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Western Benefits Conference 2011 [Advert.]
Featuring groundbreaking sessions for plan sponsors, attorneys, consultants, health & welfare professionals, actuaries, investment advisors and TPAs, the WP&BC and ASPPA present the Western Benefits Conference July 24-27 at the Bellagio in Las Vegas.
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[Guidance Overview]
Taxpayers Must Report Foreign Accounts by June 30 Deadline
"Filing is required for qualified pension plans and IRAs. Participants and beneficiaries in retirement plans under Code §401(a), 403(a) or 403(b) and owners and beneficiaries of traditional IRAs, IRA annuities, SEP IRAs, SIMPLE IRAs, and deemed IRAs under §408 and Roth IRAs under §408A are not required to file an FBAR for a foreign financial account held by or on behalf of the retirement plan or IRA."
(The Bureau of National Affairs, Inc.)
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The Economics of Providing 401(k) Plans: Services, Fees and Expenses, 2010 (PDF)
"The [study] finds that the expense ratios paid by 401(k) plan investors on their stock funds averaged slightly lower in 2010, compared with 2009. The asset-weighted average expense ratio paid by 401(k) investors on their stock funds dropped 3 basis points to 0.71 percent in 20–10, after having declined in three of the previous five years."
(Investment Company Institute)
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Have You Looked at Your Investment Committee Lately?
"We are not aware of any requirement to rotate investment committee members, although we do think it is a good idea. Getting a new committee member periodically with a fresh perspective, who may be more likely to question the existing process, is healthy and helps combat problematic behavior like group think."
(fi360 Blog)
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GASB Chairman Discusses New Pension Rules on Liabilities
"The new rules would have states all use the same method. In addition, the orientation of these rules would change significantly. The current system takes a 'funding-based' approach that focuses on how much states pay into the pension fund each year. The new system would take an 'accounting-based' approach that employs a longer-term view to ensure that the overall costs of providing benefits are accounted for."
(The Pew Charitable Trusts)
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Atlanta Pension Reform Plan Becomes Law
"Current workers will contribute 5 percent more of their salary to keep their current pensions. New employees will be enrolled in a 401k type retirement plan instead."
(Fox Television Stations, Inc.)
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Study Finds Couples Disconnect on Retirement Issues
"The results of Fidelity's Couples Retirement Study show couples both approaching and living in retirement are struggling with overall communication, planning and management of their retirement finances."
(PLANSPONSOR.COM)
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IRS Streamlines ESOP Review Process; Develops Tool to Aid in ESOP Design
"ESOP sponsors . . . may use a new IRS worksheet as a tool in designing plan documents. The worksheet identifies 18 requirements ESOPs must satisfy, including protections for participant rights with respect to diversification, voting, forfeitures, dividends and distributions."
(Mercer LLC)
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Text of GAO Report on PBGC: More Strategic Approach to Contracting Still Needed
"PBGC's contracting decisions are based primarily on historical practice within each of its departments rather than strategic assessment. Nearly three-fourths of PBGC's budget is allocated to contractors, yet PBGC does not have a strategic agency-level plan for contracting."
(U.S. Government Accountability Office)
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[Opinion]
ASPPA/NTSAA and the 403(b): Presenting Cross-Purposes?
"[The Los Angeles Unified School District's 403(b)/457(b) Oversight Committee has an offer to] partner on a fee disclosure initiative. The goal . . . would be 'a model disclosure that would simply and concisely provide teachers with information on the products and services offered by various vendors and the fees for those products and services.'"
(bWise Guys, LLC)
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Benefits in General; Executive Compensation
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Missteps in Benefits Communications
"Communications that are infrequent and indecipherable are common mistakes HR leaders make when transmitting information about benefits packages to employees. Using more of a 'selling' approach while adopting multiple channels and targeted messages will help, experts say."
(Human Resource Executive Online)
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ESOP Valuation Issues
The NCEO's new issue brief presents articles on matters related to ESOP valuation, ranging from valuing SARs in an ESOP company to valuing an accounting firm's shares.
(National Center for Employee Ownership)
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[Opinion]
CIGNA Cash Balance Conversion Case: Justice Trumps Law 6-to-2 — But Who Got It Right?
"[H]as the Court now taken a second large step towards loosening the tight-knit set of enforcement provisions that Congress crafted with such precision in section 502 of ERISA, where it spelled out with exquisite care the permissible civil actions for enforcing the requirements of ERISA, specifying not just the harms proscribed and the corresponding remedies (e.g., recovery of lost benefits, injunctions, breach of fiduciary suits, clarifications of future benefits, other appropriate equitable relief), but also who may bring the remedial actions (for some causes, participants and beneficiaries, for others, the plan, for another, the Secretary of Labor along with participants, beneficiaries and fiduciaries)?"
(Alvin D. Lurie, Esq. published by BenefitsLink.com)
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Press Releases
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