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January 28, 2003 - 12,861 subscribers
Today's sponsor: APSCREEN, Employee Locator
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(Help BenefitsLink to provide this newsletter at no charge to you -- our sponsors pay your way. Remember to visit them periodically; we try to make sure their products and services will be of interest to you. Thanks! --Editor)
Dividend Plan Might Alter Retirement Planning
Excerpt: "The proposal by the Bush White House to eliminate the tax on stock dividends could completely change the way you invest in retirement accounts. Under the plan, you'd get a nice tax break when investing in a taxable account but wouldn't get any direct benefit when socking money away in a 401(k) plan. Of course, the operative word is could. No one knows what the final legislation will look like ..." (TheStreet.com)
Pension Discount Rate Expected To Drop In 2003
Excerpt: "In a random survey of Mercer consultants, the most popular 2003 FAS 87 discount rate expected to be used by organizations with a 31 December 2002 measurement date was 6.75% ..." (Mercer Human Resource Consulting)
Overview: SEC Adopts Insider Trading Blackout Rules
Excerpt: "The new rules [went] into effect January 26, 2003.... For purposes of the prohibition a blackout period is period of more than three consecutive business days during which there is a restriction of the ability of at least 50% of the participants or beneficiaries under all defined contribution plans the issuer maintains to purchase, sell or otherwise acquire or transfer an interest in employer securities under the plan." (SunGard Corbel)
Financial Professionals Organization Supports New Standard For Pension Plan Funding Requirements
Press release. Excerpt: "The Committee on Investment of Employee Benefit Assets, an affiliate of the Association for Financial Professionals (CIEBA of AFP), urges Congress to adopt a composite corporate bond rate for calculating minimum funding requirements for traditional pension plans. The current standard, which is used to determine minimum funding for defined benefit plans and Pension Benefit Guaranty Corporation (PBGC) premiums ... should be replaced." (Association for Financial Professionals)
Investment Losses May Mean Fewer Pension Funds
Excerpt: "The problems already threaten to accelerate the movement of companies away from defined-benefit plans, which promise set payments in retirement, to 401(k) and other defined-contribution plans ... A recurring complaint among businesses is that companies are forced to replenish underfunded pensions too quickly, while hitting limits on contributions when plans are flush, pension experts say." (Seattle Post-Intelligencer)
Retirement Legislation Tracking Chart
Updated January 24, 2003. Excerpt: "This chart summarizes selected federal legislation that would affect employer benefit programs. The decisions on which bills to include on the chart are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
Links to Items on Executive Comp, Benefits in General
Overview: IRS Announces 2003 Procedural Guidance on 'No Rule' Areas
Excerpt: "As part of the IRS's annual package of revenue procedures relating to its procedures for providing guidance on the federal tax laws, the IRS issued Revenue Procedure 2003-3, 2003-1 I.R.B. 113, to specify issues on which it will not provide letter rulings or determination letters to taxpayers. These 'no rule' areas include several issues relating to employment and employee benefit plans." (Deloitte & Touche Human Capital Advisory Services)
IFEBP Announces New Compensation Management Specialist designation Under CEBS Program
Excerpt: "A new specialty track in compensation management has been created consisting of two new courses in compensation along with the existing Course 8--Human Resources and Compensation Management. Students who successfully complete these three courses will earn the Compensation Management Specialist (CMS) designation.... These initiatives will further distinguish the CEBS designation as the premier professional credential for both employee benefits and compensation professionals." (International Foundation of Employee Benefit Plans)
Gearing Up for Active Duty
Excerpt: "On the eve of what might be the largest reserve deployment in U.S. history, companies vary widely in how they treat reservists. Some do the bare minimum, or pressure employees to leave the reserves. Others support reservists, and reap loyalty and recruiting benefits." (Workforce.com)
Tapes Available Soon from ABA Tax Section's 2003 Midyear Meeting
The employee benefits committee has 5 tapes available for purchase. (American Bar Association, Section of Taxation)
Opinion: FASB's Stock Options Blunder
Excerpt: "The Financial Accounting Standard Board wants U.S. companies to charge corporate earnings for the use of employee stock options. The exercise of options has an economic cost to shareholders, and, in the wake of recent corporate governance scandals in the U.S., FASB believes this cost should be recognized in a company's income statement. The problem with the FASB proposal is ..." (Jude T. Rich of Sibson Consulting, published on Forbes.com)
Authors Praise Effects of Tech Stock Options
Excerpt: "The high-tech industry's generosity with stock options in the 1990s enabled rank-and-file workers at the 100 largest Internet-based companies to cash in an average of $425,000 each in stock-option profits, according to new research." (San Jose Mercury News via The Seattle Times)
Newly Posted or Renewed Job Openings
External Wholesaler
for MassMutual Financial Group
in KS
External Wholesaler
for MassMutual Financial Group
in TX
Retirement Plan Administrator
for Alliance Benefit Group
in MN
Customer Relationship Management/Account Management
for Healthcare Business Intelligence Provider
in VA
Sales Assistant
for Smith Barney
in CA
Pensions/401(k) ERISA Compliance Specialist
for Dayton Group Ltd.
in NJ, NY
Newly Posted Conferences
(Post Yours!)
Form 5500 Update Program (1/2 day only))--offered throughout the country, various dates and locations beginning 3/20/03 thru 5/29/03
in AZ, CA, CO, DC, GA, IA, IL, IN, LA, MA, MI, MN, MO, MS, NC, NE, NY, OH, OK, PA, TN, TX, WA, WI
March 20, 2003
SunGard Corbel
Plan Disqualification and Correction Program (1/2 day only)--offered throughout the country, various dates and locations beginning 3/20/03 thru 5/29/03
in AZ, CA, CO, DC, GA, IA, IL, IN, LA, MA, MI, MN, MO, MS, NC, NE, NY, OH, OK, PA, TN, TX, WA, WI
March 20, 2003
SunGard Corbel
401(k) Update Program--offered throughout the country, various dates and locations beginning 3/21/03 thru 5/30/03
in AZ, CA, CO, DC, GA, IA, IL, IN, LA, MA, MI, MN, MO, MS, NC, NE, NY, OH, OK, PA, TN, TX, WA, WI
March 21, 2003
SunGard Corbel
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