The Savitz Organization

Savitz Principal Tom Finnegan Inaugurated as ASPPA President

Thu, 28 Oct 2010 18:41:48 GMT

Savitz Principal Thomas Finnegan was inaugurated as ASPPA's newest president at the 2010 ASPPA Conference in Washington, DC. Read more here: http://www.savitz.com/docs/Tom Finnegan ASPPA President.pdf

Grandfathered Health Plans

Tue, 06 Jul 2010 13:05:45 GMT

Recent guidelines address several questions pertaining to healthcare reform with respect to grandfathered health plans. For the 2011 plan year, several of the biggest questions have been “What do I need to do to maintain my plan’s grandfathered status?” and “Is it even worth it to try to maintain grandfathered status?”

Form 5500 Electronic Filing Requirements: Welcome to EFAST2

Thu, 27 May 2010 15:06:48 GMT

On January 1, 2010 the DOL went live with the new Form 5500 online filing system. With online filing now required for all Form 5500 submissions starting with the 2009 plan year, practitioners, plan sponsors, and plan administrators will all be facing a steep learning curve and some practical challenges learning to maneuver through the new filing requirements.

Controlled Group Issues Under The Pension Protection Act

Thu, 27 May 2010 15:05:48 GMT

Prior to the passage of PPA, controlled group membership had little impact on how plan sponsors managed their pension plan’s funding or administration. PPA included two provisions that have introduced new challenges for controlled group members in administering their benefit plans – “at-risk” status and the PBGC 4010 reporting gateway test rules.

Dealing with Critical or Endangered Status: Time to Press “Play”

Thu, 27 May 2010 15:04:39 GMT

When WRERA was passed in late 2008, multiemployer plans were allowed to freeze their 2008 zone status for 2009. This allowed trustees a one-year period in which to pause and prepare for how to address the effects of the 2008 market losses.

A Prescription to Eliminate Some HR Headaches

Thu, 27 May 2010 15:02:47 GMT

Currently, many employers outsource their payroll processing, 401(k) administration and health plan claims administration to their health insurer or TPA. But what about all the other aspects of health and welfare benefit administration that fall under the HR umbrella?

SHRMA Healthcare Survey

Mon, 17 May 2010 13:00:59 GMT

Susquehanna Human Resources Management Association invites employers to participate in a regional survey of health care cost and design trends. The survey will help participating plan sponsors clearly understand how their health insurance plans stack up against both national norms and against the survey participants as a group.

Department of Labor Issues Final Multiemployer Pension Plan Participant Disclosure Regulations

Tue, 30 Mar 2010 15:24:23 GMT

Rules just announced by the Department of Labor (DoL) have clarified the requirement added by the Pension Protection Act of 2006 that participants in a Multiemployer pension plan may ask to receive more details about the plan.

DOL Finalizes Small Plan Contribution Safe Harbor Rules

Wed, 20 Jan 2010 21:05:21 GMT

On January 14th, the Department of Labor (DOL) published final regulations applicable to pension plans with fewer than 100 participants. The regulations have an immediate effective date. Under the regulations, employers are required to transmit employee payroll contributions and loan payments as soon as they can be reasonably segregated from general employer assets.

DOL Update on COBRA Extensions, Including Model Notices

Thu, 14 Jan 2010 13:14:03 GMT

The Department of Labor has updated its COBRA web site (www.dol.gov/COBRA) to include information on the extension of the COBRA subsidy, including new model notices.

President Passes COBRA Extension

Wed, 13 Jan 2010 02:12:11 GMT

The U.S. Senate and the President have acted quickly to pass legislation extending the COBRA subsidy. The new law does the following:
1. Extends the eligibility period from December 31, 2009 through February 28, 2010.
2. Extends the reimbursement period from 9 months to 15 months, and is retroactive to March 1, 2009.
3. Allows those who stopped paying COBRA coverage because their subsidy ran out to re-enroll in COBRA under the subsidy extension without any gaps in coverage.

Savitz Leaders Recognized by ASPPA

Wed, 13 Jan 2010 02:10:57 GMT

The American Society of Pension Professionals & Actuaries (ASPPA) honored longtime member Samuel J. Savitz with the 2009 Harry T. Eidson Founders Award at its annual conference November 5. Savitz is an original founding member of the Society and served as its president in 1972. Throughout his business career, Savitz's principal interest has been corporate retirement planning, a subject on which he has written extensively, and lectured throughout the country.

Preparing Defined Benefit Plan Sponsors for 2010

Wed, 13 Jan 2010 02:09:25 GMT

For defined benefit plans, it has been a roller coaster ride through the last decade. Market losses in the early years of the decade wreaked havoc on pension funding, seemingly countless pieces of funding relief and ultimately funding "reform" legislation were put forth by Congress, new pension funding and benefit restriction rules and regulations created a whole new set of requirements, and in late 2008 the infamous market downturn left the retirement industry scrambling on all fronts.

Benefit Statements Under PPA

Wed, 13 Jan 2010 02:08:31 GMT

One of the areas of the 2006 Pension Protection Act ("PPA") that has received relatively little attention, at least with respect to defined benefit pension plans, is the requirement to issue employee benefit statements.

EGTRRA Document Restatements for Defined Contribution Plans

Wed, 13 Jan 2010 02:07:48 GMT

Over the last seven years, Congress and the Internal Revenue Service have been busy overhauling the laws and regulations that govern the operation of qualified retirement plans.