[Official Guidance]
The IRS Employee Plans News, February 11, 2011 (PDF)
This edition covers: Voluntary Correction Program Fee Discount Ending Soon; Correcting a 403(b) Plan's Eligibility Failure; Cycle A Controlled Group Election; EP Phone Forums' Schedule; and, Covered Compensation Table Correction.
(U.S. Internal Revenue Service)
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[Guidance Overview]
Who Needs ERISA Fidelity Bonds and Who is Responsible for Securing Them?
"Plan fiduciaries should take the time to review their bond forms, ask questions about who is covered by the form and secure additional bonding (or require their service providers to secure an appropriate bond) if the bond in place covers fewer than all of the persons that are required to be bonded."
(Reish & Reicher)
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[Guidance Overview]
Fiduciary Status for Referrals
"[The new regulation to re-define fiduciary investment advice] formalizes a long-standing DOL position that the referral of an investment manager can result in fiduciary status for the adviser making the referral.'
(Reish & Reicher)
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[Guidance Overview]
Court Gives Final Approval in RadioShack Fiduciary Breach Case
"A federal judge in Texas has given final approval to a $2.4-mil.lion settlement of a class-action suit alleging RadioShack used Putnam mutual funds in its 401(k) plan even though they were overpriced and underperforming."
(PLANSPONSOR.COM)
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Pension Bill Irks Experts: No Bonds Without Federal Oversight
"The bill . . . would require state and local governments to submit annual reports to the Treasury Department disclosing detailed information about their pension plans, including unfunded liabilities determined on the basis of a Treasury rate, rather than the more commonly used rate of return on investments, which is higher."
(The Bond Buyer and SourceMedia Inc.)
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Financial Literacy and Pension Fund Fees (PDF)
"The research discussed here evaluates the relationship between financial literacy and economic outcomes and explores how the presentation of fees and charges for financial services can help people make the most cost-effective saving decisions."
(TIAA-CREF Institute)
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401(k) Fees: A Hot Topic for Plan Fiduciaries and Participants
"Fees are only one factor in selecting and evaluating appropriate investment options for a plan fiduciary, as well as for participants. For a plan fiduciary, payments for advice, monitoring investments, participant education and other services are necessary expenses."
(National Law Forum, LLC)
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Pension Solution for Pittsburgh Remains Elusive
"The city of Pittsburgh spends nearly $3 mil.lion a year managing its pension benefits and investing its retirement pool . . . . Some of the spending is outside the administration's control, governed instead by panels of police and firefighters who have given veterans of their ranks well-paid posts administering retirement benefits."
(Pittsburgh Post-Gazette)
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[Opinion]
Pensions Squeezing Money Managers on Fees?
"Pension system investment directors overseeing more than $217 bil.lion in California and New Jersey cut millions of dollars in projected costs by reducing the fees they pay to asset managers [according to a Bloomberg report]."
(Leo Kolivakis)
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Benefits in General; Executive Compensation
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Wisconsin May Take an Ax to State Workers' Benefits and Their Unions
"Among key provisions of Mr. Walker's plan: limiting collective bargaining for most state and local government employees to the issue of wages (instead of an array of issues, like health coverage or vacations); requiring government workers to contribute 5.8 percent of their pay to their pensions, much more than now; and requiring state employees to pay at least 12.6 percent of health care premiums (most pay about 6 percent now)."
(The New York Times; one-time registration required)
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Press Releases
PBGC Director Welcomes Cheryl Alston and Daralyn Peifer to Advisory Committee
(Pension Benefit Guaranty Corporation (PBGC))
Multiple Employer Plans and the Role of the Advisor
(American Pension Services, Inc.)
US Department of Labor Announces Intention to Extend Applicability Date of Section 408(b)(2) Fee Disclosure Regulation
(U.S. Department of Labor, Employee Benefits Security Administration (EBSA))
Aetna to Offer Unique and Affordable Benefits Package to Chamber of Commerce Members
(Aetna)
Better Together: Coordinated Medical and Pharmacy Benefits Reduce Costs, Improve Health
(CIGNA Corporation)
HSA Bank, Trotter Wellness Partner to Form Integrated HSA and Wellness Solution
(HSA Bank)
CalSTRS Advances Current Work On Risk Based Asset Allocation
(California State Teachers' Retirement System (CalSTRS))
CDHP, FSA, HSA, HRA? Unum Offers a Clear Guide to the Acronym Soup of Consumer-directed Health Plans
(Unum)
MapMyFITNESS Teams With Humana To Create “Humana Fit” – A New Social Network To Help People Lead Healthier Lives
(Humana)
McGraw Wentworth Welcomes Chris Bouschet As Account Director
(McGraw Wentworth)
Six in Ten Employers Hope Health Care Reform Will Be Repealed
(Market Strategies International)
Corporate Health Programs Could Improve if People Exercised Manners, Says Austin Etiquette Expert Sharon Schweitzer
(Protocol & Etiquette Worldwide)
Legacy Retirement Solutions - Reliable, Affordable TPA Services
(Legacy Retirement Solutions, LLC)
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