ASPPA

DC Plan Administrator
for Capital Retirement Plan Services, Inc. in PA

Pension Administrator
for Flynn Shojinaga & Associates in CA

IRT Relationship Manager 3
for Wells Fargo in FL, GA

Plan Services Consultant
for AUL/OneAmerica Financial Partners in IN

Director, Business Process Management
for Prudential in IA, PA

Director, Retirement Plan Consultants
for Prudential in CT, NJ, PA

Vice President, Plan Compliance Services
for Prudential in CT, NJ, PA

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"Participant Disclosures: Working with the New DOL Rules" Web Seminar
Nationwide on May 17, 2012 presented by SunGard Relius

"Fundamentals of 401(k) and Other Qualified Plans" - Denver
in Colorado on June 13, 2012 presented by SunGard Relius

Text of Final PBGC Regs on Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits (PDF)
"The interest assumptions are intended to reflect current conditions in the financial and annuity markets. Assumptions under the benefit payments regulation are updated monthly. This final rule updates the benefit payments interest assumptions for June 2012." (Pension Benefit Guaranty Corporation)

DATAIR! New Features – Flexible Pricing – Module Integration   [Advert.]

Proposals, Testing, Administration, 5500s, 1099Rs, Plan Documents
401(k), New Comparability, 403(b), Non-qualified Plans
(888) 328-2474    Sales@DATAIR.com    www.DATAIR.com

Text of IRS Notice 2012-36: April 2012 Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates (PDF)
IRS-updated figures for pension plan administration as prescribed by Code sections 412, 417, 430 and 431. (Internal Revenue Service)

Roth IRA Was Not Eligible Shareholder of S Corporation
"An individual incorporated his business and elected subchapter S status. The corporation's sole shareholder in 2003 was a custodial Roth IRA for the benefit of the individual. The IRS issued a notice of deficiency, determining that the corporation was taxable as a C corporation for 2003.... [The] Tax Court sided with the IRS, finding that the Roth IRA did not qualify as an eligible shareholder of the S corporation." (Wolters Kluwer Law & Business / CCH)

DOL FAQs Address Implementation of Participant-Level Retirement Plan Fee Disclosures
"These long and detailed FAQs underscore the complexity of the new disclosure requirements.... The DOL also indicated that it is working on a second set of FAQs focused on the service provider fee disclosures. As a reminder, calendar-year plans are required to make their initial annual disclosure to participants no later than August 30, 2012 and provide their first quarterly statements no later than November 14, 2012." (Thomson Reuters/EBIA)

Eleventh Circuit Becomes Latest to Adopt Rebuttable Presumption That Fiduciaries Act Prudently by Investing in Employer Stock
"[This] decision is an adaptation of the presumption of prudence first announced in Moench v. Robertson, ... which is commonly referred to as the 'Moench presumption.' ... [but the Eleventh Circuit here] determined that the Moench presumption was more appropriately viewed as a standard of review rather than an evidentiary presumption. ... [A]ffirming the application of the presumption at the pleading stage is in marked contrast to a recent Sixth Circuit decision to the contrary in Pfeil v. State Bank ... The resolution of this circuit split is a developing issue in ERISA litigation, and it is likely to have a significant impact on the viability of ERISA stock drop law suits going forward. It may also eventually lead the United States Supreme Court to consider the application of the Moench presumption." (Jenner & Block)

State and Local Pensions Face New Accounting Rules
"The changes will alter how liabilities are calculated and how assets are reported on financial statements. Pensions would begin using the rules for fiscal years starting after June 15, 2013, and employers such as school districts would follow a year later. [GASB,] which decides how states and municipalities must keep their books, is set to issue the new rules next month.... The rules may raise government costs in the $3.7 tril.lion municipal market as investors demand more yield to compensate for higher pension risk and possibly lower ratings." (Bloomberg News)

New York City and State Pension Fund Chiefs Sing Praises of DB Plans and Offer Reforms
"[The chief of the New York City funds], backed by New York City Mayor Michael Bloomberg, advocates an independent investment board composed of representatives of the mayor, comptroller and unions that would set pension strategy and hire managers for all five city pension funds. Additionally, the proposal calls for an independent Bureau of Asset Management headed by a chief investment officer who only answers to the investment board and not directly to any elected official. [T]he combined board and CIO proposal would lower costs of the five pension funds by $30 bil.lion over 30 years without reducing benefits." (Pensions & Investments; free registration required)

10 Sources of Income in Retirement
"In retirement, you're ... likely to have a variety of sources of income, including Social Security, a 401(k) or IRA, and other savings or investments. Here are 10 of the most common ways to pay for retirement[.]" (U.S. News & World Report)

Use of Voter-Approved Initiative to Scale Back Pension Benefits Wins First Court Test in California
"A superior court judge ... upheld a voter-approved initiative giving lower pensions to all city of Menlo Park new hires except police, the first court ruling as unions challenge similar measures in Pacific Grove and Bakersfield.... Being able to bypass a city council, where members may rely on union support, is one argument for ballot-box pension reform. Critics say setting pensions through local bargaining, rather than statewide legislation, tends to drive up employer pension costs. If one local employer raises pensions, unions ask other employers to match the benefit to remain competitive." (Calpensions)

Are Variable Annuities a Good Investment?
"Critics say these annuities are too costly. The relatively high fees annuity investors pay can eat up a significant amount of money over the long term, they say, and investors also can get more-favorable tax treatment with some other investments. Proponents say the cost of annuities is worth it for the security they offer. No other investment, they say, can protect investors as well and still give them the chance to earn something more than a nominal return on their investment." (The Wall Street Journal)

Providence Pension Reforms Will Save $19 Mil.lion Over the Next Year
"The new [Providence ordinance] halts COLAs until city pensions are 70 percent funded ... caps individual pensions at 150 percent of the state's median household income and cracks down on the liberal awarding of disability pensions. And it calls for employees to continue paying into the pension system as long as they continue to accrue benefits, rather than stopping after 25 years as they can now.... [These changes echo those adopted at the state level Last November, when] Rhode Island also went after COLAs, providing them only once every five years until 80 percent of expected pension expenditures are funded." (Governing)

PSCA President David Wray Announces His Retirement
"'After more than 25 years of service to PSCA members and the participants in the retirement plans they sponsor, David himself is ready to retire,' said Ira Finn, the chairman of the Plan Sponsor Council of America's board of directors. 'We cannot thank David enough for his tireless efforts to keep the 401(k) system intact. The system today is stronger as a result of David's hard work.' ... Wray will serve as a member of PSCA's Board of Directors and will continue to advise and consult PSCA staff on public policy issues, research, and programs." (Plan Sponsor Council of America)

Measuring Social Security Proposals by More Than Solvency: Impacts on Poverty, Progressivity, Horizontal Equity and Work Incentives
"Whether our measure is poverty, the poverty gap, poverty intensity, or lifetime poverty, the [Simpson-Bowles commission's] proposal increases poverty (relative to current law scheduled) less than across-the-board cuts technically required when the trust funds run out of money ... or a compromise that reduces benefits to cover one-half of the shortfall and increases taxes for the other half (current law feasible). [It] concentrates benefits more on lower lifetime earners relative to most current law variations, including benefits that are scheduled but technically not payable when the trust funds run out." (Center for Retirement Research at Boston College)

Tax Treatment of Executive Compensation Clawbacks
Addresses tax issues raised by clawbacks and their solutions. Topics are: (1) repayment of same year's compensation; (2) repayment of prior year's compensation; (3) retroactive clawbacks; (4) bad boy clawbacks; (5) retirees and other former employees; (6) Section 409A; (7) employer stock; (8) FICA taxes; and (9) practical conclusions. (Ivins, Phillips & Barker)

10th Annual Study of Employee Benefits Trends
"A key finding this year is that 60% of surveyed employers recognize the precarious economic climate, rather than reducing business focus on employee benefits, actually creates opportunity for benefits to drive human capital. In addition, the Study found employees are less committed to their employers, but at the same time, highly dependent on their workplace benefits." (MetLife)

Fiduciary Plan Governance, LLC introduces FeeSource, a Management Process for the new 408(b)(2) and 404(a)(5) Disclosure Regulations
(Fiduciary Plan Governance, LLC)

Towers Watson to Acquire Extend Health in Move to Expand Retiree Benefit Services
(Towers Watson)

HealthPlan Services Appoints Kristin Baca as COO
(HealthPlan Services (HPS))

Mercer Launches “My Retirement Workshop” Online Education Program
(Mercer)