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[Guidance Overview]
Final 'Business Conduct Rules' for Swap Dealers Include Safe Harbor for ERISA Plans
"The Commodity Futures Trading Commission (CFTC) included a safe-harbor for ERISA plans under the 'business conduct standards' for swap dealers under the Dodd-Frank Act . . . . In a letter to the CFTC, [DOL] affirmed that the final rule will not require swap dealers to engage in conduct that will cause them to become ERISA fiduciaries."
(Deloitte via BenefitsLink.com)
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San Diego Pension Measure Headed for June Ballot
"An initiative that would eliminate guaranteed pensions for most new city hires and replace them with a 401(k)-style plan is officially headed for the June 5 ballot."
(The San Diego Union-Tribune, LLC)
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Retirement Income in DC Plans: What Our Experience with DB Plans Tells Us (PDF)
"The potential for improvement in DC plans' ability to provide a steady stream of income has caught the eye of the financial services industry. While the marketplace races to deliver an array of possible solutions, employers and regulators are grappling with how these products fit within qualified retirement plans."
(Institutional Retirement Income Council)
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Is Your Retirement Plan Due for an RFP In 2012?
"No law specifically requires plan fiduciaries to solicit bids through a request for proposal (RFP) process at the expiration of a service contract. However, the rising trend of 401(k) fee litigation underscores the belief among many practitioners that engaging in such an RFP process every 3-5 years constitutes 'best practices' and should be undertaken by prudent plan fiduciaries."
(McKenna Long & Aldridge LLP)
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Mutual Funds vs. ETFs: A Comparison
"Which Is Better? It depends upon the type of investor. The traditional, less sophisticated IRA investor who reallocates strategically, rather than tactically, keeps expenses low and is not a stock picker, may find the process of purchasing shares from a mutual fund company and redeeming them a simpler process. Additionally, plan sponsors' use of mutual funds is well entrenched."
(Investopedia US via Hearst Communications Inc.)
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401(k) Plans Step into the Sunshine with New DOL Rules Requiring Fee Disclosures
"Analysts and companies in the industry say the increased disclosure will allow companies to negotiate better deals and employees to request more cost-efficient plans. Already, the prospect 'is putting downward pressure on fees,' said [the] leader of consulting firm Callan Associates Inc.'s defined-contribution practice."
(The Wall Street Journal)
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Target-Date Funds Get Customized as Plan Sponsors Take Charge
"Custom target-date funds are beginning to proliferate at the expense of their off-the-shelf counterparts. That's due to plan sponsors wanting to have greater control over what's in a fund and have access to a wider array of investments to put in them."
(On Wall Street and SourceMedia, Inc.)
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Chart Shows Types of Retirement Plans Provided for State Employees in Each State, with Separate Chart for Teachers
"This compilation of state defined benefit, defined contribution, and hybrid plans includes plans that cover general state employees and teachers in K-12 education (although some of the plans counted here may cover additional categories of employees). The lists exclude plans limited to public safety employees, judges, elected officials and employees of higher education, for whom many states have separate plans or provisions. In some of the states listed below, the plans cover all public employees in a state, including local government employees."
(National Conference of State Legislatures)
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Rhode Island Treasurer Says Move 36 Local Pension Plans Into State-Run System
"The 36 local plans have a combined unfunded liability of $2.1 bil.lion, but about 40% of that shortfall is in one city: Providence, where [the mayor has clashed with the state treasurer] over whether the General Assembly should pass legislation giving communities the green light to freeze pension cost-of-living adjustments (COLAs)."
(WPRI)
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Global Pension Fund Assets Hit Record High in 2011
"Global institutional pension fund assets in the 13 major markets grew by 4% during 2011 to reach a new high of US$28 tril.lion, up from US$26 tril.lion in 2010 according to Towers Watson's Global Pension Assets Study released today."
(Towers Watson)
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Benefits in General; Executive Compensation
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[Official Guidance]
Second Quarter Update to the 2011–2012 IRS Priority Guidance Plan (PDF)
"The second quarter update to the 2011–2012 plan reflects 14 additional projects that have become priorities and/or guidance we have published during the period from October 1, 2011 through December 31, 2011 of the plan year. In addition, the update reflects one project we have closed without publication because the statute was subsequently repealed."
(U.S. Internal Revenue Service)
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[Guidance Overview]
Reminder of ISO and ESPP Reporting Deadlines
"This is a reminder to companies issuing incentive stock options and sponsoring employee stock purchase plans about the January 31 deadline to report certain information to participants and the February 28 deadline to file returns with the IRS."
(McKenna Long & Aldridge LLP)
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Negotiating Executive Employment Agreements: Compensation and Benefits (PDF)
"The terms of an executive employment agreement, including the types of compensation and benefits included in the agreement, can have significant tax and securities consequences for the employer. In addition, under certain circumstances, the employer must publicly disclose the employment agreement, which may subject the employer to scrutiny."
(Practical Law Publishing Limited and Practical Law Company, Inc. via Proskauer Rose LLP)
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FUTA Reminders for 2012
"The taxable wage base under the Federal Unemployment Tax Act remains $7,000 for 2012. In addition, all 50 states, as well as the District of Columbia, Puerto Rico and the Virgin Islands, have received certifications for the maximum additional credit allowable based on the 12-month period ending on October 31, 2011."
(Wolters Kluwer Law & Business / CCH)
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Comparing the Compensation of Federal and Private-Sector Employees
"Employees of the federal government and the private sector differ in ways that can affect compensation. Federal workers tend to be older, more educated, and more concentrated in professional occupations than private-sector workers."
(U.S. Congressional Budget Office)
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Union Membership, 2011
"In 2011, 7.6 mil.lion employees in the public sector belonged to a union, compared with 7.2 mil.lion union workers in the private sector. The union membership rate for public-sector workers (37.0 percent) was substantially higher than the rate for private-sector workers (6.9 percent)."
(U.S. Bureau of Labor Statistics)
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Local Ohio Businesses Keep Employees Happy with Wide Range of Perks
"Companies in the Dayton area work to keep their employees happy, offering benefit packages that include health and disability insurance, 401(k) retirement plans, and paid vacation and holidays. Some businesses take it a step further, showering their staff with luncheons, treats in the break room, and free trips to sporting events and amusement parks."
(Cox Ohio Publishing)
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Press Releases
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