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2006 Federal E-News

December 2006

• Dog Catches Car: Democrats Win Control of Congress; Change Presents New Leaders, New Challenges for Public Pension Issues

• Bush Calls for “Bipartisan Solution” on Social Security; Some Think It Could Actually Happen This Time!

• Medicare Part D: Will Democrats Really Be Able to "Fix" it?

• 401(k) fees Become Focus of Increased Congressional Interest; What About 457 and 403(b) Plans?

• New GASB Implementation Guide Available

• HHS Secretary Asks for Public Health Care Purchaser Support

• New Reform Recommendations; New PCAOB Rules; New Congress: What Does it all Mean for the Future of Sarbanes-Oxley?

• NCPERS Promotes Expanded Retiree Health Benefit; Provides Guidance on New Public Safety Officers Provision of PPA

November 2006

• SEC Postpones Action on Proxy Access Ruling Until December

• GAO Chief Criticizes New Pension Law, Calls for Focus on Income Preservation Strategies in Retirement

• NFTC Divestiture Lawsuit Clears Hurdle; President Signs New Sudan Executive Order

• NCTR, Other State, Local Groups Support Repeal of New 3% Withholding Requirement

• National Health Panel Recommends Universal Care as New Studies Show Coverage Continues to Decline, Dissatisfaction with Health Care System Increases

• As Hedge Funds Increase, Congressional Attention, Concern also Grow

• Bush "Astounded," "Floored" by Size of CEO Pay Packages; Urges Shareholders to Take "Close Look" When Pay, Performance are Not Linked

• New Reports Document Poor State of US Health IT; With Help from Congress Stalled, Governors Move to Address State-level IT Issues

• New Forms, Guidance From the IRS Available

• Part B Premiums for Higher Income Elderly to Begin in 2007; Lower Investment Income Will Not Qualify for Premium Adjustment

• Boo! Sixth Circuit Reverses Itself and Delivers Halloween Ruling that KY Disability Plan is Age Discriminatory on its Face

• NCSL Issues Report on Pensions and Retirement Plan Enactments in 2006 State Legislatures

• Everything You Wanted to Know about the New PPA – But Were Afraid to Ask

October 2006

• Congress Leaves Town For Elections; Lame Duck Session to Follow

• Treasury Told of Implementation Issues with New Pension Bill

• Section 403(b) Final Regs Delayed Until 2008 at the Earliet

• New Law for Credit Rating Agencies

• Health IT Bill Stuck in Limbo; No Action on Conferees

• Use of Stock Options Continues to Attract Congressional Interest

• GPO/WEP Repeal: So Close, and Yet So Far

• Sarbanes-Oxley Continues to Draw Fire Four Years Later; Prestigious New Group to Suggest Reforms

• New Report Says FDA Needs Reform

• Congress Drops State Divestiture Language, Approves Darfur Bill, While NFTC Lawsuit Proceeds

• New Court Ruling Opens Access to Proxy for Shareholders; SEC Moves Quickly to Respond -- But How?

• GAO Finds HSA's used Primarily by Higher Income Counsumers

• New CRS Reports on Older Americans, "Cost" of Pensions to Federal Coffers

• GASB Explains in "Plain Language" its Proposal for Defining Elements of Governmental Financial Statements

September 2006

• Congressional Field Hearing Focuses on Public Plan Funding; Expect More to Follow

• The Good News and the Bad News: Pension Reform Signed Into Law

• New Revenue Ruling on Employer Pick-Up Avoids Controversy

• President Announces New Health IT Initiative

• As Criticism of Sarbanes-Oxley Continues, SEC Extends Compliance Dates for Smaller Public Companies

• Federal Small Business Advocate Calls for Repeal of New 3% Withholding Mandate

• GASB Announces New Project on Disclosure Requirements for Governmental Pension Plans and New Research Initiative to Assess Effectiveness of Existing Governmental Pension Accounting Standards

• IBM Wins Appeal; Cash Balance Conversion Ruled Legal

• EBRI Sees Progress in 401(k)s, But Half of Accounts Still Below $20,000

August 2006

• At Long Last! Pension Reform Clears Congress; President Expected to Sign Bill

• Key Senators Express Concern with Public Plan Funding, Request GAO Study

• Illinois Congressional Hearing to "Examine" Retirement Security of Public Employees Postponed For Now

• Congressman Pomeroy to Receive NCTR Public Service Award

• Health IT Legislation Passes House, Hopefully Heads to Conference with Senate

• Deloitte Study Calls for Shift from DB to DC in Public Sector; In the Meantime, Raise Employee Contributions

• Senate Aging Committee Focuses Spotlight on Generic Drug Issues

• SEC Approves New Executive Compensation Rules

• Securities Litigation Filings Lowest in Decade

• SEC Chairman Announces Plans for New Hedge Fund Rules

• Congress Moves to Reform Credit Reporting Industry

• GASB Explains How to Account for Medicare Part D Retiree Drug Subsidy Payments in Plain English

• EBRI Releases New Issue Brief on Health Savings Needs in Retirement

• PCAOB Advises Stock Option Wariness

July 2006

• Some Smoke, But Still No Fire: Pension Reform Fireworks Fizzle

• Cash Balance Fix in Pension Reform Raises Potential Public Plan Issues

• New FASB Proposal Another Nail in Pension Reform Coffin?

• DOE Delays New Anti-DB Policy; NCTR Prez Urges its Repeal

• IRS Shut down: Every Cloud Has Its Silver Lining?

• GASB Ignores Public Sector Concerns in Issuing Final Medicare Part D Technical Bulletin

• IRS Section 415, Section 403(b) Regulations Behind Schedule

• New Revenue Ruling on Employer “Pick-up” in the Works

• Social Security Reform: It’s B-a-a-a-a-ck…..?

• Health IT Runs into Snag in House

• FTC Fails to Win Hearing Before Supreme Court on Generics Pay-offs; Legislation in the Works

• Citizen's Healthcare Group Calls for Universal Coverage

• Anti-DB Proponent Linked to Federal Lobbying Scandal

• New CRS Study of Saving Incentives Faults 401(k) Plans, New Bush Proposals

• Legislation Responding to Milberg Weiss Indictment Gets Hearing

• VA Data Theft Prompts New Bills, Including Ban on State, Local Use of SS Numbers

• Congress Reacts to Court Decision on SEC’s Regulatory Authority Over Hedge Funds

• SEC Filing Info Now at Your Fingertips
  

June 2006

• Pension Conferees Miss Another Deadline

• New Tax Law Imposes New Withholding Requirements

• Energy Department Attempts to Nix Contractors’ DB Plans

• IRS Ruling Underscores Need For Service Credit Amendment

• SEC Rules Out SOX Section 404 Exemption – For Now

• Point Made, New Points to Score on Medicare Extension

• Constitutionality of State “Foreign Policy” Toward Sudan Questioned

• Small Business Health Plans Die, But Health IT Legislation’s Vital Signs Improving

• Institutional Investors Support Executive Comp Reform

• IRS Updates Employee Plans Compliance Resolution System

• New DROP Decision in SC of Interest

• EBRI, AARP: The Employment-Based Pension System – Evolution or Revolution?

May 2006

• Pension Reform: Maybe Yes, Maybe No?

• National Groups Object to GASB Medicare Part D Proposal

• Friend of Public Pensions Moves to OMB

• Small Company Exemption from Sarbanes-Oxley: the Debate is Joined

• Senate to Consider New Health Care Legislation

• Senior Republican Senator says “Shoo” to DBs?

• Retirement Nest Eggs: What Happens if Humpty Dumpty has a Great Fall?

• Pay to Not Play? The FTC Examines Payments from Drug Firms to Generics Makers

April 2006

• Pension Conference: No News in NOT Good News

• GASB Technical Bulletin on Medicare Part D May Pose New OPEB Problems

• Sarbanes-Oxley Enforcement: The Congress Giveth, the SEC Taketh Away?

• Musical Chairs: Ways & Means’ Bill Thomas to Retire

• Chill Wind Blows for Governmental DB Plans in Windy City

• Medicare Part D Implementation: Senate Votes Set Stage for Possible Changes

• Strange Bedfellows Warn Windfall Profits Tax Hurts Pension Funds

• Smoothing: Where FASB Goes, Can GASB Be Far Behind?

• Erie County Appeal: AARP Continues to Nix EEOC Medicare Bridge Plan Rule

• Private Accounts: More Lives Than A Cat?

March 2006

• NCTR President to Attend National Saver Summit

• Legislative Committee Meets in Washington

• Pension Reform Prospects Improve as Boehner Elected House Leader

• Déjà vu All Over Again: President Proposes Study of Social Security

• Bush 2007 Healthcare Budget Scorecard: HSAs Win; Medicare Loses

• Californian to Chair House Pensions Committee

• Private Letter Ruling Provides New Guidance on “Air Time”

• New Rules to Permit 403(b) Contributions to be Treated Similarly to Those Made to Roth IRAs

• Sudan Official Links Economic Development to Resolution of Darfur Tragedy

• Executive Compensation and Pensions in the Crosshairs – For a Change

• IRS Signals Willingness to Modify Approach on Treatment of DB Plan COLAs in Draft 415 Regs

• GPO/WEP Enforcement Poses Administrative Burdens for Plansub Item 4.1