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December 5, 2003 - 13,525 subscribers
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Electronic Symposium: the U.S. Transition to Hybrid Pensions
Papers available for viewing online include 'Cash Balance Pension Plan Conversions and the New Economy,' 'The Shift to Hybrid Pensions by U.S. Employers: An Empirical Analysis of Actual Plan Conversions,' 'Pension Plan Options: Preferences, Choices, and the Distribution of Benefits,' 'Possible Implications of Mandating Choice In Corporate Defined Benefit Plans,' and 'Promoting Work at Older Ages: The Role of Hybrid Pension Plans in an Aging Population." (Pension Research Council)
California Pension CalSTRS Fires Putnam
Excerpt: "The decision from the California State Teachers' Retirement System comes after its sister fund and the No. 1 U.S. pension plan, the California Public Employees' Retirement System, voted last month to terminate its contract with Boston-based Putnam." (Reuters via Lycos News)
The Age 50 Catch-Up for 403(b) Contributions: Simple Calculation or Complicated Headache? (PDF)
Excerpt: "In order for employees to maximize their retirement plan contributions, they should be informed of the consequences of utilizing the 'age 50' catch-up prior to utilizing the '15 years of service' catch-up as it may reduce the total amounts they are able to contribute to the 403(b) plan." (Citizens Bank & Trust of Maryville, Missouri via 403bWise.com)
Former Texas Senator Proposes How State Retirement System Could Profit from Death of Retirees
Excerpt: "[Phil] Gramm, now vice chairman of UBS Investment Bank in New York, has proposed to Texas officials that the state buy life insurance policies and annuities on thousands of retired teachers and cash in on them to close a $700 million funding gap." (AP via Tallahassee.com)
PBGC To Pay Special Metals Corp. Pensions
Press release. Excerpt: "The Pension Benefit Guaranty Corporation [on December 4] announced it has assumed responsibility for three pension plans covering more than 3,900 workers and retirees of Special Metals Corp., a specialty metals firm based in Huntington, W.Va., that emerged last week from Chapter 11 bankruptcy protection." (Pension Benefit Guaranty Corporation)
Market Gains May Boost Pension Funds For First Time Since the Bear's Mauling
Excerpt: "Shares of General Motors shot up more than 5% Wednesday to 45.54, their highest level in more than a year, after a Goldman Sachs analyst said the firm may have to plug less money than previously thought into its pension plan next year." (Investor's Business Daily via Yahoo! News)
Pensions Around World Need Up to $1.5 Trillion in Funding Over Next 5 Years
Excerpt: "Fixing the worldwide pensions crisis could cost companies up to $1.5 trillion over the next five years, a leading investment research group said on Friday." (Reuters via Forbes.com)
Links to Items on Executive Comp, Benefits in General
IRS Auditing Executive Comp Practices Among Large Companies
Excerpt: "The Internal Revenue Service is auditing two dozen companies to make sure they followed the rules for compensating executives, scrutinizing corporate perks such as stock options and the use of private jets and luxury apartments." (AP via SFGate.com)
DOL: Benefits Account for Nearly 30% of Total Pay Costs
Excerpt: "Benefit costs for civilian workers accounted for 28.6% ($6.97) of the average $24.48 per hour employers spent on employee compensation during the third quarter this year, a 0.7% increase over the same period last year ..." (BenefitNews.com)
Newly Posted Events
Form 1099-R More Complex Than It Looks
Nationwide on January 8, 2004
presented by SunGard Corbel
ERISA's Fiduciary Requirements in Today's Investment Turmoil: The Enron Decision and Mutual Fund Misconduct -- A 90-Minute Interactive Audio Conference
Nationwide on December 12, 2003
presented by Thompson Publishing Group
Newly Posted Press Releases
Fiduciary Responsibility at the Top of Employers Concerns Today
(401khelpcenter.com, LLC)
Newly Posted or Renewed Job Openings
Institutional/401(k) Business Development Strategist
for Bank of America
in NC
Plan Administrator
for Retirement Plan Specialists, Inc.
in FL
Director of Benefits and Compensation
for PRG-Schultz
in GA
Compensation Analyst
for PRG-Schultz
in GA
401(k)/Pension Administrator
for East Bay Third Party Administration
in CA
Retirement Consultant
for Lincoln Financial Group
in AZ, CA, CO, KS, NE, NM, OR, WA
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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