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BenefitsLink Retirement Plans Newsletter

November 28, 2011 Get Health & Welfare News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

Employee Benefits Jobs

IRT Transition Consultant 3
for Wells Fargo in MN, NC

Pension Administrator
for Retirement Planners & Administrators, Inc. in ANY STATE, VA

JR DC Plan Administrator
for WIA Consultants in NY

Participant Services Manager
for Summit Retirement Plan Services/Tegrit Group in OH

Conversion Consultant
for Tegrit Group in OH

Client Service Manager
for Summit Retirement Plan Services/Tegrit Group in ANY STATE

Compliance Testing and Reporting Analyst
for The BridgePoint Group, LLC in ANY STATE

Health & Welfare Consulting Actuary
for The Savitz Organization in PA

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Webcasts and Conferences

14th Annual Advanced Cafeteria Plans and Benefits Conference 2012
in Washington on July 18, 2012 presented by Thomson Reuters / EBIA

Audit Notice? A No-Panic Guide on What to Expect and How to Prepare Webcast
Nationwide on December 7, 2011 presented by Clifton Gunderson LLP

Avoiding Unknown (and Fatal) Foot Faults in Executive Compensation Arrangements
Nationwide on December 13, 2011 presented by ABA Joint Committee on Employee Benefits

Shining a Light on Target-Date Strategies
in Florida on December 13, 2011 presented by ASPPA Benefits Council of Central Florida


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[Official Guidance]
PBGC's Guarantees for Single-Employer Pension Plans Fact Sheet
"For 2011, the maximum guarantee for a life annuity with no survivor benefits is $54,000.00 yearly ($4,500.00 monthly) at age 65; $42,660.00 yearly ($3,555.00 monthly) at age 62; and $24,300.00 yearly ($2,025.00 monthly) at age 55. The maximum guarantee is based on a participant's age at the date guarantees become effective for the plan if payments have already begun." (Pension Benefit Guaranty Corporation)


Vegas is the place to (b)!   [Advert.]

Sponsored by ASPPA

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!


[Guidance Overview]
SEC's No-Action Letter Relating to Application of 'Rule 482' to EBSA Fee Disclosure Regs
"Rule 482 permits an open-end investment company registered under the Investment Company Act to include, among other things, uniformly calculated performance information in advertisements and other sales materials." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview]
Houston Manufacturer Settles Suit about Mandatory Retirement Policy
"According to the EEOC's suit, Metallic Products Corp. had an unlawful mandatory retirement policy which required employees to retire upon reaching age 70. Before he turned 70, company officials advised Jeronimo Vidals that he would be required to retire upon reaching 70 years of age. Then, on his 70th birthday, he was fired from the company pursuant to its unlawful mandatory retirement policy." (PLANSPONSOR.COM)

[Guidance Overview]
DOL Issues Final Rule on Investment Advice . . . . Again
"The Final Rule helpfully states that none of the DOL's prior regulations, exemptions, or other guidance on the provision of investment advice is affected by the Final Rule. Therefore, programs that comply with prior guidance, such as the SunAmerica advisory opinion (AO 2001-09A), should continue to be compliant with ERISA." (K&L Gates LLP)

Steering Clear of Pension Benefit Restrictions
"Negative asset performance and declining valuation interest rates during 2011 will cause some pension plans to face benefit restriction issues for the first time in 2012. Potential repercussions include limits on accelerated distributions (lump sums), restrictions on plan amendments increasing the value of benefits, mandatory benefit accrual freezes and restrictions on unpredictable contingent event benefits . . . ." (Van Iwaarden Associates)


MassMutual’s Award-Winning ERISA Advisory Services   [Advert.]

Sponsored by MassMutual

MassMutual’s ERISA Advisory Services can help plan fiduciaries and other professionals by providing up-to-date information and easy-to-use tools that help simplify the process of maintaining the compliance health of your retirement plan.


Who Is Retirement Ready? Depends on How You Look at Data
"For example, according to one recent study, the bulk of those at retirement age were mostly determined to be set for retirement. The July 2011 report Economic Preparation for Retirement, compiled by RAND Corporation researchers . . . and published by the National Bureau of Economic Research . . ., found that 71% of Americans between the ages of 66 and 69 are 'adequately prepared' for the consumption levels required for a successful retirement." (The Vanguard Group, Inc.)

DOL Recovers 401(k) Assets for Former Security Guards
"The U.S. Bankrup.tcy Court for the District of Maryland has approved a global settlement that allows [DOL] to recover $7,968,744 in back wages, fringe benefits and 401(k) plan assets for more than 2,000 security guards formerly employed by USProtect Corp., a defunct company that provided security services for federal buildings across the country." (PLANSPONSOR.COM)

PBGC Announces Maximum Insurance Benefit Increases for 2012
"Beginning in 2012 the maximum yearly benefit for a 65-year-old retiree is $55,840.92. The increase is not retroactive." (PLANSPONSOR.COM)

IRS Gives Update on 401(k) Questionnaire Project
"Over 95% of the 1,200 plan sponsors contacted by the Internal Revenue Service Employee Plans Compliance Unit voluntarily completed the online 401(k) Compliance Check Questionnaire." (PLANSPONSOR.COM)

White Paper Discusses Risk in Alternative Investments
"[The Greenwich Roundtable] research paper analyzes the risks involved in hedge funds and private equity, and describes the best practices and due diligence steps that investors need to pursue to manage those risks. The paper also explores the complexity of volatility, leverage, and liquidity and how these factors together can compound risk." (planadviser; free registration required)

Plans for Phoenix Pension Reform Due
"Phoenix's Pension Reform Task Force, after meeting most of the year, plans to offer two proposals to the Phoenix City Council that may save taxpayers more than $50 mil.lion annually by having city employees pay more for their retirement benefits." (azcentral.com)

[Opinion]
ASPPA Request to Eliminate Form 5558 Signature Requirement to Extend Form 8955-SSA
"ASPPA requests that the exception granted under Treasury Regulation 1.6081-11 for Form 5500 series reports be applied or expanded to include Form 8955-SSA." (American Society of Pension Professional and Actuaries )

[Opinion]
Pension Crisis Accounting Rule Comments Rigged by Gluttons at the Public Trough
"[Take a] look at comments opposing Government Accounting Standards Board proposed rules for a tiny bit of honesty about municipal and state pensions. Sheila Weinberg, founder of The Institute for Truth in Accounting, studied all 659 comments on rule changes that will affect whether politicians finally have to admit at least in small part the magnitude of our municipal and state pension crisis. She said Tuesday, '95 percent of the comments came from people who have a direct vested interest in governments concealing the true costs.'" (The Franklin Center for Government and Public Integrity)

[Opinion]
Letters to NYT Editor: In Hard Times, Rethinking Plans for Retirement
"In our 2009 book, 'Reconsidering Retirement,' we show that retirement rates began falling in 1994 as workers delayed retirement in response to changes in Social Security and pensions. Since 2006, though, the retirement rate has been flat. The Great Recession has not caused substantial retirement delays." (The New York Times; free registration required)

Benefits in General; Executive Compensation

[Official Guidance]
Text of IRS Final Regs: User Fee to Take the Registered Tax Return Preparer Competency Examination (PDF)
"This document contains amendments to the user fee regulations." (U.S. Internal Revenue Service)

Hollywood Labor Fight Looms as Money for Benefits Wanes
"After three relatively peaceful years, the entertainment industry is bracing for a showdown next spring. At issue is an enormous projected shortfall in financing for some of the most jealously guarded perks in show business, the heavily gilded health and pension plans." (The New York Times; free registration required)

Main Streer Says to Congress: No More Privilege, Perks, Pensions
"[The group surveyed indicated] that they are also fed up to the hilt with Congress, particularly in the realm of the 'culture of privilege' that goes with the tendency of many to spend their entire careers in Washington. The group strongly favored term limits — 2 terms for Senators (for a total of 12 years) and 4 terms for Congressmen (for a total of 8 years)." (Clarity Digital Group LLC d/b/a Examiner.com)

Press Releases



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