[Official Guidance]
Common Mistakes in Voluntary Correction Program Submissions
The target page provides a listing of mistakes made under: General Information and Fees; Representations, Administrative Procedures and Excise Tax Waivers; and, Mistakes Relating to Late Amendment Failures.
(U.S. Internal Revenue Service)
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The IRS in Your Backyard! [Advert.]
Come discuss employee benefits issues with industry colleagues and local, regional and national experts from the IRS, DOL and the private sector. Programs focus on current regulatory, legislative, administrative and actuarial topics.
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[Official Guidance]
How to Obtain or Re-Establish an EIN for a Retirement Plan Trust
"Retirement Plan Trustees should apply for an EIN for the plan's trust in order to properly: report Form 945 deposits and other income tax withholding information, and provide Form W-9 to requesters of tax identification number certifications."
(U.S. Internal Revenue Service)
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[Guidance Overview]
Benefits Committee Can be Sued for Benefits Misrepresentation
"A Mars, Inc. retiree can pursue fiduciary breach claims against the Mars Benefit Plans Committee, but not against the company, for misrepresenting the monthly retirement benefit amount to which she was entitled."
(PLANSPONSOR.COM)
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[Guidance Overview]
Court Rules That Plan Owners Must Get Consent of Spouse to Pass Wealth to Children
"The court determined that under the terms of the participant's plan, a spouse's right to plan assets is immediately vested upon marriage, and since no spousal waiver was obtained, the default beneficiary is the spouse, even though she was not the named beneficiary."
(Investment News; free registration required)
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[Guidance Overview]
Practical ERISA 408(b)(2) Guidance for Service Agreements (PDF)
"What exactly do you, as a TPA and/or recordkeeper, need to consider when drafting your new service agreements in order to disclose all of the information that will be required?"
(Excerpted from The ASPPA Journal, posted on cefex.org)
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Bill Would Help Airline Pilots Get More PBGC Benefits
"The Fair Treatment of Experienced Pilots Act was signed into law on December 13, 2007, increasing the maximum age of retirement for pilots to 65. However, this law does not help pilots who were required to retire before that date."
(PLANSPONSOR.COM)
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Alternative Retirement Plan Designs: Hybrid Plans (PDF)
"A variety of hybrid plan designs exist, including pension equity plans, floor offset plans, target balance plans, cash balance plans, and combined DB/DC plans. However, only two designs are currently used by state and local governments: combined DB/DC plans and cash balance plans."
(Government Finance Review via Gabriel, Roeder, Smith & Company)
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Who Retires Early?
"This paper examines differences in personal circumstances between those who retire and those who remain at work for pay at various ages. The findings, based on the Health and Retirement Survey, are that there are differences between these two groups, but they are rather small."
(Center for Retirement Research at Boston College)
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Annuities in 401k Plans: What a Plan Sponsor Should Keep in Mind
"Because annuity products are complex and new ones are being developed, plan sponsors would be well advised to obtain professional assistance from benefits counsel and consultants in the acquisition and review process. The consulting firms that currently offer assistance regarding mutual fund selections may not have the expertise necessary to analyze annuity products."
(401khelpcenter.com)
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How Federal Worker Pensions Might Be Targeted
"How would it happen? Both sides are tight-lipped on specifics, but President Obama's bipartisan fiscal commission, Republicans and outside groups are pushing at least five substantive proposals. Here are the basic details . . . ."
(The Washington Post; free registration required)
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Retirement-Income Systems in OECD and G20 Countries
"An in-depth look at these important policy issues is provided by five special chapters on: pension ages, retirement behaviour, pension incentives to retire, the demand for older workers and linking pensions to life expectancy."
(OECD)
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The 2011 Annual Report of the Social Security Trust Funds (PDF)
"Total expenditures in 2010 were $713 bil.lion. Total income was $781 bil.lion ($664 bil.lion in non-interest income and $117 bil.lion in interest earnings), and assets held in special issue U.S. Treasury securities grew to $2.6 tril.lion."
(The Board of Trustees, Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds)
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Reforming the Pension Plan of Florida's State Workers
"A coalition of business groups and conservative think tanks reiterated calls [last week] for the Legislature to move new employees into 401(k)-style defined-contribution plans, days after lawmakers approved a pension-reform plan that allows state workers to remain in the defined-benefit program."
(Gray Television, Inc.)
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Stay-at-Home Spouses Need Retirement Plans
"Most couples find that Social Security won't provide sufficient income during retirement, and the percentage receiving a defined-benefit pension is much lower than in the past. The gap that must be covered by individual savings is significant, and dollars set aside in a workplace plan may be responsible for the bulk of retirement income."
(Investment News; free registration required)
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[Opinion]
Social Security Finances: Findings of the 2011 Trustees Report
"In the very unlikely event that Congress does not act before 2036, the reserves would be depleted and revenue coming into the funds then would cover about 77 percent of scheduled benefits and administrative costs. Social Security is strong in the near term, and relatively modest changes can bring it into long-term balance over the next 50 and 75 years."
(National Academy of Social Insurance)
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Benefits in General; Executive Compensation
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[Guidance Overview]
Proposed SEC Rules Require Scrutiny of Potential for Conflicts of Interest in Compensation Advisors
"Committees should carefully evaluate all conflicts that could potentially hinder the consultant's providing fully objective advice and then determine whether and how they could be mitigated. As both Dodd-Frank and the proposed SEC rules confirm, mitigation processes can be put in place to ensure that companies receive fully objective and independent advice from their advisors, regardless of the category of firm they select."
(Towers Watson)
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Rewarding Global Employees with Stock Options or Other Equity-Based Compensation
"Equity-based compensation comes in many forms -- traditional stock options, restricted stock, restricted stock units, stock appreciation rights, performance shares, stock purchase rights and others. The type of award offered and the incentive plan design are two primary factors that affect compliance issues relevant to the implementation of a program in a new jurisdiction."
(Pillsbury Winthrop Shaw Pittman LLP)
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Status of the Social Security and Medicare Programs
"The financial conditions of the Social Security and Medicare programs remain challenging. Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing, and will require legislative modifications if disruptive consequences for beneficiaries and taxpayers are to be avoided."
(Social Security and Medicare Boards of Trustees)
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[Opinion]
Bad News on the CEO Compensation Ratio Disclosure
"The SEC representatives pointed out, without taking a position on whether the requirements and methodology of Section 953(b) are good or bad, that they do not have the ability or flexibility to make changes that water down (my phrase, not theirs) the onerous and impractical aspect of this provision."
(Michael S. Melbinger via Winston & Strawn LLP)
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Press Releases
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