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February 1, 2011 Health & Welfare Plans Newsletter  |  Advertise  |  Unsubscribe

[Official Guidance]
Text of IRS Employee Plans News for January 31, 2011 (PDF)
Two articles: 'New Submission Period for Individually Designed Plans and Pre-Approved Defined Contribution Plans,' and 'New User Fees Effective February 1, 2011.' (U.S. Internal Revenue Service)


Register Now for ASPPA’s Spring Exams! (advert.)

Sponsored by ASPPA

ASPPA’s Education and Examination programs provide affordable and convenient ways of earning credentials and Continuing Professional Education (CPE) credits. Register before April 14 to save money with the "early bird" discount.


[Guidance Overview]
Participant Fee Disclosure Regulations: ERISA § 404(c) Changes
"The new regulations drastically reduce the volume of information listed in the 404(c) regulations themselves, because the information is now required under the 404(a) regulations." (SunGard Relius)

[Guidance Overview]
ESOP Participant Did Not State an Imprudent Investment Claim Based on His Employer's Product-Related Actions
"In so ruling, the court did not adopt the Moench presumption, already adopted by several other appellate courts, that an ESOP's investment in company stock is entitled to a rebuttable presumption of prudence." (Wolters Kluwer)

Distribution Decisions Among Retirement-Age Defined Contribution Plan Participants (PDF)
"The [majority of retirement-age DC]) plan participants leave their employer's retirement plan within five years of separation from service . . . . This finding has implications for the 'to versus through' debate in target-date fund design, as well as for the demand for in-plan versus out-of-plan retirement income programs." (The Vanguard Group)

Wealth, Financial Literacy and Schooling
"The estimates of the impact of financial literacy imply that investments in financial literacy could have high payoffs in terms of enhanced household wealth." (Teachers Insurance and Annuity Association - College Retirement Equities Fund)

Comments on DOL's Target Date Disclosure Proposed Regulation
The target page contains a listing of the public comments on the proposed regulation with links to each. (U.S. Employee Benefits Security Administration)

Proposals for Oregon Public Employees Retirement System to Curtail Benefits to State, City and County Workers
"The state House of Representatives had first readings on nearly 20 bills related to PERS by Tuesday. Nearly all of the bills seek to cut public employees' retirement benefits in order to rein in the cost of PERS." (Statesman Journal)

401(k) Plans and Retirement Savings: Issues for Congress (PDF)
"This CRS report describes these seven major policy issues with respect to DC plans: access to employer-sponsored retirement plans, participation in employer-sponsored plans, contribution rates, investment choices, fee disclosure, leakage from retirement savings, and converting retirement savings into income." (U.S. Congressional Research Service)

7th Circuit Stock-Drop Rulings Seen as Helping Employers
"The Seyfarth Shaw memo said the stock-drop rulings by the 7th U.S. Circuit Court of Appeals 'severely undermine plaintiffs' ability to challenge fiduciary decisions related to 401(k) plans on a class-wide basis.'" (PLANSPONSOR.COM)

Nine Retirement Benefit Changes Coming in 2011
"Nearly 70 percent of firms plan to review their 401(k) and pension programs and potentially make changes in 2011 . . . . Here is how employers are likely to alter their retirement benefits this year." (U.S. News & World Report)

[Opinion]
Mass Media Retirement Hype: Hurting 401k Investors and Increasing Plan Sponsor Fiduciary Liability?
"[O]ver-simplification can lead to potentially hazardous hasty generalizations in the field of finance and investing." (Fiduciary News)

[Opinion]
American Benefits Council Statement on Legal Entity Identification for Financial Contracts (PDF)
"The problem with assigning one LEI per one legal entity becomes clear when one considers the examples of how pension trusts are typically structured. Pension trusts generally fall into one of two categories: pro-rata trusts and non pro-rata trusts . . . ." (American Benefits Council)


Preventing ERISA Claims and Litigation - March 29-30, 2011 (advert.)

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Join leading ERISA experts from BP America, American Airlines, P&G, McDonalds, Sony, Verizon and more in 14 dynamic case studies, interactive panel discussions, workshops and topical luncheons addressing key topics surrounding ERISA.


Benefits in General; Executive Compensation

[Guidance Overview]
Employers Should Review Severance Plans in Light of IRS Guidance
"Severance plans were included in the arrangements requiring consideration under Section 409A, since they provide for post-employment payments that can be paid beyond two-and-a-half months after the end of the calendar year in which an employee leaves." (Employee Benefit News; one-time free registration required)

Americans' Financial Capability
"Financial capability is measured in terms of how well people make ends meet, plan ahead, choose and manage financial products, and possess the skills and knowledge to make financial decisions." (The Pension Research Council; registration required to download papers)

Perks at Work, I-Deals, Can Work for Worst Performers
"These individualized deals can involve where people sit or whether they get more lab space; if they get any grief for showing up late; or whether they can duck out early to watch their children's events." (Pittsburgh Post-Gazette via The Journal Gazette)

NCEO Equity Compensation New Release Bundle
The NCEO has just released the 2011 editions of its leading equity compensation books. As a special promotion during the month of February, it is offering all five books as a bundle to everyone, NCEO members and nonmembers alike, at the discounted NCEO member price. (National Center for Employee Ownership)

Press Releases

Segal Releases 2010 Study of State Employee Health Benefits
(The Segal Company)

US Labor Department Obtains Court-appointed Independent Fiduciary for 401(k) Plan of Defunct Westerly, RI, Company
(U.S. Department of Labor, Employee Benefits Security Administration (EBSA))

Financial Engines Announces 401k Retirement Income Product
(Financial Engines, Inc.)

Integrated Benefits Institute Offers New Resource to Help Employers Improve Workforce Health, Lost Time and Productivity
(Integrated Benefits Institute)

Fiduciary Experts Partner To Strengthen Independent Certification Program
(Centre for Fiduciary Excellence (CEFEX))

Mercer’s 2011 Guide to Social Security and 2011 Medicare Booklet Now Available
(Mercer)

The Vitality Group Launches New App for iPhone® to Help Members Be More Active
(The Vitality Group)

BPAS Announces Link to Paylocity
(BPAS)

Mid Atlantic Trust Company Announces the Model Managers Selected to Participate in the Launch of ModelxChange
(Mid Atlantic Trust Company)

Mintz Levin Launches Center for Health Law & Policy
(Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.)


Employee Benefits Jobs

Pension Administrators in NJ
Northern NJ Mid-Size Pension Consulting Firm

Counsel in CO
Great-West Life

Daily Valuation Administrator/Recordkeeper in CA
Pension Specialists, Inc.

Regulatory Policy Analyst in DC
National Business Group on Health

Associate Editor in NY
Practical Law Company, Inc. (PLC US)

Pharmacy Benefits Consultant in CA
The Segal Company

Software Development Systems Analyst in CA
Pension Specialists, Inc.

Full-Time Employee Benefits Paralegal Position in TX
Texas Law/Retirement Plan Advisor Practice

Retirement Plan Administrator in MD
RSM McGladrey, Inc.

401(k) Participant Education Advisor in AZ, CA, TX
401(k) Advisors


Webcasts and Conferences

Retirement Plan Insights 2-Day Seminar
in Pennsylvania on May 10, 2011
McKay Hochman Co., Inc.

Retirement Plan Insights 2-Day Seminar
in Illinois on June 7, 2011
McKay Hochman Co., Inc.


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