Archive | November, 2012

Where Have All of Britain’s Millionaires Gone?

November 30, 2012

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Does this really surprise anyone? Dr. Art Laffer developed the Laffer Curve which proves that when you raise tax rates, tax revenues go down and when you lower tax rates, tax revenues go up. If the intent is to raise tax revenues to reduce the deficit, perhaps raising tax rates is NOT the answer. Where […]

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ERISA-Seventh Circuit Overturns Cigna’s Termination of Long Term Disability Benefits

November 30, 2012

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In Raybourne v. Cigna Life Insurance Company of New York, 11-1295 (7th Cir. 2012), Cigna was appealing the district court’s ruling that the plaintiff, Edward Raybourne ("Raybourne"), was disabled under the terms of his employer’s welfare benefits plan (the "Plan"),…

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Managed Portfolios and Your 401(k)

November 29, 2012

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For the 401(k) plan to succeed as the sole source of retirement for most Americans it must become more pension fund like. People are ill prepared to manage their own portfolios. They tend to make emotional decsions, based on what they hear and see in the media. To succeed in managing a retirement portfolio requires […]

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Employment-Seventh Circuit Rules That The Medical Information The Employer Discovered Outside Of Any Medical Examination Or Inquiry Is Not Subject To The ADA’s Confidentiality Requirements

November 29, 2012

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In Equal Employment Opportunity Commission v. Thrivent Financial for Lutherans, No. 11-2848 (7th Cir. 2012), the Equal Employment Opportunity Commission (the "EEOC") had brought suit against Thrivent Financial for Lutherans ("Thrivent"), on behalf of Gary Messier ("Messier"), alleging a violation…

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Whither the SEC?

November 29, 2012

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The rulemaking pipeline at the SEC remains clogged with the requirements of the Dodd-Frank Act (32 rules adopted, 63 left to go, according to DavisPolk), and there are no signs of things letting up. In fact, it may only get…

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Brokers Eat Their Own

November 28, 2012

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For the 401(k) plan to succeed it must look more like a pension plan and less like a casino. Plan sponsors need to provide the proper fiduciary oversight to offer a retirement plan which will lead to successful retirements. This oversight should include service providers willing to serve as ERISA 3(38) Investment Managers in writing. […]

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ERISA-Eighth Circuit Rules That The Employer Cannot Recoup $548k In Mistaken Contributions

November 28, 2012

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In Greater St. Louis Construction , Et. Al. v. Park-Mark, Inc., No. 11-3746 (8th Cir. 2012), the Greater St. Louis Construction Laborers Welfare Fund, along with several other employee benefit funds and their trustees (collectively, "the Funds"), brought this action…

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Should You Rely on Stock Pickers or Market Timers?

November 27, 2012

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The Wall Street bullies are continuously promoting stock picking, market timing and trading. We have all seen the commercials about the baby, using the brokers’ tools, picking stocks and making great returns. These commercials make us believe that it is an easy task to predict market movement. The bullies know we are looking for a […]

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Employee Benefits- IRS Extends Deadline For Amending A Defined Benefit Plan To Meet The Requirements Of Section 436

November 27, 2012

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In Notice 2012-70, the Internal Revenue Service (the "IRS") extended the deadline for amending a qualified defined benefit plan to reflect the requirements of section 436 of the Internal Revenue Code (the "Code"). Section 436 contains restrictions on benefit accruals…

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Fiduciary Links: Some Thoughts on Chairman Schapiro’s Tenure

November 26, 2012

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>>>>The SEC announced today that Chairman Mary Schapiro will be stepping down from her position effective on December 14, 2012. It had long been speculated that she would be leaving the SEC sometime after the elections. Later in the day,…

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