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The BenefitsLink Newsletter -
Retirement Plans Edition

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June 19, 2000

Gore to Offer New Retirement Savings Program; Federal Govt Would Provide Tax Credits as a Match
Excerpt: "Al Gore plans to offer workers a new 401(k)-style savings program with as much as a 3-to-1 government match to help Americans build bigger retirement nest eggs separate from Social Security, campaign aides said Sunday." (Associated Press)

Think Twice About Allowing 401k to DB Transfers
Excerpt: "[In an article appearing today in the Wall Street Journal,] writer Ellen Schultz details the efforts by Bank of America to allow employees to role their assets from their 401(k) to the bank's pension plan. The change is being encouraged not to benefit employees but to boost the bank's bottom line, the article implies." (401kWire.com; free registration required)

New from EBRI: Executive Summary of Issue Brief no. 222, Retirement Confidence Survey (June 2000)
Retirement Confidence Survey (RCS) 2000: Including Results from the RCS Minority Survey and the Small Employer Retirement Survey (SERS) (Employee Benefit Research Institute)

Congress OKs Digital Signatures
Excerpt: "By an overwhelming margin, the House approved digital signature legislation, legalizing the electronic completion of many transactions that now must be made on paper. Approval in the Senate is expected to follow." (The Standard)

Supreme Court Holds That Fiduciary Can Sue a Nonfiduciary Party-in-Interest Under ERISA
Excerpt: "In a unanimous decision, the Supreme Court has held that a plan fiduciary can maintain an action against a nonfiduciary party-in-interest under ERISA 502(a)(3) for the nonfiduciary's participation in a prohibited transaction." (RIA Pension & Benefits Week)

June 2000 ESOP Forum from David Johanson, Esq.
The IRS has issued a ruling regarding the primary benefit rule and the use of sale proceeds from the sale of unallocated shares to repay an ESOP loan before the end of the loan term. (National Center for Employee Ownership)

Just What Is a Reasonable 401(k) Fee?
Excerpt: " ... take a look at the expense ratios on the funds in your plan. Using Morningstar Principia Pro software, I identified the category averages (updated through April 30, 2000) for these standard asset classes ..." (401kWire.com; free registration required)

Italy: A Never-Ending Pension Reform (PDF)
Excerpt: "Italian pension spending is proportionally higher than that in any other western industrial country; at the ame time the fertility rate is among the lowest and life expectancy relatively high. The reform of the pension system is at the core of the effort to ensure long-term fiscal sustainability. (Daniele Franco, published by National Bureau of Economic Research)

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