Institutional Shareholder Services (?Ç£ISS?Ç¥) released new FAQs on January 25, 2012. The FAQs cover ISS?ÇÖ policy on pay for performance, management say-on-pay responsiveness, and equity plans. The FAQs are intended to provide high-level guidance regarding the way in which ISS?ÇÖ Global Research Department will generally analyze certain issues in the context of preparing proxy analysis and vote recommendations for U.S. companies. The FAQs can be found here.
The DOL has published changes to the final 408(b)(2) service provider fee disclosure rule. A plan fiduciary must receive the disclosures required by this regulation in order for the arrangement to qualify for the statutory exemption from prohibited transactions for reasonable contacts for legal, accounting or other services necessary for the establishment or operation of the plan. The final rule?ÇÖs effective date has been extended to July 1, 2012, to allow additional time for compliance. Because the disclosure to participants in participant directed investment individual account plans flows from the fiduciary?ÇÖs receipt of the disclosures from service providers, the effective date of the plan level and investment level disclosures for such plans is now August 30, 2012 and the first quarterly participant statement must reflect the additional disclosures and be furnished no later than November 14, 2012. Fully vested Code Section 403(b) annuity contracts and custodial accounts issued before January… Continue Reading