| BenefitsLink Retirement Plans Newsletter |   |
October 21, 2003 - 13,400 subscribers
Today's sponsor: Thompson Publishing Group, Inc.
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“How to Conduct Successful Workplace Investigations” A 90-Minute Interactive Audio Conference – Tuesday, November 11, 2003 * 2:00 p.m. Eastern Time During this 90-minute interactive presentation, specialists in the field of workplace investigations will cover important topics such as: the proper role of the investigators in conducting internal investigations and the standards applicable to internal investigations, confidentiality, appropriate investigative procedures and more. Register today!
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
PBGC Takes Over Weirton Steel DB Plan
Excerpt: "The Pension Benefit Guaranty Corp. announced Tuesday it is taking over the underfunded pension plan of bankrupt Weirton Steel Corp. The company said the situation was 'very disappointing.'" (Pittsburgh Business Times via bizjournals.com; one-time registration required)
Pension Math Proves Elastic in US Airways Court Case Over Pilots
Excerpt: "Now the airline is out of bankruptcy but back in court, arguing that the plan was not so very sick after all. If the airline wins this time, the government will receive a smaller equity stake in the airline. That, in turn, will reduce the amount available for the pilots' pensions, and some pilots will lose out again." (New York Times; one-time registration required)
SONY to Offer Early Retirement Plan in Japan: Must Be Age 30 to Qualify
Excerpt: "The Japanese corporations such as SONY hired many young employees at the time of the bubble economy. But, the time has come for them to cut them back." (The Weekly Post)
How Can I Use the 'Saver's Credit' To Encourage Participation In Our Company's Retirement Plan?
Excerpt: "A common problem all plan sponsors face is getting lower compensated individuals to participate in their retirement plan. In many cases, these individuals have trouble just making ends meet. Individuals who qualify for the Saver's Credit can offset the cost of the first $2,000 contributed to 401(k)s, IRAs and other retirement plans. In some cases, it can cost an employee as little as $700 to make a $2,000 contribution!" (Financial Finesse via Workindex.com)
Has Washington Dropped the Ball on ERISA Reform?
Excerpt: "Call it Enron II--the second time in two years that pensions have been at or near the top of Washington's agenda. Lawmakers and regulators have spent the session deliberating on a flock of new pension-related proposals.... However, a number of pension experts and policy players fear that the chance for broad reform of ERISA-- and perhaps creation of a brighter future for defined benefit plans-- is being dissipated." (PLANSPONSOR.com; one-time registration required)
EPCRS Streamlined to Make Voluntary Correction Generally More Attractive to Small Businesses
Excerpt: "The complexity of the retirement plan provisions in the Code and Regulations seems to guarantee that mistakes will be made, somewhere along the line. IRS has recognized for a long time that it is in everyone's best interest to encourage prompt and effective voluntary correction of defects in plan operation. In Rev. Proc. 2003-44, the IRS effectively continues its effort to better coordinate and simplify its remedial programs to encourage compliance." (Reish Luftman Reicher & Cohen)
Opinion: Social Security Cost-of-Living Adjustment Doesn't Do the Job
Excerpt: "Hasn't the government's Bureau of Labor Statistics heard yet about how much retirees and others spend on such things as health insurance, property taxes, prescription drugs, gasoline, home heating oil -- and natural gas, too? The inflation figures don't show it." (Neil Downing of the Providence Journal via NewsAlert.com)
Another Question is Answered in the Davis-Bacon Act Q&A Column
What is the prevailing wage? (BenefitsLink.com)
Links to Items on Executive Comp, Benefits in General
Married In Canada? What's a Plan Sponsor To Do?
Excerpt: "All the experts agree that, in light of the changes in Canadian law, plan sponsors should review all benefit plans and employment policies." (PLANSPONSOR.com; one-time registration required)
Survey: How Are Your Benefits Holding Up?
Excerpt: "[E]mployees appear to have mixed feelings about their medical and retirement benefits. They see their benefits as worse than they used to be and unlikely to improve much in the near term. And a significant percentage say they might be willing to change jobs to find better benefits once the economy recovers." (Business Week)
GAO Report: Challenges Remain in Combating Abusive Tax Shelters
Excerpt: "Abusive shelters have been promoted by some accounting firms, law firms, and investment banks. Investors in these abusive shelters range from large and small corporations to wealthy individuals.... As of mid-August 2003, IRS had listed 27 kinds of abusive tax shelter transactions ... Although IRS documents outline an overall strategy for combating abusive shelters, IRS has generally not yet defined long-term performance goals ... and the measures it would use to track progress ..." (U.S. General Accounting Office)
Newly Posted or Renewed Job Openings
Health & Welfare Manager - Employer Benefits Consulting
for PricewaterhouseCoopers
in NY
Retirement Plan Specialist
for Diversified Investment Advisors
in
Retirement Plan Administrator
for Growing Professional Employer Organization
in FL
Marketing Pension Specialist
for Benefit Equity, Inc.
in CA
Director of 401k Recordkeeping
for ADP Retirement Services
in NJ
Compliance Specialist
for ADP Retirement Services
in NJ
Newly Posted Webcasts
(Post Yours!)
Health FSAs and Over-the-Counter Drugs
on October 27, 2003
presented by Employee Benefits Institute of America, LLC (EBIA)
Health FSAs and Over-the-Counter Drugs
on October 28, 2003
presented by Employee Benefits Institute of America, LLC (EBIA)
Health FSAs and Over-the-Counter Drugs
on October 29, 2003
presented by Employee Benefits Institute of America, LLC (EBIA)
Newly Posted Conferences
(Post Yours!)
How to Conduct Successful Workplace Investigations
in ALL STATES
November 11, 2003
Thompson Publishing Group, Inc.
Newly Posted Press Releases
(Post Yours!)
Martin E. Segal Receives John L. Lewis Award
(The Segal Company)
ICC Plan Solutions Rolls Out 2 New Investment Education Features
(ICC Plan Solutions)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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