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BenefitsLink Retirement Plans Newsletter
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[Guidance Overview]
2011 Year-End Disclosure Reminders for Qualified Defined Contribution Plan Sponsors
"You can combine two or more of the above notices into a single document if you time delivery of the combined notice appropriately. For example, you could deliver a combined annual safe harbor 401(k), automatic enrollment and QDIA notice during November as part of your open enrollment process (assuming the plan uses a calendar year plan year)."
(McKenna Long & Aldridge LLP)
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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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Union Pension Funds Sue JPMorgan & Goldman Sachs over Allegedly Misleading Statements
"The complaint was filed by IBEW Local 90 Pension Fund and the Plumbers & Pipefitters' Local #562 Pension Fund. Other companies named as defendants in the case include: Bank of America Corp.'s Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc., Jefferies & Co., Corzine and MF Global officers."
(PLANSPONSOR.COM)
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Why Pay PBGC Premiums?
"Given current market conditions, there may be a palatable way to reduce the [variable rate premium], or in the best case, eliminate it. With interest rates at historic lows, you may have given thought to the idea that now might be a good time to borrow. After all, money is cheap right now. But if you haven't considered borrowing to fund your pension plan, maybe you should."
(Milliman, Inc.)
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Retirement Income Study by Charles Schwab (PDF)
"While most pre-retirees give themselves an 'A' or a 'B' grade on how prepared they are to pay themselves a monthly income in retirement, almost half would change something about how prepared they are. Results suggest multiple gaps in retirement income preparation . . . ."
(Charles Schwab & Co., Inc.)
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SunTrust Banks Freezes Pension Plan and Enhances 401(k) Plan
"Participants in SunTrust's cash balance plan, which the Atlanta-based bank set up in 2008, will stop earning pay-related credits after Dec. 31 . . . . In addition, benefit accruals for long-service employees who opted to remain in SunTrust's traditional final average pay plan at the time of the cash balance plan conversion also will stop at end of this year."
(Business Insurance)
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New DOL Consumer Assistance web page Allows Users to Submit Questions and Complaints Electronically
"Employees, plan sponsors, service providers, and others will appreciate access to the information about the EBSA's programs and services along with the ease of submitting questions and complaints electronically. The related news release notes that EBSA advisors will respond to inquiries and complaints 'as soon as possible but no later than three business days' with a goal of providing 'more efficient service to individuals seeking assistance.''
(Thomson Reuters/EBIA)
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[Opinion]
Government Worker Pensions ARE Wall Street
"In an editorial posted in January 2011 entitled 'Wall Street & Public Sector Unions,' we identified an irony still lost on the occupy movement's rank and file—Wall Street is financed by the pension funds of unionized government workers. Every year, taxpayer funded government agencies pour hundreds of billions of dollars into Wall Street investment funds."
(Union Watch)
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Benefits in General; Executive Compensation
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[Guidance Overview]
ISS 2012 Updates to Proxy Voting Guidelines
"The key change in the ISS 2012 updates is that, going forward, the first time a post-IPO company presents an equity plan for Section 162(m) approval, ISS will give the plan a full equity plan evaluation."
(Morgan, Lewis & Bockius LLP)
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Stock Ownership Guidelines Hard-Wired Into the Plan?
"I wanted to point out to readers a company that recently incorporated its stock ownership guidelines into its stock incentive plan document, which I had not seen previously. The amended Motricity, Inc. 2010 Long Term Incentive Plan, approved by stockholders on October 28, 2011, contains the following paragraph . . . ."
(Michael S. Melbinger via Winston & Strawn LLP)
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Nonqualified Deferred Compensation Plans: Plan Decisions and Changing Tax Conditions
"This white paper will: Look at which individuals are potentially affected by proposed tax changes; Examine four key factors that need to be considered when comparing the effect of taxes on deferred compensation versus paying taxes currently; Provide scenarios of how tax rate changes might impact NQDC plan deferrals over time."
(Principal Life Insurance Company)
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Press Releases
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Holly Horton, Business Manager
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