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Proposed Fiduciary Regs Criticized by GOP, but Defended by Borzi
"In the letter, sent on April 14, 2011, to the heads of the Treasury Department, IRS, and Labor Department, top Republican lawmakers in the House and Senate characterized the proposed rules as 'unworkable' because they create 'too many unanswered questions as to who is and who is not a fiduciary.'"
(Wolters Kluwer Law & Business)
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Pension Benefits Have Grown Faster in Public Sector than Private
"The pension benefits paid out to retirees by state and local governments have more than doubled from 11.1 percent of payroll in 1990 to 23.8 percent of payroll in 2009. By contrast, pension payouts in private industry grew only from 6.1 percent of payroll in 1990 to 9.8 percent in 2009."
(National Center for Policy Analysis)
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GM Retirees Sue for Lost Pension Benefits
"The retirees, including former vice presidents and other high-ranking managers, are trying to recover benefits plus interest, and increase their future payouts. GM says the executives' claims already were reviewed and properly rejected by the pension plan administrator."
(The Detroit News)
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[Opinion]
American Benefits Council Letter to SEC Regarding Clearing Agency Standards for Operation and Governance (PDF)
"Pension plans use swaps regulated by the Commodity Futures Trading Commission . . . and security-based swaps . . . to manage risk and to reduce the volatility of the plan funding obligations imposed on the companies maintaining the plans. If Swaps are materially less workable or available, funding volatility could increase. This would in turn undermine the retirement security of the millions of Americans who rely on their pensions for such security."
(American Benefits Council)
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[Opinion]
Why 401(k) Plan Won't Solve San Francisco's Pension Woes
"401(k) plans are not allowed for municipal employees. For 25 years, federal tax laws have prohibited public employers from starting new 401(k) accounts. Public employees must receive defined contribution benefits through what are called 401(a) plans, which require constant annual contributions by employers and workers."
(San Francisco Chronicle)
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[Opinion]
GAO Should Redo Its Recent Retirement Plan Study
"Unfortunately, the study relied heavily on the Federal Reserve System's 2007 Survey of Consumer Finances (SCF) to identify characteristics of individuals participating in DC plans. The GAO could have and should have used data from federal income tax filings which is far more accurate."
(Profit Sharing / 401k Council of America)
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Benefits in General; Executive Compensation
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Web Site Helps Locate Employee Benefits Law Experts
"The American College of Employee Benefits Counsel (the College) has launched a new Website feature to help locate leading employee benefits practitioners, including those available to act as mediators or expert witnesses in legal disputes. The feature, 'About the Fellows' . . . was developed and is sponsored by the College."
(PLANSPONSOR.COM)
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Press Releases
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