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February 9, 2011 Health & Welfare Plans Newsletter  |  Advertise  |  Unsubscribe  |  Past Issues

[Guidance Overview]
DOL's Final Participant Fee Disclosure Regulations (PDF)
"The Regulation is effective as of December 20, 2010, but applies to individual account plans for plan years beginning on or after November 1, 2011. For calendar year plans, the Regulation applies beginning January 1, 2012." (Haynes and Boone, LLP)


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Text of the Lifetime Income Disclosure Act (PDF)
To amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure. (U.S. Senate via American Benefits Council)

What Are Hybrid Retirement Plans? A Quick Reference Guide (PDF)
"[W]hen state and local officials talk about hybrid plans, they generally mean that their governments offer some combination of a defined benefit . . . and defined contribution . . . plan or a single plan that includes elements of both." (Center for State and Local Government Excellence)

Employees Increased Their Contributions to 401k Plans in 2010, According to Report
"The report also noted the importance of allowing employees to manage their retirement benefits in connection with their health care enrollment periods. When employers offer an easy 'one-click' option to make changes to 401(k) plans during an annual health care benefit process, it drives a significant increase in participation . . . ." (Employee Benefit News; one-time free registration required)

Executive Savings Programs May Be Better Retirement Vehicle Than 401(k) Plans for Upper-Income Individuals
"The operative concept is 'taxed as ordinary income at the time of distribution.' Those executives who are in high tax brackets when they receive their required minimum distributions will enjoy less of the pretax benefit that they bought into when they were contributing to their 401(k) account." (Investment News; one-time registration required)

Middle-Income Retirement Preparedness Study
"More than half (54%) of middle-income Americans age 55 to 75 do not receive professional retirement guidance of any kind. This study explores the use, access and attitudes of middle-income retirees and pre-retirees toward planning for and managing their lives in retirement." (Bankers Life and Casualty Company)

[Opinion]
A Tactical Approach to Retirement
"For anyone actually planning to retire in the coming year or so, I suggest one simple strategy: Defer the date by at least one year." (The Vanguard Group)

[Opinion]
American Benefits Council Letter to CFTC Regarding Unique Counterparty Identifiers (PDF)
"The Proposed Rule would require each legal entity participating in a swap subject to the Commission's jurisdiction to obtain a Unique Counterparty Identifier . . . which will serve as a standardized method of identifying entities in swap data records and reports." (American Benefits Council)

[Opinion]
American Benefits Council/CIEBA Letter to CFTC Regarding Swaps Issues (PDF)
The letter concerns: Swap Data Recordkeeping and Reporting Requirements; Real-Time Reporting of Swap Transaction Data; and, Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants. (American Benefits Council)


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Benefits in General; Executive Compensation

[Guidance Overview]
Executive Compensation: Guidance on the Application of Code Section 162(m)(6)
"The Code section 162(m)(6) deductible limit also applies to compensation (1) earned, but deferred in 2010, 2011, and 2012 and (2) to which a deduction for such deferred compensation may be taken in 2013 or for any taxable year thereafter." (Miller & Chevalier Chartered)

[Guidance Overview]
Proposed Rules on Incentive Compensation for Financial Institutions with Assets Mandate the Deferral of Compensation
"The proposed rules [provide that, for covered institutions, any incentive-based compensation arrangement for any executive officer must provide for:] At least 50% of the annual incentive-based compensation of the executive officer to be deferred over a period of no less than three years, with the release of deferred amounts to occur no faster than on a pro rata basis . . . ." (Michael S. Melbinger via Winston & Strawn LLP)

[Guidance Overview]
SEC's Final Rules Under Dodd-Frank Regarding Proxy Disclosure of Shareholder Advisory Votes on Say-on-Pay Proposals
"The final rules, which can be found at www.sec.gov/rules/final/2011/33-9178.pdf, were adopted substantially as proposed, with only limited modifications. We discuss those modifications [in the target page]." (Cooley LLP)

New York Employment Tax Audits Increasing for Deferred Compensation Paid to Retirees
"[A] common issue is the proper sourcing, for state income tax purposes, of annual and long-term bonuses, equity compensation, and deferred compensation paid to retirees and other employees who move from New York." (Miller & Chevalier Chartered)

2010 State Legislative Development Update (PDF)
"On February 2, 2011, the U.S. Department of Labor released a report summarizing notable state labor and employment legislation enacted in 2010. These new laws included the following . . . ." (Winston & Strawn LLP)

Press Releases

PBGC Negotiates $8.2 Million Additional Pension Funding for Workers at Peterbilt unit of PACCAR Inc.
(Pension Benefit Guaranty Corporation (PBGC))

US Labor Department Obtains Judgment Restoring Nearly $194,000 to New Castle, Del., Company's 401(k) Plan
(U.S. Department of Labor, Employee Benefits Security Administration (EBSA))

Employers Voice Opinions on Benefit Plans, Gain Insight Into Plan Management and Strategies
(United Benefit Advisors)

Frank Moore Joins CPI Qualified Plan Consultants, Inc.
(CPI Qualified Plan Consultants, Inc.)

Employers Using HighRoads Procurement Services as Health Care Reform Increases Costs
(HighRoads, Inc.)

Chase Zander Appoints Kevin O’Shea as a Director and Relocates to New Offices in the City of London
(Chase Zander)

Healthcare Interactive, RMDDx Partner to Fight Heart Disorders
(Healthcare Interactive)

Middle-Income Americans Making Wrong Assumptions About Professional Retirement Advice, Study Says
(Bankers Life and Casualty Company)


Employee Benefits Jobs

Executive Director in WV for West Virginia Consolidated Public Retirement Board

Defined Benefit Administrator in CA for The Ryding Company

Defined Benefit Administrator in OH for Western & Southern Financial Group

Project Manager in AZ for WilmingtonTrust Company

Customer Service Associate in CT for Prudential

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Webcasts and Conferences

EP Technical Guidance Phone Forum
Nationwide on March 4, 2011 presented by Internal Revenue Service (IRS)

Roth Conversion and Portability
Nationwide on February 17, 2011 presented by McKay Hochman Co., Inc.


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