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September 6, 2013          Get Health & Welfare News  |  Advertise
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Employee Benefits Jobs

Webcasts and Conferences

Advanced Cross-Tested Plans: Adding More Tools - Appleton
October 3, 2013 in WI
(SunGard Relius)

Introduction to Qualified Retirement Plan Distributions
September 16, 2013 WEBCAST

Fiduciary Obligations of the Qualified Plan Committee
September 25, 2013 WEBCAST
(American Society of Pension Professionals & Actuaries (ASPPA))

Hardship and Loan Rules - And an Update on New Regulations
September 26, 2013 in NY
(ASPPA Benefits Council of New York)

New IRS Rules Post-Windsor: Update on the Impact of the DOMA Decision
September 11, 2013 WEBCAST
(American Society of Pension Professionals & Actuaries (ASPPA))

ERISA Claims, Litigation and Litigation Avoidance
September 10, 2013 in GA
(Mazursky Constantine LLC)

Navigating the Rough Waters of HIPAA’s September 2013 Compliance Deadline
September 18, 2013 in IL
(John Marshall Law School)

View All Webcasts and Conferences

  LinkedIn   Twitter   Facebook Hand-picked links to the web's best news articles,
official guidance, jobs, webcasts and more.
[Official Guidance]

Text of PBGC Proposed Submission of Information Collection for OMB Review; Comment Request;Termination of Single-Employer Plans, Missing Participants
"When PBGC conducts post-termination audits, it sometimes finds that some notices to participants or beneficiaries are not provided, or that the notices are inadequate. To address this problem, PBGC is now proposing to request that copies of Notice of Intent to Terminate and sample Notices of Plan Benefits be attached to the Form 500 that is submitted to PBGC. This should impose no additional burden on plan administrators since they would simply be sending PBGC copies of notices that they must provide to participants. In addition, PBGC is making clarifying, simplifying, editorial, and other changes to the existing forms and instructions." (Pension Benefit Guaranty Corporation)  


QKAs: Take the next step towards achieving professional success!

Sponsored by ASPPA

The QPA credential shows that you've moved beyond basic DC administration and have knowledge regarding defined benefit plans. Employers seek professionals with a QPA because it confers an advanced level of experience with plan administration.

[Official Guidance]

Text of EBSA Notice of Proposed Individual Prohibited Transaction Exemption for AT&T Pension Plan Contribution of 'Preferred Interests' in Lieu of Cash
64 pages. Excerpt: "The Applicant proposes to make an in-kind contribution of 320 million Series A Cumulative Perpetual Preferred Membership Interests of the Issuer (i.e., the Preferred Interests), a newly created class of preferred membership interests, to the Trust. In order to effectuate the transfer, the Issuer will be recapitalized by amending its governing documents to provide for an additional class of equity consisting of the Preferred Interests.... The Preferred Interests will accrue ... cumulative distributions of $1.75 per Preferred Interest per annum, payable quarterly upon declaration by the Issuer ... The Preferred Interests will rank senior to any other class or series of equity interests in the Issuer, now in existence or created in the future ... [T]he Applicant states that the Contribution would be substantially in excess of the legally required Plan contributions and would allow AT&T to enhance the sound funding of the Plan. In that respect, the Applicant represents that the value of the Contribution substantially exceeds the amount of contributions that AT&T will be required to make to the Plan for 2013 and for a number of years thereafter." (Employee Benefits Security Administration, U.S. Department of Labor)  

Companies Offering the Best 401(k) Plans
"Lawyers, tech workers and airline pilots have some of the best 401(k) plans in the country, often carrying low fees and high account balances that will give employees a much better shot at a secure retirement.... On average, more than 90% of employees at legal firms participated in their 401(k) plans, Brightscope found. In contrast, only 54% of those in the hospitality industry actively participated in their employer's 401(k) offerings." (CNNMoney.com)  

State Legislation Encourages ESOPs
"Iowa ... has perhaps made the most progress during their last two legislative sessions encouraging the establishment of employee stock ownership plans. Specifically [recent Iowa legislation]: [1] Allows a business owner that sells at least thirty percent of the company to an ESOP to exclude half of the capital gains from Iowa capital gains tax; [2] Establishes a fund, administered by the Iowa Economic Development Authority (IEDA), to help an owner determine if selling to an ESOP is an appropriate strategy Combined, these two changes are a powerful incentive to evaluate an ESOP." (The Principal Financial Group)  

Unlocking the Secrets of Retirement Readiness (PDF)
"[T]he five key elements of 'retirement readiness': [1] A clear vision of retirement including retirement dreams, expected retirement age, and any plans to continue working in retirement; [2] A retirement strategy that incorporates savings needs, potential risks, and a backup plan if forced into retirement sooner than expected; [3] Retirement income including savings and investments, pension benefits, and government benefits; [4] Knowledge to make informed decisions about retirement investments, government benefits, and healthcare; [5] A family understanding including an open dialogue about finances and agreement on any expectations of support." (Transamerica Center for Retirement Studies)  


Network, Learn and Sell at the SPARK Forum Retirement Industry Conference

Sponsored by SPARK

Join top record keepers, asset managers, TPAs, advisors, marketing and sales executives for unequaled educational and networking opportunities. Gain insights into the latest market trends, business strategies, regulatory and legislative issues, and product developments.

Form 5500 Data Shows DBs Boosted Retirement Plan Assets
"The 2011 Form 5500 data shows the total amount of assets held by pension plans increased 1.0% to $6.35 trillion in 2011. Defined benefit (DB) plan assets increased 2.8% to $2.52 trillion, while defined contribution (DC) plan assets decreased by 0.1% to $3.83 trillion. The total number of pension plans decreased in 2011 to approximately 683,000 plans, a 2.5% decrease over 2010. The number of DC plans declined by 2.5%, while the number of DB plans decreased by 2.8%." (PLANSPONSOR.com)  

House Oversight Subcommittee to Examine Treasury's Role in Delphi Deal from 2009 'Detroit Bailout'
"House Oversight and Government Reform Subcommittee on Government Operations Chairman John Mica, R.-Fla.... announced a hearing [on Wednesday, September 11] to examine a new inspector general report on the Treasury Department's role in a controversial component of the Obama Administration's 'Detroit bailout.'... Despite assurances that Treasury, as well as the Presidential Task Force on the Auto Industry (Auto Team) was not supposed to be involved in day-to-day decision-making at GM, the Special Inspector General for the Troubled Asset Relief Program found in a recent report that the Treasury Department played key roles in decisions at GM, including in the controversial Delphi deal." (Committee on Oversight and Government Reform, U.S. House of Representatives)  

U.K. Pension Funding Levels Suffer Major Setback As Assets Fall
"Mercer's Pensions Risk Survey data shows that the accounting deficit of defined benefit pension schemes for U.K. companies increased over the month of August.... [T]he estimated aggregate IAS19 deficit for the defined benefit schemes of FTSE350 companies stood at 98bn GBP (equivalent to a funding ratio of 85%) at 31 August 2013. This compares to a deficit figure of 85bn GBP at the end of July 2013 (funding ratio of 87%)." (Mercer)  


Feds Should Butt Out of California Pension Reform
"U.S. Labor Secretary Thomas Perez's abhorrent overreach into state affairs and misapplication of federal transportation law would undermine Gov. Jerry Brown's retirement reform efforts, would harm taxpayers and, ironically, the very workers he seeks to protect. Pension costs are strangling local governments ... Absent reasonable cost controls, more public workers will lose their jobs. If anything, the retirement law Brown signed a year ago does not go nearly far enough to control rising costs. It's a foundation upon which more change must be built. However, Perez apparently wants to bring down the entire structure." (Daily Democrat)  


American Workers Assuming More Financial Risk for Their Own Retirement
"This risk shift to average people is new characteristic of the American workplace. Not only do average people have to design their own retirement plans, but they now assume more risk for their own health plans, even as employers have benefited from productivity increases and higher profits." (MutualFundReform.com)  

Benefits in General; Executive Compensation

[Guidance Overview]

Recent IRS Guidance on Same-Sex Marriage Simplifies Benefits Administration
"Those employees who purchase health insurance coverage for their same-sex spouse through their employer may pay the cost of such coverage on a pre-tax basis and exclude the amount of the coverage from income for federal income tax purposes.... Employers should remember, however, that states can continue to tax health insurance differently for same-sex versus opposite-sex spouses and that the laws of the particular state will need to be monitored in this regard." (Orrick)  

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