The BenefitsLink Newsletter
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April 14, 2000
National Council on Teacher Retirement Comments on Bankruptcy Act Provisions on Retirement Savings
Joined by several other organizations, NCTR writes about the Bankruptcy Reform Act: "These issues, if not resolved, could impair the retirement savings of state and local government employees and the administration of state and local government retirement systems." (National Council on Teacher Retirement)
ERIC Testimony at Senate Committee Hearing On Protecting Pension Assets In Bankruptcy
Excerpt: "The prospect of allowing the alienation of benefits in defined benefit plans is particularly disturbing for several reasons..." (ERISA Industry Committee)
APPWP Calls for Elimination of Creditors' Rights Section in the Bankruptcy Reform Act of 2000
Excerpt: "... lenders could require individuals--possibly without their complete understanding--to waive their rights to protect their retirement assets during bankruptcy by excluding them from the bankruptcy estate." (Association of Private Pension and Welfare Plans)
LL.M. Program in Employee Benefits Is Available - First and Only Degree of Its Kind
Excerpt: "Professor Kathryn Kennedy teaches and advises in this program. All courses are taught by experienced tax practitioners, including IRS attorneys, all proficient in the subject matter. Without exception, they all bring an extraordinary commitment to teaching. To accommodate students, classes [in Chicago] are held in the late afternoon (4-6 p.m.), in the evening (6-8 p.m.) and on Saturday mornings." (The John Marshall Law School's Center for Tax Law and Employee Benefits)
Investment Advisor Backs IBM Employees' Shareholder Resolution on Cash Balance Plan Conversion
Press release by Communication Workers of America. Excerpt: "ISS, with 500 clients, is a private advisory service whose actions are closely followed by non-clients and major investor groups. Analysts believe this recommendation could affect as much as 30 percent of the voting stock." (PRNewswire, via news.excite.com)
IBM Again Asks Defeat of Return to Old Pension Plan
Excerpt: "Shareholders of IBM Corp. are getting letters pleading for a vote against an employee resolution to beef up pension and retirement medical benefits." (Poughkeepsie Journal)
National Class-Action Filed Against Prudential Health Care
Excerpt: "A federal class-action lawsuit filed this week against Prudential Insurance and its healthcare subsidiaries may affect several million people across the U.S. who are participants in, or beneficiaries of, Prudential employee welfare benefit plans ... It was filed on behalf of a proposed class of all participants or beneficiaries in employee benefit plans who have received their health insurance through PruCare." (PRNewswire, via news.excite.com)
Now Online from Pension and Welfare Benefits Administration: Advisory Opinions Issued During 2000
(U.S. Department of Labor)
Miss Your Pooch? Some Employers Now Say It's OK to Bring Fido to Work
Excerpt: "Although most employers still don't welcome pets into the workplace, that could be changing, according to a new study by human resource consultants William M. Mercer." (Fox Market News)
Now Underway: 1999/2000 Survey of Fortune 500 Companies' Mental Health and Substance Abuse Services
Excerpt: "The Brandeis / Harvard Research Center on Managed Care and Drug Abuse Treatment is currently conducting the 1999/2000 survey of Fortune 500 companies' provision of mental health and substance abuse services." (Brandeis / Harvard Research Center on Managed Care and Drug Abuse Treatment)
In Lecturing Doctors, HMOs Discover Virtues of Honesty
Excerpt: "If more health plans would stop lying to physicians and their patients, everyone could quit playing games and some integrity might be restored to the health-care system. How do health insurance companies lie? Let us count the ways ..." (Kansas City Star)
Could a Bear Market Hurt Your Retirement?
Excerpt: "Investors may have hated to see the stock of Old Economy stalwart Procter & Gamble crater this year. But the damage has been a lot worse for many current and former employees, who own a combined 20% of the company. The downturn has vaporized an outsized chunk of their retirement savings." (Wall Street Journal)
Privatizing Social Security Drives the Risk Down to Workers
Excerpt: "The recent wild fluctuation of stock prices should have cooled the ardor of those free enterprisers who want to privatize Social Security. It won't, of course." (William Raspberry, Dallas Morning News)
Employees May Demand Cash as Stocks Sink
Excerpt: "As many tech stocks dive and employees watch the value of their stock options evaporate, the currency of the "new economy" may give way to an old standby: cash." (CNet.com)
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