CFDD (The Center for Due Diligence)

401k Sales Hunter (Major Accounts)
for ADP Retirement Services in CA, GA, IL, KS, MA

Senior Retirement Plan Manager
for Chemung Canal Trust Company in NY

Advanced Compliance Testing Associate
for Bank of America in NJ

Sales Opportunity
for LTC Financial Partners in ANY STATE

457 Plan Liaison
for T. Rowe Price in VA

Compliance Analyst
for Trinity Pension Consultants, Inc. in OH

Retirement Plan Administrator
for Verisight, Inc in MD

Senior DC/401(k) Plan Administrator
for Shore Tompkins Actuarial Resources, LLC in IL

Retirement Plan Consultant
for TRA, Inc. in MA

Executive Director
for Taft-Hartley Funds in CA

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Current Developments and Issues from the Office of Employee Plans Rulings and Agreements Phone Forum
Nationwide on September 21, 2011 presented by Internal Revenue Service (IRS)

Two Things EPCRS Does Not Tell You About Retroactive Amendments
"In our experience, . . . the IRS imposes two additional requirements when an employer wants to fix an operational failure by retroactive amendment: (1) the applicant must demonstrate the employer's intent during the period of the failure; and (2) the applicant must demonstrate the employees' expectations during the period of the failure." (Verrill Dana, LLP)

There is Strength in Numbers—All for One!   [Advert.]

Together, retirement plan professionals are a formidable force. Help promote and defend the employer based retirement system in the months and years ahead. Join ASPPA—your source for advocacy, education and networking.

Post-Petition Portion of Fund's Withdrawal Liability Claim Was Administrative Expense Entitled to Priority
"In an issue of first impression, [the court] has held that the post-bankrup.tcy petition portion of a multiemployer defined benefit fund's withdrawal liability claim against a debtor employer was an administrative expense that was entitled to priority under the Bankrup.tcy Code." (Wolters Kluwer Law & Business / CCH)

El Paso Corporation Wins Cash Balance Case; No Age Discrimination or Backloading Provisions Were Violated
"The wear-away provisions of the El Paso Corporation cash balance plan did not violate the benefit accrual requirements of Sec. 4(i) of the Age Discrimination in Employment Act (ADEA), because younger and older employees received credits to their accounts in a nondiscriminatory manner . . . ." (Wolters Kluwer Law & Business / CCH)

Standing at the Crossroads of ERISA and the Railway Labor Act (PDF)
"ERISA lawyers must be especially careful when they are representing employers subject to the RLA. They should avoid any actions that might violate a collective bargaining agreement or cause the employer to violate the RLA's ''status quo'' requirement that applies while contract negotiations are under way after the RLA Section 6 notice is given commencing negotiations." (The Bureau of National Affairs, Inc.)

Five Retirement Strategies that No Longer Work
"Retirement preparedness is changing in that some tried and true strategies retirees have commonly used in the past may not work anymore. Retirees used to count on getting a decent interest rate on certificates of deposit or the simple act of selling a home for retirement income. Unfortunately, you can't count on them now." (Forbes.com LLC)

As Workforce Ages, Industries Struggle to Prepare for Wave of Retirements
"Many industries find themselves in a quandary. They often need older workers for their expertise, yet they also may need to accommodate their physical disabilities and their desire for more flexible schedules. And as workers stay on the job longer, they may need training in new technologies or work procedures." (The Washington Post; free registration required)

Rethinking Roth IRA Conversions in 2010
"This article analyzes the pros and cons of making a Roth IRA conversion, the mechanics to do the conversion, and how to undo it. The strategy takes on new importance in the years 2011 and 2012 with the looming 3.8% health care tax on investment income beginning in 2013. IRA owners may want to lock in the lower 'Bush income tax rates' of 2011 and 2012, especially if they can make the conversion at time when the value of the IRA assets are low because of volatile swings in the stock market." (Social Science Research Network)

Wisconsin Teachers Choose Retirement over Paying More for Benefits
"In the first six months of 2011, overall public employee retirements were double that in all of either 2009 or 2010, according to data provided to the AP by the Wisconsin Retirement System." (PLANSPONSOR.COM)

DOL Request for Information Regarding Electronic Disclosure by Employee Benefit Plans
"The DOL is taking into account current technology, best practices and the need to protect the rights and interests of participants, e.g. some people prefer paper instead of electronic communications." (McKay Hochman Co., Inc.)

No GM Buyback or Dividend Seen as Pension Gap Freezes Cash
"General Motors Co. (GM), holding cash until it learns the magnitude of retiree obligations at year- end, may find a pension deficit that rivals its market valuation and delays a buyback or dividend. GM's pension shortfall may reach $35 bil.lion when calculated using lower asset returns and a reduced rate for valuing future payments . . . ." (Bloomberg L.P.)

There's No Such Thing as a Passively Managed DC Plan (PDF)
"To fulfill [the] legal duties, plan sponsors must make a number of critical decisions that could determine whether or not their plans will succeed; that is, the plans will help enable participants to meet their future retirement liabilities." (Pacific Investment Management Company LLC)

Longevity Insurance Emerges As Option to Provide Guaranteed Income at Advanced Ages
"[T]hose nearing retirement may want to consider financial protection to guard against the possibility of outliving their money. It's now increasingly available in the form of longevity insurance, which usually involves giving a sum of money to an insurer in your 60s in exchange for monthly payments that start at 80 or 85 and continue for the rest of your life." (The Republic)

Union Leader Draws Lucrative Pension Perk Based on False Information
"To boost his taxpayer-supported city pension, [the union official] signed documents certifying that he had waived his union pension and had two union officials write letters supporting his claim. In fact, records show dues collected from the rank-and-file were still set aside for Villanova's union pension." (WGN Radio)

Pittsburgh's Pension Bailout Plan Goes to State
"Everything hinges on the state's approving the plan. Otherwise, the city faces being required to make huge annual pension payments, according to estimates. City officials say they have cleared the first hurdle by getting the plan in on time." (Trib Total Media, Inc.)

Arizona Asks Court to Dismiss Lawsuit over Pension Changes
"According to the Arizona Business Gazette, the state's lawyer argued in court papers that the interest of the state and the potential cost savings to taxpayers outweighs the impact on individual workers. Employees and the state are also debating whether or not the past contribution agreement is a contract." (PLANSPONSOR.COM)

Chicago Teachers' Pension Plan Sues School System
"The $10.4 bil.lion fund filed a lawsuit Wednesday in Cook County Circuit Court in Chicago, accusing the board of failing to contribute the full $198.1 mil.lion required contribution for the fiscal year ended June 30." (Crain Communications, Inc.)

White Paper Finds No ERISA Fiduciary Conflict Regarding Affiliated Funds
"When fees received by the record-keeper and affiliated fund are reasonable compensation and the fiduciaries selecting the affiliated funds do not receive additional compensation or benefit from selecting the fund, 'there is no prohibited transaction under ERISA,' the white paper concludes." (The National Underwriter Company; free registration or paid subscription required)

Approaching Full DB Funding? Think Immunization
"Now, most plans today are not fully funded. The pension rules will move you in that direction and it may take several years to get there. But once you reach your funding target, there's still another important decision you'll have to make: It's about what to do next." (Towers Watson)

Financial Literacy, Retirement Planning, and Household Wealth
"In this paper, we investigate the relationship between financial literacy and household net worth, relying on comprehensive measures of financial knowledge designed for a special module of the DNB (De Nederlandsche Bank) Household Survey." (Social Science Research Network)

ASPPA Statement Submitted to Advisory Council on Employee Welfare and Pension Benefit Plans on Data Security and Privacy
"There are primarily two risks to the third party administrators of retirement plans ('TPAs'); the criminals can steal from a participant's account or they can steal a participant's identity. The threats are both internal and external and it is imperative that we are diligent against both." (American Society of Pension Professionals & Actuaries)

'Investment Advice Is One of the Greatest Scams of Our Time'
"The underlying problem is that investment advice has become a 'product,' and investment advisers steer prospective clients right into their own products. Today's investors looking for investment advice end up seeking it directly from the point of sale of these products." (Business Insider, Inc.)

Retirement Made Simpler Statement before DOL's Advisory Council on Employee Welfare and Pension Benefit Plans on ERISA Compliance for 403(b) Plan Sponsors (PDF)
"As you are aware, the 403(b) plan landscape is different than it was even just a few years ago. Legislative and regulatory actions have put employers squarely in the center of responsibility for 403(b) plans." (Retirement Made Simpler)

Employee Release Provisions Present Section 409A Trap for the Unwary
"If you regularly draft or review employment, change-in-control or severance agreements, you know it is a standard practice to condition payment of severance benefits or other compensation on the employee signing a general release of claims against the employer. What you may not realize is that conditioning benefits on the execution of a release may give rise to tax problems for the employer and the employee under Section 409A of the Internal Revenue Code." (McguireWoods LLP)

Why You Should Care About Tax Expenditures
"There are two ways to look at the vast buffet of tax credits and deductions that Congress offers through the tax code. One is that these are essentially tax cuts. . . . The other way to look at these credits and deductions is that they're essentially government spending programs in disguise." (The Washington Post; free registration required)

Managing Employee Absences
"This SHRM Poll looks at employee absence in the workplace, the indirect costs that can be a result from these absences and if organizations have a program in place for tracking these circumstances." (Society for Human Resource Management)

Employees Would Take Pay Cut for Flexible Work Schedule, According to Survey
"According to a press release, more than three in five working adults responding to the survey (62%) agree flexibility is one of the most important factors they consider when looking for a new job or deciding what company to work for." (PLANSPONSOR.COM)

Poll Results Indicate Employers Not Tracking Absence Costs
"Most organizations do not track indirect costs of employee absences—overtime pay, business disruption, and product delivery lags, according to findings from a new poll from the Society for Human Resource Management." (PLANSPONSOR.COM)

New Jersey Public Unions File Suit Over New Law that Cuts Benefits
"Among other things, the suit charges that the new law violates employees' and retirees' contractual rights. 'Pensions and health benefits are not gifts from employers or the state. They are earned compensation. What our members have been promised and have already worked to earn cannot be taken away by the governor or the legislature,' . . . ." (Business Insurance)

Employee Ownership Update for September 1
NCEO Executive Director Loren Rodgers discusses employee ownership and the development of human capital, the spread of employee stock options in India, new resources for NCEO members on ESOPs and related matters, the National Equity Compensation Forum, and a survey of equity compensation behavior. (National Center for Employee Ownership)

Federal Government Releases Per Diems for Fiscal 2012
"The federal government has released per diem travel reimbursement rates, adjusted for inflation, for the government's fiscal year 2012, which begins Oct. 1. The per diem rates cover reimbursements for lodging expenses and meals and incidental expenses, or M&IE, incurred during business travel." (Thompson Publishing Group)

James Dornan Joins ASPPA Government Affairs Team
(American Society of Pension Professionals & Actuaries (ASPPA))

Elliott Davis Investment Advisors Is Certified For Fiduciary Excellence
(Centre for Fiduciary Excellence (CEFEX))

Newell Rubbermaid to Open Premium Child Care Center at Global Headquarters in Atlanta
(Newell Rubbermaid)