Industry News

Arizona Judge Rules Pension Contribution Law Unconstitutional February 7, 2012 (PLANSPONSOR.com) – An Arizona judge ruled a state law that increased the amount state employees needed to contribute toward their pensions is unconstitutional. Tara Cantore editors@plansponsor.com According to the

Study Finds Decreasing Numbers of Provider Changes February 7, 2012 (PLANSPONSOR.com) – Retirement plan sponsors who conduct marketplace reviews with finals presentations are 55% more likely to remain with their current provider today than they were as recently as four years ago.    PLANSPONSOR staff edito

Okla. Firefighters Pension Fund Sues over Student Loan Corp. Losses February 7, 2012 (PLANSPONSOR.com) – The Oklahoma Firefighters Pension & Retirement System sued Citigroup, Discover Financial Services and Student Loan Corp. over claims that Student Loan Corp. misled investors about increased losses beg

Foundations and Endowments See Negative Performance in 2011 February 6, 2012 (PLANSPONSOR.com) – The majority of institutional asset owners closed 2011 in positive territory, according to the Wilshire Trust Universe Comparison Service (Wilshire TUCS).   Tara Cantore editors@plansponsor.com

Plan Sponsors Must be Aware of Changes In 408(b)(2) Final Rule February 6, 2012 (PLANSPONSOR.com) – Now that the Department of Labor’s (DoL) regulation for 408(b)(2) has been finalized, it is important for plan sponsors to understand how the final rule impacts them.  Tara Cantore editors@plansponsor.c

DXP Enterprises to Pay $120K to Fired Employee February 6, 2012 (PLANSPONSOR.com) – DXP Enterprises, Inc. agreed to settle a disability and age discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC) for $120,000.    Tara Cantore editors@plansponsor.com The

Former Ontario Teachers’ Plan VP Joins Open Access February 6, 2012 (PLANSPONSOR.com) – Open Access Limited has appointed Zev Frishman as senior vice president of investment management.  Tara Cantore editors@plansponsor.com With 18 years at the Ontario Teachers' Pension Plan, where he was vice

New Yorkers Facing Retirement Crisis February 6, 2012 (PLANSPONSOR.com) - A growing number of New Yorker City residents don’t have enough money to retire, according to a new study. Rebecca Moore editors@plansponsor.com A report “Are New Yorkers Ready For Retirement?”—part of a research initi

Plan Sponsors Say Few Employees Will Be Prepared for Retirement February 6, 2012 (PLANSPONSOR.com) – Eighty-four percent of polled executives responsible for 401(k) plans say only some or very few employees will be financially prepared for retirement. Rebecca Moore editors@plansponsor.com A

Court Finds Decision to Spin Off is Unrelated to Benefits February 6, 2012 (PLANSPONSOR.com) – A ruling that Abbot Laboratories' decision to spin off its hospital division was not motivated by pension benefits has been upheld by a federal appellate court. Rebecca Moore editors@plansponsor.com

IRA Financial Introduces Solo 401(k) Contribution Calculator February 6, 2012 (PLANSPONSOR.com) - IRA Financial Group has launched a free, online Solo 401(k) contribution calculator. Tara Cantore editors@plansponsor.com The online Solo 401(k) contribution calculator is a tool that will allow

Keeping Teacher Pay Low Is Biblical? February 7, 2012 (PLANSPONSOR.com) – An Alabama state senator has claimed that increasing teacher pay will attract people who aren’t “called to teach.” Rebecca Moore editors@plansponsor.com Senator Shadrack McGill said at a prayer breakfast in Fort Payne:

Change in Governmental Plan Definition to Affect Charter Schools February 7, 2012 (PLANSPONSOR.com) - The National Alliance for Public Charter Schools estimates more than 90,000 charter school employees will be impacted by the Internal Revenue Service’s proposal to change the definition of governmental plan.

Industry Players Mostly Pleased with Final Rule on 408(b)(2) February 3, 2012 (PLANSPONSOR.com) – Members of the retirement plan community were mostly positive about the final rule on 408(b)(2) fee disclosure regulations. Corie Russell editors@plansponsor.com The U.S. Department of Labor’s (

Calif. Governor Submits 12-Point Pension Reform Plan February 3, 2012 (PLANSPONSOR.com) – California Governor Jerry Brown sent the language for his 12-point pension reform plan to the Legislature’s Conference Committee on Public Employee Pensions.  Tara Cantore editors@plansponsor.com Acco

N.H. Court Says Increasing State Employee Pension Contributions Illegal February 3, 2012 (PLANSPONSOR.com) - A Merrimack County (New Hampshire) Superior Court judge decided it is illegal to ask longtime state employees to contribute more from their paychecks for their pensions. Rebecca Moore editors@plan

CalSTRS Further Lowers Investment Return Assumption February 3, 2012 (PLANSPONSOR.com) - The governing board of the California State Teachers’ Retirement System (CalSTRS) adopted a new set of actuarial assumptions, including lowering the investment return assumption from 7.75% to 7.5%. Rebecca Moore edit

Sick Time Payouts Costing Chicago Teachers’ Retirement System February 3, 2012 (PLANSPONSOR.com) - The Chicago Public Schools system spends tens of millions of dollars annually to departing employees for unused time off. Rebecca Moore editors@plansponsor.com Since 2006, the district paid a t

Majority of Employees Find Benefit Counseling Valuable February 3, 2012 (PLANSPONSOR.com) – Ninety-six percent of workers who take part in individual benefits counseling sessions say they better understand their benefits as a result.  Tara Cantore editors@plansponsor.com According to the surv

Lowe’s Sued over Cancelling Health Plan Participants’ Coverage February 3, 2012 (PLANSPONSOR.com) – A lawsuit was filed on behalf of all participants in Lowe’s Companies’ Group Medical Plan who had their health coverage terminated and were denied medical benefits by Lowe's for part or all of the 2011 calendar y