Text of IRS Retirement News for Employers, Spring 2011 Edition (PDF)
This edition includes articles on the following: Retirement Plans for Self-Employed People; Voluntary Correction Program Submissions: Common Mistakes; Higher Education Organizations Compliance with the Universal Availability Rule; Are You Covered by an Employer's Retirement Plan? SEP Plans in a Partnership; What Should I Expect From My Service Provider? New Small Business Retirement Plan Resources Web Page; and, 403(b) Plans. (U.S. Internal Revenue Service)

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You Can't Count on Employer for Accurate Pension Information, According to Supreme Court
"The court issued a ruling in Cigna v. Amara, a closely-watched case dealing with the health insurance company's defined benefit (DB) pension plan for its own workers. Cigna had converted its DB plan into a hybrid cash balance plan, but provided incorrect information about benefits owed to employees when the conversion took place." (Thomson Reuters)

Duke Energy Pays $30M to Settle Cash Balance Plan Suit
"In a suit filed in 2006 and later given class action status, the plaintiffs alleged, among other things, that Duke did not properly calculate the value of certain lump-sum distributions from its pension plan." (Business Insurance)

2011 Key Administrative Dates and Deadlines for Calendar-Year Multiemployer Defined Benefit Plans (PDF)
"[This calendar] covers the essential elements of the various tasks that need to be performed during the year and takes the guesswork out of knowing the exact requirements." (Milliman, Inc.)

Supreme Court Says Plan Participants Can Recover In ERISA Actions Without Showing Detrimental Reliance
"The decision will probably result in an increased amount of litigation. In applying such a standard, plan participants may be entitled to relief even if they never read the SPD nor detrimentally relied on it." (Fisher & Phillips LLP)

IRS's Universal Availability Rule Compliance Project for Higher Education Organizations
"Last month the EPCU began sending compliance check letters to a national sample of over 300 colleges, universities, seminaries and other higher education organizations. These letters contain a detailed questionnaire and information on how to respond to the survey [which is strictly an information gathering exercise.]" (Verrill Dana, LLP)

National Cash Balance Research Report, 2011 (PDF)
"The . . . statistical highlights, charts and graphs are provided as a reference for retirement plan professionals and others interested in learning more about Cash Balance Plans." (Kravitz, Inc.)

Study Finds Workers Planning to Work Past, or Through, Retirement Age, Lacking Backup Plan
"[New research] reveals some potential shortcomings with that 'strategy' - finding not only that many American workers are largely unprepared for retirement, but that relatively few have a backup plan in the event they are forced into retirement earlier than planned." (PLANSPONSOR.COM)

Automated Programs and Advice Lead to Greater 401(k) Plan Results
"Bank of America Merrill Lynch's Retirement & Benefit Plan Services quarterly report on plan participant contribution activities within its proprietary 401(k) business finds many plan sponsors utilize a combination of automated and advice features." (PLANSPONSOR.COM)

The Principal Data Supports Increase in Auto Enroll Default
"According to a press release, client data from The Principal shows that plans with an automatic enrollment feature defaulting at 3% produce an average deferral of 6.3% - lower than the average deferral of 6.8% for plans without an automatic enrollment feature. In contrast, the average deferral is 7.1% for plans that have a 6% default automatic enrollment feature." (PLANSPONSOR.COM)

Companies That Have Changed Their Defined Benefit Pension Plans
"[The target page presets] a list of employers that have announced significant changes to their defined benefit pension plans since December 2005. Changes include plan terminations, plan freezes for new and/or current employees, and changes to the formula by which pension benefits are calculated." (Pension Rights Center)

Proposal Would Significantly Increase Payroll Deduction Contributions of Federal Workers to Federal Pension Fund
"With the latest proposals clumped in, most federal employees may need to set aside about 17 percent of their earnings to pay Social Security and payroll taxes and contributions to the Thrift Savings Plan . . . ." (The Washington Post; free registration required)

Government Reaches Debt Limit, Borrows Against Federal Pension Funds
"In a letter to congressional leaders Monday, Treasury Secretary Timothy Geithner said he is suspending new investments in both the Civil Service Retirement and Disability Fund (CSRDF) and the Thrift Savings Plan G Fund, which is invested in federal securities. In addition, the department will redeem some of the investments held by the CSRDF, Geithner wrote." (Gannett Government Media Corporation)

Illinois Civil Union Law Impact on Employee Benefit Plans (PDF)
"Effective June 1, 2011, Illinois will recognize civil unions in accordance with the Illinois Religious Freedom Protection and Civil Union Act. Employers with employees in Illinois should consider how the Act will affect, among other things, their employee benefit plans and programs." (Wang Kobayashi Austin, LLC)

Firms Use Non-Qualified Executive Benefits to Restore Lost Savings
"The fifth annual MullinTBG-PLANSPONSOR Executive Benefits Survey shows companies and executives are looking to nonqualified deferred compensation plans (NQDCPs) as a valuable tool for restoring retirement savings eroded during the financial crisis." (PLANSPONSOR.COM)

State and Local Government Workforce: Survey on 2011 Realities
"Retaining staff needed for core services, reducing employee health care costs, and addressing employee morale and workload problems are the top workforce issues . . . ." (Center for State and Local Government Excellence)

New Developments in Equity Compensation Reporting: Cost Basis, Section 6039, and Proxy Reporting
The NCEO has just released an issue brief on new developments in equity compensation reporting. It will go out to everyone with an NCEO issue brief subscription, and otherwise can be ordered in print or PDF form. (National Center for Employee Ownership)

US Department of Labor Obtains Consent Judgment to Restore Assets to Benefit Plan of Defunct Clarks Summit, Pa., Company
(U.S. Department of Labor, Employee Benefits Security Administration (EBSA))

ERIC Urges En Banc Review of Ruling on Alleged Fiduciary Breach Concerning Unitized Fund and Recordkeeping Fees
(ERIC (ERISA Industry Committee))

The Principal Set for New Retirement Plan Disclosure Rules
(Principal Financial Group)

Juniperus Capital: Profiting from the Insurance Risk Market
(marcus evans)

Tampa Bay-based ASPire Financial Services Opens New Office to Accommodate Growth
(ASPire Financial Services)

Insider Trading and Increased SEC Enforcement Lead myStockOptions.com to Create New Course on SEC Law
(myStockPlan.com, Inc)

F-Squared Names New President of Retirement Division
(F-Squared Investments)

DATAIR Employee Benefit Systems, Inc.

Senior DB Data Analyst
for Diversified in MA

Client Relationship Manager (DB/DC Products)
for General Board of Pension and Health Benefits of the UMC in ANY STATE

Retirement Services Consultant
for Insperity in TX

Retirement Education Consultant
for Charles Schwab in OH

ERISA Compliance Services Director
for Charles Schwab in OH

ERISA Compliance Analyst
for Charles Schwab in OH

ERISA Compliance Analyst
for Charles Schwab in TX

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