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
I’m pleased to announce that I am now a regular contributing author for BizBox by Slate, a special promotion by OPEN from American Express. I’m one of 5 contributors whose focus is helping business owners manage and grow their businesses. Come visit us.… Continue Reading
Every year the Internal Revenue Service releases cost of living adjustments to applicable dollar limits for retirement plans. Here is a link to a chart (pdf) that summarizes the most frequently used limits.… Continue Reading
“Joe The Plumber” has had his 15 minutes of fame, and then some. Our friends at Slate’s Bizbox blog for whom I regularly contribute went beyond the political rhetoric when they said Keep Helping Small Business. And here’s why the new administration should do more for “Joe The Plumber” and all the other small businesses … Continue Reading
See full-size image. I was certainty premature yesterday in thinking the bailout bill was going to pass when I wrote the bailout bill is like a Christmas tree – something for everyone including retirement plans. And I wasn’t alone. The stock market reacted with the largest one day drop in its history. No one knows the … Continue Reading
The bailout bill working its way through Congress now has something for everyone – including retirement plans. The legislation is being called TARP, ("Troubled Asset Relief Program"), and it’s an acronym that some retirement plans will get to know better. In addition to bailing out financial institutions, TARP also permits the Treasury to protect "the retirement security of … Continue Reading
ERISA, of course, requires adherence to a host of deadlines, and the failure to meet some of them can have serious consequences for a retirement plan sponsor. Here’s a new batch of such deadlines added by the Pension Protection Act of 2006 (PPA) that could affect defined benefit pension plans for 2008 calendar year plans. … Continue Reading
The funded status (or lack thereof) of public employee pension plans doesn’t get a whole lot of coverage by the mainstream media. That’s unfortunate because it’s an important public policy issue with extremely significant long-term financial implications for all of us taxpayers. But leave it to cartoonist Scott Adams to weigh in on the topic via his … Continue Reading
Just recently, I thought that it might be the dog days of summer as far as setting up a retirement plan is concerned. But it may be the “retirement plan season” is here after all – at least in the minds of our fellow bloggers at Slate magazine’s BizBox blog. Their post today is What Retirement … Continue Reading
