A new calendar year opens up great possibilities. Coming off the holidays, watching It’s a Wonderful Life, gives me a renewed commitment to being thankful. The plan sponsors and companies that I work with have many challenges, and I see that the ones who are able to focus on the positives are the most productive. Employee Benefit News’ Benefits Forum & Expo in Dallas last September featured a keynote speaker that connected the verified link between positive attitude and work success. Shawn Achor, founder of Good Think Inc., talked about Harvard-based research that proves the “brain’s ability to construct a picture of reality in which success and happiness are possible.” He leads workshops to help companies capitalize on “The Happiness Advantage™.” Employee Benefit News summarized his talk about five ways to improve your happiness quotient in an online news article. In case you didn’t see it, ‘now’ is always a good time for inspiration. Happy New Year!

To my clients and readers — I hope that you enjoy a wonderful holiday.

On Thursday, President Barack Obama signed legislation repealing the expanded 1099 reporting requirements that were enacted last year. The bill was overwhelmingly approved by the House and Senate. For further details click here.

Do your employees really read and understand the documents they sign or do they robo-sign thousands of documents in minutes?  What are the future business consquences? Attorney, John Palter of Riney Palter PLLC in Dallas addresses this topic in his article “Robo-Signing Roulette.”

Thank you for your interest in this blog. I sincerely hope that the information in this blog makes your life easier and that some the burden is lessened regarding the need to keep up with changes and regulations. Wishing you a wonderful holiday season and a prosperous New Year!

Shining a Light On Murky 401(k) Fees by Eleanor Laise  http://on.wsj.com/c5P66Z

After a yearslong effort, the U.S. Department of Labor last month unveiled final rules requiring 401(k) plans to give workers detailed breakdowns of fees deducted from their accounts. Yet fund firms and retirement-plan providers are still fighting hard to fend off new restrictions on the murkiest of mutual-fund expenses: so-called 12b-1 fees. Read more:  http://on.wsj.com/c5P66Z

To reduce your liability, we’ve looked at plan structure (September 24) and plan maintenance (October 1). The final step is a hot topic: understanding the fees associated with your plan. Once you understand the fees, you can take steps to improve expense ratios and further reduce your liability.  

A common misconception is that self-directed benefit plans put the liability on the plan participant, making fees a non-issue. While there is protection from liability under ERISA Section 404(c), the protection varies based on employer action. Your providing concrete education about plan options and investments puts you in a better position than if you just provide employees with a prospectus and fund report. Read the rest of this entry »

New for 2010: Tax Credit Helps Small Employers Provide Health Insurance Coverage

WASHINGTON ? Many small businesses and tax-exempt organizations that provide health insurance coverage to their employees. See news release here http://bit.ly/97jDNm

This is a terrific resource for anyone involved in the employee benefits area

The Retirement News for Employers is a periodic newsletter with retirement plan information for employers and business owners from Employee Plans (Tax Exempt and Government Entities (TE/GE) at the IRS).

You’ll get information on:

• New rules affecting retirement plans;
• Retirement plan forms and plain language publications;
• Retirement seminars geared toward employers and owners; and
• Developments from other federal agencies.

click here http://bit.ly/aQOIzh

ThompsonKnight Avoiding Issues in Audit

SalmonSimsThomas Stay out of the DOL spotlight