In this current outlook we review retirement benefits-related proposals in the Administration’s fiscal year 2013 budget; the introduction in the House of a concurrent resolution affirming the importance of tax incentives for retirement savings; DB funding “relief” included in the Senate Highway Bill; and (very briefly) the re-introduction of Auto IRA legislation in the House…. Read More
In July 2010, the Department of Labor released an “interim final regulation” (hereafter, the “interim regulation”) under section 408(b)(2) of ERISA — the “service provider exemption” — providing a comprehensive and fully articulated set of rules governing provider-to-sponsor fee disclosure. Because of the significance of changes in the interim regulation from the (2007) proposed regulation,… Read More
In July 2010, the Department of Labor released an “interim final regulation” (hereafter, the “interim regulation”) under section 408(b)(2) of ERISA — the “service provider exemption” — providing a comprehensive and fully articulated set of rules governing provider-to-sponsor fee disclosure. Because of the significance of changes in the interim regulation from the (2007) proposed regulation,… Read More
For a variety of reasons, many sponsors of defined benefit (DB) plans have decided to freeze their plans in favor of new or expanded defined contribution (DC) plans. Others are considering this strategy. One of the common causes for going this route has been rising and volatile cash and accounting costs and liabilities. The hope… Read More
By sponsoring a retirement plan, a company may assume a variety of risks in exchange for benefits it hopes to gain for its business, such as a more productive workforce. For purposes of this discussion, a “risk” is the potential that an outcome will be different from its “expected” value and have negative consequences. Differences… Read More
The Commodity Futures Trading Commission (CFTC) has released its final business conduct standards rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rule addresses many concerns raised by retirement plan sponsors. Most significantly, under the new rule, generally, where an ERISA plan has an ERISA fiduciary advisor, rules that would have… Read More
Planning for retirement presents a host of risks for employees. Are they saving enough? Are their investmentsappropriate and efficient? Will they retire when and how they desire? Will their retirement assets last for the rest of their lives? Explore alternative retirement strategies and help your employees navigate risk with our Market Return Cash Balance Plan…. Read More
There are active discussions in Congress about decreasing contribution limits to 401(k) and other defined contribution plans. These discussions are driven, in part, by current pressure to “fix” the budget problem. Advocates of fundamental tax reform propose reducing marginal tax rates and eliminating or reducing special tax treatment for certain programs. The list of targets… Read More
On September 15, 2011, House Majority Leader John Boehner called for the “Super Committee” (the committee authorized by the debt ceiling compromise) to “develop principles for broad-based tax reform that will lower rates for individuals and corporations while closing deductions, credits, and special carveouts in our tax code. Tax reform should deal with the whole… Read More
On June 16, 2011, the International Accounting Standards Board (IASB) released final amendments to IAS 19 Employee Benefits. The new rule dramatically revises accounting for defined benefit plans, moving plan sponsors away from the current approach, which involves considerable “smoothing” of period-to-period measurements. It does not, however, require marking to market DB performance in operating… Read More
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