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Sponsored by: www.ftwilliam.com

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Retirement Fund Shouldn't Be Political Tool, Federal Thrift Savings Plan Board Says
Excerpt: "On a 4 to 0 vote, members of the Federal Retirement Thrift Investment Board approved a resolution objecting to any efforts that would 'introduce political or social considerations into TSP investment policy.'" (The Washington Post; free registration required)

Overview: Supreme Court to Consider ERISA Relief Available in Individual Account Plan Cases (PDF)
3 pages. Excerpt: "The U.S. Supreme Court granted certiorari . . . in LaRue v. Dewolff, No. 06-856, a case in which the Fourth Circuit denied relief to a section 401(k) plan participant claiming that his account lost money because the plan administrators failed to follow his investment instructions." (Sutherland Asbill & Brennan LLP)

DOL Weighs in on Fees for Plan Participant Advisors
Excerpt: "The Employee Benefits Security Administration says different compensation rules apply to retirement plan members' investment advisors and the advisors' financial services affiliates." (The National Underwriter Company; free registration or paid subscription required)

Overview: IRS Guidance on Applying to Use Substitute Mortality Tables
Excerpt: "The IRS on May 29, 2007 issued proposed regulations on the mortality tables for valuing plan liabilities under the Pension Protection Act's (PPA) new minimum funding requirements, including the plan-specific substitute mortality tables that certain large single-employer plans may be permitted to develop and use. On June 1, the IRS followed with Rev. Proc. 2007-37, which provides specific procedures for plan sponsors to follow when petitioning the IRS to use substitute mortality tables." (Deloitte)

Overview: Vesting and Benefit Statements
Excerpt: "The Pension Protection Act of 2006 (PPA) says that plans with participant direction of investment must provide quarterly benefit statements. These statements must include vesting information. However, the law allows the plan to provide vesting information annually in a separate statement, in accordance with the rules of the Department of Labor (DOL)." (SunGard Corbel LLC)

Overview: IRS Finalizes Restrictions on Normal Retirement Age in Pension Plans
Excerpt: "The IRS recently released final regulations on phased retirement that restrict a plan's normal retirement age (NRA) to an industry-based typical retirement age and establish certain safe harbors for in-service distributions." (Watson Wyatt Worldwide)

Overview: IRS Issues Final Regulations Relating to Phased Retirement
Excerpt: "The IRS on May 22, 2008 issued final regulations on making in-service distributions from defined benefit pension plans. . . . The final regulations are part of an ongoing effort by the IRS, recently joined by Congress, to facilitate phased-retirement alternatives for workers. Basically, the idea is to permit near-retirees to reduce their hours worked and use partial distributions from their pension plans to make up for their reduced wages." (Deloitte)

Lessons from Litigation: Plan Sponsors in the Courtroom
Excerpt: "Clues about the threats to mid-managers' and senior executives' personal assets are starting to emerge from cases working their way through the courts and the Department of Labor. An often repeated outcome in the growing number of breach of fiduciary duty cases is defendants' shock at learning how much they do not know about their legal duty." (The Fiduciary Blog)

U.N. Report Urges Universal Pensions
Excerpt: "Universal pensions of just $1 a day in developing countries would significantly reduce old age poverty, a United Nations report said . . . ." (AP via The Washington Post; free registration required)

Overview: PBGC Asking for OMB Approval for Revised Multiemployer Plan Election Procedures
Excerpt: "The Pension Benefit Guaranty Corp. (PBGC) has issued a notice under the Paperwork Reduction Act informing the public that it is asking the Office of Management and Budget (OMB) to approve procedures on multiemployer plan elections under section 1106 of the Pension Protection Act of 2006." (International Foundation of Employee Benefit Plans)

Overview: Supreme Court Rules Merger Not a Permissible Means of Terminating Pension Plan
Excerpt: "In conclusion, the Court stated, 'The structure of ERISA amply supports the conclusion that section 4041(b)(3)(A)(ii) does not cover merger. Merger is nowhere mentioned in section 4041, and is instead dealt with in an entirely different set of statutory sections setting forth entirely different rules and procedures." (Wolters Kluwer Law & Business)

CRS Report for Congress: Social Security - The Notch Issue (PDF)
5 pages. Excerpt: "Some Social Security beneficiaries who were born from 1917 to 1921 -- the so-called notch babies -- believe they are not receiving fair Social Security benefits. The notch issue resulted from legislative changes to Social Security during the 1970s." (U.S. Congressional Research Service)

CRS Issues Report on Social Security Notch Issue
Excerpt: "According to the [Congressional Research Service] report, some Social Security beneficiaries who were born from 1917 to 1921 -- the so called notch babies -- believe that they are not receiving fair Social Security benefits. . . . A number of legislative attempts have been made over the years to give notch babies additional benefits, but none have been successful. This five-page report discusses the issue." (International Foundation of Employee Benefit Plans)

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Sponsored by: SUNGARD RELIUS

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Newly Posted Events

U.S. Labor Department to Hold Hearing on Computer Model Advice Programs for Individual Retirement Accounts and Similar Type Plans
in District of Columbia on July 31, 2007
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

ERISA Advisory Council Sets July 2007 Meetings
in District of Columbia on July 10, 2007
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Key Challenges in FMLA Administration: Qualifying, Tracking and Certifying Leave Entitlement
Nationwide on June 28, 2007
presented by Thompson Interactive, A Division of Thompson Publishing Group

Phased Retirement Status Update Teleweb
Nationwide on July 12, 2007
presented by International Foundation of Employee Benefit Plans

Same-Gender Marriage, Civil Unions, and Domestic Partnerships: Recent Developments and the Impact on Employee Benefit Plans
Nationwide on July 11, 2007
presented by Thompson Interactive, A Division of Thompson Publishing Group

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Newly Posted Press Releases

PBGC Assumes Pension Plans of Specialty Filaments
Pension Benefit Guaranty Corporation (PBGC)

ERISA Advisory Council Sets July 2007 Meetings
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

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Newly Posted or Renewed Job Openings
( Post a Job | View All Jobs )

Defined Contribution Plan Administrator
for Pension Planning Consultants, Inc.
in NM

DC Testing Specialist
for Kravitz - Louis Kravitz & Associates
in ANY STATE, CA

DC Plan Administrator
for Columbus Retirement Administrators
in OH

Physician Services Manager
for Culinary Fund
in NV

ERISA Consultant
for Vanguard
in AZ

Senior Compliance Testing Consultant
for Vanguard
in PA

Litigation Attorney
for Law Firm
in IL

401 (k) DC Administrator
for Polycomp Administrative Services
in CA

Retirement Plan Attorney (Pension)
for Standard Insurance Company
in OR

Director of Operations
for BenefitStreet, Inc.
in CA

Employee Benefits Account Representative
for SKCG Group, Inc.
in NY

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Handy Links:

• View Today's Active Message Threads
• Using the Web for Employee Benefits Research (hypertext article)
• Employee Benefits Library

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