Retirement Plan Administrator
for Fringe Benefits Design in MN

Third Party Administrator
for MAGII Pension Services in NY

Implementation Analyst
for Great-West Life & Annuity in NJ

Manager Actuarial Pricing
for Great-West Life & Annuity in CO

Team Lead Implementation
for Great-West Life & Annuity in NJ

Paralegal
for Great-West Life & Annuity in CO

401k Administrator
for Growth Oriented Firm in CA

Qualified Retirement Plan Salesperson/Consultant
for Stanley Benefit Services, Inc. in NC

Entry to Mid-Level Retirement Plan Administration & Consulting
for Retirement Plan Design, Consulting & Administration Firm in NY

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Fundamentals of 401(k) and Other Qualified Plans – A 3-day Seminar, June and July, 6 Cities Only
Nationwide on June 13, 2012 presented by SunGard Relius

NIPA (National Institute of Pension Administrators)

Stovepipe Model in Target Benefit Plan Did Not Violate ERISA or ADEA
"If your company has undergone dramatic changes, a target benefit plan may be an appropriate means of integrating prior benefit arrangements and providing a benefit that satisfies reasonable benefit expectations and goals of the company and employees. Courts [such as a recent decision from the Eighth Circuit] recognize that retirement plans do not need to be age neutral or age-blind in order to avoid running afoul of the ADEA. Plan designs can employ age and age-affected elements so long as they are not animated by an intent to discriminate because of age." (Littler)

Attend the 2012 Western Benefits Conference   [Advert.]

Designed for retirement, health, welfare & benefits professionals, with particular emphasis on practical issues important to plan sponsors & their advisors. Speak with nationally-renowned speakers & government representatives and more!

Waiver of 60-Day Rollover Requirement Granted to Taxpayer Who Mistakenly Requested Duplicate IRA Distribution
"The taxpayer's failure to accomplish a timely rollover was due to the error by the financial institution which caused her to request the duplicate distribution. Therefore, the IRS waived the 60-day rollover requirement and the taxpayer was given 60 days to roll over the duplicate distribution." (Wolters Kluwer Law & Business / CCH)

Court Agrees with Participants and DOL Regarding Pre-Suit Demand under ERISA
Santomenno v. John Hancock Life Insurance Co. (3d Cir. Apr. 16, 2012). "Key Holding: Breach-of-fiduciary-duty claims under ERISA Sections 502(a)(2) and (a)(3) do not require pre-suit demand or joinder of parties. Key Takeaway: ERISA Sections 502(a)(2) and (a)(3) contain no preconditions on a participant's right to bring a civil action to remedy a fiduciary breach." (Bloomberg BNA)

Third Circuit Rebuffs 401(k) Participants' Suit Under Investment Company Act Asserting Excessive Fees on Annuity Insur.ance Contracts
"The district court dismissed the [Investment Company Act of 1940] claims because only those maintaining an ownership interest in the funds could sue under the derivative suit provision and the participants are no longer investors in the funds in question. As to the ERISA claims, the [Third Circuit in Santomenno v. John Hancock Life Ins. Co.] dismissed because participants failed to make a pre-suit demand upon the plan trustees to take appropriate action and failed to join the trustees as parties." (Justia.com)

Proskauer's ERISA Litigation Newsletter, April 2012
Articles include: Ninth Circuit Issues Significant Post-Amara Ruling on Equitable Remedies; Limiting ERISA's Limitations Period through the Use of Contractual Accrual Dates; and Rulings, Filings, and Settlements of Interest. (Proskauer)

Increase the Profitability and Potential of Your Investment-Only Business   [Advert.]

Get the inside track from DCIO industry leaders, retirement platforms, advisors, and consultants on everything from effective business building and value-add solutions, to the latest news in products, strategies, and regulations. Mention FMP164 for 10% discount.

Update on Section 415 Regulations Related to Governmental Defined Benefit Plans (PDF)
"[This memorandum] updates our original memorandum (published July 2, 2007) with regard to the Section 415 dollar limits and expands and clarifies items discussed in the original version. In addition, Appendix A has been added to concisely summarize key [section] 415 provisions." (Gabriel, Roeder, Smith & Company)

It's Time to Comply with the New Retirement Plan Fee Disclosure Regulations
"Starting July 1, 2012, covered service providers for ERISA pension and 401(k) plans must provide plan fiduciaries with written information on fees and expenses 'reasonably in advance' of the date the contract is entered into, extended or renewed. For contracts or arrangements entered into before July 1, 2012, covered service providers must provide the required information to the responsible fiduciary before that date. In other words, plan fiduciaries need to make sure they have received written fee disclosures from existing plan vendors before July 1." (Poyner Spruill)

Post-Amara Appellate Decision Rejects Equitable Remedies for Inaccurate Pension Plan SPD
"This appears to be the first post-Amara appellate court to explore the elements needed to prevail on an equitable claim in connection with an inaccurate SPD. This decision from the Ninth Circuit may indicate that the standard imposed by the courts will be a difficult one for claimants to meet. Great care should continue to be taken, of course, when drafting SPDs and other plan communications, as liability for misstatements and omissions remains possible." (Thomson Reuters/EBIA)

The Unforgiving Compliance Clock of New 401(k) Rules
"Until now, sponsoring companies have been able to remain largely ignorant of the full extent of the fees coming out of their employees' accounts, though federal rules have long required awareness of these matters. New regulations from the U.S. Department of Labor seek to end this lack of compliance ... The quarterly account statements employees now receive from plan providers show returns net of fees. In the fall, these statements will show actual returns and fees in tabular form." (Smart Business)

Idea of 'Small Rules Meaning Much' Has Relevance in the Multiple Employer Plan World
"One of the risks in adopting a MEP is that, under IRS rules, a single bad plan can disqualify the entire MEP. What minutiae is critical here, though, is Section 10.12 of EPCRS ... As a practical matter, this means the risk of an economic catastrophe from a single employer disqualifying an entire MEP can be cost effectively managed." (Business of Benefits)

ERISA Stock Drop Lawsuit Against BP over Gulf Oil Spill Might Rise from the Dead
"National Law Journal has an article about the ERISA stock drop lawsuit against BP, indicating that this lawsuit may not be dead yet.... [It] says the plaintiffs will be attempting to salvage their lawsuit by filing an amended complaint with the court." (The Pension Protection Act Blog)

Vanguard's Sample Notice for Plan Sponsors, Providing Fee Disclosure to Participants
"This document provides sample language, intended as a general guide, for the participant notice." (Vanguard)

Bad Math Could Lead to Bad Retirement Policy
"New Research by a former Joint Committee on Taxation (JCT) economist and tax expert outlines how current faulty congressional budget scoring could derail the retirement savings incentives American workers depend as Congress begins its overhaul of the U.S. tax code." (ASPPA)

Employee Ownership Update for April 16, 2012
NCEO Executive Director Loren Rodgers discusses new employee ownership fellowships at Rutgers University, two films on employee ownership, the Certified Equity Professional (CEP) exam, a new CEO at SAIC, and the OEOC conference. (National Center for Employee Ownership)

Fiduciary Exception to Attorney-Client Privilege Does Not Apply to Top Hat Plan
"The court considered an employee's motion to compel documents with respect to her employer's nonqualified pension benefit plan called the 'Wealth Accumulation Plan.' The employee asserted that the lawsuit turned on the single issue of whether the Wealth Accumulation Plan was a valid 'top hat' plan exempt from certain ERISA requirements." (Haynes and Boone)

JOBS Act Expands Registration Exception for Private Companies and Employee Stock Plans
"The JOBS Act also requires the SEC to adopt safe harbor provisions that companies can follow when determining whether holders of their securities received the securities pursuant to an employee compensation plan in transactions that were exempt from the registration requirements of Section 5 of the Securities Act." (Haynes and Boone)

Jobs Act Exemption for an 'Emerging Growth Company' from Executive Compensation Reporting Requirements
"The SEC is also required to review Regulation S-K to determine which requirements can be simplified for emerging growth companies." (Haynes and Boone)

GSA Boosts Mileage Reimbursement Rate for Federal Employees
"The General Services Administration is increasing the 2012 mileage reimbursement rate for federal employees who use their private vehicles for work, according to the agency. The rate for cars will be 55.5 cents per mile, an increase of 4.5 cents over the current rate." (Government Executive)

PenChecks Names Mike McWherter New Chief Compliance Officer
(PenChecks, Inc.)

How to Shut Down a Frozen Defined Benefit Pension Plan
(The Principal Financial Group)