| BenefitsLink Retirement Plans Newsletter |   |
April 30, 2003 - 13,144 subscribers
Today's sponsor: Thompson Publishing Group, Inc.
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"DOL's Proposed FLSA Exemption Changes" audio conference 5/1/03 * 2:00 p.m. ET Are you ready for lengthy personnel audits? Ready to reevaluate wage and hour decisions? Ready to rethink current payroll systems? Have you started considering how your compensation practices, personnel policies and employee manuals should be changed if/when the proposed regulations become final? Two leading employment law/FLSA experts, Daniel B. Abrahams, Esq., and Shlomo D. Katz, Esq., will bring you up-to-speed with the answers to these questions and more.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
JCT Report Describes Funding Rules for DB Plans and the Financial Position of the PBGC (PDF)
62 pages; JCX-39-03; April 29, 2003. Excerpt: "The Subcommittee on Select Revenue Measures of the House Committee on Ways and Means has scheduled a public hearing for April 30, 2003, on challenges facing pension plan funding. This document ... provides a description of present law and background relating to the funding rules for defined benefit plans." (U.S. Congress, Joint Committee on Taxation)
Written Statement of Pension Rights Center for Today's Hearing on Funding of DB Plans (PDF)
Excerpt: "In determining a replacement rate ... we urge that this Congress proceed conservatively, lest we find as the baby boomers begin retiring in substantial numbers a decade from now, that the private pension system is asset-short because of decisions about funding standards made precipitously years earlier." (Pension Rights Center)
Written Statement of American Benefits Council for Today's Hearing on Funding of DB Plans (PDF)
12 pages; April 30, 2003; before the Subcommittee on Select Revenue Measures, Committee on Ways & Means, U.S. House of Representatives. Excerpt: "The largest problem today for defined benefit plans is the required use of an obsolete interest rate for pension funding, pension premium and lump sum distribution calculations. Use of this obsolete benchmark ... artificially inflates a plan's liabilities and required contributions ..." (American Benefits Council)
New York City Pension Costs to Jump $1 Billion Next Year
Excerpt: "New York City is expected to spend $1.76 billion on pensions during the current fiscal year, ending June 30. During the next year, pensions are expected to rise to $2.72 billion-- a 55 percent jump." (Newsday.com)
Commentary: Philly Municipal Pension Funds Might Be Headed for UAAL Hell
Excerpt: "The time has come, I regret to say, to talk about unfunded accrued actuarial liabilities-- UAALs as they are called in Actuaryese, which I believe is a dialect of Farsi." (The Philadelphia Inquirer)
Retirements Allow Connecticut To Rehire Workers
Excerpt: "Scores of laid-off state workers have been rehired in recent days to fill critical vacancies created by the state's new early retirement program ... On Tuesday, it also was unknown how much in savings would come from rehiring less experienced, lower paid workers to replace seasoned, higher paid state employees." (NewHavenRegister.com)
Air Canada Can't Afford to Pay Retirees
Excerpt: "Sixty-six Air Canada employees who took early retirement April 1 to help the struggling airline cut costs have been forced back to work because the carrier can't afford their $3.5 million buyout packages, according to a court document filed yesterday." (Toronto Star)
Newly Posted or Renewed Job Openings
Associate - Insurance Services - Los Angeles, CA and Deerfield, IL
for Mullin Consulting, Inc.
in CA, IL
Financial Analyst - Executive Benefits - Deerfield, IL
for Mullin Consulting, Inc.
in IL
Pension Administrator
for DeSantiago Pension Consulting, L.L.C.
in AZ
TPA Plan Administrator
for Thesco Retirement Planning Services, LLC
in NJ, NY
Defined Contribution Plan Administrator
for Berlin, Ramos & Co., CPA's, Rockville, Maryland
in DC, MD, VA
Employee Benefits Associate
for Womble Carlyle Sandridge & Rice, PLLC - Charlotte, NC office
in NC
Benefits Administrator
for Independent Benefit Services
in MD
Enrollment Specialist - Philadelphia
for Minnesota Life
in PA
Qualified Plan Administrator
for High End Small Plan TPA
in FL
Newly Posted Conferences
(Post Yours!)
Declining Productivity in the Workplace: The Economic Impact of Employees Caring for Aging Family and Friends; Best Practices to Boost the Bottom Line
in NY
May 22, 2003
New York Business Group on Health & the American Federation for Aging Research
Employers Focus on Provider Quality: Rationale, Results & Resources
in NY
June 4, 2003
New York Business Group on Health, Health Benefits Advisory Group
Saving Private Pensions
in DC
May 6, 2003
The Brookings Institution
New Developments in ESOPs: Beyond Enron
in ALL STATES
May 20, 2003
ABA Joint Committee on Employee Benefits; Other Organizations
The 17th Annual National Institute on Employee Benefits In Mergers and Acquisitions
in NY
May 22, 2003
ABA Joint Committee on Employee Benefits
Newly Posted Press Releases
(Post Yours!)
Health Care Costs Top List of People's Personal Worries
(Kaiser Family Foundation)
Watson Wyatt Introduces PensionPath(tm)
(Watson Wyatt & Company)
ICMA Retirement Corporation Partners With CashEdge to Offer Online Account Aggregation
(ICMA Retirement Corporation)
Movers and Shakers: Newly Posted Announcements of Promotions and New Personnel
(Post Yours!)
Troy J. Richardson, PHR (MK Recruiting)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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