This is the conference for Title I ERISA issues. DOL Speaks is co-sponsored by The Department of Labor/EBSA and ASPPA. Discuss employee benefits issues with colleagues. Interact with local, regional and national government employees from the Department of Labor.
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Highlights from the State and Local Government Pension Forum held February 28, 2006 Excerpt: "Presenters offered a wide range of perspectives on trends affecting pension funding and solvency, as well as discussing the potential impact that recognizing future OPEB liabilities will have on government finances. [The target page presents impressions of the discussions and] ... a brief description of each presentation [with] a link to the relevant Powerpoint or speech." (Federal Reserve Bank of Chicago)
West Virginia Teachers Vote to Return to Defined Benefit Pension Plan Excerpt: "West Virginia teachers voted to leave their DC accounts behind and return to a secure retirement provided by a defined benefit plan. The vote was 61% in favor of the DB plan." (National Conference on Public Employee Retirement Systems)
Conference Committee on Pension Reform Legislation under Tight Deadline Excerpt: "A constricted Capitol Hill calendar and a looming deadline for pension plan payments may combine to force Congress to do something unusual -- work out a compromise on a complicated bill in a timely way." (Workforce Management; one-time registration required)
Defined Contribution Plan Options Can Relieve Employees of Decisionmaking Excerpt: "A report from Greenwich Associates (GA) points out that US companies are shifting their focus from providing education and advice to offering products and utilizing plan features that simplify the decisions their employees must make about their defined contribution plan." (PLANSPONSOR.com: one-time registration required)
Overview: Final Regs Amending 2003 Regulations on Qualified Joint and Survivor Annuity Explanations Excerpt: "Many 401(k) plans do not offer the QJSA form of distribution, but those that do will need to comply with the applicable provisions in the 2003 regulations, as modified by the amendments in these final regulations. Alternatively, 401(k) plans that offer the QJSA form might be able to eliminate that particular form of benefit if certain requirements are met." (Employee Benefits Institute of America Inc.)
Wilshire Report Shows Public Pension Funding Ratios Flat for 2005 Excerpt: "US public pension funds saw their funding ratios stay nearly flat last year as compared with the year before. Wilshire Consulting's 2006 Wilshire Report on State Retirement Systems: Funding Levels and Asset Allocation said that the ratio of pension assets to liability in 2005 was 87% - up from 2004's level of 86%." (PLANSPONSOR.com: one-time registration required)
America's Pensions in Peril-- Or Gone Excerpt: "Throughout the Northwest and around the nation, workers have discovered their employer can unexpectedly shut down a healthy pension plan, or 'freeze' it to exclude new hires and halt the growth of benefits for existing employees." (The Seattle Times)
AT&T Cleared in Cash Balance Notification Suit Excerpt: "A federal judge has cleared AT&T of allegations it violated the Employee Retirement Income Security Act (ERISA) by not providing employees 15 days notice it was converting its defined benefit pension to a cash balance plan." (PLANSPONSOR.com: one-time registration required)
International Update: Recent Developments in Foreign Public and Private Pensions March 2006 Included in this issue: Europe -- Belgium, Netherlands; The Americas -- El Salvador; Asia & the Pacific -- Taiwan, Turkmenistan; Reports and Studies -- The Impact of Ageing on Public Expenditure: Projections for the EU25 Member States on Pensions, Health Care, Long-term Care, Education, and Unemployment Transfers (2004-2050) (U.S. Social Security Administration)
Turner Commission Calls for UK Pension Changes Excerpt: "In the long-awaited release of the UK Pensions Commission's final report, the panel has urged the British government to support a retirement age increase from 65 to 68 and to offer a more generous state-backed pension benefit." (PLANSPONSOR.com: one-time registration required)
An Interview with Bradley Belt As He Prepares to Leave the PBGC Excerpt: "Late last month, Bradley Belt, the executive director of the Pension Benefit Guaranty Corporation and a point man for the Bush Administration on retirement policy, picked an extremely inopportune time to announce that he would step down from the PBGC at the end of May." (CFO.com)
Lawmakers Mull Pension Aid Beyond Airlines Excerpt: "Congressional negotiators are considering expanding pension relief for U.S. airlines to other troubled industries such as autos and steel, senators involved in the talks said [yesterday]." (Reuters via The New York Times; one-time registration required)
How Do You Answer the Coverage Question on the Schedule R? Excerpt: "The most significant change made to the 2005 Form 5500 was the elimination of the Schedule T. Rather than completing a Schedule T, a preparer now simply addresses the coverage issue by checking a box on line 9 of the Schedule R." (SunGard Corbel)
Will More of Us Work Forever? -- The 2006 Retirement Confidence Survey (PDF) 28 pages. Excerpt: "This Issue Brief reports findings from the 16th annual Retirement Confidence Survey(r) (RCS), which suggests that many American workers are not ready to undertake the task of financial planning for their own retirement and face the prospect of having to work far longer than they expect." (Employee Benefit Research Institute)
Links to Items on Executive Comp, Benefits in General
Federal Worker Employee Buyouts on the Rise Excerpt: "Buyouts -- cash incentives of up to $25,000 for employees to voluntarily leave their jobs in order to reshape the workforce -- are increasingly common in federal agencies, government auditors have found." (National Journal Group Inc. via GOVEXEC.com)
Multinational Employers Adapting Pay and Benefit Strategies to Suit Regional Trends Excerpt: "Employers operating in multiple nations are learning the importance of 'doing as the Romans do' when it comes to structuring pay and benefits for employees spanning the globe, new research from Towers Perrin shows." (Employee Benefit News)
Military Leave Compliance May Make Your Head Spin, But It's in Service of a Higher Purpose Excerpt: "While the DOL presents the regulations in a question-and-answer format to make them accessible and understandable, they are still painfully complicated in some areas. This article teases out some of the tangles for employers and suggests ways to craft straightforward compliance policies. Not a primer on USERRA generally, the article assumes a general understanding of USERRA and some familiarity with the regulations." (HR Magazine)
An Introduction to the IRS's EP CPE Texts Excerpt: "Have you discovered the IRS's EP CPE texts? The Employee Plans Division of IRS annually publishes a series of articles known as the Employee Plans Continuing Professional Education (CPE) Technical Instruction Program, which are apparently written and designed for training of IRS personnel." (Attorney B. Janell Grenier via BenefitsBlog.com)
Overview: New Mailing Address for DFVC Program Excerpt: "The Department of Labor (DOL) issued a news release in which it provided a new address for plan sponsors filing under the Delinquent Filer Voluntary Compliance (DFVC) program." (SunGard Corbel)