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A Michigan Pension Tax May Spur Snowbirds to Relocate
"Tens of thousands of Michigan residents who already spend part of the year in Florida and other havens with warmer climates and lower taxes will be tempted to move their official residence out of Michigan if the state starts taxing pensions, tax planners say."
(The Detroit News)
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Some 403(b) Plan Errors Ineligible for VCP, IRS Advises
"Ineligible submissions include cases where: the plan's written program did not satisfy the legal requirements under Code Sec. 403(b) and the related final regulations, or the plan failed to adopt a written plan program before December 31, 2009; or the plan failed to operate according to its written program's terms."
(Wolters Kluwer Law & Business)
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DROP Pensions: A Sound Investment or a Waste of Taxpayer Money?
"One way plans can get into trouble and cost the state money is by assuming unrealistically high interest rate returns on the dollars set aside during the DROP period and given as a lump sum to the workers when they retire. Another way to balloon the payout is to let workers stay past the three to five years that a DROP period typically allows."
(The Pew Charitable Trusts)
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Mutual Funds Most Used by DC Plans
"Fidelity Investments, The Vanguard Group Inc. and Capital Research & Management Co. retained the top three spots, although only Vanguard managed to exceed the 17% combined gain for the top 25."
(Pensions & Investments; free registration required)
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IRS Decision Due on Orange County, California, Hybrid Plan
"Executives of the county and the Orange County Employees Association, the largest union representing county employees, want the Internal Revenue Service to ease restrictions of a 5-year-old ruling that has severely limited the scope of the hybrid plan, even though the ruling itself wasn't related to the county or to the new plan."
(Pensions & Investments; free registration required)
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Is a Roth IRA the Best Option All the Time?
"Why wouldn't a Roth be a 'one size fits all'? Here are three reasons you might consider: investment contribution limits; 401k employer match; uncertainty about future tax rates."
(Retirement Online LLC)
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[Opinion]
Time to Update ERISA Fiduciary Rule
"The proposed rule would hold financial professionals who present themselves as expert purveyors of investment advice more accountable for that advice, allowing plan sponsors to be secure in the knowledge that outside advisers are giving them the best possible guidance."
(Phyllis C. Borzi via Pensions & Investments)
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Benefits in General; Executive Compensation
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Employee Ownership Update for April 18, 2011
On March 29, Congressman Ron Kind introduced the pro-ESOP 'Promotion and Expansion of Private Employee Ownership Act of 2011.' IPOs have declined, and secondary markets for private company shares have arisen; now the SEC is considering changing the 500-shareholder de facto public company rule. You can nominate a company for the 2011 'Principal 10 Best Companies for Employee Financial Security' award. Corey Rosen has become the NCEO's senior staff member; Loren Rodgers is the new director. (National Center for Employee Ownership
(NCEO))
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[Opinion]
Career Advice for the New(er) ERISA Lawyer
April 28, 2010, publication. 'What should the new ERISA attorneys do to advance their careers? Here are some tips: Stay current. . . . Network. . . . Master a Hot Topic. . . . Never publish anything only once."
(Posted by the late Nell Hennessy, Esq.; Bureau of National Affairs, Inc.)
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Press Releases
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