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November 18, 2011 Get Health & Welfare News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

Employee Benefits Jobs

Executive Compensation/Employee Benefits and Global Equity Services Mid-level Paralegal
for Baker & McKenzie, LLP in CA

Health & Welfare Consulting Actuary
for Milliman in NY

Participant Counselor - Retirement Services
for Diversified in MI

Retirement Sales Support Associate
for ExpertPlan, Inc. in NJ

Retirement Plan Sales Specialist
for ExpertPlan, Inc. in NJ

Retirement Plan Processor
for Lincoln Trust Company in CO

Associate Director, Retirement Services "West"
for MassMutual Financial Group in CA

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[Guidance Overview]
Judicial Endorsement of the Moench Presumption Expands
"The Second Circuit now joins the Third, Fifth, Sixth, Seventh, and Ninth Circuits in endorsing a presumption of prudence in cases involving fiduciary conduct related to 401(k) plans, and more specifically employee stock option plans (ESOPs) and eligible individual account plans (EIAPs)." (fi360 Blog)

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[Guidance Overview]
Year-End Compliance Issues for Single-Employer Retirement Plans (PDF)
"By year-end 2011, sponsors of calendar-year single-employer retirement plans must act on necessary and discretionary amendments and perform a range of administrative procedures to ensure compliance with statutory and regulatory requirements." (Milliman, Inc.)

The Role of IRAs in U.S. Households' Saving for Retirement, 2011 (PDF)
"About one-third of U.S. households owned traditional IRAs in 2011. Traditional IRAs were the most common type of IRA owned, followed by Roth IRAs and employer-sponsored IRAs." (Investment Company Institute)

Additional Data on IRA Ownership in 2011: Appendix to 'The Role of IRAs in U.S. Households' Saving for Retirement, 2011' (PDF)
"This appendix provides supplementary tables with additional detail for the main report." (Investment Company Institute)

Transamerica Identifies Top Five Marketplace Issues Facing Retirement Plan TPAs
"Transamerica Retirement Services has released the results of a national listening tour with retirement plan third party administrators (TPAs)." (Wolters Kluwer Law & Business / CCH)

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Timing and the ERISA Account
"We do know that a plan document needs to contain language outlining the management of the ERISA Account (and that the Account should be accounted for separately from the forfeiture account), unless the fiduciary is otherwise able to establish procedures under its general fiduciary authority. But what should be the standard under the Code that the plan should adopt?" (Robert J. Toth, Jr., Business of Benefits)

401(k) Retirement Plans Myths Debunked
"Common myths about retirement plans are leading law makers to propose changes that have the potential to mar the face of the retirement industry and the primary way Americans save for retirement. During the Washington Update session, Brian Graff, Executive Director for ASPPA debunked those myths." (American Society of Pension Professional and Actuaries )

Points of Plan Design Differentiation Emerge in PLANSPONSOR's Annual DC Survey
"Whatever your current method(s) of assessment and evaluation, plan sponsors have long appreciated the reality that, while every program may have its own unique set of circumstances and constraints, there is value in being able to compare your retirement plan designs with a valid set of comparables, if only to ensure that your design remains competitive." (PLANSPONSOR.COM)

Rhode Island Lawmakers Approve Pension Overhaul
"The legislation, called the Rhode Island Retirement Security Act, would suspend cost-of-living adjustments for those collecting state pensions and raise the retirement age for most employees. It would also set up a hybrid system for state employees and teachers, mixing a traditional pension with a retirement account similar to a 401k. The bill is unusual in that it affects current employees and retirees as well as new hires." (The New York Times; free registration required)

PBGC's FY 2011 Annual Report (PDF)
"Over the years we've become responsible for about 1.5 mil.lion people in more than 4,300 failed plans. Every month, on average, we pay $458 mil.lion for 873,000 retirees. PBGC is also responsible for future payments to about 628,000 who have not yet retired. During FY 2011, we assumed responsibility for more than 57,000 additional workers and retirees in 134 failed plans." (Pension Benefit Guaranty Corporation)

Focus on Social Security and Retirement
With a focus on the intersection between politics and economics, this item lists recent polls, reports, commentaries on the issues. (The Fiscal Times)

Report Offers More Incentive to Prepare for Long Retirement
"The nation's 90-and-older population nearly tripled over the past three decades, reaching 1.9 mil.lion in 2010, according to a report released by the U.S. Census Bureau and supported by the National Institute on Aging." (PLANSPONSOR.COM)

401(k) Plans at Growing Companies Have Some Particular Pitfalls for CFOs To Consider
"Fast-growing companies are particularly prone to having their 401(k) plans get off track in one way or another, say experts. The combination of fluctuating asset levels, executive overload, and Internal Revenue Service rules that are structured in a way to almost ensure closely held companies will violate them means that CFOs at those companies need to keep an especially close watch on them, at least at a high level." (

New England Pension Assistance Project
"[The] Project, staffed by experienced pension lawyers and pension counselors, helps you understand your rights under pension law and claim the retirement income benefits that you have earned. . . . [The] Project serves the six-state area (Connecticut, Maine, Massachusetts, Rhode Island, Vermont)." (UMass Boston)

Labor Coalition Responds to California Pension Reform Changes
"'[At the end of the day, as the Legislative Analyst's Office] has said, trying to slash the retirement benefits of California's public workers is unconstitutional, period.'" (The Sacramento Bee)

Rhode Island Lawmakers To Vote on Landmark Pension Overhaul
"The bill is designed to save taxpayers billions of dollars in future years by suspending automatic annual cost-of-living pension increases for public retirees, adjusting retirement ages and giving most current employees a new retirement plan that mixes a traditional pension with a 401(k)-like account." (Hearst Communications Inc)

Watchdog Group Says Fort Wayne and Indiana State Pension Systems Creating Public Employee Millionaires
"Saying some local government employees stand to receive more than $1 mil.lion in lifetime pension benefits at taxpayer expense, a watchdog group Wednesday called for changes in public employees' retirement plans." (The News-Sentinel)

PBGC Posts Record Shortfall: Is a Bailout Next?
"This agency, which covers retiree benefits when companies go bankrupt and their pensions fail, just reported the largest deficit in its 37 years: $26 bil.lion. It has $81 bil.lion in assets and $107 bil.lion in pension obligations." (Time Inc.)

Benefits in General; Executive Compensation

[Guidance Overview]
2012 ISS U.S. Corporate Governance Policy Updates (PDF)
"[Shown in this alert] is a chart with highlights of changes to ISS Board and Compensation policies for the 2012 U.S. company proxy season (meetings beginning February 1, 2012)." (Holme Roberts & Owen LLP)

[Guidance Overview]
Court Finds Medical Equipment Provider's Claims Not ERISA-Dependent
"The court ruled that [ERISA] does not preempt certain state statutory and common law claims for negligent misrepresentation and other unfair deceptive practices." (PLANSPONSOR.COM)

ISS Publishes 2012 Proxy Voting Policies
"The final version does not appear to be dramatically different from the proposed version released in October. Today, I will blog on three key issues relating to executive compensation . . . ." (Michael S. Melbinger via Winston & Strawn LLP)

Social Security Applications in Spanish Now Available on Website
"To make the process easier for Spanish speakers with limited English skills, the Social Security Administration has translated the applications for the following benefits: Retirement benefits . . . . Medicare benefits . . . . Prescription drugs benefits . . . ." (PLANSPONSOR.COM)

Press Releases, Inc.
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Phone (407) 644-4146
Fax (407) 644-2151

Jeanette Hull, News Editor
David Rhett Baker, J.D., Editor and Publisher
Lois Baker, J.D., President
Holly Horton, Business Manager

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