|
|
 |
|
DB Pension Relief Under Discussion
On June 23, Representative Earl Pomeroy (D-N.D.) released a discussion draft for defined benefit (DB) funding relief. The draft features many ideas that Watson Wyatt and others in the business community have been advocating: expanding the asset corridor, automatically approving 2010 interest rate elections, providing a longer amortization period for recent market losses and more. However, some of the relief would be tied to maintenance-of-effort provisions, such as asking employers to keep their DB plans active or to continue contributing to employees’ 401(k) plans. |
EEOC Proposes Procedural and Administrative Regulations on
Genetic Information
The Equal Employment Opportunity Commission (EEOC) has released proposed regulations on procedural and administrative issues under the Genetic Information Nondiscrimination Act of 2008 (GINA). The proposal would amend existing regulations to reflect GINA and update the language in the regulations. Acquisition Opportunities in Chapter 11: 363 Sales and Due Diligence
Restructurings in Chapter 11 under the U.S. Bankruptcy Code are undergoing a change. More and more Chapter 11 debtors simply can’t make it through a classic or typical restructuring, which can take 12 or more months and involve the complexities of negotiating a Plan of Reorganization and debating the value of the reorganized entity and each class of creditors’ claims. Health Care Reform Advances, Obstacles Loom
Health care reform took important steps forward in mid-July, when three of the congressional committees responsible for moving the legislation approved proposals. President Obama and lawmakers and stakeholders who support the reform efforts hailed the committee votes. Despite the progress, however, obstacles threaten to block the legislative path to reform, including escalating concern about the proposals’ costs, dissent among House Democrats and the pending August recess. Lawmakers must forge consensus before any legislation can be presented for President Obama’s signature. Crunch Time for Health Care Reform Debate
Back from its Independence Day recess, Congress now faces an intense schedule of health care reform activity, growing controversy about emerging proposals and a tight timeline. The debate so far has been marked by progress and setbacks. The Senate Health, Education, Labor and Pensions (HELP) Committee is debating the health care reform proposal released on June 9. A discussion draft of the House tri-committee proposal was released on June 19, and the three committees with jurisdiction – Ways and Means, Education and Labor, and Energy and Commerce – held hearings in late June. However, the Senate Finance Committee delayed its proposal and debate when the Congressional Budget Office (CBO) estimated the cost at more than $1.5 billion. Watson Wyatt Testifies at DOL/SEC Joint Hearing
on Target-Date Funds
Comments on the risk characteristics of target-date funds that were presented by Mark J. Warshawsky, Director of Retirement Research at Watson Wyatt Worldwide, at a joint hearing of the U.S. Department of Labor (DOL) and the Securities and Exchange Commission (SEC) in Washington, D.C., on June 18, 2009. Bumps in the Road to IFRS? SEC Receives Comments
The adoption of International Financial Reporting Standards (IFRS) is advancing in fits and starts. The Securities and Exchange Commission (SEC) proposed a roadmap to IFRS in late 2008, but SEC Chairwoman Mary Schapiro expressed misgivings about the plan during her confirmation hearing earlier this year. Moreover, the SEC has received roughly 200 comments on its roadmap, some voicing support but others — including many from corporations and two from members of Congress —forcefully objecting to the proposed reporting regime. The Financial Accounting Standards Board (FASB) supports the goal of international reporting standards but has expressed some reservations and recommendations for modifications to the roadmap. SEC Proposes Greater Shareholder Proxy Access, and Senator Schumer Introduces Shareholder Bill of Rights
On May 20, the Securities and Exchange Commission (SEC) voted 3-2 (along party lines) to give some shareholders access to the corporate proxies used to nominate board directors. SEC Chairwoman Mary Schapiro believes companies and boards need to be more responsive to shareholder interests — such as compensation structures and risk management — and wants shareholders to have a “meaningful opportunity to effectuate the rights that they already have under state law to nominate directors.”
|
|
|
|
Copyright 2010 Towers Watson. All rights reserved.
Terms of Use
Privacy Policy
See all locations
Contact us
Request services
