The second
requires plan sponsors to make certain other disclosures to employees and plan participants.
The first to go into effect
requires plan sponsors to evaluate mandated disclosures from their service providers.
You can compare fees on the investment options in your 401 (k)(and get info on administrative and other plan fees) by checking out the annual disclosure the Department of Labor
requires plan sponsors provide plan participants.
Nothing
requires plan sponsors to adopt any of these concepts, but from a best practice perspective, these opportunities bear consideration.
Keep in mind that Department of Labor regularly
requires plan sponsors to benchmark their plan so this will fulfill your fiduciary obligation.
Thus, reforms like stricter regulations on brokers, disclosure of 401 (k) fees, or
requiring plan sponsors to offer more lower - cost index funds, would be band - aids; they wouldn't fix this fundamentally broken system.
Replacing market - based benchmarks with real world benchmarks that are directly linked to a pension fund's purpose will
require plan sponsors to re-visit governance structures.
Existing methods can not be used to comply since regulations
require that plan sponsors affirmatively evaluate the sources they usually rely on for compliance.
Not exact matches
Lost jobs; a leaky classroom ceiling that
required 21 buckets; and stapled textbooks rather than the usual hardcover — it's not just future retirees that will suffer if investment returns from state -
sponsored pension
plans continue on their downward trajectory.
(a) Schedule 2.7 (a) of the Disclosure Schedule contains a list setting forth each employee benefit
plan, program, policy or arrangement (including any «employee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
plan, program, policy or arrangement (including any «employee benefit
plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA
Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
Plan»)-RRB-, including, without limitation, employee pension benefit
plans, as defined in Section 3 (2) of ERISA, multi-employer
plans, as defined in Section 3 (37) of ERISA, employee welfare benefit
plans, as defined in Section 3 (1) of ERISA, deferred compensation
plans, stock option
plans, bonus
plans, stock purchase
plans, fringe benefit
plans, life, hospitalization, disability and other insurance
plans, severance or termination pay
plans and policies, sick pay
plans and vacation
plans or arrangements, whether or not an ERISA
Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligat
Plan (including any funding mechanism therefore now in effect or
required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to,
sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligation.
The following benefits are not subject to the HP Severance Policy, either because they have been previously earned or accrued by the employee or because they are consistent with Company Practices: (i) compensation and benefits earned, accrued, deferred or otherwise provided for employment services rendered on or prior to the date of termination of employment pursuant to bonus, retirement, deferred compensation or other benefit
plans, e.g., 401 (k)
plan distributions, payments pursuant to retirement
plans, distributions under deferred compensation
plans or payments for accrued benefits such as unused vacation days, and any amounts earned with respect to such compensation and benefits in accordance with the terms of the applicable
plan; (ii) payments of prorated portions of bonuses or prorated long - term incentive payments that are consistent with Company Practices; (iii) acceleration of the vesting of stock options, stock appreciation rights, restricted stock, restricted stock units or long - term cash incentives that is consistent with Company Practices; (iv) payments or benefits
required to be provided by law; and (v) benefits and perquisites provided in accordance with the terms of any benefit
plan, program or arrangement
sponsored by HP or its affiliates that are consistent with Company Practices.
Such risks and uncertainties include, but are not limited to: our ability to achieve our financial, strategic and operational
plans or initiatives; our ability to predict and manage medical costs and price effectively and develop and maintain good relationships with physicians, hospitals and other health care providers; the impact of modifications to our operations and processes; our ability to identify potential strategic acquisitions or transactions and realize the expected benefits of such transactions, including with respect to the Merger; the substantial level of government regulation over our business and the potential effects of new laws or regulations or changes in existing laws or regulations; the outcome of litigation, regulatory audits, investigations, actions and / or guaranty fund assessments; uncertainties surrounding participation in government -
sponsored programs such as Medicare; the effectiveness and security of our information technology and other business systems; unfavorable industry, economic or political conditions, including foreign currency movements; acts of war, terrorism, natural disasters or pandemics; our ability to obtain shareholder or regulatory approvals
required for the Merger or the requirement to accept conditions that could reduce the anticipated benefits of the Merger as a condition to obtaining regulatory approvals; a longer time than anticipated to consummate the proposed Merger; problems regarding the successful integration of the businesses of Express Scripts and Cigna; unexpected costs regarding the proposed Merger; diversion of management's attention from ongoing business operations and opportunities during the pendency of the Merger; potential litigation associated with the proposed Merger; the ability to retain key personnel; the availability of financing, including relating to the proposed Merger; effects on the businesses as a result of uncertainty surrounding the proposed Merger; as well as more specific risks and uncertainties discussed in our most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section of www.cigna.com as well as on Express Scripts» most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section of www.express-scripts.com.
Recognizing that
plan sponsors have unique formulary needs that
require customization to meet specific goals, RxAdvance provides clients with modeling and impact analytics to derive the most efficient and cost - effective standard and specialty formularies.
Upon approval by
plan sponsors, the implementation of the pharmacy benefit through RxAdvance becomes a seamless process that
requires minimal manual intervention.
Accordingly, these
plan sponsors will be
required to understand the EHB benchmark standards for the state in which their
plan operates in order to review their
plan to ensure that it does not illegally impose lifetime and annual limits on EHBs.
Other
plan sponsors will not be
required to pay the PCORI fees until 2014.
Required minimum distributions, often referred to as RMDs or minimum required distributions, are withdrawals that the federal government requires you to take annually from traditional individual retirement accounts (IRAs) and employer - sponsored retirement plans after you reach age 70 1/2 (or, in some cases, after you
Required minimum distributions, often referred to as RMDs or minimum
required distributions, are withdrawals that the federal government requires you to take annually from traditional individual retirement accounts (IRAs) and employer - sponsored retirement plans after you reach age 70 1/2 (or, in some cases, after you
required distributions, are withdrawals that the federal government
requires you to take annually from traditional individual retirement accounts (IRAs) and employer -
sponsored retirement
plans after you reach age 70 1/2 (or, in some cases, after you retire).
(Employers that
sponsor 401 (k)
plans are not
required to offer catch - up contributions, but a majority of them do.)
Roth accounts should be
required for all
sponsors offering a 401k
plan.
While employers would be
required to pay one half of the cost of the modest premium increase
required to finance an enhanced CPP, companies which
sponsor defined benefit pension
plans would not face additional costs since the great majority of these
plans are fully integrated, meaning that they would pay out less as CPP benefits were increased.
Though some of the reduction can be attributed to the impact of having two major market downturns during this period, we also have seen that some
plan sponsors have not been willing or able to contribute the actuarially determined
required contributions that could help to bridge the funding gap.
plans, e.g., 401 (k)
Plan distributions, payments pursuant to retirement plans, distributions under deferred compensation plans or payments for accrued benefits such as unused vacation days, and any amounts earned with respect to such compensation and benefits in accordance with the terms of the applicable plan; (ii) payments of prorated portions of bonuses or prorated long - term incentive payments that are consistent with Company Practices; (iii) acceleration of the vesting of stock options, stock appreciation rights, restricted stock, restricted stock units or long - term cash incentives that is consistent with Company Practices; (iv) payments or benefits required to be provided by law; and (v) benefits and perquisites provided in accordance with the terms of any benefit plan, program or arrangement sponsored by HP or its affiliates that are consistent with Company Practi
Plan distributions, payments pursuant to retirement
plans, distributions under deferred compensation
plans or payments for accrued benefits such as unused vacation days, and any amounts earned with respect to such compensation and benefits in accordance with the terms of the applicable
plan; (ii) payments of prorated portions of bonuses or prorated long - term incentive payments that are consistent with Company Practices; (iii) acceleration of the vesting of stock options, stock appreciation rights, restricted stock, restricted stock units or long - term cash incentives that is consistent with Company Practices; (iv) payments or benefits required to be provided by law; and (v) benefits and perquisites provided in accordance with the terms of any benefit plan, program or arrangement sponsored by HP or its affiliates that are consistent with Company Practi
plan; (ii) payments of prorated portions of bonuses or prorated long - term incentive payments that are consistent with Company Practices; (iii) acceleration of the vesting of stock options, stock appreciation rights, restricted stock, restricted stock units or long - term cash incentives that is consistent with Company Practices; (iv) payments or benefits
required to be provided by law; and (v) benefits and perquisites provided in accordance with the terms of any benefit
plan, program or arrangement sponsored by HP or its affiliates that are consistent with Company Practi
plan, program or arrangement
sponsored by HP or its affiliates that are consistent with Company Practices.
«He (President George W. Bush) often talked about «To whom much is given, much is
required,»» said Gerson, of the
sponsor of the
plan.
The law goes beyond federal minimum requirements to specifically include nutritional requirements for a la carte items and school
sponsored fundraisers before, during, and after school hours, and
requires that a
planned, sequential K - 12 health and physical education curriculum aligned with state benchmarks be included in the wellness policy.
NEW YORK CITY — One of the
sponsors of legislation that would
require police to obtain consent to conduct searches without a warrant or probable cause said he
plans to push forward with the bills after Council Speaker Melissa Mark - Viverito negotiated what critics call a «back - door deal» to allow the NYPD to instead implement some of the changes themselves.
The legislation, which Republican Bill Larkin
sponsored in the Senate, would have given county
planning departments a formal role in an annexation review process but not
require their approval.
Senator Jack Martins, a Republican who until last year was mayor of the Nassau County megavillage of Mineola (which is mostly located in the Town of North Hempstead, but also a little bit in the Town of Hempstead), is
sponsoring a bill
requiring two votes: one to draft the
plan, another to implement it.
They also suggest that research
sponsors may want to
require such a
plan as a condition for funding.
If put into effect, the law would
require foreign nongovernmental organizations (NGOs), including universities and research institutes, to «obtain prior approval from designated Chinese
sponsors if they
plan to carry out any permanent or temporary activity in China.
For National Science Foundation -
sponsored projects costing several million dollars or more, the committee recommends that NSF
require a management
plan appropriate to
The government's «Schools that work for everyone» consultation set out
plans that would
require universities to
sponsor a school or open a new school if they wish to charge more higher tuition fees.
Instead, legislation
requires the academy's
sponsor to communicate
plans for improvement to the parents of registered pupils at the school — and in reality this is likely to be joint effort.
Half of academies
sponsored by grammar schools are rated as
requiring improvement or inadequate, casting doubt on the effectiveness of government
plans to get more selective schools running other nearby schools.
It
requires sponsors to monitor each school's progress and provide technical assistance, including ensuring each has a
plan to improve performance.
But even if the
plan is underfunded, the corporate
sponsor is
required to fund deficiencies owed to pensioners.
Specifically, advisors and
plan sponsors should consider evaluating what changes are
required to the Investment Policy Statement (IPS) whenever making changes to the nature of services or investment vehicles that will be used by a
plan sponsor or offered to participants.
As you are likely aware, as of July 1, 2012 (unless they move the date again)
plan sponsors (via their outside
plan administrators in most cases) are
required to provide
plan participants with reporting about the fees that they pay via the
plan.
IRS regulations
require that owners of retirement accounts including IRAs and qualified employer
sponsored retirement
plans (QRPs) such as 401 (k) s, 403 (b) s and governmental 457 (b) s must begin taking distributions annually from these accounts.
While some
plan sponsors or employers do not
require spousal consent for an employee to take a loan or make a withdrawal from his or her 401K, many do.
This
requires extra work from both
plan sponsor and managed account provider in educating employees.
Many
plan sponsors do not seem to grasp that simply making tools available to participants is not enough — something of a push or nudge is
required for any such offering to take full effect.
Although they might restrict foreign currency and interest rate exposure, Canadian retirement and pension
plan sponsors no longer will
require their bond managers to restrict their portfolios to Canadian issuers.
If I transfer assets out of the
Plan and into an IRA I understand that: (i) those assets will no longer be subject to the protections of ERISA, (ii) I alone will be making investment decisions about those assets and will not be able to rely on the plan sponsor or any other person with ERISA fiduciary responsibilities, (iii) depending on the investments and services selected for the IRA, I may pay more in transaction costs than when the assets are in the Plan, and (iv) if I am between the age of 55 and 59.5, I would lose the ability to potentially take penalty - free withdrawals from the plan, (v) if I continue working past age 70.5 and transferred my plan assets to my new employer's plan, I would not be subject to required minimum distribution, and (iv) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g. net unrealized appreciati
Plan and into an IRA I understand that: (i) those assets will no longer be subject to the protections of ERISA, (ii) I alone will be making investment decisions about those assets and will not be able to rely on the
plan sponsor or any other person with ERISA fiduciary responsibilities, (iii) depending on the investments and services selected for the IRA, I may pay more in transaction costs than when the assets are in the Plan, and (iv) if I am between the age of 55 and 59.5, I would lose the ability to potentially take penalty - free withdrawals from the plan, (v) if I continue working past age 70.5 and transferred my plan assets to my new employer's plan, I would not be subject to required minimum distribution, and (iv) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g. net unrealized appreciati
plan sponsor or any other person with ERISA fiduciary responsibilities, (iii) depending on the investments and services selected for the IRA, I may pay more in transaction costs than when the assets are in the
Plan, and (iv) if I am between the age of 55 and 59.5, I would lose the ability to potentially take penalty - free withdrawals from the plan, (v) if I continue working past age 70.5 and transferred my plan assets to my new employer's plan, I would not be subject to required minimum distribution, and (iv) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g. net unrealized appreciati
Plan, and (iv) if I am between the age of 55 and 59.5, I would lose the ability to potentially take penalty - free withdrawals from the
plan, (v) if I continue working past age 70.5 and transferred my plan assets to my new employer's plan, I would not be subject to required minimum distribution, and (iv) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g. net unrealized appreciati
plan, (v) if I continue working past age 70.5 and transferred my
plan assets to my new employer's plan, I would not be subject to required minimum distribution, and (iv) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g. net unrealized appreciati
plan assets to my new employer's
plan, I would not be subject to required minimum distribution, and (iv) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g. net unrealized appreciati
plan, I would not be subject to
required minimum distribution, and (iv) if I hold appreciated company stock, I understand any potential tax benefits that may have been available to me (e.g. net unrealized appreciation).
Converting to a Roth IRA
requires you to have money in a tax - deferred Traditional IRA or employer -
sponsored retirement
plan.
** Before deciding whether to retain assets in an employer
sponsored plan or roll over to an IRA and investor should consider various factors including but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments,
required minimum distributions and possession of employer stock.
In this situation, ERISA rules
require that the
plan sponsor retain the services of a fiduciary.
As the
plan sponsor, the employer is legally
required to select, monitor and sometimes replace a menu of investment options for the
plan participants.
However,
plan sponsors often lack the skills
required to properly discharge this obligation.
You will still be
required to withdraw funds from
plans sponsored by previous employers and from any IRAs you have.
Plan sponsors typically rely on safe harbor provisions in making fund changes which
require them to deliver notices to all participants within 30 days of replacing a stand - alone fund.