[Guidance Overview]
File Your 2010 Form 5500 or Extension Request Today (August 1)
"An inadvertent failure to file or late filing of a Form 5500 when due may subject you, as a plan sponsor, to penalties of up to $25/day (with a maximum of $15,000 per return) from the IRS and up to $1,100/day from the DOL."
(McKenna Long & Aldridge LLP)
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Webinar Series on Social Media: A Retirement Tool for the 21st Century
"The goal of this webinar series is to provide participants, including older adults and their caregivers, women, members of the Aging Network, Older Americans Act service providers, and other professionals with information that will help to unravel the mystery of planning for the future by using social media as a tool to reach and maintain retirement goals."
(WISER)
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DOL to Shift Toward Stricter Enforcement of 403(b) Regs
"Brad Campbell, former head of the Employee Benefits Security Administration, told attendees at [a Washington, D.C., meeting] that plan sponsors don't have 'a whole lot longer to get our acts together before the enforcement starts becoming more pointed.'"
(Employee Benefit News; free registration required)
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Text of 'Pension Technical Modifications Act' (PDF)
"To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to make technical modifications relating to the Worker, Retiree, and Employer Recovery Act of 2008 and the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010."
(via American Benefits Council)
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Asset Allocation Models Are the Only Way Forward for 401k's
"[C]ost is the starting point of what has been deemed 'the equation for retirement success—cost, compounding and contribution—the 3 C's.' Cost should be low, so participants can keep as much money in their accounts as possible to grow for retirement."
(Invest n Retire)
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FBAR Filers May Use FinCEN's Electronic Filing System
"Parties filing a Report of Foreign Bank and Financial Accounts (FBAR) may opt to use an electronic filing system developed by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN)."
(Mercer LLC)
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Kraft Foods' Plan Administrators Might Have Violated ERISA
"The alleged failure of plan fiduciaries of the Kraft Foods Global Inc. 401(k) plan to change the plan structure to reduce participants' costs may have been a breach of their fiduciary duties. . . . The 7th U.S. Circuit Court of Appeals found that the fiduciaries failed to act to address transactional drag and investment drag, and so may have acted unreasonably."
(Society for Human Resource Management via CBS Interactive)
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Catching Up After a Break in 401(k) Contributions
"In a new report, T. Rowe Price shows what happens when people take a time-out from retirement plan contributions—for reasons such as unemployment, child care or going back to school—and how they can undo the damage."
(San Francisco Chronicle)
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City of Memphis Gets Set to Look at Retirement System Changes
"The Wharton administration is about to propose changes in the Memphis city employee retirement system that are a) prudent moves designed to protect the integrity of the retirement fund or b) unnecessary reactions to a manufactured crisis."
(The E.W. Scripps Co.)
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Florida Sees Flood of New Public Retirees
"Likely at least in part in response to a new law that dramatically changed the state's retirement plan, requiring employee contributions for the first time in three decades, about 10,100 people chose to enter retirement or exited the state's deferred retirement plan in May, June and July, an increase of more than 900 people from the same time last year."
(Sunshine State News)
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Benefits in General; Executive Compensation
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Press Releases
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