Administration June 16, 2010

DiNapoli Pension Borrowing Opposition a Changed Policy?

June 16, 2010 (PLANSPONSOR.com) – New York state Comptroller Thomas P. DiNapoli is now opposing a tentative budget deal calling for the cash-strapped state to borrow billions of dollars from the state pension fund. 
Reported by

A DiNapoli statement released Monday blasted the notion of pension borrowing, something the New York Times said represents an about-face for DiNapoli, who has been pushing the idea since last year.

“There have been a number of outrageous and unfounded rumors and erroneous press reports that I will allow a raid of the pension fund to balance the state budget,” DiNapoli said in the latest statement. “Let me be very clear: The pension fund will not be used to balance the budget.”

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DiNapoli spokesman, Dennis Tompkins told the Times that the DiNapoli proposal was different from the one agreed upon by state leaders because it would also force state and local governments to set aside funds during prosperous times in reserve accounts that could be tapped during bear markets.

Tompkins called the borrowing aspect of DiNapoli proposal a “side piece.”

A DiNapoli news release about his 2009 proposal suggesting pension borrowing is here. 

Compliance June 16, 2010

EBSA Schedules Florida Benefits Seminar

June 16, 2010 (PLANSPONSOR.com) – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is offering a free workshop for employee benefit plan professionals, including clients of plan service providers.
Reported by

EBSA said the session will be June 24, at Nova Southeastern University, H. Wayne Huizenga School of Business and Entrepreneurship, Carl Desantis Building, 3301 College Ave., Fort Lauderdale, Florida.

The day-long workshop will begin at 8:30 a.m. EDT and will include presentations on what to expect from an EBSA investigation and a review of  the latest health plan issues, including the Consolidated Omnibus Budget Reconciliation Act (COBRA) and the premium reduction benefits associated with the American Recovery and Reinvestment Act.

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Speakers will provide the latest information about EBSA’s Voluntary Fiduciary Correction Program, which allows for correction of violations of the Employee Retirement Income Security Act (ERISA) without imposition of Internal Revenue Service excise taxes, in some cases.  A brief update on the electronic filing system–EFAST2–will be included in the presentations.

A registration form and additional information are available at http://www.dol.gov/ebsa/pdf/Davieworkshop.pdf.  Interested individuals may also register by contacting EBSA’s Atlanta Regional Office at 404-302-3900.  

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