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[Guidance Overview]
EBSA Final Amendment to Class PTE 96-23 Expanding Allowable Transactions Involving In-House Asset Managers
"EBSA notes that the amended exemption does not provide relief for the receipt of compensation by an INHAM or any minority owner of the INHAM with respect to the provision of investment management services to a plan maintained by the INHAM or an affiliate of the INHAM. Furthermore, no INHAM may receive compensation from the plan for providing services in excess of direct expenses."
(Wolters Kluwer Law & Business)
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[Guidance Overview]
MN Agency Must Pay for Age Bias in Early Retirement Program
"A federal judge has entered a consent decree requiring the Minnesota Department of Human Services . . . to pay $467,165 to resolve an age discrimination case filed by the U.S. Equal Employment Opportunity Commission . . . ."
(PLANSPONSOR.COM)
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The U.S. Retirement Market, Fourth Quarter 2010 (PDF)
"Estimates of mutual fund assets held in retirement accounts are based on data from ICI's Quarterly Questionnaire for Retirement Statistics, which gathered data from 19,315 mutual fund share classes representing approximately 85% percent of mutual fund industry assets at year-end 2010."
(Investment Company Institute)
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Rhode Island's Pension Liabilities Are Now the Worst in Country
"The state's unfunded obligation is now $6.8 bil.lion, up from $4.9 bil.lion . . . . That puts the state's pension funding ratio at 48%, the worst in the nation, according to data from Boston College's Center for Retirement Research."
(Business Insider, Inc.)
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Americans Cite Affording Retirement as Top Financial Concern
"Almost 40% of working Americans say they will never afford retirement, which, for the second year in a row, ranks as the nation's most important financial concern, according to a survey conducted for the American Institute of Certified Public Accountants."
(PLANSPONSOR.COM)
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[Opinion]
Putting California's State Pension Obligation Into Perspective
"Down the road, the current state pension system probably is not fiscally sustainable, as some studies have reported. It could burn a hole in the state vault -- some time in the future. But not now or any time soon."
(The Sacramento Bee)
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[Opinion]
Are Automatic Enrollment Plans a Success?
"The short answer to the question is yes. Many studies have indeed indicated that adding automatic enrollment features to a plan helps to facilitate [increased participation rates.]"
(Milliman, Inc.)
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Benefits in General; Executive Compensation
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[Official Guidance]
Text of Proposed Rule from the Agencies: Incentive-Based Compensation Arrangements (PDF)
"The proposed rule would require the reporting of incentive-based compensation arrangements by a covered financial institution and prohibit incentive-based compensation arrangements at a covered financial institution that provide excessive compensation or that could expose the institution to inappropriate risks that could lead to material financial loss."
(U.S. Securities and Exchange Commission et al)
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[Guidance Overview]
Legal Issues Raised by the Electronic Delivery of Stock Award Agreements
"Each year, more companies deliver employees' equity award notices and/or agreements to them electronically. Providing these (and other) documents electronically saves the company time, effort, and money. . . . However, there is a right way and a wrong way to provide award agreements and other required documents electronically."
(Michael S. Melbinger via Winston & Strawn LLP)
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Despite Huge Salaries, CEOs Cling to Their Perks
"The still shaky economy and shareholder unrest have begun to temper the value and scope of executive perks. Last year, some companies eliminated specific entitlements, such as tax gross-ups -- essentially, payments to cover taxes on the perks' value. A handful of companies began capping the amount of personal use of the corporate jet, while others started swapping specific perks for extra cash."
(USA TODAY)
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Press Releases
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