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August 26, 2011 Get Health & Welfare News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

Employee Benefits Jobs

Defined Contribution Relationship Manager
for Milliman in TX

Associate Consultant - Retirement Plans
for CBIZ Benefits & Insurance Services, Inc. in MD

Plan Administration Manager/Site Manager
for TRA, Inc. in WI

401(k) New Business Consultant
for TRA, Inc. in CA, CO, DC, NJ, PA, TX, VT

Customer Service Representative Daily Trading Platform
for Heritage Pension Advisors, LLC in MA, NY

401(k) / Defined Contribution Plan Administrator
for R.J.L. Pension Services, Inc. in FL

Director, Retirement Key Account Management
for Prudential in NY

Defined Benefit New Business Data Analyst
for Prudential in CT

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Webcasts and Conferences

"Complete Guide to Correcting 401(k) Operational Failures" Web Seminar
Nationwide on September 15, 2011 presented by SunGard Relius

COBRA and HIPAA Compliance Workshops
in Rhode Island on September 12, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

NY CLE Program: Fee Disclosure: What You Need to Know and What You Need to Do Now
in New York on September 22, 2011 presented by WEB (Worldwide Employee Benefits Network) New York Chapter

Voluntary Fiduciary Correction Program Workshop
in Nevada on September 22, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Voluntary Fiduciary Correction Program Workshop via Webcast
Nationwide on September 15, 2011 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)


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[Guidance Overview]
FASB's Final Changes to Disclosures by Employers Contributing to Multiemployer Plans
"The disclosures are being adopted retrospectively. The effective date for public entities will be for annual periods ending after December 15, 2011. The effective date for nonpublic entities will be deferred for one year, to annual periods ending after December 15, 2012." (Wolters Kluwer Law & Business / CCH)


The ERISA Outline Book, 2011 Edition Available Now!   [Advert.]

Sponsored by ASPPA

Industry bestseller! Valued by every practitioner. The ERISA Outline Book by Sal L. Tripodi, J.D., LL.M. provides everything you need to know affecting retirement plans. Subscribe online and get automatic updates!


[Guidance Overview]
When Is a 401k Distribution Not Subject to the 10% Penalty?
"[Here is a list of some] situations where the IRS will waive the 10% 401k early withdrawal penalty, i.e., a withdrawal prior to the participant reaching age 59½." (401khelpcenter.com, LLC)

[Guidance Overview]
Court Issues Mixed Ruling over Participant's Reliance on Plan Resolution
"A federal court has sided with an employer in finding it properly paid retirement benefits based on terms of the plan and not on a resolution that stated its intent to change early retirement benefit calculations." (PLANSPONSOR.COM)

[Guidance Overview]
Video: 401(k) Fee Disclosure Regulatory Update
The 3:16 minute ASPPA regulatory update was published August 25, 2011. (ASPPA via YouTube)

[Guidance Overview]
Safe Harbor 401(k) Plan Design
"[T]he advantage of the safe harbor 401(k) plan is not limited to the relief from the administrative burdens of the ADP, ACP and top heavy requirements. By adding ACP safe harbor matching contribution formulas ('stacking') or adding integrated or cross-tested profit sharing formulas, the practitioner can leverage the plan to the advantage of the highly compensated employees (HCEs)." (SunGard Relius)

Connecticut Will Look at Overtime Abuse and Pension Padding
"In June, [the governor] voiced his approval of legislation that would exclude overtime in calculating pensions. The Senate passed the bill -- thereby drawing threats from some union members promising to get even in the next election." (Hartford Courant)

Employee Plans Enforcement Activities: An Overview (PDF)
"With the adoption of the 'cycle-based' determination letter program, enforcement staff who used to be shifted to determinations to handle the various filing spikes, such as the 'GUST' deadline in 2002, are less likely to be temporarily assigned outside their enforcement roles." (Wolters Kluwer Law & Business / CCH, authored by Groom Law Group, Chartered)


Participant Advice, Retirement Income & New Growth Strategies   [Advert.]

Sponsored by CFDD (The Center for Due Diligence)

CFDD ’11, Participant Advice, Retirement Income & New Growth Strategies, is the premier education and networking event for the retirement plans advisory industry. Unmatched Advisor Attendance, Content & Value. Register Now & Win A Trip To LasVegas!


NJ Has Leeway in Funding Workers' Pensions, Says Court
"A New Jersey appeals court says the state has discretion in how it funds the retirement accounts for firefighters and police officers." (Hearst Communications Inc.)

For Many Seniors, There May Be No Retirement
"More than three in five U.S. workers in their 50s and 60s plan on working past 65—and 47% of that group say they'll do so because they'll need the money or health benefits . . . ." (The Wall Street Journal)

Why Baby Boomers Can't Retire
"Where did all that wealth created by the longest economic boom in U.S. history go? We baby boomers are a privileged lot, and if we want something, we are accustomed to having it. We lament the spending proclivities of our adult children, yet we wrote the book on mass consumption." (Trustees of Boston College, Center for Retirement Research)

Pension Funding Remains Credit Concern for U.S. Corporate Issuers
"The potential for elevated pension contributions in the coming years—given potential negative asset returns in 2011 and more conservative asset allocations by plan sponsors—is a concern for U.S. non-financial corporate issuers, according to a Fitch Ratings report." (PLANSPONSOR.COM)

House Panel Hears Concerns with DOL's Proposed Fiduciary Regs
"A number of witnesses criticized the proposed regulations for imposing unknown costs on employees and retirees. [One] said that the proposed regulations 'lack sufficient cost benefit analysis, and absolutely no cost benefit analysis related to its impact on IRA owners.'" (Wolters Kluwer Law & Business / CCH)

[Opinion]
What's an Actuary to Do About Social Security?
"[The author of the title page has] been asked to provide a few thoughts on the recent (July 29) New York Times article 'Muddying the Budget Waters'. The broad issue referenced is the question of what government programs will be cut back this fall as part of the debt ceiling agreement. Specifically, the article notes that the Social Security program is being discussed in that context, although the program has not contributed to the deficit." (Society of Actuaries)

[Opinion]
New 401(k) Disclosure Rules Require Hard Questions
"401(k) plan administrators, brokerage houses, investment firms, etc., will now have to create disclosures following user-friendly, uniform guidelines. When pooled collectively by the account holder, these disclosures will tell a clear story of both direct and indirect fees and expenses." (Employee Benefit Adviser; free registration required)

Benefits in General; Executive Compensation

Gold and Silver Buying Service Newest Voluntary Benefit
"Josh McCleary, Mass Metal's chief operating officer, says that the SilverSaver benefit program is the only service that enables participants to automatically save in precious metals through the convenience and safety of payroll deduction." (Employee Benefit Adviser; free registration required)

Bloomberg Agrees to Buy Bureau of National Affairs for About $990 Mil.lion
"BNA, which publishes the Daily Labor Report and U.S. Law Week, will 'significantly grow Bloomberg's presence in Washington' and its research will contribute to coverage and analysis of employment, health care, labor, accounting, intellectual property and telecommunications, Bloomberg said." (Bloomberg L.P.)

Charleston, West Virginia, Officials End Practice of Paying Retiring Firefighters for Holidays They Have Not Yet Worked
"[Lump-sum payments that in previous years had been made to firefighters upon retirement] had included pay for holidays for the remainder of the calendar year in which they were retiring even though they had not yet worked those days." (Charleston Daily Mail)

Press Releases



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