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Target-date fund regulations must focus on existing investment selection process, provide flexibility June 18, 2009:"Employer plan sponsors take their fiduciary responsibility very seriously and currently devote substantial resources toward the investment selection process and detailed communications to employees," said Lynn Dudley, senior vice president, policy, at the American Benefits Council, in reference to today’s joint Department of Labor/Securities and Exchange Commission hearing on target date funds. "As these agencies consider new regulations governing these funds, it is essential that they avoid overly prescriptive rules for a specific type of fund." Allison Klausner, Assistant General Counsel – Benefits for Honeywell International Inc., testified at the hearing on behalf of the Council, urging the agencies to draft regulations that do not mandate the features and characteristics of target date funds. For the rest of the Council's news release, click here. Council, Miller & Chevalier announce results of second annual Corporate Health Care Policy Forecast Survey Survey Reveals Respondents’ Concerns About Government-Run Health Plan, Employer Mandate and Proposals to Tax Their Employees; Respondents Also Call for More Attention to Cost and Quality Issues and Maintenance of ERISA Standards June 17, 2009: Miller & Chevalier Chartered and the American Benefits Council today announced the results of their second annual Corporate Health Care Policy Forecast Survey, measuring the current perspectives and attitudes of leading corporate benefits professionals on the direction of health care policy in the coming months. By wide margins – and regardless of their personal political affiliation – the people who are responsible for structuring and managing employer-sponsored health plans expressed serious concerns about many features of health care reform that the President and several Congressional leaders have embraced and the absence of sufficient attention to improving the quality of health care and containing the costs of health coverage. For the full survey results, click here. For the full media release, click here. Council President James Klein speaks on Marketplace Radio Discusses need for defined benefit pension reform New Survey: Three Out of Five Employers Maintain 401(k) Plans Despite Economic Crisis Seven in ten eligible employees participated in 401(k) plans in 2008 March 17, 2009: A new survey of employers released by WorldatWork and the American Benefits Council, "Trends in 401(k) Plans," presented today at a National Press Club Newsmakers press conference in Washington, DC, finds that the financial crisis has not significantly discouraged 401(k) contributions or participation. A full 74 percent of employers reported no change in the employer matching contribution; 15 percent have either increased or are considering increasing the employer match; eight percent have either decreased or are considering decreasing the 401(k) match, and three percent reported eliminating the match. According to the survey, more than nine out of ten U.S. companies offer an employee 401(k) plan. In addition, despite the widely reported drop in account balances, two-thirds (66 percent) of organizations indicated that at least 70 percent of eligible employees participated in those 401(k) plans in 2008. This survey was conducted in December 2008 by WorldatWork, in collaboration with the American Benefits Council. Surveys were sent electronically to a random representative sample of 4,938 U.S. WorldatWork members. A total of 505 members participated in this survey during a two-week period, generating a 10-percent response rate. For more details about the survey and contact information, see the official news release. Council to unveil health care proposal, featuring key players from previous reform efforts to answer questions ‘Condition Critical’ report offers 44 specific recommendations for consideration in stimulus bill, comprehensive reform legislation Monday, January 12: At noon Eastern Time, the American Benefits Council will hold a special media briefing to unveil "Condition Critical: Ten Prescriptions for Reforming Health Care Quality, Cost and Coverage." This report was developed by the Council’s board of directors with the goal of reforming health care through the employer-sponsored benefits system. The Council will be joined by a number of independent experts and advisors, who will discuss the report in the context of the greater health care reform debate. The following items were unveiled at the briefing: Condition Critical: Ten Prescriptions for Reforming Health Care Quality, Cost and Coverage PowerPoint Slides on the release of Condition Critical Fast Facts on Health Care Reform/2008 Survey Results "This report covers a wide range of controversial topics, including individual mandates, tax policy and health care quality initiatives, some of which may be considered as part of the economic stimulus package," said Council president James A. Klein. "The Council’s ‘ten prescriptions’ provides 44 specific policy recommendations that can be implemented quickly." The briefing will be held in person at the conference center at 1455 Pennsylvania Avenue NW, 4th floor, Washington DC. (Entrance on F St.) Lunch will be served for those attending in person. Reporters may also attend the briefing via conference call. For RSVP information or an embargoed copy of the report, please contact Jason Hammersla, Council director of communications, at 202-289-6700 (office) or (202) 253-5458 (cell). ‘Safe and Sound’ retirement goals include raising financial literacy, expanding coverage November 8:"The current voluntary employer-sponsored retirement system has been an enormous success," said Lynn Dudley, American Benefits Council vice president, retirement policy, at a hearing before the House of Representatives Health, Employment, Labor and Pensions (HELP) Subcommittee of the Education and Labor Committee. "The magnitude of America’s demographic challenges now dictates that individuals, employers and the government all need to do more to continue this success and ensure widespread retirement security." Dudley’s testimony was drawn from the Council’s 2004 report Safe and Sound: A Ten-Year Plan for Promoting Personal Financial Security, which contains specific goals for improving retirement coverage and savings and discusses the responsibilities of the key stakeholders. "The fact that individuals will be called upon to play a greater role in achieving personal financial security does not mean that employers or the government will be doing less," Dudley said. "As individuals play a more prominent role in achieving their own personal financial security, employers and the government will be expected to help provide the tools to more simply and successfully play this larger role." The full text of the Council's media release is available in the Newsroom. |
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Benefits Byte (06/30/09)
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Pension Plan Funding Relief The Council's Pension Reform Issue Page The recent market volatility has created enormous, unprecedented defined benefit plan funding obligations. These funding obligations are of such a magnitude that they will almost certainly trigger job loss and significantly slow down our economic recovery. The Council is currently engaged in a campaign for immediate legislative action to mitigate the effects of this market volatility on defined benefit plans. The following resources are now available:
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