Actuarial - misc (BenefitsLink.com)Headlines re Actuarial - misc, gathered by BenefitsLink.comHandy Resource Page for Joint Board for the Enrollment of Actuaries Is Published by IRS- (Found June 24, 2008 ) Information available includes: News from the Joint Board; Enrolled Actuary Information; Joint Board Examination Program; and, Renewal of Enrollment. (Internal Revenue Service)http://www.irs.gov/taxpros/actuaries/index.html Pension Restructuring Cuts Deep Into Steelworkers' Pockets- (Found June 24, 2008 ) Excerpt: "A 55-year-old steelworker wonders whether he will ever retire since learning in March that his monthly pension benefit will be cut by more than two-thirds to less than $300. He is an unintended victim of a steel company's reorganization after promising benefits it couldn't afford, and a federal policy that cheated him out of his 30-year pension by a matter of weeks." (Chicago Tribune)http://www.chicagotribune.com/business/chi-mon-rose-steelworker-pensionjun09,0,3401480.col... Guidance Overview PBGC Issues Final Premium Payment Guidance (PDF)- (Found June 24, 2008 ) Excerpt: "These developments affect sponsors of qualified defined benefit plans that are subject to PBGC premium requirements, including cash balance plans and multiemployer plans. Governmental plans and plans sponsored by churches that do not elect to be covered by ERISA ('non-electing church plans') are not subject to these rules." (Prudential Retirement)http://www.prudential.com/media/managed/PensionAnalyst_PBGC_FinalPremum.pdf Guidance Overview Treasury Security Rate Set for Computing Current Plan Liability for June 2008- (Found June 24, 2008 ) Excerpt: "For pension plan years beginning in June 2008, the IRS has released the corporate bond weighted average interest rate, the permissible range of interest rates used to calculate current plan liability and to determine the required contribution under Code Sec. 412(l) for plan years through 2008, and the current corporate bond yield curve and related segment rates for the purpose of establishing a plan's funding target under Code Sec. 430(h)(2)." (CCH Incorporated)http://tax.cchgroup.com/news/headlines/2008/nws61008.htm#1 Opinion San Francisco Has Plan for Stemming Retiree Health Benefit Costs, But It Could Be Better- (Found June 24, 2008 ) Excerpt: "The good news about San Francisco's Proposition B is that it represents a rare effort by a local government to confront its daunting long-term liability for its retirees. Governments at all levels have been ignoring a fiscal time bomb: Their binding promises to provide workers with lifetime health care benefits, without putting away any money to prepare for the cost. The bad news about Proposition B is that it is more complicated and less effective than it could have been."..http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/13/EDDA10LGP3.DTL ASPPA Rolls Out Professional Services Directory of ASPPA Members, Available for Use by Public- (Found June 24, 2008 ) Excerpt: "Please select the professional services that you require, then you may select to search by zip code and mile radius or city, state and mile radius. . . . Please select one or more services . . . : 401(K)Defined Contribution Services; Actuarial and Defined Benefit Services; Compliance and Fiduciary Services; Investment Services' ASPPA membership information is online at http:www.asppa.orgmembershipmember_join.htm (American Society of Pension Professionals and Actuaries)http://asppa.timberlakepublishing.com/welcome.aspx Guidance Overview New Multiemployer Plan Disclosure Requirements - ERISA Section 101(k) (PDF)- (Found June 24, 2008 ) Pages 5-7 of 8 pages. Excerpt: "If they haven't done so already, multiemployer pension plan administrators should start gathering actuarial and financial reports prepared for their plans in prior years so they can respond quickly to requests for such information pursuant to a new provision that became effective on January 1, 2008 for calendar year plans." (Trucker Huss)http://truckerhuss.com/articles/data/newsletter_back_issues/2008/20080101_newsletter_volum... Guidance Overview Final PBGC Premium Payment Regs Provide Limited Waiver of Penalty to Allow Time to 'True-Up' Estimates- (Found June 24, 2008 ) Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) has issued final regulations that provide for a limited waiver of the penalty for failure to pay premiums to allow large and mid-size plans time to 'true-up' estimated premium payment liabilities. Interest during the 'true-up' period, however, is not suspended." (Wolters Kluwer)http://hr.cch.com/news/pension/033108a.asp Guidance Overview Proposed IRS Regs Amend Notice Requirements for Benefit Accrual Reductions- (Found June 24, 2008 ) Excerpt: "The IRS has issued proposed regulations which would amend the requirements for providing notice to certain affected persons when a plan significantly reduces benefit accruals. The proposed regulations set forth timing rules for ERISA 204(h) notices for plan amendments reducing benefit accruals which are permitted to be effective before the applicable amendment date, and reflect other changes to notice requirements made by the Pension Protection Act of 2006 (PPA; P.L....http://hr.cch.com/news/pension/040108a.asp Guidance Overview Notice 2008-30 - Guidance on PPA Changes to Distribution Rules for 2008- (Found June 24, 2008 ) Excerpt: "Notice 2008-30 provides guidance on distribution-related provisions of the Pension Protection Act of 2006 (PPA) that are effective in 2008, including rollovers from eligible retirement plans to Roth IRAs, additional survivor annuity options, and interest rate assumptions for lump sum distributions. The notice also provides guidance regarding plan amendments for certain gap-period earnings." (McKay Hochman Co., Inc.)http://www.mhco.com/Commentary/2008/N_8_30_Direct_Roll_2Roth_040408.htm |