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January 11, 2012 Get Health & Welfare News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

Employee Benefits Jobs

Qualified Plan Administrator/401(k)
for Pension Funds of Arizona in AZ

Managerial Assistant, Consulting Department
for Northwestern Benefit Corporation of Georgia in GA

Account Manager
for Northwestern Benefit Corporation of Georgia in GA

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Webcasts and Conferences

401(k) Plan Basic Operation
in California on February 7, 2012 presented by Actuarial Consultants, Inc.

401(k) Plan Basic Operation
in California on February 15, 2012 presented by Actuarial Consultants, Inc.

401(k) Rekon Advisor Symposium- Tampa
in Florida on February 8, 2012 presented by 401(k) Rekon

Annual Plan Administration
in California on February 7, 2012 presented by Actuarial Consultants, Inc.

Annual Plan Administration
in California on February 15, 2012 presented by Actuarial Consultants, Inc.

Form W-2 and Employer-Sponsored Health Coverage: New Guidance Addresses Important Compliance Aspects
Nationwide on February 2, 2012 presented by Thomson Reuters / EBIA

Voluntary Fiduciary Correction Program and Abandoned Plan Workshop
in Kentucky on January 27, 2012 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Voluntary Fiduciary Correction Program and Abandoned Plan Workshop
in Michigan on March 20, 2012 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Voluntary Fiduciary Correction Program and Abandoned Plan Workshop
in Kentucky on April 23, 2012 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)


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[Guidance Overview]
PBGC's 2012 Plan Year Guidance on Reportable Events (PDF)
"If final regulations become effective in 2012, they will supersede the guidance in this Technical Update. The PBGC issued proposed reportable events regulations in 2009. Due to public comments, the PBGC intends to repropose the regulations. Technical Update 11-1 extends the PBGC's guidance issued previously in Technical Update 10-4." (The Prudential Insurance Company of America)


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[Guidance Overview]
Seventh Circuit Determines Solvent Companies Responsible for Withdrawal Liability of an Insolvent Affiliate
"Under ERISA, for purposes of computing withdrawal liability, all 'trades or businesses' under 'common control' are treated as constituting a single employer. Each such trade or business is jointly and severally liable for any withdrawal liability of any other. The district court held here that the solvent MCRI and MCOF were both trades or businesses that were under common control with insolvent SCOFBP at the relevant times, so that both MCRI and MCOF are liable for SCOFBP's withdrawal liability." (401k Fiduciary News)

[Guidance Overview]
Deadline for Pre-Approved Defined Contribution Plan Submissions Extended to April 2, 2012
"This extension appears intended to provide sponsors of certain pre-approved plans additional time to take into account the revised defined contribution and 401(k) Listings of Required Modifications (LRMs) that were released in October 2011 . . . ." (Thomson Reuters/EBIA)

New Jersey Lawmakers Approve Bill Banning State Pensions for Lobbyists
"The bill . . . revises a 1954 law that allowed lobbyists to acquire state pension and health benefits, according to Bergen County's The Record. The bill would eliminate eligibility for any state-administered retirement system for newly hired officers and employees of the New Jersey State League of Municipalities, the New Jersey Association of Counties, the New Jersey School Boards Association, any school board insurance group, any county college joint insurance group, any county or municipal joint insurance fund and any corporation designated to manage a special improvement district established by municipal ordinance." (PLANSPONSOR.COM)

Massachusetts Initiative to Expand Private Pension Coverage
"Proposals include having the Commonwealth of Massachusetts sponsor a plan for small business employees, having the Commonwealth guarantee small business plans, and other retirement saving incentives, such as supports for low to moderate-income workers to complement asset building." (UMass Boston)

Broker-Dealers Up in Arms Over 401(k) Fee Disclosure
"The issue: the proposed rules will require brokers to report how much they are paid to distribute mutual funds through brokerage windows. The trouble, brokers say, is that they offer thousands of mutual funds from hundreds of companies and often have different fee structures for each one." (Reuters)

State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America (PDF)
"Unfunded pension liabilities of state and local governments also affect the Federal government's credit rating, and municipal insolvency or default threatens to place significant additional burdens on the federal government, which already spends trillions on anti-poverty programs." (U. S. Senate Committee on Finance)

Feds Need to Be Involved in State Pension Crisis, Report from Senator Says
"Among the report's significant conclusions is that the defined benefit form of pension plan is 'inappropriate' for state and local governments because it leaves taxpayers open to enormous potential liabilities." (Manhattan Institute for Policy Research, Inc.)

Hostess Returns to Bankrup.tcy over Pensions
"Twinkies and Wonder Bread maker Hostess Brands Inc filed for bankrup.tcy protection for the second time in less than three years, after failing to reach an agreement with workers on pension and health benefits." (Reuters via The New York Times; free registration required)

Mercer Releases Tips for Plan Sponsors on Pension Risk Management
"The five items plan sponsors should be doing in regards to pension risk management include: 1) Review the plan's funded status as part of your regular plan reporting." (Mercer LLC)

Data Shows Majority of Pensions Still Accruing Benefits
"According to the data, 46% are 'active' in that the 'plan is active and open to new hires,' and 29% are 'closed' in that the 'plan is closed to new entrants, but participants are still accruing benefits.'" (PLANSPONSOR.COM)

Illinois Governor Urges Pension Fix: Pledges to Reform the Public Employee Pension System 'Once and for All' This Spring
"Quinn wrote to legislative leaders . . ., asking them to make appointments to a panel he's setting up to recommend a legislative fix. Most leaders have already tabbed their point people to work with Quinn's staff and agree with him that, election or no, pensions should be a focus when lawmakers return later this month to Springfield." (Chicago Tribune)

Five Retirement Numbers for You and Your Employees to Know and Take to Heart
"9.6% The smallest recommended retirement savings rate for workers, taking into account Social Security. This figure may sound daunting, but keep in mind that it does not consider employer contributions to a retirement plan." (Employee Benefit Advisor)

DOL's Borzi Defends Department Data Request of Securities Industry Groups
"The data request is the latest salvo in an ongoing battle over the Department of Labor's effort to impose a higher fiduciary standard of care on advisers serving retirement plans." (Thomson Reuters via Employee Benefit News)

Benefits in General; Executive Compensation

CBO Issue Brief: Raising the Ages of Eligibility for Medicare and Social Security
"This issue brief reviews how ages of eligibility affect beneficiaries under current law and how delaying eligibility would affect beneficiaries, the federal budget, and the economy." (U.S. Congressional Budget Office)

Press Releases



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Holly Horton, Business Manager

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