Governor Would Eliminate Michigan's Generous Income Tax Exemptions for Retiree Pensions and IRA Withdrawals
"Among states with an income tax, Michigan's retirement income exemption is considered one of the most generous. The state does not tax any amount of the pensions of retired public employees." (Detroit Free Press)

ftwilliam.com launches their DB(k) plan document. (advert.)

The DB(k) document is available under any volume submitter 401(k) plan (prototype or IDP format) included in the retirement document package. See how to create a DB(k) and learn about issues raised by these new document types in our technical update.

New Report Finds Rhode Island Employee-Retirement Funds Fall Short
"The costs are so high that in three communities -- Pawtucket, Central Falls and Johnston -- just keeping pace with current and future costs would eat up more than 40 percent of the local tax levy." (The Providence Journal Co.)

Behavioral Finance and the Post-Retirement Crisis (PDF)
"A Response to the Department of the Treasury/Department of Labor Request for Information Regarding Lifetime Income Options for Participants and Beneficiaries in Retirement Plans" (Allianz of America via Reish & Reicher)

Minding Your 401(k) Plan Duties While Running Your Business
"It is becoming increasingly more important to determine how to provide required information to participants in a manner that not only complies with the regulations, but also makes sense from an overall company communications standpoint." (Epstein Becker & Green, P.C.)

The Impact of Pensions on State Borrowing Costs
"The final section [of this brief] concludes that while pension underfunding had only a small effect on borrowing costs in the 2005-2009 period when pension expenses were only 3 to 4 percent of state budgets, its impact could become more significant as the cost of pensions increases." (Center for Retirement Research at Boston College)

Changes in Firm Pension Policy: Trends Away from Traditional Defined Benefit Plans
"In this study, I investigate how characteristics of the firm's workforce influence whether the firm converted its traditional pension plan to a cash balance plan and how these characteristics related to the firm's pension plan policy more generally . . . ." (Center for Retirement Research at Boston College)

What People Know About Target-Date Funds: Survey and Focus Group Evidence (PDF)
"This paper seeks to better understand the determinants of participant portfolio allocations to target-date funds, whether of the 'pure' or 'mixed' variety." (Julie R. Agnew / Lisa R. Szykman / Stephen P. Utkus / Jean A. Young.)

Six Problems with 401k Plans
"[The article looks at six problems with the current 401(k) plan structure, and then discusses how to] mitigate the negative implications of these known fallacies." (San Francisco Chronicle)

Hearing on The Role of Public Employee Pensions in Contributing to State Insolvency and the Possibility of a State Bankrup.tcy Chapter
Hearing held February 14, 2011. 'What is cause for federal concern is that states have so consistently underfunded public employee pensions that cumulatively they face pension deficits of approximately three tril.lion dollars. Some fear that states will eventually default. [Includes links to testimonies.]" (U.S. House of Representatives Committee on the Judiciary, Subcommittee on Courts, Commercial and Administrative Law)

Pension Funding Has Modest Muni Bond Cost Impact
"A new study analyzing 37,500 state and local government bond issues found that pension funding raises rates by a modest 3 to 7 basis points." (PLANSPONSOR.COM)

Taxpayer Advocates Decry Santa Barbara County, California Pension Costs
"Basic pension costs will amount to $90 mil.lion for the county's 4,228 employees this fiscal year, according to a new report put out by a county advisory group. The county is looking at paying $21 mil.lion more than last year just to keep up with contributions." (Malamute Ventures LLC)

Oklahoma State Pension Funds Sinking Fast; Legislators Study Options
"Only one of Oklahoma's retirement funds - the Uniform Retirement System for Justices and Judges - has an assets-to-liabilities ratio of more than 80 percent, considered the minimum for actuarial stability. The ratio for the largest fund, the long-abused Oklahoma Teacher Retirement System, is less than 50 percent." (World Publishing Co.)

[Opinion]
PSCA Comments on Proposed Rule on the Definition of the Term 'Fiduciary'
"The proposed changes will reduce uncertainty for plan sponsors, participants and beneficiaries, and advisers. More importantly, under the proposal, the confidence that advice provided to plans and participants is unbiased and provided solely for the benefit of the recipient is significantly increased." (Profit Sharing / 401k Council of America)

Get Prepared for the EA-2B Exam. April 1 -4, 2010 (advert.)

Register for ASPPA’s Live EA-2B review course in the Washington, DC area. Tuition includes live instruction from David B. Farber, MSPA, EA, ASA, as well as practice problems and solutions, handy syllabi, suggested readings and other EA exams info.

[Guidance Overview]
Proposed Rules Issued on Incentive Compensation of Financial Institutions (PDF)
"On February 7, 2011, federal regulators of financial institutions jointly issued proposed rulemaking . . . on Incentive-Based Compensation Arrangements under Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act." (Vorys, Sater, Seymour and Pease LLP)

[Guidance Overview]
Proposed Rules on Incentive-Based Compensation Arrangements
"A covered financial institution must submit an annual report to its appropriate federal regulator disclosing the structure of its incentive-based compensation arrangements. The format for the annual report will be specified by the appropriate federal agency." (Hinshaw & Culbertson LLP)

[Guidance Overview]
Your Employee Benefit Plans' Compliance Checklist for 2011
"In addition [to health care reform], there are significant 401(k) regulations issued by the DOL that become effective in 2011." (Nelson Mullins Riley & Scarborough LLP)

NCEO Offers Issue Brief Subscription
The NCEO is now offering a subscription to its issue briefs. Every time it releases an issue brief, subscribers will be able to download it immediately (a print-only subscription is available at an additional cost). The issue brief subscription replaces the Journal of Employee Ownership Law and Finance, and everyone who subscribed to the Journal as of the fall 2010 issue has been transitioned to an issue brief subscription. (National Center for Employee Ownership)

Responding to Acquisition Offers in ESOP Companies
Whether or not an ESOP company is for sale, it needs to understand what should happen when offers are made or solicited. This issue brief addresses the issues involved and also contains a step-by-step case study of the actual sale of an ESOP company. (National Center for Employee Ownership)

Employee Ownership Update for February 15, 2011
Corey Rosen comments: Many companies on the 100 Best Companies to Work For list have broad-based ownership plans. The NCEO has seen major technical problems in draft equity compensation plans it has reviewed. FASB shelved its project on whether the ESOP repurchase obligation should appear as a balance sheet liability. The CEPI offers a discount to NCEO members for its exam. Principal Financial is accepting applications for the 10 Best Companies for Employee Financial Security awards. (National Center for Employee Ownership)

President’s Budget Strengthens Pensions by Giving PBGC New Premium Authority
(Pension Benefit Guaranty Corporation (PBGC))

Benchmarking Survey to Identify 403(b) Plan Best Practices
(Principal Financial Group)

Council, CIEBA Testify: Dodd-Frank Regulatory Process Moving Too Quickly, Could Adversely Affect Pension Plans
(American Benefits Council)

John Hancock Annuities Launches New 'Retirement Talk' Module
(John Hancock Financial Network)

A Great First Year: Bloom Health Helps Nearly 25 Employers Put an End to Out-of-Control Health Care Costs
(Bloom Health)

SunGard

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Director, Retirement Strategy & Planning in CT for Prudential

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"Earned Income: Computing Compensation for the Self-employed" Web Seminar
Nationwide on March 3, 2011 presented by SunGard Relius

401(k) Rekon Advisor Symposium- Pittsburgh
in Pennsylvania on March 17, 2011 presented by 401(k) Rekon

Health Savings Accounts
Nationwide on March 1, 2011 presented by Lorman Education Services

Utilizing Mobile and On-Site Medical Clinics to Reduce Health Care Costs
Nationwide on March 24, 2011 presented by Lorman Education Services