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| Name: | Ret plans - admin (BenefitsLink.com) |
| Description: | Headlines re Ret plans - admin, gathered by BenefitsLink.com |
| Site URL: | http://benefitslink.com/ |
| Category: | /Business/Employment/ |
| RSS feed URL: | http://www.benefitslink.com/rdf/benefitslink-retplanadministration.rdf |
| Syndic8 ID: | 1892 |
| Language: | en |
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25 most recent entries:
[Official Guidance] Federal Register Version of Proposed IRS Regs on Determination of Minimum Required Pension Contributions for Single-Employer DB Plans (PDF) (May 12 2008 17:05 GMT)
From an IRS press release: 'The proposed regulations, together with three earlier sets of proposed regulations, enable plan sponsors to determine the contribution requirements that apply to their defined benefit plans under the new funding regime, including the application of the quarterly contribution requirements. Although the new funding rules are generally effective for plan years beginning on or after January 1, 2008, these regulations are proposed to be effective for plan years beginning on or after January 1, 2009. Plan sponsors, however, can rely on the proposed regulations for purposes of satisfying the minimum funding requirements for plan years beginning in 2008." (Internal Revenue Service)
[Guidance Overview] New Accounting Rules for Defined Benefit Pension Plans (May 12 2008 17:05 GMT)
Excerpt: "Prior to SFAS 158, companies could measure their pension assets and benefit obligations at times other than their fiscal year-end. Effective for fiscal years ending after December 15, 2008, companies must measure these items as of the date of their fiscal year-end balance sheet. Finally, SFAS 158 expands disclosure of the effects of the pension plan in other comprehensive income." (The New York State Society of CPAs)
[Guidance Overview] IRS Employee Plans News - Special Edition - April 2008 (PDF) (May 09 2008 13:59 GMT)
The Treasury Department and the Internal Revenue Service issued proposed regulations under section 430 of the Code that provide employers sponsoring single-employer defined benefit plans with guidance regarding the determination of minimum required contributions under the new funding rules enacted as part of the Pension Protection Act of 2006. (Internal Revenue Service)
[Opinion] The LaRue v. DeWolff, Boberg & Associates Decision: How It Affects You, What You Should Do, and Ruminations Regarding the Fractured Opinion (May 09 2008 13:59 GMT)
Excerpt: "The goal of this bulletin is to share our thoughts on what the decision means for plan sponsors and fiduciaries. At the end of the Bulletin, we offer our recommendations for plan sponsors, as well as some of our personal insights, and those of our colleagues, regarding the decision." (Reish Luftman Reicher & Cohen)
Many Veterans Missing Out on Pension Funds (May 09 2008 13:59 GMT)
Excerpt: "The Department of Veterans Affairs' Form 21-526 -- a combined application for compensation and/or pension -- has seven pages of instructions, five pages of personal information required, two pages of compensation criteria to review, three pages of dependency questions and four pages for the actual pension application. This is followed with five pages of authorization to release information forms and three pages of required online application criteria." (Caller.com)
[Guidance Overview] Proposed Regs on 401(k) Plan Fee Disclosure Require 'Considerably More Work,' EBSA Told (May 09 2008 13:59 GMT)
Excerpt: "In testimony at a March 31 hearing of the Department of Labor's Employee Benefits Security Administration (EBSA), Robert Chambers, a partner in the Charlotte, N.C., law firm of Helms Mulliss & Wicker, said that 'considerably more work is still required' on the proposed 401(k) plan fee disclosure regulations issued by EBSA. Mr.
AK Steel Appeals Surviving Spouses' Benefit Ruling (May 09 2008 13:59 GMT)
Excerpt: "AK Steel has appealed a ruling by a federal judge in Ohio that the company erroneously cut the pension benefits due to widows and widowers of AK Steel retirees." (PLANSPONSOR.com; free registration required)
Northern Trust Gets Cross-Border Pooling OK from DOL (May 09 2008 13:59 GMT)
Excerpt: "Northern Trust has received an advisory opinion from the U.S. Department of Labor that it says clears the way for U.S.
Pension Lawsuit Could Cost Baltimore County $19M (May 09 2008 13:59 GMT)
Excerpt: "Baltimore County could be forced to dole out more than $19 million to pay back alleged 'excess' pension contributions to older employees, actuaries said. The estimate came in response to a federal age discrimination lawsuit filed against Baltimore County government for requiring older employees to make higher pension contributions than younger employees. The U.S.
[Official Guidance] Text of Proposed IRS Regs on Determination of Minimum Required Pension Contributions for Single-Employer DB Plans (PDF) (May 09 2008 13:59 GMT)
70 pages. More regulations pursuant to Code section 430, enacted as part of PPA '06. From an IRS press release: 'The proposed regulations, together with three earlier sets of proposed regulations, enable plan sponsors to determine the contribution requirements that apply to their defined benefit plans under the new funding regime, including the application of the quarterly contribution requirements. Although the new funding rules are generally effective for plan years beginning on or after January 1, 2008, these regulations are proposed to be effective for plan years beginning on or after January 1, 2009.
DOL Sees 401(k) Fees and Fiduciary Compliance As Unfinished Business (May 09 2008 13:59 GMT)
Excerpt: "'The cost of investments and plan administration expenses can directly affect, in a dramatic way, retirement savings,' . . . .
[Opinion] Law Professor Amicus Brief Filed in Glenn ERISA Case (May 02 2008 15:30 GMT)
Excerpt: "Donald Bogan (Oklahoma) sent us a copy of an amicus brief he and a few others at the University of Oklahoma College of Law filed last week in the U.S. Supreme Court ERISA standard of review case, MetLife v. Glenn, which is set for oral agreement on April 23, 2008.
[Guidance Overview] End of First Quarter Triggers Issuance of Multiemployer Pension Plan Notices Pursuant to the Pension Protection Act (PDF) (May 02 2008 15:30 GMT)
2 pages. Excerpt: "For any plan operating on a calendar year basis, its actuary by now should have certified whether the plan is critical or endangered. Many participating employers have started to receive their certification notices, and more should come throughout the month. Given the interest in this area, many plans that have been certified in the 'green' -- neither endangered nor critical -- also are issuing notices declaring their status.
Employer Fined for Lying on Form 5500 (May 02 2008 15:30 GMT)
Excerpt: "A Charlotte construction contractor has been hit with $153,000 in penalties and fines and sentenced to one year of federal probation after pleading guilty to filing a false Form 5500." (PLANSPONSOR.com; free registration required)
[Guidance Overview] PBGC Waives Certain Small Employer Reporting of Missed Quarterly Contributions for Plan Years Beginning in 2008 (May 02 2008 15:30 GMT)
Excerpt: "Administrators and contributing sponsors of single-employer plans must notify the PBGC, generally within 30 days, of specified reportable events (e.g., failure to make required minimum funding payments). However, the PBGC has authorized the waiver of the post-event notice requirement for certain designated reportable events.
[Guidance Overview] DOL Proposes Safe Harbor for Deposit of Small Plan Contributions and Clarification for All Plans (PDF) (Apr 30 2008 13:49 GMT)
2 pages. Excerpt: "The safe harbor will become effective on the date the final regulations are published in The Federal Register. However, the DOL will not assert an Employee Retirement Income Security Act (ERISA) violation prior to the effective date of the regulations so long as a small plan deposits contributions and loan repayments within the safe harbor period." (Holme Roberts & Owen LLP)
[Opinion] The Interaction of LaRue, Bruch, and MetLife v. Glenn (Apr 30 2008 13:49 GMT)
Excerpt: "The courts are already clogged with a myriad of litigation on countless subjects. It makes no sense to turn every benefit denial or administrative error immediately into a federal lawsuit without, at least, attempting to pursue participant rights through the administrative review process. If that process is not administered in an objective and responsible manner, then it should be reformed and its decisions will not be upheld by courts until it is." (Pension & Benefits Blog)
[Guidance Overview] PBGC Proposed Regulations on Multiemployer Plans' Employer Withdrawal Liability (PDF) (Apr 30 2008 13:49 GMT)
4 pages. Excerpt: "The proposed regulations, which primarily reflect statutory changes made by the Pension Protection Act of 2006 (PPA), address (1) the PPA's new 'fresh start' rule, (2) mandated adjustments to the withdrawal liability calculation for multiemployer plans that are in 'critical status,' (3) the PPA's limited exception that allows an employer to delay making withdrawal liability payments until a final decision is rendered by a court or arbitrator, and (4) the allocation of a plan's total unfunded vested benefits (UVBs) among employers in a mass withdrawal." (Seyfarth Shaw LLP)
[Guidance Overview] Employee Plans Compliance Resolution Program Can Be Used to Resolve Miscommunication Issues (Apr 16 2008 03:13 GMT)
Excerpt: "Although miscommunications cannot always be avoided, plan sponsors should remember that EPCRS may be a valuable tool for straightening things out. Additionally, companies are not limited to the correction methods described in EPCRS. Thus, methods that are more consistent with the client's objectives and circumstances may be available." (Reish Luftman Reicher & Cohen)
[Opinion] The Value of an Independent Fiduciary (PDF) (Apr 16 2008 03:13 GMT)
7 pages. Excerpt: "The appointment of an Independent Fiduciary is excellent 'insurance' for a plan sponsor. Like hiring legal counsel or seeking medical attention from a skilled physician, appointing an Independent Fiduciary is the logical, intelligent solution to dealing with the rapidly changing, increasingly litigious retirement plan environment." (Joshua P.
[Opinion] Emerging Challenges for Retirement Plan Management (Apr 16 2008 03:13 GMT)
Excerpt: "There's a growing recognition that retirement plan managers are under the gun because of new legislation as well as increases in employee mobility and auto enrollment. But over the past year, another negative force has begun, albeit insidiously, to impact the industry. The fallout from the sub-prime mortgage crisis is taking its toll on retirement plans. Results of the 2007 [Fifth-annual Mercer Workplace SurveyTM] indicates that workers are more concerned about falling home prices, rising debt, and keeping up with monthly expenses than with saving for retirement.
[Guidance Overview] Judge Awards $50 Per Day for Nine Years for Plan Document Request Refusal (Apr 16 2008 03:13 GMT)
Excerpt: "A federal judge has awarded the ex-wife of a pension plan trustee penalties of $50 per day for not being supplied with plan documents she requested. U.S. District Judge Oliver W.
[Opinion] Should We Rue LaRue? (Apr 16 2008 03:13 GMT)
Excerpt: "My initial reaction to the decision recalls a quote from 'The Godfather,' when Marlon Brando, presiding over a meeting of the five families to establish a peace, asks 'How did things ever get this far?' How could we, more than 30 years after ERISA, still be debating whether a participant in a defined contribution plan has a cause of action against a fiduciary whose breach reduced the value of the employee's account? But now, thanks to LaRue, the issue is settled. Or is it?
[Opinion] A 401(k) Debit Card Is Dumb (Apr 16 2008 03:13 GMT)
Excerpt: "To improve retirement savings, we should be making it harder for workers to get their hands on 401(k) money -- not easier. Certainly not as easy as going to the ATM machine. But that's exactly what the 401(k) debit card by Reserve Solutions does." (The Baltimore Sun)
[Official Guidance] Text of Model Notice of Critical Status for Multiemployer Plans (PDF) (Apr 16 2008 03:13 GMT)
7 pages. Excerpt: "[T]he Pension Protection Act of 2006 . . .
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