[Guidance Overview]
2010 Earned Income Computation Change
– "The Small Business Jobs Act of 2010 made a subtle change to the computation of net earnings from self-employment, which has caused some practitioners to question how this will affect the determination of compensation for the self-employed."
(SunGard Relius)
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Successor Liability Under ERISA (PDF)
– "One of the murky but interesting aspects of ERISA law . . . has been the extent to which liability under ERISA will carry over to successors who purchase the assets rather than the stock of the business. This article explores the current state of the law . . . . [Published in Tax Mgmt. Comp. Plan. J. (1/7/2011) and updated January 26, 2011/]"
(Charles C. Shulman, Esq.)
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Leased Employees and Employee Classification (PDF)
– "The main test for employee status is whether the company has the right to control manner and means by which work is accomplished, although other factors also play a role. [As published in Journal of Pension Planning & Compliance (Winter 2010) with minor additions.]"
(Charles C. Shulman, Esq.)
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[Opinion]
SEC's Final Rules on Shareholder Say on Pay
– "The Rules technically are not effective until 60 days after publication in the Federal Register (March 26, 2010). However, we expect that most companies that have not already printed their proxy statements will seek to comply."
(Michael S. Melbinger via Winston & Strawn LLP)
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Press Releases
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