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July 14, 2011 Get Health & Welfare News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

Employee Benefits Jobs

Director of Data Conversion
for Diversified in NY

Sales Support Specialist
for Milliman in TX

Employee Benefits & Executive Compensation Associate
for Drinker Biddle & Reath LLP in IL

Employee Education Associate
for CAPTRUST Financial Advisors in NC

Vice President, Baden Retirement Plan Services
for Ascensus in IN

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Webcasts and Conferences

What a 401(k) Administrator Needs to Know About IRAs Webcast
Nationwide on October 11, 2011 presented by ASPPA (American Society of Pension Professionals & Actuaries)


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[Guidance Overview]
Latest Version of IRS Form 5558: Application for Extension of Time to File Certain Employee Plan Returns
"The Form can be used to extend Forms 5500, 5500-SF, 5500-EZ, 8955-SSA, and 5330. An employer can extend returns for up to three plans on a single Form 5558." (SunGard Relius)


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[Guidance Overview]
GASB's Exposure Drafts on New Public Pension Accounting Released July 8, 2011
"GASB has requested comments on the Exposure Drafts by September 30, 2011, which will be followed by public hearings in October. Employers and retirement systems that wish to comment on the Exposure Drafts should do so before the deadline." (Cheiron, Inc.)

IRS's Compliance Unit Focusing on Annual Returns of Plans Showing No Participants
"The purpose of this project is to determine if plan sponsors are complying with plan qualification rules and annual information reporting requirements." (Wolters Kluwer Law & Business)

'Sticker Shock' from New Government Pension Accounting Rules
"The Government Accounting Standards Board [guidelines] will, among other things: List pension funding deficits (estimated to total $2 tril.lion for state and local government plans) on their balance sheets, increasing pressure to either put more money aside for pensions, or cut future benefits." (Philly.com)

Committee Hearing: The Power of Pensions: Building a Strong Middle Class and Strong Economy
Hearing held July 12, 2011. The target page includes links to the archived webcast and written testimonies. (U.S. Senate Committee on Health, Education, Labor and Pensions)

Defined Benefit Plan Funding in 2012 (PDF)
"As always, the combination of changes in interest rate levels and the value of plan assets will determine whether plan sponsors experience increases in required contribution amounts for 2012." (Conrad Siegel Actuaries)

Why the Gap in Women's Financial Literacy Is a Risk to Plan Sponsors
"The gender gap presents consequences that if ignored could end up costing plan sponsors in the long run. The most tangible costs can be broken down into three main categories: 1. Delayed retirement costs . . . 2. Higher Health Care costs . . . 3. Low Return on Investment Associated With Core Benefits" (BenefitsPro)

Pension Reform Underway in Maine
"What our budget pension reform package did was reduce the unfunded liability nearly in half, save $338 mil.lion in pension costs this biennium alone, and create NO additional employee contributions." (Dow Jones Local Media Group, Inc.)

GAO Testimony: Observations on SSA's Plans for the Social Security Statement
"The Commissioner of SSA should take steps to ensure access to the statement for all eligible workers, including those without Internet access or English proficiency. Doing so will assure that the statement remains an important tool for communicating with all workers about the Social Security program." (U.S. Government Accountability Office)

Funded Status of U.S. Corporate Pensions Up
"'The June results reversed some of the losses that pension funds sustained in May,' . . . ." (PLANSPONSOR.COM)

New Hampshire Retirement System Seeks to Block Set Rates for Pensions
"Lawmakers want to readjust the pension rates and lower them for public employers because the retirement reform plan contained in this budget bill increased retirement costs for all public employees." (Telegraph Publishing Company)

How to Create an Effective Retirement Income Strategy
"The total return investment approach is universally accepted by academic literature and institutional best practices. It's required by the Uniform Prudent Investment Act (UPIA), the Employee Retirement Income Security Act (ERISA), common law and regulations." (Investopedia ULC via San Francisco Chronicle)

Boomers Who Work Longer Can Get Larger Social Security Benefits
"Claiming Social Security at 62 could reduce your benefits by as much as 8% a year until full retirement age, which for current retirees is 66, the AARP estimates." (USA TODAY)

GAO Correspondence: Cost and Legal Authority for Selected Financial Literacy Programs and Activities (PDF)
"Based on ongoing congressional interest, the enclosure to this letter provides a summary description, statutory or other legal authority, and appropriation or estimated cost for 13 selected financial literacy programs and activities in 10 federal agencies." (U.S. Government Accountability Office)

Benefits in General; Executive Compensation

[Guidance Overview]
How Will New York's Same-S.ex Marriage Law Impact Employee Benefits? (PDF)
"[P]lans that are not governed by state laws will not need to comply with New York's Marriage Equality Act (or, for that matter, similar legislation that has been passed in other states)." (Littler Mendelson P.C.)

Official Treasury Reports Show Federal Coffers Full Enough to Cover Entitlement Programs, Veterans, Federal Salaries, Interest—Without Borrowing a Dime
"The calculations in this article are based on numbers reported in the U.S. Treasury Department's Daily Treasury Statements for May 16, 2011 and July 7, 2011." (Cybercast News Service)

Surging Employee Benefits Costs Force Employers to Make Difficult Trade-Offs to Maintain Benefit Levels
"The survey [Trends and Tradeoffs in Employee Medical Benefits, conducted by Corporate Synergies Group and the Financial Executive Research Foundation,] found that there are some benefits items that most senior financial executives have not yet considered 'on the table.' Only 9% have reduced non-medical benefits and only 2% have eliminated dependent coverage." (Wolters Kluwer Law & Business)

Knox County, Tennessee, Has Three Different Defined Benefit Plans, and Three Defined Contribution Plans
"The Medical Retirement Plan lets employees put aside money against post-retirement medical expenses, with the county matching 25 percent up to a maximum annual amount of $104." (Metro Pulse)

Press Releases



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