Bankruptcy cases increased approximately 35% for the 12-month period ending June 30, 2009 , according to statistics released by the Administrative Office of the U.S. Courts. The number of cases went from 967,831 to 1,306,305. These statistics call attention to one of the often overlooked aspects of a retirement plan – protection from bankruptcy. It’s … Continue Reading
That’s Bloc Party, a British indie rock block pictured above. And If it can be broken then it can be fixed is the opening line from Pioneers, one of the tracks on Silent Alarm, their 2005 debut album. The album was crafted by chief lyricist Kele Okereke to examine the feelings and hopes of young … Continue Reading
If you’ve been around retirement plans for any length time, you’ll know that the acronym QDRO (one of many in the benefit business) stands for Qualified Domestic Relations Order. It’s a court order that creates a right for an alternative payee to receive some or all of a participant’s benefits in a qualified retirement … Continue Reading
Whether your preference is Sean Connery, George Lazenby, Roger Moore, Timothy Dalton, Pierce Brosnan, or now Daniel Craig, the James Bond character has been used in the longest running and most financially successful English language film franchise to date. The Bond movies started in 1962 with Dr. No. For us ERISA people, our Bond originated … Continue Reading
It’s already the middle of July, and for many retirement plan sponsors Form 5500 will be due by the end of this month unless extended. And if you’re a plan sponsor whose 5500 must include an ERISA audit, selecting a plan auditor is a fiduciary function. Here is a link to my column in the July issue of … Continue Reading
There a lot of business myths out there. One of the most potentially dangerous is that there is a "7-Year Rule" and a "6-Year Rule" respectively for maintaining business and ERISA records. Both may be guidelines, but not the practical side of record retention. That’s the topic of my recent post over at my other … Continue Reading
This is the fourth in our EGTRRA Restatement Series, the purpose of which is to help retirement plan sponsors handle the required amendment and restatement of their retirement plans. Last week, I discussed plan document choices. Today’s post is about the Summary Plan Description ("SPD") and its distribution requirements – electronically speaking. For many retirement … Continue Reading
It’s the age-old story: worker classification, or rather misclassification. I wrote about it this past February, Independent Contractor or Employee? Employee Classification Still A High Priority Enforcement Matter.That was about the IRS auditing employers to determine whether those "independent contractors" were actually employees with required tax withholdings and possible inclusion in benefit plans. I cover … Continue Reading
If you provide retirement plan services, here’s a "must read" blog post by our fellow blogger, Bob Toth, Of Counsel to Giller and Calhoun. Bob writes about The SEC’s and DOL’s Cross Agency Retirement Plan "Compliance Waltz". Bob’s post also includes a link to his article of the same name that appears in the May-June … Continue Reading
The album cover pictured above is of The Times They Are a-Changin’, singer-songwriter Bob Dylan’s third studio album, released in January 1964. The title track is one of Dylan’s most famous. Many at the time felt that it captured the spirit of social and political upheaval that characterized the 1960s. Now let’s fast forward some … Continue Reading
Much of what’s out there on blogs is pretty vanilla at best. Except for those individuals that combine their expertise with a definite point of view. It’s makes for interesting reading and provides context for what’s going on in their particular field – and sometimes in the larger picture of the economy and business environment. … Continue Reading
Common Sense Fail The picture above is from the FAIL blog which daily posts user-submitted funny FAIL pictures and videos. The "fail" relates to so many people not having enough common sense not to sit down on a wet park bench that this sign actually had to posted. Which then lead me back to today’s … Continue Reading
Every once in a while I’ll start to wander off into “Pensionspeak” when I’m talking to a client. And when I do, I’ll catch myself by remembering what one of our important business partners once told me when I started to get too technical. Or even technical at all depending on the audience. He told … Continue Reading
I was honored to be a guest speaker today to The Lake County Estate Planning Council. The group is an interdisciplinary organization for professionals involved in estate planning to better serve the needs of the public in estate planning. The title of my presentation is: LIFE INSURANCE IN QUALIFIED RETIREMENT PLANS: The Impact of the New … Continue Reading
If you’re a TV reality show fan, you’ll recognize the quoted part of the headline as the opening from Bad Boys, the theme from Fox’s long-running show COPS, by Inner Circle, the Jamaican raggae group. The second part of the headline can be viewed as life imitating art. As the economy tanks, crime rises. Marc Tracy … Continue Reading
We welcome a new blog to the employee benefit blogging community. It’s the Business of Benefits, the focus of which is issues facing insurance companies, financial service providers, and plan sponsors. It’s being published by the law firm of Giller & Calhoun. The named partners are Evan Giller in New York City and Monica Dunn Calhoun, Denver. Bob Toth in Ft. Wayne, Indiana … Continue Reading
Remember that kids’ game, Animal, Vegetable, or Mineral? You had to guess into what category the object fell. Well, today in business, there is a similar question. Independent contractor or employee? But it’s not a game. The misclassification of a worker can have serious financial consequences. Penalties and interest involving payroll taxes can pile up … Continue Reading
With a new Administration and a new Congress about to take over, we’re going to start to see the think tanks and not-for-profit organizations issuing research and recommendations regarding public policy for retirement plans. One of those organizations is the National Institute on Retirement Security (NIRS), a not-for-profit organization whose stated mission is to “encourage the development of public … Continue Reading
That’s the title of Sergio Leoni’s 1966 movie considered the greatest of the Italian spaghetti westerns. We know it in this country, of course, as The Good, The Bad, and The Ugly. The movie starred Clint Eastwood (the Good), Eli Wallach (the Bad), and Lee Van Cleff (the Ugly). And just like the movie, the year 2008 had The Good, The Bad, and … Continue Reading
Over at Slate’s BizBox blog, a special promotion by Open from American Express, I posted an article that discusses one of the things it takes for business owners to be able to make retirement plan contributions. Check out Be A Park-Down-The-Street-Businessperson.… Continue Reading
A Risk Management Tool for Fiduciaries in A New Retirement Plan Environment Updated for the Pension Protection Act of 2006 (PDF) Introduction My last post was a year-end ERISA fidelity bond reminder. ERISA does not require liability protection; the only mandatory insurance is an ERISA Fidelity bond to protect the plan assets from losses due to misuse or … Continue Reading
Last July, I asked the question will Form 5500s reveal outdated fidelity bonds or retirement plans without bonds at all. That was prior to the July 31st due date (unless extended) for calendar year retirement plans required to file Form 5500 for the 2007 plan year. And, I noted, as in the past, there will … Continue Reading
