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[Official Guidance]
Text of Final ERISA Regs on Civil Penalties Under Pension Protection Act of 2006 (PDF)
5 pages. Excerpt: "The regulation is necessary to reflect recent amendments to section 502(c)(4) by the Pension Protection Act of 2006, under which the Secretary of Labor is granted authority to assess civil penalties not to exceed $1,000 per day for each violation of section 101(j), (k), or (l), or section 514(e)(3) of ERISA. . . . [T]he PPA amended . . . ERISA by adding a new disclosure requirement . . . under which the plan administrator of a single-employer defined benefit pension plan must provide written notice of limitations on benefits and benefit accruals to participants and beneficiaries . . . . A notice of benefit limitations must be furnished within 30 days after a plan becomes subject to an ERISA section 206(g) funding-based restriction . . . . [PPA made other amendments that are subject to the new rules, as described herein.]" (Employee Benefits Security Administration, U.S. Department of Labor)


[Guidance Overview]
Fiduciary Compliance Reviews for Your Defined Contribution Plan (PDF)
From 401khelpcenter.com, LLC. Excerpt: "This white paper explores [fee transparency and] disclosure efforts by the federal government over the last decade, reviews some of the currently pending proposals, and offers some insights for the future." (Milliman)


[Guidance Overview]
SEC Adoption of New Disclosure Rules for Mutual Funds
Excerpt: "In November 2008, the Securities and Exchange Commission (the 'SEC') approved new rules that apply to mutual fund prospectuses that will (i) require key information to appear in plain English in a standardized order at the front of the prospectus, and (ii) permit a fund to satisfy its prospectus delivery obligations using a short form 'summary prospectus,' as long as the full prospectus is available on the Internet and in paper upon request." (Kilpatrick Stockton LLP)


[Guidance Overview]
Defined Contribution-Related Provisions of the Worker, Retiree, and Employer Recovery Act of 2008 (PDF)
Chart. 2 pages. Excerpt: "The Act includes Technical Corrections related to the Pension Protection Act of 2006 (PPA) and pension recovery provisions designed to provide relief for individuals and plan sponsors to help them deal with the economic downturn. This summary focuses on the defined contribution-related provisions of the Act and includes a brief explanation of the new provisions and the corresponding effective dates." (Transamerica Center for Retirement Studies)


[Guidance Overview]
ESOP Planning 2008: Distributions
Excerpt: "Distribution planning is one of the most important components of the planning process. Even if you had a detailed plan in place when you established your plan, chances are that things have changed. You should perform a distribution analysis annually. Here are some things to consider . . . ." (The One-Stop ESOP Blog)


[Guidance Overview]
Weighing the Pros and Cons of Cash Balance Plans
Excerpt: "Advantages to plan participants include the following: Employer pays the entire cost. Easy to understand. No investment decisions or investment risk. Portable account balance. Benefit protection provided by the Pension Benefit Guaranty Corporation (PBGC). Compared to traditional defined benefit plans, more attractive to younger, mobile workers." (Journal of Accountancy)


[Guidance Overview]
E-Proxy Rules Take Effect for All Public Companies
Excerpt: "Compliance with notice and access is not likely to satisfy the requirements for electronic delivery of materials under the U.S. Department of Labor standards for participants in ERISA-covered defined contribution plans, such as 401(k) plans and employee stock ownership plans. Section 404(c) of ERISA permits electronic delivery only if a participating employee has the ability to effectively access documents furnished in electronic form at any location where the participant is reasonably expected to perform his or her duties as an employee and for whom access to the employer's information system is an integral part of the employee's duties (e.g., a networked desktop computer at work), or if the employee provides written consent accepting delivery of information electronically. As a result, although an issuer may rely on notice and access for permitted employees and consenting employees, other employee participants should receive paper delivery of proxy materials. However, the notice and access rules do not change the SEC's stated guidance on implied consent for electronic delivery to employee shareholders of proxy materials." (Gibson, Dunn & Crutcher LLP via The Harvard Law School Corporate Governance Blog)


NCR Makes Cuts to Employee Benefits
Excerpt: "Effective immediately, Dayton-based NCR (NYSE: NCR) will reduce its employee savings match, [Bill Nuti, chief executive officer, said in a Dec. 29 memo to employees.] This is a tactic taken by many companies to shave expenditures. The company also will cancel a $5 million travel program given annually to employees who win achievement awards. Nuti also said all international benefit plans, such as pension plans and retirement plans, are under review and he expects another announcement this month about them." (Dayton Business Journal via bizjournals.com; free registration required)


What the New 401(k) Rules Could Mean for You
Excerpt: "What are employers required to do for 401(k) participants now, in order to be legally compliant? Fred Reish: ERISA's 'Prudent Man' rule says that fiduciaries -- [fiduciaries would include plan officers and plan committee members] -- have to act with the care, skill, prudence, and diligence of a person who is knowledgeable about participant-directed retirement plans, in this case 401(k)s. You can easily reach the conclusion that they'd have to tell participants what the investments are and explain something about them, but that isn't specified." (TheStreet.com)


McDonald's Looks to Retain Talent by Helping Workers Save
Excerpt: "To stanch the bleeding of valuable talent, McDonald's in 2004 began offering a rich retirement savings perk. Employees who put 5 percent of their salary in the company 401(k) receive a company match of as much as 11 percent, turbocharging their savings right off the bat. To make sure employees take advantage of the program, McDonald's has made enrollment automatic. And to ease the pain of automatically deferring 1 percent of pay, the company gave managers a one-time, 1 percent salary increase." (MSNBC.com)


Women and Social Security (PDF)
8 pages. Excerpt: "Social Security benefits are an important source of income for women of all ages. Today, women receive more than 48 percent of retired worker benefits and almost 46 percent of disabled worker benefits. Women receive 99 percent of non-disabled survivor benefits and 99 percent of widowed mothers and fathers benefits (SSA, 2006A). More than 50 percent of women age 65 and older would live in poverty were it not for their Social Security benefits. Unfortunately, even with Social Security benefits, over 12 percent of all older women are poor." (Women's Institute for a Secure Retirement)


Private Pension Plan Bulletin: Abstract of 2006 Form 5500 Annual Reports (PDF)
61 pages. Excerpt: "Over the past three decades, as the private pension system has shifted from defined benefit (DB) plans toward 401(k) type defined contribution (DC) plans, the financing of benefits has shifted from employers to participants. In 1978, when legislation was enacted authorizing 401(k) type plans that allow employees to contribute on a pre-tax basis, 29 percent of contributions to DC plans, and only 11 percent of total contributions to all DB and DC pension plans were contributed by participants. The percent of contributions /1/ made by the employee to DC plans has doubled since then, but has remained steady at 60 percent for the past eight years." (U.S. Employee Benefits Security Administration)


Sears Suspends 401(k) Match in Face of Declining Sales
Excerpt: "Sears has announced that it is suspending its 401(k) match for most employees. A Chicago Sun-Times article, quoting a December 30 memo to employees from Sears Holdings Corp. Interim CEO Bruce Johnson, said the match suspension is effective January 31, 2009, and that the company will consider reinstating it when its financial performance improves." (PLANSPONSOR.com; free registration required)


Lehman Bankruptcy Triggers Loss in Retirement Fund
Excerpt: "Lehman Brothers Holdings Inc. employees who put retirement money in a stable-value fund suffered their first losses because the securities firm's bankrup.tcy stripped the fund of insurance protection. The fund, managed by Invesco Ltd., wrote down certain bond assets, resulting in a 1.7 percent loss this month for Lehman employees and retirees who invested in it, according to two people familiar with the matter. Stable-value funds promise to protect investors' principal and maintain a consistent price of $1 a share because they are insured. The insurance coverage can be dropped if a company undergoes significant changes, as Lehman did in the biggest U.S. bankrup.tcy." (Bloomberg L.P.)


Businesses Face Challenges in Keeping Pension Plans Afloat
Excerpt: "Although many pension plans have given way to employee contribution plans, Stuart Zalowitz, managing partner at Zalowitz Frisch Benefits Group, says many smaller professional groups such as accountants and doctors still use pension plans as long as they have reliable income streams to fund them. That's just not the case with some of the bigger companies and they're the ones who will struggle. 'The trust in the defined benefits plans in the wrong situation are deadly to corporations,' he says." (Memphis Business Journal via bizjournals.com; free registration required)


Federal Judge Rules Owens-Corning Employees' Company Stock Suit Was Filed Too Late
Excerpt: "U.S. District Judge Jack Zouhary of the U.S. District Court for the Northern District of Ohio issued the new ruling last week after the company asked him to reconsider his earlier holding that the ex-employee suit alleging a fiduciary breach under the Employee Retirement Income Security Act (ERISA) had been filed in time. ERISA sets out a three-year statute of limitations for fiduciary breach claims." (planadvisor)


Retirement Plans Still Pumping Up Mutual Fund Ownership
Excerpt: "More households own mutual funds inside tax-deferred accounts -- such as defined contribution (DC) plans, individual retirement accounts (IRAs), and variable annuities -- than outside these accounts, according to the Investment Company Institute." (planadvisor)


An Attractive Option for Simple, Savvy Retirement Savings' Investment: Target-Date Funds?
Excerpt: "The funds, introduced about five years ago, have become the most popular new product in the market for employer-based retirement programs, increasing their net assets by more than 230 percent, to $189 billion, in the two years that ended in February. . . . Their popularity is easy to understand. As responsibility for retirement savings shifted from employers and their pension plan back to employees and their 401(k)s, the nation has slowly recognized the high stakes that surround the effective management all those individual retirement plans. Target-date funds are designed to deliver a sophisticated, lifetime investment program for a huge, at-risk population: the legions of savers who have no interest or aptitude for managing and rebalancing the stocks, bonds or alternative investments." (Finance and Commerce)


Over 1000 Companies Have Recently Eliminated Employee Pensions
Excerpt: "[M]any employers are eliminating pensions for workers, even when they have the money to pay out benefits. In fiscal year 2007, 1,225 employers voluntarily ended their pension plans with assets sufficient to disburse all benefits earned to workers, according to data released this week by the U.S. Pension Benefit Guaranty Corp. . . . The primary reasons companies gave the PBGC for ditching their pension plans were restructuring benefits (31 percent), benefits too costly (19 percent), adverse business conditions (14 percent), administration too costly (10 percent), sale of a company or component (8 percent), liquidations (5 percent), or other reasons (14 percent)." (U.S. News & World Report)


Teachers, Other Nonprofit Workers, May See Retirement Plan Changes in 2009
Excerpt: "School teachers, college professors and hospital employees should keep an eye out for changes in their retirement plans this year. That's because they are among the 10 million workers at nonprofit and educational organizations who may face fewer investment choices and tighter restrictions on how they can use the money in their retirement plans because of new IRS rules. The IRS is requiring retirement plans designed for tax-exempt nonprofit groups and some public sector workers -- called 403(b) plans after the IRS code section that created them -- to comply with stricter rules. The IRS has allowed such plans to operate with less oversight than their for-profit world counterpart, the 401(k), for the last 40 years." (AP via Google)


Bush's Pension, Tied to the Base Pay of the Most Senior Government Executives Will Be About Half the $400,000 Annual Presidential Salary
Excerpt: "President George W. Bush's 'after-life,' as Laura Bush calls the post-presidency, is shaping up to be pretty comfortable, with a Dallas office, staffers, Secret Service protection, a travel budget, medical coverage and a $196,700 annual pension, all at taxpayers' expense." (The Miami Herald)


Comparing Strategies for Retirement Wealth Management: Mutual Funds and Annuities
Excerpt: "We compare several strategies for individual wealth management in retirement, focusing on investment performance and trade-offs between wealth creation and income security. Systematic withdrawals from mutual funds generally give opportunities for greater wealth creation but this strategy also entails large probabilities of investment losses and volatile income flows. Variable immediate annuities likely distribute higher incomes than the systematic withdrawals but lack the income security featured in fixed payout life annuities. Fixed life annuities and variable annuities with guaranteed minimum withdrawal benefit (VA GMWB) offer considerable income stability. A mix of mutual funds and fixed-payout life annuities may serve both wealth growth and certain degree of income protection, similar but not identical to a VA GMWB strategy. Wealth and income in the various strategies also differ significantly owing to differing levels of fees." (Social Science Research Network)


Northwest Airline Employees Denied Continuance of ERISA Fiduciary Breach Claim
Excerpt: "The U.S. District Court for the Southern District of New York put a stop to a participant lawsuit alleging a breach of fiduciary obligations related to pension underfunding by Northwest Airlines Inc. Judge John G. Koeltl granted Northwest Airline's motion for a summary judgment on December 24, denying claims of participants of defined benefit plans sponsored by Northwest Airlines that the airline's board of directors breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA) by failing to prevent underfunding." (PLANSPONSOR.com; free registration required)


DOL Finalizes Rules on Disclosure Penalties
Excerpt: "According to a DoL press release, this regulation implements the DoL's authority to assess civil penalties against plan administrators who fail to disclose certain documents to participants, beneficiaries and others as required by the Employee Retirement Income Security Act, as amended by the Pension Protection Act (PPA)." (PLANSPONSOR.com; free registration required)


PBGC Databook Offers Insights on Pension Termination Costs
Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has released the Pension Insurance Data Book 2007, which offers information on statistical trends related to defined benefit retirement plans in the private sector. The PBGC . . . noted that its single-employer program operated at a funding deficit from its inception until 1996. At that point, the program had a growing surplus that reached a historic high of $9.7 billion in 2000, before falling to a record deficit of $23.3 billion in 2004. . . . The PBGC Data Book notes that the rapid decline from 2000 to 2004 resulted from several very large losses (primarily from steel and airline industry plans - in fact, terminations by firms in the Primary Metals and Air Transportation industries have accounted for almost 75% of PBGC's claims), lower interest rates that raised the value of PBGC's liabilities, and declining stock prices." (PLANSPONSOR.com; free registration required)


Can a Hedge Fund Value Its Own Assets?
Excerpt: "If the hedge fund has ERISA assets, there may be some issues under the ERISA rules which a manager should be aware of - the lawyer should discuss these issues with the manager." (Hedge Fund Law Blog)


Local Officials Welcome Kentucky Governor Beshear's Pension Funding Obligations Plan
Excerpt: "Local and state government leaders in Murray-Calloway County are welcoming an effort by Gov. Steve Beshear to lighten the load on municipal governments in meeting pension obligations. Judge-Executive Larry Elkins said Friday he appreciates Beshear coming to the aid of cash-strapped counties fighting economic recession along with the state and the nation. Beshear announced earlier this week a plan aimed at easing the financial burden on local governments across Kentucky facing mounting economic pressures. His proposal could save local governments a combined $37 million on pensions in the fiscal year starting July 1 allowing city and county governments to take advantage of immediate short-term savings and instead face higher payments later." (Murray Ledger)


Congressional Revision of Retirement Fund Withdrawal Rules
Excerpt: "A new tax law will allow retirees to skip required withdrawals from individual retirement accounts and related accounts this year. The change -- signed into law by President Bush last month -- is intended to give beaten-down nest eggs time to rebound from the brutal bear market. But the new law may also create confusion, particularly for those just starting to take required withdrawals. 'The [existing] rules are confusing enough,' says Ed Slott, an IRA consultant in Rockville Centre, N.Y. 'Now, more people than ever are going to get tripped up.' Here are answers to questions about the new law . . . ." (The Wall Street Journal)


Simplified Pension Plan Lets Money Go in and Out at the Same Time
Excerpt: "Unlike the rules for traditional individual retirement accounts, you receive a real break here for your self-employed status in your simplified employee pension plan, said Ed Slott, an IRA expert who has a Web site at www.irahelp.com. You can keep contributing even though you are required to withdraw, he said. 'It's a quirky thing. With traditional IRAs, contributions have to stop once you start taking required withdrawals,' Slott said. 'But with self-employed plans, there's no end as long as you have earnings from the business.'" (Chicago Tribune)


Managing Your Money: Balancing Your Investments Between Tax-Deferred and Taxable Accounts
Excerpt: "Jim and Sally both contributed faithfully to their employer retirement plans annually during their working years. When they retired at age 65, they wanted $75,000 annually to supplement their Social Security income. Because the withdrawals are taxable and they were in the 25 percent tax bracket, they had to withdraw $100,000 to have $75,000 to spend after taxes. The extra $25,000 expense was something they hadn't planned on and was a substantial cost to access their savings. You can avoid this problem by saving in taxable accounts in addition to tax-deferred accounts. Consider saving an equal amount or more in a regular brokerage account such as a joint account or living trust. You won't be able to deduct the savings and any taxable income or capital gains will be reported annually; however, your taxable investment accounts can be managed to minimize taxes." (Lee Enterprises via Trib.com)


Maron v Seder: Remedial Theater Video on ERISA and Pension Funding
Excerpt: "Marc and Sam role-play in Remedial Theater, hoping to shed light on the complicated and unfair situation connected to the group of business' now pushing congress to repeal parts of ERISA (Employee Retirement Income Security Act). . . . Duration : 0:5:12" (http://airamerica.com via SIPPS & Pensions)


[Opinion]
Who 'Mad(e)-off' With My 401(k)?
Excerpt: "Its 10:30 pm - do you know where your 401(k) assets are? Unfortunately, the plan sponsors who had their assets invested with Bernard Madoff didn't. And the resulting losses have been devastating to their unknowing participants. Madoff's operations lacked any sort of transparency. His clients, including a number of large 401(k) plans, simply didn't know where their assets were or how they were invested. If your plans, or the plans of your clients, utilize Collective Trusts, Collective Funds, Unit Investment Trusts, or other tools with similar names, you face a similar lack of transparency. . . . As fiduciaries, we cannot fulfill our duties without full transparency. We've heard that all year as it relates to fee disclosure, but the Madoff fraud reminds us that we also have to apply that to the structure of the investments we offer to plan participants. Collective Trusts, Collective Funds, and Unit Investment Trusts simply don't meet the transparency standard." (Capital Directions Investment Advisors, LLC)


[Opinion]
Here's a Headline You Won't See This Week: 'Nobody Cut Their 401(k) Match Today'
Excerpt: "That said, I'm not altogether sure where one crosses the line between a series of related occurrences and 'a trend' -- when the tipping point is reached, the Rubicon crossed . . . . What I do know is that we are still at a point where the decision to suspend a 401(k) match is 'news.' And I dread the day -- should it ever come -- when it isn't." (Nevin E. Adams via PLANSPONSOR.com; free registration required)


[Opinion]
Obama's American Recovery and Reinvestment Plan: The Government Retirement (Stimulus) Plan
Excerpt: "President-Elect Barack Obama today give his weekly radio address. It was primarily aimed at the economy . . . and again discussed the massive government growth plan that is coming down the pike. Here is the key paragraph: 'That's why we need an American Recovery and Reinvestment Plan that not only creates jobs in the short-term but spurs economic growth and competitiveness in the long-term. . . . That is how we will achieve the number one goal of my plan -- which is to create three million new jobs, more than eighty percent of them in the private sector.'Three million new jobs, with 80% of them in the private sector. That means 20% of them - or 600,000 - will not be in the private sector. 600,000 more government employees. . . . The Federal government permits retirement with benefits as early as the age of 50 for certain jobs so long as there is 25 years of service. Generous pensions and benefits are already contributing to the fiscal crises hitting states such as California. If the President-Elect wants to add 600,000 people to the government payroll, it would be wise to enact private-sector retirement thinking." (Fox Business)


[Opinion]
California's Pension Funding Tsunami
Excerpt: "When politicians sell out to public employees' unions by guaranteeing a generous defined benefit retirement -- where any retirement fund shortfall must be made up by the taxpayers -- the disastrous results are easy to predict. Haven't any of these people ever heard of economic cycles? There is a compelling reason why the private sector has transitioned to providing a defined contribution to individual retirement accounts each month. (Except, of course, the American auto industry, and look how well they've done)." (Howard Jarvis Taxpayers Association)


[Opinion]
How to Repair a Broken Financial World
Excerpt: "Had Mr. Paulson executed his initial plan, and bought Citigroup's pile of troubled assets at market prices, there would have been a limit to our exposure, as the money would have counted against the $700 billion Mr. Paulson had been given to dispense. Instead, he in effect granted himself the power to dispense unlimited sums of money without Congressional oversight. Now we don't even know the nature of the assets that the Treasury is standing behind. Under TARP, these would have been disclosed. THERE are other things the Treasury might do when a major financial firm assumed to be 'too big to fail' comes knocking, asking for free money. Here's one: Let it fail." (Michael Lewis and David Einhorn via The New York Times; free registration required)

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Links to Items on Executive Comp, Benefits in General

[Guidance Overview]
Saving Severely Underwater Stock Options
Excerpt: "Falling share prices have left many option holders -- both senior management and rank-and-file employees -- with severely underwater options. If these options remain underwater for a significant period of time, employee morale and retention could be negatively affected. To help avoid such consequences, companies may wish to consider repricing options to better reflect current share prices. Before doing so, however, a number of important securities, tax and accounting issues should be considered." (Faegre & Benson)


Benefit Managers Enter 2009 with Host of Concerns Regarding Departmental Operations and Employee Benefit Offerings in Wake of Dismal Economy
Excerpt: "From curbs on benefits offerings as companies look to cut budgets, to retirement savings issues as workers see their 401(k) accounts shrink, and health care reform as a new administration takes office, benefit managers face numerous uncertainties as the year begins. . . . Just as benefits managers are waiting to see how their benefits departments will be affected by the economic downturn, they are pondering if and when health care reform will occur and how their organizations will be affected . . . ." (Business Insurance)


The Kroger Company to Union: Health, Pension Costs Too High
Excerpt: "The Kroger Co. has warned rising health-care and pension costs could be sticky issues in labor negotiations that will affect about 12,000 employees in the Peach State. The union said it plans to fight potential demands for health-care cost-sharing and other concessions." (Atlanta Business Chronicle via bizjournals.com; free registration required)


[Opinion]
Should Congress Put a Cap on Executive Pay?
Excerpt: "One popular proposal would cap the chief executive's pay at each company at 20 times its average worker's salary. But while Congress may well have compelling reasons to limit executive pay in companies seeking bailout money, voter anger is not a good reason to extend pay caps more generally. To be sure, executive pay in the United States is vastly higher than necessary. Executives in other countries, whose pay is often less than one-fifth that of their American counterparts, seem to work just as hard and perform just as well. The same was true of American executives in the 1980s." (The New York Times; free registration required)


[Opinion]
The End of the Financial World as We Know It
Excerpt: "AMERICANS enter the New Year in a strange new role: financial lunatics. We've been viewed by the wider world with mistrust and suspicion on other matters, but on the subject of money even our harshest critics have been inclined to believe that we knew what we were doing. They watched our investment bankers and emulated them . . . . This is one reason the collapse of our financial system has inspired not merely a national but a global crisis of confidence. Good God, the world seems to be saying, if they don't know what they are doing with money, who does?" (Michael Lewis and David Einhorn via The New York Times; free registration required)

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Newly Posted Events

Mind Your Ps and Qs?and ks?: Fiduciary Responsibilities in 401(k) and Other Retirement Plans
in Georgia on January 15, 2009
presented by WEB (Worldwide Employee Benefit Network) Atlanta Chapter

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Newly Posted Press Releases

PBGC Publishes Pension Insurance Data Book 2007
Pension Benefit Guaranty Corporation (PBGC)

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

Pension Administrator
for Primark Benefits
in CA

401(k)/DC Admin Manager, ESG
for CUNA Mutual Group
in WI

Senior Retirement Consultant Manager
for CUNA Mutual Group
in WI

Benefits Manager
for CUNA Mutual Group
in WI

Retirement Plan Consultant
for Qualified Plan Consultants, LLC
in IA

Retirement Products Proposal Manager
for CUNA Mutual Group
in WI

Retirement Plan Consultant
for CDM Retirement Consultants, Inc.
in MD

Employee Benefits Paralegal
for Trucker Huss, APC
in CA

Defined Benefit Client Consultant
for Prudential Financial
in CT

Retirement Plan Administrator
for North American Pension Services, L.L.C.
in MI

Programmer
for Leggette Actuaries, Inc.
in TX

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