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The ERISA Outline Book 2012 Edition. Get Your Copy Today! [Advert.]
The ERISA Outline Book is both a reference book and a study guide on qualified plans, and it is the recommended study resource for IRS Enrolled Retirement Plan Agent (ERPA) Program. Get your print or online edition copy today!
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[Guidance Overview]
First Circuit Court of Appeals Rules for Employer with No Evidence of Benefits Eligibility
"The [court] said it cannot find that the plan administrator's denial of benefits was arbitrary, capricious or an abuse of discretion because the claim of benefits ... is largely based on speculation and hearsay, the scarcity of evidence as to ... eligibility under the plan, the plan's demonstrated effort in researching the claim, and its plausible explanation for [the] ineligibility."
(PLANSPONSOR.com)
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Ten Ideas for a Better Defined Contribution Plan in 2012
"[1. Fee allocation.] New fee disclosures will bring heightened scrutiny of fees. Has your committee reviewed and documented your plan's methodology for allocating fees to participant accounts (whether through revenue sharing or other methods)? Be prepared to defend your allocation methodology against participant inquiries and fiduciary lawsuits."
(Mercer)
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Oklahoma Lawmakers Approve Change in Firefighters' Pension Plan
"The rate of return will be 7.5% instead of the current rate of return guaranteed to be the better of the market performance or 7.5%, whichever is higher, the Associated Press reports. The measure also increases the employee contribution rate from 8% to 9% of gross salary and raises the employer contribution rate from 13% to 14% of paid gross salaries."
(PLANSPONSOR.com)
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How and When to Rebalance Your Retirement Investments
"At its heart, rebalancing is nothing more than the process of bringing your portfolio back in line with the original asset allocation mix you'd decided on. In other words, making sure your investments continue to properly reflect your investing goals. That's assuming you've actually decided on the mix you're aiming for in the first place."
(CBC News)
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Retirement Tips: Here'S How to Save More Now
"Good examples of retirement planning commitment devices include: Saving more with automatic payroll savings and auto escalation with 401(k) plans. Throwing away credit cards that enable you to spend too much. In retirement, using managed payout funds and immediate annuities that send you a monthly paycheck from your retirement savings, so that paycheck lasts for life."
(CBS MoneyWatch)
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Fiscal 2013 Budget Proposal Contains Attempt to Trim Tax Incentives for Retirement Savings
"The 2013 budget plan sent to Congress on Feb. 13 aims at reducing a $1 tril.lion deficit that threatens to mar the record of Mr. Obama's first term, which ends this year. The proposal would lower to 28% from 35% the exclusion for defined contribution retirement plan contributions and deductions for IRA contributions for taxpayers with adjusted gross incomes of more than $250,000 if married and filing jointly or $200,000 if single."
(Pensions & Investments; free registration required)
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Public Pensions Get an Overhaul
"Reality checks led to a record number of pension-plan changes in 41 states in 2010 and 2011, as lawmakers tried to patch the cracks in the public nest egg. Expect more (and more-aggressive) moves to come."
(Chicago Tribune)
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Proposed California Budget Shows Lower CalPERS Payment
"The governor's plan to shift some of the unpredictable future pension risk out of the state budget, where the general fund has been running huge deficits for a decade, could play a role in the debate over public pensions."
(Calpensions)
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The Tax Code 'Controlled Group' Rules Leave Many Plans (Unwittingly) Out of Compliance (PDF)
"Federal law requires that employers within the same 'controlled group' of businesses be treated as a single employer for many employee benefit purposes, including discrimination testing. Many executives — particularly those of small, closely held employers — don't know their employers are members of a controlled group. A distant holding company, venture capitalist, or group of individuals or trusts might own the employer, leaving the executives wholly unaware about who else nests in the corporate tree."
(Lockton Companies, LLC)
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In San Diego, a High-Stakes Battle Over Pensions
"In developments being closely watched by municipalities across the country, the Republican mayor wants to put all newly hired San Diego city employees, except for police officers, into a 401(k)-type plan, shifting away from the familiar guaranteed retirement benefits of the past. The effort is stirring national opposition from unions fearful that a successful move to privatize pensions in San Diego will have a domino effect in other cash-strapped cities and states."
(The Washington Times)
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Kansas House Committee Cools on Pension Reform Idea
"A Kansas House committee backed away today from a proposal to start a 401(k)-style retirement plan for new teachers and government workers, signaling strong opposition from public employees has pushed legislators to rethink how they'll tackle the state pension system's problems."
(The Kansas City Star)
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[Opinion]
Pension Managers Risk Assets While Liabilities Increase
"Politicians are setting up taxpayers and government workers for an even bigger crash by forcing retirement funds into risky investments, chasing gains required to pay promised benefits. That means trillions of dollars in higher taxes to provide no services or millions of betrayed public workers who will not get pension checks."
(Montana Watchdog)
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[Opinion]
New Fee Disclosure Rules Create Unintended Consequences (PDF)
"July 1st is fast approaching so advisors have little time to consider their options. However, if you are an advisor that falls into one of the three scenarios outlined [in this article], I have the following suggestions for your consideration ..."
(FRA/Plan Tools)
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Press Releases
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