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September 18, 2013          Get Health & Welfare News  |  Advertise
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Employee Benefits Jobs

Pension Consultant
The Pension Studio, LLC
in ANY STATE

Retirement Plan Wholesaler
Ohio National Financial Services
in CA

Defined Contribution Client Manager
Milliman
in OR

Retirement Plan Wholesaler
Ohio National Financial Services
in AZ

Retirement Plan Wholesaler
Ohio National Financial Services
in ANY STATE, TN

Retirement Plan Wholesaler
Ohio National Financial Services
in IL

401(k) Conversion Manager
Linium Strategic Operations Solutions
in NJ, NY, PA

Senior Account Manager - Employee Benefits
Lockton Companies, LLC
in IL

Health & Benefits Consultant
Cowden Associates, Inc.
in PA

VP Internal Sales
Verisight, Inc.
in CA

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Webcasts and Conferences

Wellness Programs: Impact of the New HIPAA Nondiscrimination Regulations and Other Federal Laws and Guidance
October 21, 2013 WEBCAST
(Lorman Education Services)

2014 Business Management Conference
January 11, 2014 in AZ
(National Institute of Pension Administrators)

401(k) Plans: Beyond the Basics 2013 - Chicago
October 17, 2013 in IL
(SunGard Relius)

2013 Webinar: IRA Excess Contributions
September 24, 2013 WEBCAST
(Ascensus)

2013 Tour: Advanced IRA – Baxter, MN
September 25, 2013 in MN
(Ascensus)

2013 Tour: IRA Essentials – Baxter, MN
September 24, 2013 in MN
(Ascensus)

401(k) Plans: Beyond the Basics 2013 - Dallas
October 17, 2013 in TX
(SunGard Relius)

2013 Webinar: IRA Investments & Investment Issues
September 26, 2013 WEBCAST
(Ascensus)

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 Announcement 13-05: Disaster Relief in Response to Severe Storms, Flooding, Landslides and Mudslides in Colorado
"This Disaster Relief Announcement provides relief relating to PBGC deadlines as described [in this Announcement] to Designated Persons. A 'Designated Person' is any person responsible for meeting a PBGC deadline (e.g., a plan administrator or contributing sponsor) that is located in the disaster area for which the [IRS] has provided relief in Den-2013-28, Sept. 16, 2013, in connection with filing extensions for Form 5500 series returns, or cannot reasonably obtain information or other assistance needed to meet the deadline from a service provider, bank, or other person whose operations are directly affected by the Severe Storms, Flooding, Landslides and Mudslides that began on September 11, 2013, in Colorado." (Pension Benefit Guaranty Corporation [PBGC])  


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CalPERS Adopts Ten Investment 'Beliefs' to Guide Decisions
"CalPERS believes it is the first U.S. pension fund to adopt specific investment beliefs that will guide decision-making over the long run. The beliefs are a framework and not a checklist for every decision made by the $260.9 [million CalPERS] ... Some of the key beliefs related to investing are 'liabilities must influence the asset structure' and 'strategic asset allocation is the dominant determinant of portfolio risk and return.' The list also includes beliefs related to risk, cost and articulating investment goals." (Pensions & Investments)  

New Rules Could Strip Pensions from New York Politicians Convicted of Corruption
"Any public officials convicted of federal corruption charges could lose their government pension under new policies announced on Tuesday night by the top federal prosecutor in Manhattan.... He also said that his office would consider civil forfeiture actions against the pensions of corrupt officials who were previously convicted and who failed to pay fines, forfeiture or restitution imposed at sentencing in order to satisfy those criminal judgments." (The New York Times; subscription may be required)  

A 'Modest' Proposal That Isn't: Limiting the Upfront Benefits of Retirement Contributions
"Limiting the upfront benefit of tax-deferred contributions to retirement accounts reduces the benefits of tax deferral, but does so arbitrarily. For higher-earning workers nearing retirement, the benefits of deferral would be slashed substantially. In fact, some could find they would be better off simply paying income taxes on their wages and investing in a taxable account. On the other hand, such a limit would have a more modest impact on the benefits of deferral for young workers with higher earnings -- provided they did not need to withdraw funds from the account before retirement." (Investment Company Institute [ICI])  

Retirement: One In Five Will 'Never Stop Work'
"One in five Britons now fear that they will never be able to stop working because of shortfalls in their pensions and savings ... The global survey ... shows that 19% of those asked in the UK expect that they will never be able to afford to retire fully. In America the figure was 18%, in France and Hong Kong it was 12%, but in Brazil -- one of the world's new fast-growing economies -- only 5% think they will never retire properly." (Sky News)  


[Advert.]

Retirement Education, Plan Documents, and more.

Sponsored by McKay Hochman

McKay Hochman provides a comprehensive retirement plan resource for financial institutions and TPAs. We offer plan documents, compliance support services, continuing education, online resource library, and more. Visit www.mhco.com for details.



The Global Quest to Save Retirement
"Creative attempts at solving the retirement challenges of aging populations are cropping up around the world, giving hope that through the combined efforts of employees, employers and the government, retirees can still salvage the promise of the golden years. Even now, there is plenty of room to improve how we save, invest and tap into Social Security benefits to protect against pain and poverty." (Bloomberg)  

A Timely Reminder: Sign Up for Online Social Security Account
"SSA no longer mails annual benefits estimate statements to workers. As a result, the government saves about $70 million per year in printing and mailing costs. The only way to access the information, which includes estimated retirement, disability and survivor benefit at various ages, as well as annual earnings statements, is to set up an on line account." (InvestmentNews)  

[Opinion]

Text of Comments by ERIC, PSCA and U.S. Chamber of Commerce to DOL on FAB 2013-02, Participant Fee Disclosures (PDF)
"While the body of the FAB references the 'comparative chart,' we believe the FAB provides a one-time extension, for either 2013 or 2014, for plan administrators with respect to the delivery of all plan-related information described in paragraph (c) of the regulation and investment-related information described in paragraphs (d)(1) and (d)(2) (in effect, all annual notice requirements). We request that the Department confirm that the FAB's relief applies to all of the regulation's annual disclosures and not just the comparative chart. The FAB also indicates that the Department is considering revising the regulation's timing requirement to provide 'reasonable flexibility' to plan administrators on a permanent basis. We strongly encourage the Department to adopt these measures." (The ERISA Industry Committee [ERIC], Plan Sponsor Council of America [PSCA] and U.S. Chamber of Commerce)  

[Opinion]

Text of Comments by Financial Services Roundtable to SEC on Proposed Money Market Reforms (PDF)
"[R]eform must not harm the fundamental attractiveness of [money market mutual funds (MMMFs)] to individual, institutional, and other investors who seek principal-preservation and high quality, low-risk investments.... [R]eform must not introduce opacities, complexities, and costs to MMMFs that burden funds, confuse investors, and may drive capital away from MMMFs to alternative products that are less well regulated and less transparent than MMMFs." (Financial Services Roundtable)  


[Advert.]

Winston & Strawn Compensation and Benefits Training Programs

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W&S offers more than 30 customizable Employee Benefits and Executive Compensation training programs. W&S partners are adjunct professors at 3 law schools and regularly provide on-site or web-based training. View this brochure for more information.



[Opinion]

Text of Comments by Association for Financial Professionals to SEC on Money Market Reform Proposals (PDF)
"We oppose the proposal to remove the amortized valuation of prime institutional funds, thereby subjecting these funds to a floating net asset value (NAV). Doing so reduces corporate investors' interest in utilizing MMFs as a cash management and investment tool.... An AFP survey of financial professionals found that 56% of organizations would be less willing to invest in floating NAV money market funds, resulting in reduction or even elimination of MMF holdings." (Association for Financial Professionals)  

[Opinion]

Text of Comments by Investment Company Institute to SEC on Money Market Reform Proposals (PDF)
"When pressed to choose one or the other of the proposals put forth by the SEC ... some investors placed more of a premium on principal stability, while others more heavily valued ready access to liquidity.... [T]hese differing investor preferences reflect the circumstances and characteristics of the wide range of investors that our member firms serve. It is quite certain, therefore, that combining the SEC's two proposals would not meet the needs or preferences of either of these two camps and would devastate the industry, rendering money market funds entirely unattractive to investors." (Investment Company Institute [ICI])  

Benefits in General; Executive Compensation

Pay Ratio Calculation Is Here: SEC Approves Proposed Rule
"By an overwhelming 3-2 vote, strictly along party lines ... the [SEC] approved a proposed rule under Dodd-Frank Section 953(b). The two dissenters, Commissioners Gallagher and Piwowar, both issued scathing condemnations of both the statute and the proposed rule while the other commissioners praised it for the assistance that it will provide to investors and potential investors." (Benefits and Compensation with John Lowell)  

SEC to Unveil CEO Pay Ratio Rule, Adopt Municipal Adviser Rule
"U.S. corporations will need to disclose how their chief executive's paycheck compares to that of their average worker under a proposal set to be unveiled [today, September 18] by the [SEC].... [T]he SEC is [also] expected to adopt a reform that will allow it to oversee financial advisers to cities, counties and other municipal entities that sell public debt or manage public money. The rule will require advisers to register with the SEC and be held to a 'fiduciary' standard, or ensure they act in the best interest of customers." (Reuters)  

Compensation Costs in Private Industry and Healthcare Industry
"Overall, private industry employer costs for paid leave averaged $2.00 per hour worked, supplemental pay averaged 80 cents, insurance benefits averaged $2.39, retirement and savings averaged $1.07, and legally required benefits averaged $2.39 per hour worked. In private hospitals, employer costs for benefits were all higher than the average for all private employers. Paid leave averaged $3.38 per hour worked, supplemental pay averaged $1.20, insurance benefits averaged $3.93, retirement and savings averaged $1.52, and legally required benefits averaged $2.83 per hour worked." (U.S. Bureau of Labor Statistics)  

Press Releases

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