| BenefitsLink Retirement Plans Newsletter |   |
September 24, 2003 - 13,400 subscribers
Today's sponsor: Thompson Publishing Group, Inc.
(Click on company name or banner to learn more.)
Audio Conference on Wage and Hour Investigations Tuesday, September 30, 2003 * 2:00-3:30 p.m. ET This interactive audio conference, hosted by Thompson Publishing Group, Inc., will feature two leading employment law/FLSA experts who will help you understand and avoid wage and hour investigations, as well as provide helpful tips to those in the midst of those investigations. Register today and get the chance to receive expert answers to your important questions during the Q&A session following the presentation!
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Full Text of IRS Employee Plans News, Fall 2003 Edition (PDF)
16 pages. Includes interview with the Manager of EP Determinations, information about the 'Tax Exempt Determination System' coming online for processing of determination letter applications, tips for complying with required minimum distribution rules, more. (Internal Revenue Service)
Murphy's Law Has IBM Singing the Big Blues (PDF)
8 pages. Pension attorney Al Lurie analyzes (skewers?) the district court's reasoning in the recent Cooper v. IBM case, holding IBM's cash balance plan to be illegal under the Age Discrimination in Employment Act. (Alvin D. Lurie, Esq.)
How Fit Is Your Funding Policy? (PDF)
At pp. 1-4 of 12-page document. Excerpt: "Many [DB] plan sponsors are currently faced with significant contribution requirements ... While legislative and market developments will ultimately determine how long these conditions last, of more immediate concern ... are accelerated funding requirements, additional pension insurance premiums, underfunding notices to participants, and financial statement effects. This article suggests strategic actions ... and examines pending regulatory issues ..." (Milliman USA)
Overview: Proposed 401(k) Regulations (PDF)
Excerpt: "The proposed regulations reorganize existing regulations and incorporate previously issued interim guidance. In addition, the proposed regulations address other outstanding issues (e.g., restrictions on targeted employer contributions to satisfy nondiscrimination tests, favorable ADP/ACP testing provisions for ESOPs, and the inability to make advance contributions to fund elective deferrals and matching contributions)." (Buck Consultants)
Second Quarter 2003 Results for Defined Benefit Pension Plans in Selected Countries (PDF)
7 pages. Excerpt: "This update reviews how global capital market performance in the second quarter of 2003 affected pension plans in major retirement markets worldwide.... The impact of capital markets on these pension plans is twofold: (i) On fund assets as a direct result of investment performance; and (ii) On plan liabilities (as measured under accepted international accounting standards) through the effect of changes in economic assumptions." (Towers Perrin)
Renewed Interest in Defined Benefit Plans (PDF)
At pp. 5-7 of 12-page document. Excerpt: "This article looks at the shift in employee attitudes about retirement income security issues, examines the growing appreciation for defined benefit plans, and discusses the implications for employers." (Milliman USA)
The AARP Working in Retirement Study
Excerpt: "AARP recently conducted a nationwide telephone survey of 2,001 workers between the ages of 50 and 70 years old to explore their vision of retirement and to better understand the types of jobs that workers who plan to work in retirement imagine holding and the types of jobs currently held by today's working retirees." (AARP)
IRA Beneficiary Can Change Election, But December 31 Deadline Looms
Excerpt: "The final regulations allow a beneficiary who inherited IRA assets prior to January 1, 2003, to switch from the five-year rule to life expectancy distributions.... provided any amounts that would have been required to be distributed under the life expectancy rule . . . for all distribution calendar years before 2004 are distributed by the earlier of December 31, 2003, or the end of the five-year period ..." (Compliance Headquarters (Bankers Systems Inc.))
Opinion: It's Time to Worry About Pension Obligation Bonds
Excerpt: "If you're a taxpayer, start worrying. States and municipalities are going to sell billions of dollars in bonds to help fill holes in their pension plans caused by the stock market bubble bursting. Those market losses only started showing up last year because of the delay in the way public pensions report performance." (Joe Mysak on Bloomberg.com)
Montana State Pension Plan in Financial Trouble
Excerpt: "The program that provides pensions to thousands of retired public employees is in financial trouble and will need to be bailed out by state and local governments, a new report says." (AP via MontanaForum.com)
CalPERS Calls for Accounting Industry Reform
Excerpt: "The nation's largest pension fund yesterday urged regulators to go one step further to clean up the accounting industry by banning accountants from providing tax advice to publicly traded clients whose financial statements they audit." (Washington Post)
Links to Items on Executive Comp, Benefits in General
The Convergence of International Accounting Standards for Employee Benefits (PDF)
At pp. 8-11 of 12-page document. Excerpt: "In many ways, the US Statement of Financial Accounting Standard 87 (SFAS 87) and its related statements (numbers 88, 106, 112, 132) are no longer the trendsetters for employers' accounting for employee benefits.... This article explores the convergence of international accounting standards for employee benefits, including the history, recent developments, and what the future may hold." (Milliman USA)
DOL, IRS and PBGC Extend Form 5500 Deadlines After Hurricane Isabel
Press release. Excerpt: "The extension applies to plan administrators, employers and other entities located in areas directly affected as identified in IRS's Tax Relief ... The extension also applies to filers located outside the affected areas who were unable to obtain the necessary information from service providers, banks or insurance companies whose operations were directly affected by the hurricane." (U.S. Department of Labor, Employee Benefits Security Administration)
MCI Report Suggests New Standards In Executive Compensation Governance (PDF)
11 pages. Excerpt: "While the report and recommendations are directed specifically at WorldCom (MCI), they are expected to have broad applicability to the U.S. business community at large. Several recommendations are highly controversial and are not likely to find general favor – namely 10-year term limits for directors, separating the Chairman and CEO positions, changing accounting firms every 10 years, and a prohibition against stock options." (Frederick W. Cook & Co., Inc.)
Newly Posted or Renewed Job Openings
Retirement Plan Specialist
for Diversified Investment Advisors
in MI
Retirement Plan Specialist
for Diversified Investment Advisors
in MD
Disbursement Services Associate II
for ICMA Retirement Corporation
in DC
Vice President Business Development
for Corporate Benefit Services of America, Inc. - www.cbsainc.com
in MN
Actuarial Benefit Consultant
for Fidelity Employer Service Company
in MA
Pension Administrator
for Pension Consulting Firm
in CA
401(k) Administrator
for Continental Benefits Group, Inc.
in NJ
Newly Posted Conferences
(Post Yours!)
Employee Benefits Communications With Emphasis on 401(k) Plans
in MA
October 15, 2003
WorldWide Employee Benefits Network
Newly Posted Press Releases
(Post Yours!)
DOL, IRS and PBGC Extend Form 5500 Deadlines After Hurricane Isabel
(U.S. Department of Labor, Employee Benefits Security Administration)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
Copyright 2003 BenefitsLink.com, Inc.; except that you can forward this email in full (including this boilerplate part) or otherwise reprint this email in full (including this boilerplate part) without obtaining our permission.
Published by:
BenefitsLink.com, Inc.
https://benefitslink.com/about.html
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151
Editor and Publisher: David Rhett Baker, J.D.
Housekeeping: