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Innovative, integrated and intuitive document software! (advert.)
Try our document software by signing up for our free demo. You will be able to access any of our Retirement, Welfare and Non-Qualified documents and try our productivity and automation tools - free. Don’t forget to ask about free data conversion.
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[Guidance Overview]
IRS Rules on 403(b) Plan Terminations (PDF)
"Rev. Rul. 2011-7 considers the application of these rules to four fact situations . . . . The differences in the four situations relate to (i) the type of § 403(b) product used to fund the plan, and (ii) the applicability of the ERISA qualified joint and survivor and preretirement survivor annuity (QJSA/QPSA) rules (in Situation 4 only)."
(Sutherland Asbill & Brennan LLP)
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[Guidance Overview]
Guidance on Reporting Loans to Participants by Defined Contribution Plans (PDF)
"A recent Accounting Standards Update . . . will now require that participant loans be classified as notes receivable for Generally Accepted Accounting Principles . . . purposes and should be measured at the unpaid principal balance plus any accrued but not yet paid interest."
(WithumSmith+Brown, PC)
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[Guidance Overview]
Testing ERISA 404(c) Safe Harbor Protections (PDF)
"In Howell v. Motorola, Inc., . . . the Seventh circuit recently tested the safe harbor protections of ERISA section 404(c) afforded to fiduciaries of plans with participant-directed investments. The Court issued its opinion in a stock-drop case where the plaintiffs participate in the Motorola's Code Sec. 401(k) plan, an ERISA 404(c) plan."
(Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.)
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Preventing ERISA Claims and Litigation - March 29-30, 2011 (advert.)
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.
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[Guidance Overview]
IRS Issues Guidance on Section 403(b) Plan Termination Process
"On February 22, 2011, the IRS issued Revenue Ruling 2011-7, which clarifies the procedure that the sponsor of a Code Section 403(b) plan must follow to terminate the 403(b) plan in accordance with the final regulations that apply to those plans."
(McGuireWoods LLP)
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Auto Company's Pension Plans' Funding Level Improves
"The funded levels of General Motors Co.'s U.S. pension plans improved significantly in 2010, aided by strong investment returns and a $4 bil.lion cash contribution."
(Workplace Management: free registration required)
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Video: ASPPA on the Definition of Fiduciary
"What constitutes investment advice under ERISA (Employee Retirement Income Security Act)? The U.S. Department of Labor is revisiting the 35 year old regulation that regulates how that advice is given -- and what protections plan participants receive based on who is giving that advice. ASPPA's Executive Director Brian Graff explains how these changes will dramatically impact retirement plans across the nation and why clarification on the issue is key for both plan sponsors and participants."
(401khelpcenter.com, LLC)
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GAO Slams 401(k) Plans for Conflicts of Interest
"Those conflicts of interest involve undisclosed 'revenue sharing,' in which firms administering 401(k) programs receive fees from fund managers, record keepers, custodians and others, who pay to be included [in the plans]."
(Forbes.com LLC)
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[Opinion]
Testimony of ICI at Hearing on Fiduciary Definition Proposal
"[T]he rule should create fiduciary duties only when the adviser provides advice or recommendations individualized to the plan or participant. Unfortunately, the proposal does not require that an investment recommendation be specific to the plan or its participants."
(Investment Company Institute)
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[Opinion]
Testimony from Great-West Retirement Services at the Hearing on the Definition of Fiduciary Investment Advice
"[The president of Great-West Retirement Services] said he supported certain provisions in the proposed rule but found many more ambiguous. He said he is concerned that others will be harmful to the retirement plan community by: Dramatically increasing costs to 401(k) participants and plan sponsors, Eliminating advancements that provide defined contribution plans with greater efficiencies and cost-savings though open architecture investment platforms, and, Substantially curtailing plan distribution communication, education and counseling, reducing the availability of information participants need to make informed decisions about their distribution options."
(Great-West Retirement Services)
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[Opinion]
SPARK Institute Testimony at DOL Hearing on Definition of Fiduciary (PDF)
"The SPARK Institute supports EBSA's efforts to safeguard the interests of participants and beneficiaries in connection with plan distributions, and encourages it to develop further guidance, but not in connection with the current effort to redefine who is a fiduciary."
(The SPARK Institute)
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Benefits in General; Executive Compensation
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[Guidance Overview]
A Review of Recent Developments in Employee Benefits and Executive Compensation
The review covers the following: liabilities to ERISA pension and welfare plans when planning and executing an acquisition of a company; Lactation Supplies as Medical Expenses; Determination Letter Five-Year Cycle; Guidance Regarding Termination of 403(b) Plans; and, Illinois Civil Union Law Impact on Employee Benefit Plans.
(Blank Rome LLP)
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Employee Ownership Update for March 1, 2011
Corey Rosen discusses the following: Employee participation in ESPPs is rising. At a Rutgers symposium, researchers presented more than 28 papers. The IRS has put into regulations the long-held assumption that companies are considered privately held unless their stock is readily tradable on an established security market. A district court held that, unless fiduciary decisions actually caused investment losses in employer stock, fiduciaries could not be held accountable for them. (National Center for Employee Ownership
(NCEO))
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Press Releases
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