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BenefitsLink Retirement Plans Newsletter
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[Guidance Overview]
Investment Advice for Plan Participants: Final Regulations
"It is not uncommon for plans to offer general investment education, but these regulations describe arrangements that go a step further and provide individualized advice. This is an important difference, because providing investment education generally is not a fiduciary act, while providing advice for a fee is."
(Seyfarth Shaw LLP)
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Women Save Hard for Retirement: So Why Is There a Gender Gap?
"A number of circumstances could lead to lower overall earnings for women. Statistics show that women tend to have fewer years of full-time work — perhaps, as Ms. Cribbs observed, because they're often the ones who take time off to be caretakers of either young children or elder parents. And a higher percentage of women are in lower-paying jobs. For example, about 41% more women than men hold jobs that pay below minimum wage."
(The Vanguard Group, Inc.)
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The ASPPA 401(k) SUMMIT is Bigger and Better in New Orleans! [Advert.]
Come to the Big Easy for the unparalleled 401(k) SUMMIT. Join over 1,500 attendees including Broker Dealer Registered Reps, Registered Investment Advisors, Plan Administrators (TPAs) and Product and Service Professionals. Register now and save!
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401(k) Fee Disclosure to Change DC Game
"There are actually two fee disclosure regulations that are going to become effective next year. The first is a plan sponsor, or fiduciary level, fee disclosure, where service providers are going to have to push out information to the fiduciaries about the fees that are associated with their retirement plan-in a very specific format. This becomes effective April 1, 2012."
(Financial Planning and SourceMedia, Inc.)
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Michigan Retiree Groups Push for Repeal of Pension Tax
"Groups representing Michigan pensioners and other seniors have asked lawmakers to support bills introduced in the state house and senate to repeal taxation of pensions. . . . Governor Rick Snyder, a Republican, said it's an issue of fairness to tax income in a similar manner, whether a taxpayer is retired or working, according to the Detroit News."
(PLANSPONSOR.COM)
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Outlook Bleak for Pension Plan Expense and Contributions
"'Even though discount rates moved somewhat higher during November, they are likely to be in excess of 40 basis points lower at the end of this year than they were at the end of 2010' said Kevin Armant, principal in Mercer's Financial Strategy Group. 'Because equities have also underperformed expectations, corporations who use a December 31 measurement date will likely see larger pension liabilities on their balance sheet, as well as higher 2012 pension expense.'"
(PLANSPONSOR.COM)
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Non-Traditional Asset Classes Could Bolster Defined Contribution Plan Performance in These Volatile Times
"Defined contribution plan participants should have similar opportunities to broadly diversify their retirement savings . . . . Defined benefit plans are already using non-correlative, non-traditional asset classes like commodities, emerging markets equity and emerging markets debt. The inclusion of these non-correlative asset classes in a defined contribution plan menu could help participants manage volatility, protect against inflation and provide new sources of return when traditional stock and bond markets underperform."
(Financial Planning and SourceMedia, Inc.)
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Many Workers in Public Sector Retiring Sooner
"In part, the flood of retirements reflects a broader demographic picture. Baby boomers, wherever they work, have begun reaching the traditional retirement age. But increasingly workers fear a permanent shift away from the traditional security of government jobs, and they are making plans to get out now, before salaries and retirement benefits retreat further."
(The New York Times; free registration required)
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Designing ADEA-Compliant Mandatory Retirement Policies for Executives
"Employers whose succession-planning strategies include mandatory retirements must contend with the federal Age Discrimination in Employment Act (ADEA). While the law generally prohibits age-based employment terminations, mandatory retirement policies may be lawful to the extent they apply to nonemployees (such as directors and partners) or satisfy an exemption for certain top executives and policymakers."
(Mercer LLC)
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House GOP Presses DOL on Fiduciary Re-Proposal Rule
"Fifty-five House Republicans, led by Rep. Judy Biggert, R-Ill., sent a letter to Department of Labor Secretary Hilda Solis on Monday detailing what criteria should be met when the DOL re-proposes its rule amending the definition of fiduciary under ERISA early next year."
(AdvisorOne)
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Benefits in General; Executive Compensation
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[Guidance Overview]
IRS Releases 2011 Version of Form 2106 for Employees to Report Deductible Business Expenses
"The IRS has released the 2011 version of Form 2106 (Employee Business Expenses). This form must be attached to the Form 1040 of employees claiming a business expense deduction in three situations: (1) the expenses were for work-related vehicles, travel, transportation, meals, or entertainment; (2) the employee was reimbursed for any deductible work-related expenses (other than work-related moving expenses, which are reported on Form 3903 (see our article)); or (3) the employee is a reservist, qualified performing artist, government official, or disabled individual who is subject to a special filing rule."
(Thomson Reuters/EBIA)
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Worker Transit Benefits Scheduled to Shrink
"The maximum parking benefit will become $240 monthly as of Jan. 1, because of an adjustment for inflation. The transit benefit, however, is scheduled to drop to $125 a month, unless Congress acts to extend the higher benefit level or to make it permanent. Roughly 2.7 mil.lion people use the transit benefit, according to Commuter Benefits Work for Us, a coalition of transit groups and businesses."
(The New York Times; free registration required)
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Press Releases
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