BenefitsLink
Retirement Plans
Newsletter
May 14, 2008
Here are the Web's best new links about compliance and cost
aspects of plan operation, design and policy.
Today's sponsor is SunGard
(Click on company name or banner to learn more.)
Did you know the DOL is requiring electronic filing for 5500s? Now is the time to encourage your clients to use the Internet to gather and verify data. SunGard's Relius Government Forms 5500 Web Client can help.
800-326-7235, ext. 1100.
[Guidance Overview] 401(k) Fee Bill Reported Out of Education and Labor Committee
Excerpt: "The House Committee on Education and Labor recently approved a revised 401(k) Fair Disclosure for Retirement Security Act (H.R. 3185). The new bill is substantially different from the bill originally introduced and represents a compromise with critics of the earlier bill's detailed disclosure requirements. In this article, we review the bill, primarily focusing on describing what the bill itself says." (JPMorgan)
Too Many Promises, Not Enough Money for Public Employee Pensions
Excerpt: "Let me use my home state, New Jersey, as an example, but I could just as well cite figures for West Virginia, Illinois, and others that are just flat out of money because they mortgaged the future to vast public pension plans. These states are essentially insolvent and others are not far behind." (Borderfire Report)
CalPERS Committee Neutral on Proposed Private IRA Plan
Excerpt: "The California Public Employees' Retirement System is about to vote on whether the mammoth public pension fund takes the first step to helping private individuals chart their financial future. But only after it can be convinced that such a plan is legal ? and that CalPERS controls it." (Sacramento Bee)
New PBGC Investment Strategy Poses Increased Risk During an Economic Downturn, Says CBO Chief
Excerpt: "A new diversified investment policy adopted by the PBGC is likely to produce higher returns over the long run, but also increases the risk that the PBGC will not have sufficient assets to pay benefits during an economic downturn, the director of the Congressional Budget Office (CBO) said in an April 24, 2008 letter." (Wolters Kluwer)
[Opinion] Think Sub-Prime Mortgages Are a Crisis? Look Into Pension Underfunding
Excerpt: "Bestselling author and former Wall Street Journal reporter Roger Lowenstein explains how the looming pension crisis could dwarf the current sub-prime mortgage mess. He examines the how the country arrived at its current pension predicament... and what can be done to protect retirement security." (Roger Lowenstein Interviewed by Diane Rehm on WAMU.org)
[Opinion] Pension Gravy Train In New York State Is a Runaway Disgrace
Excerpt: "Tom DiNapoli and Andrew Cuomo are doing a long-overdue service cracking down on part-time public sector lawyers padding their time slips. Unfortunately, the savings is minimal compared with the cost of allowing part-time elected officials to claim full-time retirement credits. Elected legislators from counties, cities, towns and villages are credited with full-time work although most attend only a few monthly meetings." (Marv Cermak on TimesUnion.com)
Sponsored by: ASPPA
(Click on company name or banner to learn more.)
Looking for a way to enhance your professional image and gain the knowledge you need to succeed in the retirement industry? ASPPA credentials provide that and more for the retirement professionals who have obtained the most sought after credentials in our industry. Comprehensive and practical, the ASPPA credentialing program has a path for you. The deadline for the spring exam window, May 14, is rapidly approaching. Don't wait another day to start your journey towards a professional ASPPA credential. Register Now.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Links to Items on Executive Comp, Benefits in General
[Opinion] New Book Explains How 'Pension Monster' of Unfunded Benefit Liabilities Guts GM, Halts NYC Subways, Bleeds San Diego
Excerpt: "Pensions resemble a reverse neutron bomb: They gut cities and factories, yet leave armies of retirees standing, unscathed and ready for that Caribbean cruise. If you don't believe me, dip into Roger Lowenstein's troubling financial fable, 'While America Aged.' The three narrative histories presented here outline how pensions drove General Motors Corp. to the brink, brought New York subways to a halt, and turned sunny San Diego into Enron-by-the-Sea." (James Pressley on Bloomberg.com)
Newly Posted Events
Complying with Employee Benefits Law: Voluntary Fiduciary Correction Program Seminar
in California on June 9, 2008
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Complying with Employee Benefits Law: Voluntary Fiduciary Correction Program Seminar
in California on June 19, 2008
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
Employer Mandated Wellness Programs: Discrimination Issues and Other Claims in the Workplace
Nationwide on May 20, 2008
presented by ALI-ABA (American Law Institute-American Bar Association)
Newly Posted Press Releases
ASPPA Launches Retirement Professionals Directory
ASPPA (American Society of Pension Professionals & Actuaries)
National Business Group on Health Honors Gilsbar, Inc. As One of Best Employers for Healthy Lifestyles
Gilsbar, Inc.
ERIC Urges Key House and Senate Members to Approve E-Prescribing Legislation
ERIC (ERISA Industry Committee)
Treasury, IRS Issue 2009 Indexed Amounts for Health Savings Accounts
U.S. Treasury Department and Internal Revenue Service
Consumers Need Affordable Health Care Options
Consumers Union
RWJF Childhood Obesity Update: 2008
Robert Wood Johnson Foundation
Newly Posted or Renewed Job Openings
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)Pension Administrator
for Pension Administrator
in NJ
Pension Consultants/Administrators
for Northern & Central NJ Mid-Size Pension Consulting Firm
in NJ
OmniPlus Consultants
for Chesapeake Benefit Partners
in ANY STATE
Omniplus Business Analysts
for Casco Bay Benefits Group
in ANY STATE
Key Account Manager
for ExpertPlan, Inc.
in NJ
Financial Sales Assistant
for Howard Simon & Associates
in IL
Daily Retirement Plan Administrator
for Howard Simon & Associates
in IL
Attorney or Paralegal (minimum of 5 years experience in pension firm)
for The Angell Pension Group, Inc.
in ANY STATE
Reconciliation Specialist
for Citi
in ME
Implementation Manager of Benefits Intelligence Solutions
for OCI
in CO
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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