[Guidance Overview]
403(b) Termination Guidance
"Unfortunately, the ruling does not address the problem of uncooperative vendors. . . . But the ruling does [discuss] the status of distributed annuity contracts, and demonstrates the steps an employer should take to terminate a 403(b) plan."
(SunGard Relius)
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Register for ASPPA’s Spring Exams! (advert.)
ASPPA’s Education and Examination programs provide affordable and convenient ways of earning credentials and Continuing Professional Education (CPE) credits. Register before April 14 at asppa.org/education to save money with the "early bird" discount
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[Guidance Overview]
IRS Private Letter Ruling on Additional Wrap Programs Paid for Outside of IRAs (PDF)
"The new ruling applies the analysis of the 2005 ruling to a discretionary or nondiscretionary 'separately managed account' (SMA) with a full wrap fee; a financial planning and nondiscretionary advisory service where certain expenses (but not brokerage commissions and fees) were paid by the client in addition to the wrap fee; and a nondiscretionary asset allocation service, which also entailed the payment of certain other expenses by the client in addition to the wrap fee."
(Sutherland Asbill & Brennan LLP)
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[Guidance Overview]
A New Plan Design Feature: The 'In-Plan' Roth Conversion (PDF)
"A summary of the prior law is set forth . . ., along with a summary of the new provision and implementation steps in order to add the feature. Lastly, we discuss the impact of Roth conversion on governmental 457(b) plans."
(Taxes-The Tax Magazine via Groom Law Group)
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[Guidance Overview]
Same-S.ex Domestic Partners Added to Federal Employees' Annuitant List
"Same-s.ex domestic partners have been added to the list of annuitants who are eligible to receive a survivor annuity under the federal employees' retirement program, according to new proposed regulations from the Office of Personnel Management . . . ."
(Wolters Kluwer Law & Business)
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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]
Pay-to-Play: Countdown to Compliance (PDF)
"Compliance date: March 14, 2011 [for] Advisers (other than advisers to registered investment companies that are covered investment pools) subject to the Rule must be in compliance; Advisers subject to Rule 204-2 (other than advisers to registered investment companies that are covered investment pools) must be in compliance with amendments to Rule 204-2."
(Morgan Lewis)
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Best Practices for Evaluating Employee Retirement Preparedness
"The first step in evaluating your employees' retirement preparedness is to examine your retirement plan data. All retirement benefits managers should review numbers on a quarterly basis, with a formal retirement preparedness analysis presented to the investment committee on an annual basis."
(401khelpcenter.com)
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DC Participants Followed Market in Q4 2010
"The Callan DC Index is an equally weighted index tracking the cash flows and performance of more than 70 plans, representing greater than 800,000 defined contribution participants and $80 bil.lion in assets."
(PLANSPONSOR.COM)
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Costs for State Pensions Often Exceed the Estimates
"Other states will also probably find that Wisconsin's idea of simply dividing pension contributions between labor and management is an illusory solution to their long-term financial woes. That's because several studies have shown that promises to workers are far more costly than routinely calculated by Wisconsin and most states."
(The New York Times; free registration required)
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Some Big Firms Move to Recognize Pension Fund Gains and Losses in the Years They Occur
"AT&T Inc., Verizon Communications Inc. and Honeywell International Inc. recently ended a longstanding practice in which they 'smooth' large gains and losses generated by pension assets into their financial results over a period of years. From now on, these companies will count all such gains and losses in the same year they are incurred."
(The Wall Street Journal)
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Open an IRA for Your Non-Working Spouse
"If you are looking for a way to boost your Roth IRA contributions, but found you have reached your limit, you can get a little help by opening an IRA for your non-working spouse. One of the exceptions to the 'earned income' rule that accompanies opening a Roth IRA is that of opening an account for your spouse."
(Retirement Online LLC)
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[Opinion]
Will State Judges Block Pension Reform to Preserve Their Own Pensions?
"If judges are included in cuts, those same judges -- at least some of them -- would have to rule on the wider constitutional question of cuts for anyone. If they were excluded, they'd have less personal incentive to rule one way or the other."
(Crain's Blogs: Greg Hinz)
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Benefits in General; Executive Compensation
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Desperate Techniques Used to Preserve the Myth of the Overcompensated Public Employee
"Efforts to roll back public sector wages and benefits and collective bargaining are under way in many states, with proponents claiming that overpaid public sector workers are a drag on state budgets. Our widely disseminated research refuting that claim has been targeted by critics. But as this paper shows, the criticisms leveled against our analyses of public employee compensation are themselves unsound. This paper responds to the criticisms that suggest our results are biased . . . ."
(Economic Policy Institute)
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Companies Might Rethink Benefits for Same-S.ex Spouses
"Technically, [the administration stance] means the Internal Revenue Service will still not permit the tax benefits enjoyed by opposite-se.x spouses to be available to same-s.ex spouses. And employers will still have a basis for denying access to most benefits to same-s.ex spouses."
(cfo)
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Job Tenure and the Effects on Benefits
"There's nothing wrong with jumping around to find a better fit, a bigger salary, a more prestigious title. But doing it too often can put your retirement -- and other benefits -- at risk. If you're one of the people who changes companies every few years . . . here are the benefits that may be affected, and what you can do to minimize the damage . . . ."
(Richmond Times-Dispatch)
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No Texas Lawmaker Immunity as Some Public Employee Benefits Are Cut
"[Texas state legislators] already trimmed their regular pay, in a roundabout way. Their health benefits work just like those for other state employees, which means lawmakers shoulder the same added costs and/or lowered coverages they impose on state workers. Their retirement benefits -- arguably the most lucrative benefit available to a state legislator in Texas -- probably won't change."
(The New York Times; free registration required)
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Press Releases
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