DATAIR Employee Benefit Systems, Inc.

Benefits Manager (Job ID 25553)
for The Dannon Company in NY

Manager, Retirement Plan Services
for Charles Schwab in OH

Senior Data Associate
for Prudential in CT

Customer Service Representative (CSR)
for Boyce & Associates, Inc. in AZ

Retirement Communication Consultant
for Charles Schwab in OH

ERISA Attorney
for The ERISA Law Group, P.A. in ID

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Administrative Policies - Using them for Maximum Flexibility
Nationwide on July 13, 2011 presented by AccuDraft, Inc.

Text of DOL Final Reg Extending Participant-Level and Fiduciary-Level Fee Disclosure Rules (PDF)
15 pages. The ERISA section 408(b)(2) plan fiduciary-level fee disclosure rule (regarding fees of service-providers) has been extended to April 1, 2012 (three months later than the January 1, 2012 date proposed earlier). As to the participant-level fee disclosure rule, the earlier-proposed transition period has been modified to coordinate with the fiduciary-level rule. Participant-level disclosure is required no earlier than (i) 60 days after the fiduciary-level rule applies to the plan or (i) 60 days (not 120 days as had been proposed) after the applicability date (which is the first day of the first plan year beginning on or after November 1, 2011). This example is provided by DOL: "As to calendar year plans, the participant-level disclosure regulation becomes applicable on January 1, 2012. Pursuant to . . . the final transitional rule, such plans must furnish their first set of initial disclosures (all disclosures other than disclosures required at least quarterly) no later than May 31, 2012, which is 60 days after the April 1, 2012 effective date of the 408(b)(2) regulation." Also, DOL said it will be addressing in the future several questions raised by commenters about the use of electronic delivery to participants of the disclosure. (U.S. Employee Benefits Security Administration)

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The Importance of Procedures and Controls in Pension Administration (PDF)
"The Supreme Court noted the role of the plan sponsor in designing and executing the plan is one of the plan settlor while the role of the plan administrator is to administer the plan according to its terms and distribute the SPD. ERISA clearly defined the roles and the court had no reason to believe that ERISA intended for the roles to be mixed by giving the plan administrator the authority to write plan terms in the SPD." (Thompson Publishing Group via ERISAdiagnostics Inc.)

Fewer Assets Can Be Required for Equal Retirement Income
"According to Prudential's report, "What Employers Lose In The Shift From Defined Benefit To Defined Contribution Plans. . . And How To Get It Back?", incorporating GMWBs into defined contribution plans may reduce the level of assets required for plan participants to achieve the same level of retirement income." (PLANSPONSOR.COM)

National Institute on Retirement Security Tells HELP Committee Pensions Are Good for the Economy
"In a preliminary analysis conducted for the hearing, NIRS estimates that 2009 expenditures from public and private sector pension plans had a total economic impact of $756 bil.lion; supported more than 5.3 mil.lion American jobs; and supported more than $121.5 bil.lion in annual federal, state, local tax revenue." (PLANSPONSOR.COM)

IRS Compliance Project Targets 403(b) Plans of Universities
"The Compliance Unit under the Employee Plans division of the [IRS] has begun a project to gather information from institutions of higher learning concerning compliance with the universal availability requirement for 403(b) plans. Questionnaires will be sent to a random national sample of 300 large, medium and small public and private higher education organizations sponsoring 403(b) plans." (PricewaterhouseCoopers LLP)

Retirement Planning and Investing Options That May Offer a More Stable Income
"Recently, there have also been arguments made for annuities, as this particular type of investment can be complicated but could also bring the potential for a fixed income for as long as investor lives." (Red, White, & Blue Press)

Why Most People Pick the Wrong Funds for Their 401(k)
"The first and most important step is to decide how much to invest in stocks v. bonds v. cash since this decision will make the biggest impact on your returns. To do that, you have to know two things: how long your money will be invested and how comfortable you are with the ups and downs of the market." (Forbes.com LLC)

SunAmerica Retirement Re-Set Study
"The study reveals that while the recession had a financial and emotional impact, Americans are emerging from the tumult of the last few years empowered, and with a more pragmatic and disciplined approach to retirement and retirement preparation." (SunAmerica Financial Group)

Zen and The Art of Annuity Regulation, Part 1
"So maybe, just maybe, if the DOL identifies for plan sponsors the key pieces of information for which a fiduciary should ask, perhaps as reps from insurers, if properly collected and reviewed, would act as the safe harbor we are looking for. They would be indicators of financial strength." (Business of Benefits published by Robert Toth, Jr.)

American Benefits Council Testimony for Hearing on the Power of Pensions: Building a Strong Middle Class and Strong Economy (PDF)
"There has . . . been a steady trend away from defined benefit plans for some time now. One reason for this trend is a dramatic change in public policy regarding funding. Pursuant to that change, the largest, least manageable funding obligations arise during the hardest economic times." (American Benefits Council)

A Balanced Package of Tax Increases and Benefit Reductions Would Allow Boomers to Retire without Bankrupting Offspring
"As the financial problems of Social Security and Medicare became more acute, I became increasingly troubled by the AARP's refusal to address them. The AARP's effective opposition to reforming these entitlement programs has implemented perfectly the ethic of Baby Boomer narcissism." (Prof. Edward Zelinsky via Oxford University Press, Inc.)

Though Not ERISA Case, the Jicarilla Opinion Holds Interest for ERISA Practitioners
"In the course of its opinion . . . the Court noted application of the fiduciary exception in the context of ERISA litigation. Moreover, the Court explained the rationale of the exception with reference to the leading case on the issue, Riggs Nat. Bank of Washington, D. C. v. Zimmer . . . ." (Roy Harmon III via Health Plan Law)

American Pension Services Goes "Platinum" With Unique Multiple Employer Plan
(American Pension Services, Inc.)

US Department of Labor Launches New Online Tools for Software Developers
(U.S. Department of Labor, Employee Benefits Security Administration (EBSA))

Edward Jones and CPI Announce Competitive New 401(k) Program
(CPI Qualified Plan Consultants, Inc.)

US Pension Plans Post Slight Gain During June
(Mercer)

NIRS Testifies Before U.S. Senate That Pensions Create Jobs, Stimulate The Economy
(National Institute on Retirement Security)

The Vitality Group Helps U.S. Businesses Navigate New Legal Environment for Health and Wellness Programs
(The Vitality Group)

Payroll Link Makes Testing Fast & Easy For Their Clients
(401kTest.com)

401(k) Provider Releases First-Of-Its-Kind All-In Fee Calculation
(Lincoln Trust Company)

Castle Rock Innovations Partners With The Wagner Law Group
(Castle Rock Innovations)

When It Comes to Keeping Employees Healthy, More Is Less
(Regence Life and Health)