Retirement Plans Edition
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July 13, 2000
Brief Summary of Portman-Cardin Bill
Excerpt: "The Portman-Cardin plan ... makes retirement security available to millions of workers by expanding small business retirement plans, allowing workers to save more, addressing the needs of an increasingly mobile workforce through portability and other changes, making pensions more secure, and cutting the red tape that has hamstrung employers who want to establish pension plans for their employees." (Office of Congressman Ben Cardin)
Think Tank Says Proposed Pension Changes Would Greatly Benefit Corporate Executives and Owners
Excerpt: "Tax legislation to be considered by the House Ways and Means Committee this week would substantially expand pension tax preferences for high-income executives but likely lead to some reductions in pension coverage among low- and moderate-income workers and employees of small businesses. The pension provisions, which are similar to those included in the large tax bill that President Clinton vetoed last summer, would primarily benefit high-income individuals." (Center on Budget and Policy Priorities)
Joint Committee on Taxation Full Description of Provisions in Portman-Cardin Pension Bill (PDF)
Scheduled for markup by House Ways and Means Committee on July 13. (Joint Committee on Taxation)
JCT Summary of the Portman-Cardin Pension Bill (PDF)
The Comprehensive Retirement Security and Pension Reform Act would increase limits for IRA and 401(k) contributions. (Joint Committee on Taxation)
West Virginia Has $4 Billion Pension Underfunding, Official Says
Excerpt: "After making a presentation to the Legislature's committee on restructuring long-term debt, Buckalew said the $6.8 billion wasn't too much debt for West Virginia." (Knight-Ridder / Tribune Business News)
3d Cir: Firm Transferred Plans To Evade Defined Benefit Pension Liability
Excerpt: "Ruling in favor of the Pension Benefit Guaranty Corporation, the Third Circuit U.S. Court of Appeals has held that White Consolidated Industries (WCI) is liable for the estimated $120 million in underfunding under six pension plans maintained by Blaw Knox Corporation. The case is PBGC v. White Consolidated Industries." (Spencernet)
The New Retirement Players: Search401k.com
Excerpt: "Financial services intermediaries offering 401(k) programs to their clients have a new Web-based tool starting today. Mendota Heights, Minnesota-based Search401k.com is rolling out its Web site today." (401kWire.com; free registration required)
First Union, MassMutual To Provide Online Defined Benefit Product With Real-Time Benefit Projections
Excerpt: "First Union's Capital Management Group and MassMutual Retirement Services have announced a strategic alliance to offer a fully-bundled defined benefit retirement plan product that features online information access and education for both traditional and customized pension plans." (Reuters via Yahoo! Finance)
Retiring at 55 Has Its Benefits, Drawbacks
Excerpt: "If you meet these criteria, you can withdraw as much or as little as you want from your 401(k) plan without paying the standard 10% early-withdrawal penalty." (USA Today)
Opinion: Retirement Allowed at 47? How Can Alabama Keep Good Workers?
Excerpt: "But when people elsewhere are approaching the best years of their careers, in Alabama they're retiring. Or at least state employees and teachers are, because employees enrolled in the Retirement Systems of Alabama can retire with full retirement benefits after 25 years on the job." (Mobile Register)
Congress Considers Raising Annual Limit on IRA Contributions
Excerpt: "Raising the maximum annual contribution to Individual Retirement Accounts from the current $2,000 to $5,000, and liberalizing private retirement plans, could be a boost for older consumers, said area investment advisers." (Knight-Ridder / Tribune Business News)
New British Pensions Proposal Attacked As "Confusing"
Excerpt: "The criticism came as the government unveiled details of its IPA--a pension "wrapper" which avoids taxation. But several experts said that the IPA was not really new and would simply add to general confusion over pensions." (ITN Online)
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