Daily Val Recordkeeping Trader/Processor
for Growing Retirement Firm in OH

Administration Manager
for Qualified Plan Consultants, LLC in IA

401k Marketing Director
for AXA-Equitable Life Insurance Company in NY

ERISA Associate
for Brownstein Hyatt Farber Schreck in CO

Director Plan Regulatory Services
for OneAmerica Financial Partners, Inc. in IN

401k Daily Valuation Administrator
for Certified Benefits Corp in FL

Retirement Plans Regional Sales Manager
for Mutual of Omaha in TX

401k Administrator
for TPA located in Auburn Hills, MI in MI

Post Your Job on EmployeeBenefitsJobs.com

View All Jobs

RSS Feed: All Jobs

The Boomers Aren't Yet Finished Changing Everything
in California on September 25, 2012 presented by No. Calif. Chapter of Certified Employee Benefits Specialists (ISCEBS)

2013 NIPA Business Management Conference
in Arizona on January 12, 2013 presented by National Institute of Pension Administrators

CFDD

 

SEC Filings Appended to SPD Are Subject to Fiduciary Standards in Sixth Circuit Stock Drop Case (PDF)
"ERISA requires the issuance of an SPD, but does not require the incorporation of a company's SEC filings into the SPD.... Defendants exercised discretion in choosing to incorporate the filings into the Plan's SPD as a direct source of information for Plan participants about the financial health of Fifth Third and the value of its stock, an investment option in the Plan.... The SPD is a fiduciary communication to plan participants and selecting the information to convey through the SPD is a fiduciary activity. Moreover, whether the fiduciary states information in the SPD itself or incorporates by reference another document containing that information is of no moment. To hold otherwise would authorize fiduciaries to convey misleading or patently untrue information through documents incorporated by reference, all while safely insulated from ERISA's governing reach." (U.S. Court of Appeals for the Sixth Circuit)

[Advert.]

Don't Miss the ASPPA Annual Conference 2012

Why pay more to attend the premier retirement plan industry conference? Register by Sept. 7 & save up to $600. Attend targeted sessions for TPAs, plan sponsors, actuaries, attorneys, consultants & more. Earn 25 ASPPA CE credits, 23 ERPA & JBEA CPE credits.

Florida High Court to Weigh $1 Billion State Pension Case
"The Tallahassee court today will review a judge's finding that the pension-overhaul legislation, backed by Republican Governor Rick Scott as a way to help close a $3.6 billion budget gap, illegally cut state workers' collective-bargaining power.... The savings were shifted to the Florida Retirement System, which covers more than 650,000 state employees, allowing general fund money to be used in other programs. The change saved the state an estimated $1 billion for the 2011 budget year and local governments $600 million.... The fight began when almost a dozen public employees who are participants in the $120 billion pension system sued Scott and other Florida officials last year, alleging the changes amounted to an illegal cut in their pay and a violation of their union contracts." (Bloomberg)

Central Falls, R.I., to Emerge From Bankruptcy; Pensions Cut
"The plan, which is expected to become effective in mid-October, will ensure that the city repays its bondholders, largely by raising taxes and making deep cuts in pensions and other employee benefits.... For workers who retired the youngest, pensions will be cut by up to 55 percent, although a state fund will bolster their benefits for the next five years. Pensions at or below $10,000 a year will not be affected." (The New York Times; free registration required)

Aging Alaskans Face Uncertainty in Retirement Planning
"According to data from the Alaska Department of Labor, the average age of Alaskans has always skewed young, but the figures are shifting upward. In 2000, just more than 5 percent is of Alaskans were older than 65. By 2030, the department predicts that will increase to 17 percent. Those retirees and soon-to-be retirees are keeping financial planners busy looking into the future, said ... a wealth advisor in Anchorage. Uncertainty is the bottom line for many of the soon-to-be retirees, ... having a plan for retirement is the key to weathering any future changes." (Alaska Journal of Commerce)

Finally, Some Good News on Retirement Saving
"[A]lmost two-thirds of Americans with $100,000 or more in assets say they are on target or ahead of their retirement planning goals, according to a new survey by The PNC Financial Services Group. And, more than a third of the more than 1,000 respondents who were between the ages of 35 and 70 say their retirement planning goals have not been adversely affected by the recession." (Investment News; free registration required)

More Canadians Planning to Work Part-Time During Retirement
"A new survey ... finds that Canadian 50-somethings are now expected to work in their retirement years. The online study finds that 53% of those in their 50s are planning to work in their 60s, while most will work part-time to supplement their pension. Nearly two-thirds say they have fallen short of their savings goal, and 45% noted they have less than $100,000 put away for their winter years. The survey did find that, on average, Canadians in their 50s plan to retire at the age of 63." (Employee Benefit News)

Financial Advisors Turn to 401(k) Market for More Business
"As popular as this business is now, however, in a few years the industry likely will look back on these years as the good old days for this market. A round of interviews with advisors, analysts and other experts point ahead to a more challenging future for advisors trying to crack into this business for a number of reasons. More demanding customers, uncertain regulation, and the sheer complexity of this market are three of the factors. But the thorniest issue may be that of fiduciary responsibility." (On Wall Street)

Social Security Statements Now Available Online
"Once you've created a Social Security Account, you can log in anytime and: Estimate the retirement, disability and survivor benefits available to you under different work, earnings and retirement age scenarios. Estimate benefits for which your family would be eligible when you receive Social Security or die. View a list of your lifetime earnings to date, according to Social Security's records. See the estimated Social Security and Medicare taxes you've paid over your working career." (The Huffington Post)

Bill Seeks Government Sale of GM Stock to Fund Delphi Pension Benefits
"The legislation, which will be introduced next week when the [U.S.] Senate reconvenes, is intended to cover all benefits lost to hourly and salaried retirees when the Pension Benefit Guaranty Corp. took over the Delphi's six defined benefit plans in 2009. The plans were terminated as part of Delphi's Chapter 11 bankruptcy reorganization. The money would be held in a fund at the Treasury Department and would be paid out to eligible retirees with guidance from the PBGC ... Delphi's bankruptcy kept 20,000 salaried retirees and 19,000 hourly retirees from receiving full pension benefits." (Pensions & Investments)

Corporate Plan Funding Declines Take Vacation in August
"For the first eight months of this year, liabilities have increased 12.1% compared to a 9% growth in assets. August was a 'really quiet' month in regard to bad news and volatility, especially compared to last year when the typical funded status decreased 5.6 percentage points, said Jeffrey Saef, managing director at BNY Mellon Asset Management[.]" (Pensions & Investments)

Pension Fund Volatility: Suffer, Solve or Ignore?
"Volatility in equity and other financial markets hit us again over the summer and may continue for some time. [This article examines] the consequences of this volatility for pension plans and consider both short- and long-term actions in response. The economic background is under discussion continually—but if we are to plan for anything, it would seem to be for 'continual uncertainty,' and perhaps for not quite as good a medium-term outlook as we thought." (Mercer)

Why 2012 is a Great Time for a Tax-Deferred ESOP Transaction
"With potential increases in the tax rates under federal, California and other state tax laws on the horizon, as well as the addition of a new 'Medicare surtax' on investment income, there has never been a better time to explore how the use of an ESOP and an ESOT can help a corporation, its shareholders, and its employees achieve their financial and other goals and objectives. Substantially greater tax rates on a federal and state basis generally are anticipated. Thus, the competitive advantage of an ESOP should increase in 2013 and beyond, and the use of the deferral provisions of Section 1042 of the Internal Revenue Code ... may experience a renaissance." (Jackson Lewis LLP)

ESOP Companies Report Economic Upturn in 2011
"[A] very large majority ... reported that creating ... an ESOP was 'a good business decision that has helped the company.' ... 76% of respondents indicated the ESOP positively affected the overall productivity of the employees.... 70.5% of respondents reported profitability increased and 76.2% of respondents noted revenue increased.... 80% stated the company's stock value increased[.]" (The ESOP Association)

Is Your Retirement Plan As Strong As Your Business Plan?
"According to a recent report conducted by The American College, forty percent of small business owners have no retirement savings or pension plan in place. Furthermore, the study found that three-fourths of those owners have no written plan as to how they intend to fund their retirement." (BMO Financial Group)

[Opinion]

California Pension Reform Overlooks Other Employee Benefit Issues
"Lawmakers seem to think they are finished with pension reform, though they have done nothing to change the pension system for current employees. They have done nothing to address the spiraling cost of retirees' health-care benefits. They have done nothing to address potential conflicts of interest in the retirement system's governing board—some members of which are beneficiaries of the system." (San Gabriel Valley Tribune)

The Benefits of an Employee-Centric Enrollment Experience (PDF)
"Multiple-channel communications and enrollment is preferred by employees and can help reach and inform them, allowing them to make better decisions regarding their financial and personal needs.... Self-service tools for enrollment are increasingly becoming important as workers seek greater convenience and accessibility.... When employees have benefits-related communications and education delivered in their preferred channels, they are more likely to feel confident and satisfied with their benefits decisions [which] can contribute to greater appreciation and loyalty." (Guardian Life)

ERIC Urges Supreme Court to Reverse Appeals Court Ruling Rewriting Plan Terms in Equitable Remedies
"The ERISA Industry Committee ... along with the American Benefits Council, the Society for Human Resource Management, and the U.S. Chamber of Commerce on September 5 filed with the U.S. Supreme Court an amicus curiae ('friend of the court') brief urging the Court to reverse an appeals court ruling overriding the terms of a benefit plan in addressing appropriate equitable relief under [ERISA]... The Court will consider whether the Third Circuit correctly held that ERISA Section 502(a)(3) authorizes courts to use equitable principles (including equitable defenses to claims) to rewrite contractual language and refuse to order participants to reimburse their plan for benefits paid, even where the plan's terms give it an absolute right to full reimbursement. The Third Circuit ruled that such defenses can be used to override clear and specific plan provisions that set forth the subrogation rights." (The ERISA Industry Committee)

Benefit Plans Administrative Services, Inc. (BPAS) Announces Retirement Plan Loan Continuation Feature
BPAS

BrightScope Appoints Sonia Ahuja as EVP of Business Development and Strategy
BrightScope