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[Guidance Overview]
DOL's Guidance on Annual Funding Notice Requirements for Defined Benefit Plans (PDF)
3 pages. Excerpt: "The annual funding notice requirements apply to plan years beginning on or after January 1, 2008. Generally, the notices must be provided within 120 days after the end of the plan year, which means that the first notice for calendar year plans must be provided by April 30, 2009. Notices for small plans (plans with less than 100 participants) must be provided no later than the earlier of (1) the date on which the annual report is filed under Section 104(a) of ERISA or (2) the latest date the annual report must be filed under that section (including extensions)." (Snell & Wilmer LLP)


[Guidance Overview]
Small Plans with Missed Quarterlies: PBGC Drops Reporting Waiver
Excerpt: "These reporting waivers will no longer apply, starting with quarterly contributions for the 2009 plan year. On February 20, 2009, PBGC added the following explanation to its 'What's New for Practitioners' page on its website (http://pbgc.gov/practitioners/whatsnew.html) . . . ." (Keightley & Ashner LLP)


[Guidance Overview]
Brief Urges Rehearing En Banc of Seventh Circuit ERISA Fiduciary Case
Excerpt: "The problem depicted in Deere is not a new one. Plan fiduciaries have known for years that investment firms were charging fees paid with 'soft dollars'. Some took due diligence measures that ameliorated the problem, but many didn't. All of this is by way of setting up the essential purpose of this post which is notice of a amici brief posted on SSRN supporting a rehearing en banc in the Deere case." (Roy Harmon III via Health Plan Law)


[Guidance Overview]
Fiduciary Breach Claim for Loss of Plan Assets in Ponzi Scheme Time-Barred by ERISA
Excerpt: "Plan trustees' suit for fiduciary breach, stemming from the investment of $550,000 in plan assets in a Ponzi scheme, was barred by ERISA's statute of limitations, where the trustees had actual knowledge of the facts underlying their legal claims more than 3 years before filing suit, the U.S. Court of Appeals in Richmond (CA-4) has ruled in Browning v. Tiger's Eye Benefits Consulting." (Wolters Kluwer)


[Guidance Overview]
Getting Ready for EFAST2: Credentials
Excerpt: "In our continuing series of FAQs on EFAST2, we are addressing the issues and procedures with which 5500 preparers and plan sponsors will need to familiarize themselves to make the transition to electronic filing. After selecting the method a preparer will use to enter the data on the forms, the next step will be obtaining the proper electronic credentials. The following FAQs address the types of credentials required, how to obtain the credentials, and restrictions on sharing the credentials." (Sungard)


[Guidance Overview]
Former Kodak Employee Cannot Pursue More Pension Benefits
Excerpt: "The U.S. District Court for the District of New Jersey has ruled that a former Kodak employee who received a distribution of his pension benefits lacked standing to continue his Employee Retirement Income Security Act (ERISA) suit. Francis Dupont argued that he remains a participant in the traditional Kodak Retirement Income Plan (KRIP) because he did not receive the full value of his benefit in 1999 since he was a victim of the company's scheme to induce him to give up his participation in the traditional KRIP. However, the court found that Dupont lacks standing under ERISA as both a current and former participant." (PLANSPONSOR.com; free registration required)


[Guidance Overview]
Another Question is Answered in the 401(k) Plans Q&A Column
Does adding a low wage hourly employee as a 401(k) plan participant help to alleviate a "top-heavy" problem? (BenefitsLink.com)


Market Collapse Places Plan Fiduciaries at Risk but With Resources (PDF)
8 pages. Excerpt: "[T]his article is designed to provide a survey of fiduciary exposure issues in two parts. The first will explore recent trends in fiduciary litigation, and the second will look at some of the pertinent changes in the law and how employers are coping with them." (Holland & Hart LLP)


Providers Need More Time and Guidance for Form 5500 Rules
Excerpt: "A substantial majority of retirement plan service providers are unsure about how to comply with the new Form 5500 Schedule C reporting requirements, according to a recent survey by The SPARK Institute. Larry Goldbrum, General Counsel of The SPARK Institute said in a press release that nearly three quarters of the service providers responding to the survey said they need additional time and guidance in order to accurately comply with the new rules." (PLANSPONSOR.com; free registration required)


Morgan Stanley Fined $7M for Broker IRA Rollover Misconduct
Excerpt: "The Financial Industry Regulatory Authority (FINRA) announced that it has fined Morgan Stanley & Co. $3 million and ordered it to pay more than $4.2 million in restitution to resolve charges that its supervisory system failed to prevent brokers from violating FINRA rules on handling of IRA rollover/retirement accounts." (PLANSPONSOR.com; free registration required)


Many U.S. Employers Cut 401(k) Matches
Excerpt: "Workers and companies are making lots of cuts in 401(k) contributions, at what is probably the worst time in terms of potential impact on long-term savings. The moves come as cash-strapped individuals and businesses tighten their belts to survive the recession. But they also come at a time when savings have been shrunk by the stock-market decline. Some of the most dramatic numbers came Wednesday in a report released by Spectrum Group. The relatively small survey of 150 plan sponsors in February found that 34% of U.S. employers have reduced or eliminated the company match to the retirement savings plan in the past 12 months. Another 29% plan to make changes in the next 12 months." (The Wall Street Journal)


Survey Finds Some 401(k) Sponsors Aren't Doing Enough to Monitor Their Plans
Excerpt: "Given [the] findings, Grant Thornton said the retirement plans surveyed -- and presumably many others -- would have a tough time 'supporting the prudence of their fiduciary decisions in the face of a Department of Labor audit.' Plan sponsors must be able to demonstrate how they make decisions and operate their plans in accordance with the law and plan documents, according to Debbie Smith, employee benefits practice partner with Grant Thornton. That's clearly not the case in many plans." (MarketWatch)

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Links to Items on Executive Comp, Benefits in General

[Opinion]
AIG Deferred Compensation Plan Payouts
Excerpt: "Most of the funds paid out were employees' own salary reduction contributions to AIG's deferred compensation plans (and the investment earning thereon) and most of the recipients were not from the now infamous Financial Products Group. However, United Airlines pilots and many other executives and former executives over the years have lost their non-qualified deferred compensation plan benefits when their companies filed for bankrup.tcy protection." (Michael S. Melbinger via Winston & Strawn LLP)

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Webcasts and Conferences

( Click to post your webcast or conference )

Subrogation Soup: The Law & Practicalities
Nationwide on April 21, 2009
presented by ABA Joint Committee on Employee Benefits

Webinar: "Retirement Plans in Times of Change"
Nationwide on April 1, 2009
presented by Spectrum Pension Consultants, Inc.

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Press Releases

( Click to post your press release )

U.S. Labor Department Sues Former NFL Player and Others in Bankruptcy Court to Recover Pension Assets
U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

Putnam Launches New DC Platform
Putnam Investments

ERIC Endorses Minority Leader Boehner's Pension and Savings Relief Legislation
ERIC (ERISA Industry Committee)

5500 Schedule C Reporting Delay And Additional Guidance Needed, According To Survey By The SPARK Institute
SPARK Institute

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Employee Benefits Jobs

( Click to post your job opening | View all jobs | RSS feed of all jobs )

Vice President, Health & Welfare Advisory Services
for Sapers & Wallack, Inc.
in MA

Retirement Plan Consultant
for The Retirement Advantage, Inc.
in WI

Payroll Account Executive - Various Locations
for Fidelity Investments
in ANY STATE, IL, MA, MN, NC, NJ, NM, NY, PA, RI

401(k) Plan Administrator
for Capital Retirement Plan Services, Inc.
in PA

Sr. Insurance Project Representative ? Team Liaison
for National Rural Electric Cooperative Association
in VA

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EmployeeBenefitsJobs.com (Sponsor)

(Click on banner to learn more.)

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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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