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March 1, 2011 Health & Welfare Plans Newsletter  |  Advertise  |  Unsubscribe  |  Past Issues

[Official Guidance]
Text of IRS Notice 2011-19: Definition of Readily Tradable On An Established Securities Market (PDF)
"Final regulations under [Internal Revenue Code] section 401(a)(35) were issued on May 18, 2010 . . . [stating that] a security is readily tradable on an established securities market if the security is traded on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934 . . . [or if] the security is traded on a foreign national securities exchange that is officially recognized, sanctioned, or supervised by a governmental authority and where the security is deemed by the Securities and Exchange Commission (SEC) as having a ready market . . . . Under this notice, [that definition now applies] for purposes of the following provisions: (1) section 401(a)(22); (2) section 401(a)(28)(C); (3) section 409(h)(1)(B); (4) section 409(l); and (5) section 1042(c)(1)(A)." (U.S. Internal Revenue Service)


DATAIR Retirement Plan Document Software (advert.)

Sponsored by DATAIR Employee Benefit Systems, Inc.

Cost-effective PC software gives you everything needed to produce and maintain accurate plan documents, SPDs, amendments and employee communications. Many choices of DC, DB, 403(b) and Cash Balance plan types, plus expert support from DATAIR's team.


GAO Report: Improved Regulation of 401(k) Plans Could Better Protect Participants from Conflicts of Interest
"Specifically, the [DOL] Secretary should amend the proposed regulations to require that service providers' written disclosures specifying that they are not undertaking to provide impartial investment advice be provided to the plan sponsor in a consistent and prominent manner." (U.S. Government Accountability Office)

New Public Pension Plans Actuarial E-Guide Website Launched
The Academy's one-stop online Public Pension Plans Actuarial E-Guide provides access to a variety of policy papers, news releases, articles and more. (American Academy of Actuaries)

Survey of Defined Benefit Plan Sponsors, 2010
"Findings of the Survey of DB Plan Sponsors indicated that, overall, sponsor-respondents are continuing to revise their investment strategies and plan design in response to the difficult environment of the past decade." (The Vanguard Group, Inc.)

A Debate on Moving Public Employees into 401(k)s?
"Private sector workers were herded into 401(k)-style plans long ago. Why should new government employees keep their traditional pensions?" (The New York Times; free registration required)


Don’t Miss Pensions & Investments 401(k) Investment Lineup Summit (advert.)

Sponsored by Pensions & Investments

Join P&I and an elite group of your peers for this informative conference that will provide the most up-to-date thinking on how to best design a DC investment lineup and present you with valuable networking opportunities. Plan sponsors attend FREE.


Pension Funds Strained, States Look at 401(k) Plans
"The new plans allow states to set a firm, upfront limit on the amount they will contribute and leave it up to the employee and the financial markets to make the money grow." (The New York Times; free registration required)

Florida's Pension System: A 'Ticking Time Bomb' As New Governor Says, or Rock Solid?
"'Florida is not California. Florida is not Illinois,' said Doug Martin, legislative director for the American Federation of State, County and Municipal Employees (AFSCME) union. 'Florida has one of the best retirement systems in the country.'" (Naples Daily News)

401(k) Fee Disclosure for the 'You Never Told Me' Employees
"If this will be the organization's first easy-to-understand fee disclosure, tell the leaders responsible for the 401(k), benefits and employee communications to prepare now for unpleasant questions and negative reactions." (Society for Human Resource Management)

Target-Date Funds Should Look Beyond One Date
"Among [the observations made from recent research]: Once they retire, most target-date fund holders in 401(k) plans move to IRAs, where withdrawals are relatively infrequent in the early years of retirement. Target-date funds should be designed with a long-term horizon that considers investor behavior well into retirement, since withdrawals are intermittent and infrequent until age 70." (The Vanguard Group, Inc.)

SEC and the Fiduciary Study: Why the Fiduciary Standard Became Such a Hot Topic for Regulators
"The SEC was charged with conducting this study under Dodd-Frank, reporting to Congress on its findings and recommending whether to extend the fiduciary standard to all who provide advice. In this, the first of a three-part report, we timeline how extending the fiduciary standard to all advice givers has developed." (AdvisorOne)

More Employers Offer Help Meeting Retirement Goals
"To counter employees' perceived apathy toward retirement, employers are adding features and changing plan designs to encourage savings." (AdvisorOne)

[Opinion]
DOL Fiduciary Hearings: Why 401k Plan Sponsors Need to Pay Attention
"Ironically, no individual 401k plan sponsors or investors are scheduled to offer their opinion on a rule intended solely for their benefit." (Fiduciary News)

[Opinion]
Target-Date Funds' Subjective Objectives
"The objectives of managing longevity risk or replacing pay cannot be taken seriously in a one-size-fits-all TDF because TDFs have no influence on, or relationship to, mortality or savings." (AdvisorOne)

Benefits in General; Executive Compensation

[Guidance Overview]
Not Readily Apparent What the DOJ Means by a 'Definitive' Finding of Unconstitutionality of DOMA
"The DOJ Letter states that the Executive Branch and Federal Agencies will continue to enforce DOMA 'unless and until Congress repeals Section 3 or the judicial branch renders a definitive verdict against the law's constitutionality.' Therefore, employers should continue to administer their plans and report taxes as required by DOMA." (Dorsey & Whitney LLP)

Text of Background Information on Tax Expenditure Analysis and Historical Survey of Tax Expenditure Estimates
"Tax expenditure analysis can help both policymakers and the public to understand the actual size of government, the uses to which government resources are put, and the tax and economic policy consequences that follow from the implicit or explicit choices made in fashioning legislation." (U.S. Congress Joint Committee on Taxation)

ERISA Loopholes: Accidental Death Becomes Suicide When Insurers Don't Pay
"Insurers can make erroneous arguments with near impunity when it comes to the 112.8 mil.lion life and accidental death policies provided by companies and associations to their employees and members. That's because of loopholes in a federal law intended to protect worker benefits." (Bloomberg L.P.)

Ma.le Pensioners to Lose Out If European Court Backs Insurance Gender Equality
"Millions of men approaching retirement could be left thousands of pounds worse off if a European court rules on 1 March that insurance companies can no longer use gender to calculate annuity rates and insurance premiums." (Guardian News and Media Limited)

Brewing Firm's Recipe for a Great Place to Work Includes Beer, Bikes and Open Books
"At New Belgium, doing business is about something bigger. Its purpose statement: 'To operate a profitable brewery which makes our love and talent manifest.'" (www.DesMoinesRegister.com)

Impact on Employer Plans of President Obama's Decision Not to Defend DOMA
"For now, President Obama's decision not to defend the constitutionality of the Defense of Marriage Act . . . should not affect how employers administer their employee benefit plans. This Communique explains the President's decision and its impact on employer-sponsored plans." (Thorp Reed & Armstrong, LLP)

[Opinion]
Limit Pay, Not Unions
"Across the country, taxpayers are providing pensions, benefits and job security protections for public workers that almost no one in the private sector enjoys. Taxpayers simply cannot afford to continue paying these costs, which are growing at rates far outpacing inflation." (Michael R. Bloomberg via The New York Times; free registration required)

Press Releases


Employee Benefits Jobs

Retirement Plan Internal Wholesaler in IL for John Hancock

Defined Benefit Pension Plan Administrator in NJ for E.H. Thomson & Co., Inc.

Plan Administrator for Retirement Plan & ERISA Specialists in IL for Dana Consulting Group, Ltd.

Consulting Actuary in ANY STATE for The Angell Pension Group, Inc.

Client Coordinator in NC for Hill, Chesson & Woody Employee Benefits Services

Pension Participant Service Specialist in WI for CUNA Mutual

Assistant Director of Pension Services in MD for Snyder Cohn, PC

Retirement & Investment Specialist in WI for CUNA Mutual

Qualified Plan Analyst in FL for The Newport Group

Recordkeeping Administrator in CO for Envoy Financial

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Webcasts and Conferences

2011 Second Quarter Update
Nationwide on May 17, 2011 presented by McKay Hochman Co., Inc.

2011 Second Quarter Update
Nationwide on May 18, 2011 presented by McKay Hochman Co., Inc.

Looking Ahead to the Health Care Exchanges: What You Need to Know Now
Nationwide on March 10, 2011 presented by International Foundation of Employee Benefit Plans


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Jeanette Hull, News Editor
David Rhett Baker, J.D., Editor and Publisher
dbaker@benefitslink.com

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