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BenefitsLink Retirement Plans Newsletter
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[Official Guidance]
Text of IRS Rev. Proc. 2011-44: Revised Procedure for Church Plans Filing a Request for a Determination Letter (PDF)
"The purpose of this revenue procedure is to supplement the procedures for requesting a letter ruling under section 414(e) of the [IRC] relating to church plans. This revenue procedure modifies Rev. Proc. 2011-4, 2011-1 I.R.B. 123, to require that plan participants and other interested persons receive a notice in connection with a letter ruling request under section 414(e) for a qualified plan, to require that a copy of the notice be submitted to the [IRS] as part of the ruling request, and to provide procedures for the IRS to receive and consider comments relating to the ruling request from interested persons."
(U.S. Internal Revenue Service)
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DATAIR Retirement Plan Document Software [Advert.]

Cost-effective PC software gives you everything needed to produce and maintain accurate plan documents, SPDs, amendments and employee communications. Many choices of DC, DB, 403(b) and Cash Balance plan types, plus expert support from DATAIR's team.
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[Guidance Overview]
New DOL Rules on Fee Disclosure
"A 'covered plan' is defined as an ERISA employee pension benefit plan or a pension plan. This covers all types of qualified retirement plans including 401(k), ERISA 403(b), profit sharing, money purchase pension, defined benefit pension, employee stock ownership, and stock bonus plans."
(TRI-AD)
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[Guidance Overview]
FASB Issues Multiemployer Pension Plan Standard
"Accounting Standards Update No. 2011-09, 'Compensation -- Retirement Benefits -- Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer's Participation in a Multiemployer Plan,' is intended to encourage employers to supply additional information about their financial obligations to multiemployer pension plans."
(AccountingToday and SourceMedia, Inc.)
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The biggest event of the year! [Advert.]

70+ interactive sessions on hot topics shaping the industry, up to 25 ASPPA CPE credits/23 ERPA and JBEA CPE credits, 80+ displays in the exhibit hall. Register now for best pricing.
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[Guidance Overview]
Interim Guidance on Electronic Delivery of Fee Disclosures for Participant-Directed Plans (PDF)
"Plan administrators should carefully review this interim guidance because it provides methods in addition to the DOL's electronic delivery 'safe harbor' for properly delivering the upcoming fee disclosures for participant-directed plans. Plan administrators should determine how such disclosures can be delivered electronically under this guidance since the DOL may not provide definitive guidance on its general electronic delivery rules before the initial fee disclosure deadlines."
(Pillsbury Winthrop Shaw Pittman LLP)
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PSCA Changes Name to Expand Organization's Scope
"The Profit Sharing/401k Council of America is expanding the organization's scope of retirement education and communication by changing its name to the Plan Sponsor Council of America -- the acronym remains the same."
(PLANSPONSOR.COM)
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How Chicago Government Unions Rip Off the Taxpayer
"How did [Chicago end up paying a union leader] a pension nearly three times his salary? That's where things get interesting. Few labor leaders took city pensions, the Tribune reports, 'until the law was changed in 1991 to base those workers' city pensions on their union salaries instead of their old city paychecks, dramatically boosting the amount they could receive'--a provision that 'became law with no public debate among state legislators and, more importantly, no cost analysis.'"
(The Wall Street Journal)
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Are Changes Coming to Retirement Plan Tax Treatment?
"One proposal put forth by William Gale of the Brookings Institution would end pre-tax employee 401(k) contributions and replace them with flat-rate refundable tax credits of 18 percent or 30 percent designed to serve as a matching contribution."
(Business Finance)
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Fed's Twist Moves Hurts Company Pension Plans
"The Federal Reserve's 'Operation Twist' to bring down bond yields and stimulate the economy is likely to cause pain for the nation's largest pension funds, already struggling with funding shortfalls from the recent stock market decline."
(Reuters)
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Little Rhody Has Big Pension Problems
Rhode Island legislators are scheduled to meet in special session to address changes to the state's pension fund, which is underfunded by $7 bil.lion -- an amount almost the size of Rhode Island's annual budget. The state's treasurer has made the problem her top priority.
(AP via The Day Publishing Company)
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Obama's Deficit-Reduction Plan Takes Aim at Military Retirement System
"'The administration believes that any major military retirement reforms should include grandfathering provisions that ensure that the country does not break faith with military personnel now serving, including those serving in Afghanistan and Iraq,' the document reads."
(FOX News Network, LLC)
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[Opinion]
As Brokers Cheer, Advisers Sound Off on DOL 401(k) Fiduciary Capitulation
"While those with the most at stake toil away unawares in their everyday lives, registered investment advisers from across the country have begun to speak out against this unholy alliance consisting of big banks, brokers and insurance companies on one side and big government on the other. Most feel the immediate impact of the DOL's surprising politically inspired retreat is harmful to retirement investors."
(Fiduciary News)
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[Opinion]
Replacing FDR's New Deal with the GOP's Version of the Great Society
"It's not bad enough Wall Street gets bailed out by taxpayers; its mouthpiece at the Wall Street Journal also wants to stiff middle-class workers even more by reducing the pitiful rate of return they can expect from Social Security when they retire."
(Forbes.com LLC)
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Benefits in General; Executive Compensation
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Rising Employee Benefit Costs Will Eat Into Paychecks
"Businesses are restoring some of the benefits they axed during the recession. The flip side of the trend is not so encouraging: Firms seem resolute in holding the line on benefit costs. So workers who want new benefits from their firms will probably have to pay for many of them themselves."
(The Christian Science Monitor)
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Press Releases
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Lois Baker, J.D., President
Holly Horton, Business Manager
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