[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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Vegas is the place to (b)! [Advert.]
18 workshops to advance your career, "Washington Update" with Brian Graff, exciting networking opportunities, post-summit access to recordings and handouts, more affordable pricing and outstanding accommodations!
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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.)
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Web Based Plan Design System. Simple and Affordable. [Advert.]
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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)
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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 )
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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)
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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)
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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)
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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)
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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."
(CFO.com)
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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)
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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)
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[Opinion]
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.)
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Benefits in General; Executive Compensation
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[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)
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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)
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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)
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Press Releases
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