DATAIR Employee Benefit Systems, Inc.

Pension Coordinator
for Directors Guild of America - Producer Pension and Health Plans in CA

Pension Representative
for Directors Guild of America - Producer Pension and Health Plans in CA

Assistant Manager, Pension Department
for Directors Guild of America - Producer Pension and Health Plans in CA

Compliance Administrator II
for Associated Pension Consultants in ANY STATE, CA

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401(k) Rekon Advisor Symposium- Cincinnati
in Ohio on December 8, 2011 presented by 401(k) Rekon

Are You Ready For the Revolution in Participant Communications? A webinar
in New York on November 17, 2011 presented by Osler, Hoskin & Harcourt LLP

DB Plan Restatements
Nationwide on November 29, 2011 presented by National Institute of Pension Administrators

Self Correction Program (SCP) and Closing Agreement Program (CAP) Phone Forum
Nationwide on November 30, 2011 presented by Internal Revenue Service (IRS)

2010 Form 8955-SSA Is Available; So Are 2009 Transition Rules
"For most plans, [IRS Form 8955-SSA] is due January 17, 2012. However, for plans with fiscal years ending after March 31, it is possible that the regular due date, 7 months after the end of the fiscal year, combined with the 2-1/2 month extension possible by filing Form 5558, will provide a later deadline." (SunGard Relius)

The Hottest Ticket in Town!   [Advert.]

ASPPA co-sponsors several regional conferences each year with the IRS to provide discussion opportunities with colleagues and local, regional and national government representatives from IRS and DOL. Check to see when we're coming to your region!

The 2nd Circuit's Stance In Citigroup ERISA Litigation
"[T]he U.S. Court of Appeals for the Second Circuit joined five other circuits in ruling that employer stock in a 401(k) plan is subject to a presumption of prudence that a plaintiff alleging fiduciary breach can overcome only upon a showing that the employer was facing a 'dire situation' that was objectively unforeseeable by the plan sponsor. . . . The appellate court found the plaintiffs had not rebutted the presumption of prudence and so upheld the dismissal of their stock-drop claims." (Morgan Lewis via Law360.com)

IRS Rev. Proc. 2011-44 Prescribes New Procedures for Church Plan Rulings
"[T]he main impact of the ruling will be on underfunded defined benefit plans, where participants have an especially direct interest in whether the plan is subject to ERISA, and covered by PBGC insurance, than in a typical church defined contribution plan." (Groom Law Group via Bureau of National Affairs)

Illinois House Committee Approves Pension Reform Bill
"House Bill 512 would require teachers, state workers, university employees, and lawmakers who started work before January 1 to pay significantly more to keep their existing pensions." (PLANSPONSOR.com)

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Evaluating Early Impacts of the Recent Chilean Pension System Reform (PDF)
"Since 1981, the Chilean national pension system has had mandatory individual retirement accounts managed by private-sector providers. Formal-sector workers are required to save 10 percent of their pay in their accounts, which offer some investment choice, and wherein they must preserve the funds until they reach retirement age. Though the Chilean system has numerous strengths, it has also been criticized for low benefit levels and for low rates of worker contributions. Accordingly, in July 2008, the government of President Michelle Bachelet initiated several system-wide reforms . . . ." (University of Michigan Retirement Research Center)

Myth of Early Retirement Has Important Policy Implications
"[F]ocusing on Americans' supposed proclivity for early retirement makes proposed cuts appear less harsh, since it is easier to suggest that workers in their early 60s postpone retirement than to ask people to work into their late 60s or beyond. And because many people are unaware that lifetime Social Security benefits are the same whether a worker retires at age 62 or 70-1/2 the idea that Americans tend to retire early reinforces the myth that Social Security is in trouble because Americans are living longer but not working longer." (Economic Policy Institute)

Tax Reform Proposals Likely to Reduce 401(k) Account Balances, EBRI Finds
"If the current exclusion of worker contributions for retirement savings plans were ended in 2012 and the total match remains constant, the average reductions in 401(k) accounts at Social Security normal retirement age would range from a low of 11.2 percent for workers currently ages 26-35 in the highest-income groups, to a high of 24.2 percent for workers in that age range in the lowest-income group." (Employee Benefit Research Institute)

IRS to Host Nov. 30 Phone Forum on Self Correction Program (SCP) and Closing Agreement Program (CAP)
"The presentation will cover such topics as: (1) Current EPCRS issues found in SCP and CAP cases; (2) Procedures and requirements for participating in an EPCRS case with the Service; and (3) How CAP sanctions are determined and negotiated. Attendees are encouraged to submit questions in advance . . . ." (U.S. Internal Revenue Service)

More Midlifers Planning to Defer Retirement
"[A] growing number of midlifers (73 percent compared with 67 percent in March) say they plan to keep working in retirement. In fact, they are more likely than any other age group to say they expect to continue earning money." (Life Goes Strong)

Automatic Enrollment Bringing More Minority Members Into Retirement Savings
"[R]esearchers sampling seven large DC plans found participation rates for blacks rose from 57 percent to 94 percent after automatic enrollment, and 67 percent to 95 percent for Hispanics — thereby eliminating most group differences." (Human Resource Executive)

San Diego Public Employee Pension System Reform to Be Put to Popular Vote in 2012
"The proposal . . . would see traditional pension benefits for all new city hires — excluding police — eliminated in favor of a 401(k)-style retirement plan." (Business Insurance)

San Francisco Voters Approve Pension Formula Changes
"A year ago, San Francisco was the only one of nine California cities and counties to defeat a ballot measure trimming retirement benefits, largely because of union opposition." (Stateline)

Rhode Island Governor Blasts Pension Bill for Not Addressing Municipal Problems
"The collapse of [pension plans sponsored by Rhode Island municipalities] would threaten the fiscal stability of the cities and towns that operate them — including three of the state's four largest cities — and taxpayers cannot afford and will not accept incomplete pension reform. . . . I am deeply disappointed that the amended bill presented to the committee [on Wed. Nov. 9] fails to address the problem of our insolvent municipal pension systems." (GoLocalProv)

'One Day as a Teacher' Pension Abuse Bill Clears Illinois House
"A bill to strip two Illinois Federation of Teachers lobbyists of the pensions they got for one day of substitute teaching sailed through the Illinois House." (Northwest Herald)

House Advisory Group Seeks to Defend DOMA in Profit Sharing Plan Death Benefit Case
"The number of interested parties in the same-s.ex marriage benefits dispute involving a deceased Cozen O'Connor partner continues to grow as a congressional committee seeks to defend the Defense of Marriage Act. . . . David and Joan Farley, the parents of deceased partner Sarah Ellyn Farley, are fighting with Farley's wife, Jennifer Tobits, about who should get the $41,000 or so left from Farley's profit-sharing plan." (Law.com)

Text of Comments by Principal Governmental Pension Plan Associations, Concerning GASB Exposure Drafts on Pension Accounting and Financial Reporting for State and Local Governments (PDF)
September 30, 2011. 'The members of these groups . . . collectively manage substantially all of the nearly $3 tril.lion in pension assets for approximately 21 mil.lion working and retired public employees. . . . [W]e disagree with the Board's decision to separate measures of pension accounting from pension funding on the following grounds: . . . ." (National Conference of Public Employee Retirement Systems; National Council on Teacher Retirement; National Association of State Retirement Administrators)

Strengthening State and Local Government Finances: Lessons for Negotiating Public Pension Plan Reforms (PDF)
"This report offers an in-depth look at five pension systems that have undergone a range of reforms over the past decade. These reforms have made the plans more fiscally sustainable while continuing to provide retirement security to their members. The report also offers lessons learned for reference by other systems implementing or considering similar pension reforms; lessons regarding human resource policies and personnel needs, using good data from high quality experts, stakeholder communication and input, planning for and evaluating changes, plan funding and governance, and financial education." (Center for State and Local Government Excellence)

EBSA Issues Revised PT Exemption Procedures
"The updated procedures [clarify] the types of information and documentation generally required for a complete filing, by affording expanded opportunities for the electronic submission of information and comments relating to an exemption, and by providing plan participants and other interested persons with a more thorough understanding of the exemption under consideration." (Wolters Kluwer Law & Business / CCH)

2011 Survey of Top 250 Long-Term Incentive Grant Practices for Executives (PDF)
"For the first time in the history of this report, the use of long-term performance shares now is more prevalent than the use of stock options, while the prevalence of time-vesting restricted stock awards appears to have stabilized. Stock options continue to decrease in prevalence, but are not expected to go away, as they are by nature a performance-based long-term incentive vehicle and a common complement to full-value share awards." (Frederic W. Cook & Co., Inc.)

2011 Non-Employee Director Compensation Survey (PDF)
"Our findings confirm a general 'rule of thumb' in assessing director compensation programs: compensation levels vary primarily based on company size, while the structure of compensation is influenced by both company size and industry. As companies gain a better understanding of the increased responsibilities and perceived personal risk for directors, we anticipate that director compensation levels may increase at more rapid pace over the next several years." (Frederic W. Cook & Co., Inc.)

NAPFA Comments on Department of Labor Fiduciary Debate
(National Association of Personal Financial Advisors (NAPFA))

There's Help — And It's Free. Benz Communications Identifies Tools, Resources, and Content for Benefits Managers
(Benz Communications)

New Surveys Reveal Consumers Taking Charge of their Healthcare Costs with Health Savings Accounts
(Buck Consultants, A Xerox Company)

IRA Financial Group Announces Strong Third-Quarter Results as a Result of High Demand for Self-Directed IRA and Solo 401(k) Plans
(IRA Financial Group )

First Service Administrators and Aetna Team Up to Bring Effective and Affordable Healthcare to Customers
(First Service Administrators)

PBMs Block Reimbursements For Generic Lipitor
(Pharmacists United for Truth and Transparency)

Pharmacists Launch Campaign to Expose Unreasonable Price Markups on Prescription Drugs by Pharmacy Benefit Managers (PBMs)
(Pharmacists United for Truth and Transparency)

J.P. Morgan Proposes Simplified Menu for 401k's
(J.P. Morgan Asset Management)