Feb 04, 2010 — Brokers/advisers are the most trusted sources to provide accurate information about investments, investing, or the markets, according to the 2010 Edelman Financial Services U.S. Trust Barometer. —
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Feb 04, 2010 — New York accounting firm Eisner LLP has issued a warning that the Internal Revenue Service (IRS) will begin sending questionnaires to 401(k) sponsors to gather information about their level of compliance with applicable tax rules.
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The Benefits Game: Year End Edition
It has been a busy year for benefit professionals. During 2009 numerous new rules have been issued and/or gone into effect that may impact your benefit programs. Other rules require compliance by the end of 2009 or in 2010. Legislation ranging from a complete overhaul of our health care system to additional pension funding relief is pending The following alert is intended to provide an overview of some of the employee benefit issues you should consider before year-end.
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December 10, 2009 — A new study from Fidelity finds more Americans than in the past are resolving to save more and learn more about finances in the coming year. —
The telephone survey of more than 1,000 Americans ages 18 and older indicated that 35% typically consider New Year’s resolutions regarding their finances, but 43% of individuals said they are more likely to consider financial resolutions for the coming year. This number increases to 55% among those ages 35 to 44, Fidelity said.
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December 10, 2009 — In an advisory opinion, the U.S. Department of Labor (DoL) addressed whether investment advisers to the mutual funds underlying target-date funds used in a retirement plan are plan fiduciaries. —
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By MICHAEL R. CRITTENDEN and JESSICA HOLZER
WASHINGTON — Sen. Chris Dodd introduced a wide-ranging financial-regulatory-overhaul measure Tuesday, seeking more ambitious changes in some areas than the regime envisioned by the White House or his counterparts in the House of Representatives.
The Connecticut Democrat’s discussion draft, running more than 1,100 pages, would create an Agency for Financial Stability that would be tasked with identifying and removing systemic risks to the economy. It also would consolidate bank supervision into a single regulator–the Financial Institutions Regulatory Administration–and create a new Consumer Financial Protection Agency to oversee the products made available to consumers.
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November 09, 2009 — A new study in three countries found that sending a simple text message can remind individuals to save. — The study by a group of economists found that sending out text reminders to individuals’ cell phones increased savings balances by 6%. The study challenges the idea that people don’t have enough self-control to save, according to a Dow Jones news report.
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This Compliance Alert reminds sponsors of qualified plans about imminent deadlines for compliance with certain provisions of the Pension Protection Act of 2006 (PPA ’06). Most significantly, by December 31, 2009, sponsors of calendar-year plans must adopt amendments required by PPA ’06.
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November 9, 2009 (PLANSPONSOR.com) – Heavy equipment manufacturer Caterpillar Inc. has agreed to a $16.5-million settlement of an excessive fee lawsuit in federal court in Illinois.
A company newsletter said the September 2006 suit leveled the fiduciary breach charges against Caterpillar regarding its four 401(k) plans for workers and retirees.
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Nevin E. Adams, JD
October 26, 2009 — This week a Senate committee will once again take up the topic of target-date funds. —
U.S. Senator Herb Kohl (D-Wisconsin), chairman of the Senate Special Committee on Aging, today released a report by the U.S. Government Accountability Office (GAO) examining the effect automatic enrollment has on 401(k) participation and retirement savings (see GAO Says Automatic IRA no Silver Bullet), and also announced panelists for a hearing titled, “Default Nation: Are 401(k) Target Date Funds Missing the Mark?”
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