http://www.watsonwyatt.com Latest Watson Wyatt Retirement Articles and News en-us Copyright 2008 Watson Wyatt Worldwide http://backend.userland.com/rss091 5/9/2008 5:55:38 PM 20 Watson Wyatt has further expanded its defined contribution (DC) pension consulting team with two new appointments. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=19044Retirement Plan Coverage is also a Factor, According to Watson Wyatt. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=19047On April 25, 2008, the government issued a consultation document on providing the Pensions Regulator (tPR) with powers to pursue companies and individuals whose actions weaken pension schemes, even where this effect is unintentional. The legislation will force companies to undertake more rigorous risk management. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=19008As of July 1, 2008, all employers must provide superannuation support of at least 9 percent per employee’s “notional earnings base.” In addition, all superannuation funds must provide a minimum level of death insurance to members who have joined it by default. Although employers have been preparing to meet these requirements for some time, many are taking another look at their plans now that the deadline is drawing near. [AUSTRALIA]http://www.watsonwyatt.com/search/parser.asp?ID=19037The Labor Department recently ruled that a specific but complex global asset pooling arrangement satisfies ownership requirements under the Employee Retirement Income Security Act (ERISA). This ruling potentially removes a significant roadblock multinational companies faced when attempting to combine assets of employee benefit plans maintained all over the world into a single pool. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=19026New accounting rules take effect for accounting periods beginning on or after January 1, 2008. The rules for long-term employee benefits liabilities may, on the surface, seem similar to international standards. However, a few differences could force employers to explore whether their accounts will qualify as equivalent under the new rules and could affect the valuation and accounting of their defined benefit pension liabilities. [SPAIN]http://www.watsonwyatt.com/search/parser.asp?ID=19027As baby boomers retire, they must decide how to receive payouts from their defined benefit (DB) plans, defined contribution (DC) plans and personal savings. Many pension experts believe that life annuities are the best way for retirees to ensure that they don’t run out of money. But most people do not choose annuities, and experts are wondering why. To find out, Watson Wyatt Worldwide asked a national panel of older workers and recent retirees about their payout and risk preferences, retirement decisions and related issues. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=19021Perceived change allows HR executives to play an increasing role in plan design, according to Watson Wyatt/Conference Board of Canada. [CANADA - ENGLISH]http://www.watsonwyatt.com/search/parser.asp?ID=19022Il semble que les dirigeants des ressources humaines joueront un rôle croissant dans la conception des regimes de retraite, selon Watson Wyatt et Le Conference Board du Canada. [CANADA - FRENCH]http://www.watsonwyatt.com/search/parser.asp?ID=19023Calls by the House of Commons Public Accounts Committee that the Pensions Regulator should target its efforts on defined contribution (DC) pensions should be treated with a degree of caution, given that over-regulation has been one of the prime causes of the demise of many private sector defined benefit (DB) schemes, according to consultants Watson Wyatt. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=19011The government recently approved a number of changes to retirement programs that could broaden coverage for workers. Among them is a provision that will allow employers to offer voluntary savings vehicles (ahorro provisional voluntario or APV) on a group basis, with tax advantages for employees. As a result, this new vehicle could offer employers a significant attraction and retention tool. [CHILE]http://www.watsonwyatt.com/search/parser.asp?ID=19017The U.S. Department of Labor (DOL) has proposed a safe harbor for deposits of employee contributions to pension plans (including 401(k) plans) with fewer than 100 participants. Employers sponsoring such plans would have seven business days after the employer received or withheld the contribution to make the deposits. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=19005On March 12, the House approved the Pension Protection Technical Corrections Act (H.R.3361), which would make important corrections and clarifications to the Pension Protection Act of 2006 (PPA). [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=19006UK - April 22, 2008 - Analysis by Watson Wyatt of figures published this week by HM Treasury shows that the contributions paid by UK Government departments and employees to public sector pension schemes are less than the cost of the new benefits being earned, as measured in Government accounts. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=18992A new social security system, with components of both traditional defined benefit (DB) pensions and defined contribution (DC) retirement accounts, began operating on January 1, 2008. Employers and employees are paying higher contributions to fund the new system. [PANAMA]http://www.watsonwyatt.com/search/parser.asp?ID=18978Proposals announced by the Department for Work and Pensions yesterday could have ramifications extending far beyond the cases they are targeted at, according to Watson Wyatt. [UNITED KINGDOM]http://www.watsonwyatt.com/search/parser.asp?ID=18973Watson Wyatt Worldwide, a leading global consulting firm, announced today the appointment of Jim Shaddy as director of retirement consulting services in North America, effective immediately. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=18976Employees will be able to transfer funds between pension instruments and providers without suffering tax consequences, under legislation that will be implemented in two steps. The new law will apply to provident and pension funds as of October 1, 2008, and to executive insurance accounts as of January 1, 2009. [ISRAEL]http://www.watsonwyatt.com/search/parser.asp?ID=18969In Notice 2008-30, the IRS answers questions about certain distribution-related provisions of the Pension Protection Act of 2006 (PPA) that took effect in 2008. The notice addresses interest rate assumptions for lump sum distributions, rollovers from eligible retirement plans to Roth IRAs, qualified optional survivor annuity (QOSA) requirements and gap-period earnings. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=18937Watson Wyatt Worldwide, a leading global consulting firm, announced today the appointment of Craig Adams as East Division manager, effective immediately. In his new role, Adams will have overall responsibility for the management of all Watson Wyatt offices in eastern North America. [UNITED STATES]http://www.watsonwyatt.com/search/parser.asp?ID=18936