Retirement Plans Edition
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August 8, 2000
Questions Abound About Forced Savings
Excerpt: "Negative election, as it is known, is a powerful concept. Regulators in the Treasury and Labor Departments are urging employers to implement automatic enrollment. Currently, less than 5 percent of 401(k) plans offer automatic enrollment, but many employers are considering the idea ..." (Knight-Ridder / Tribune)
Final Plan Loan Regs Issued; More Proposed Regs Address New Issues
Excerpt: "IRS has issued final and proposed regs relating to the tax treatment of loans from qualified retirement plans to plan participants and beneficiaries. The final regs retain the general structure and substance of earlier proposed regs issued in 1995 and 1998, but change a number of specific provisions. IRS also issued new proposed regs that would cover multiple loan situations." (RIA Pension & Benefits Week)
Plan to Get $1.54 Million Under DOL Settlement With Pension Fund Trustees
Excerpt: "The U.S. Department of Labor has obtained a settlement requiring trustees of two pension funds for the International Brotherhood of Electrical Workers Local 35 and the National Electrical Contractors Association-- through their insurer-- to repay to the funds $1.54 million in losses resulting from the plans' investments in highly risky mortgage derivatives." (U.S. Department of Labor)
Golden Years Are Bleak for Some Divorced Persons; Division of Pension Benefits Often Overlooked
Excerpt: "While it's easy to blame heartless husbands, women often make themselves vulnerable, financial planners say. Too often, they give up a portion of their ex-husband's pension or other retirement savings, such as a 401(k) plan, in exchange for the house or other immediately accessible assets. It's a choice that can cost them a secure retirement." (USA Today)
Thirty Percent of College Students Think They Will Become Millionaires in Their 40s
But only 10 percent plan to invest in their company's retirement plan! (Business Wire)
(Following also appears in Welfare Plans Edition)
How to Add Employee Benefits Headlines to Your Web Site-- Free
Choose from over three dozen employee benefits topics, which are collected and published each day by BenefitsLink. We get a little logo and link at the end of each headlines page-- you get fresh, topical content to incorporate into your company's Web site. Example HTML files are provided. It's easier than you think! (BenefitsLink)
Former Employees Refuse to Give Up Stock Options
Excerpt: "Employees who get terminated from a company before they exercise their stock options are often required to relinquish them. But many former employees are saying, 'Not so fast,' and are unwilling to give up the gift they received from the same company that is now showing them the door. Increasingly, these spurned employees are taking their cases to court." (Knight-Ridder / Tribune Business News)
The Tangled Web of Stock Option Grants
Excerpt: "Britain's rule-making Accounting Standard Board has proposed that U.K. companies charge the estimated present value of stock options against earnings-- a bold move by accountants that could wipe out the profits of some companies altogether." (Graef Crystal, on Bloomberg.com)
| Defined Benefits Specialist II | for American Century Investments in MO |
| Evenings Recordkeeping System Technician | for The Chicago Trust Company, independent investment
firm and fiduciary in IL |
| Pension Administrator | for Compensation Planning Inc. in RI |
| 401(k) Account Executive | for
Hand Benefits & Trust in TX |
| Vice President/Chief Operations Officer | for Simpkins & Associates (a regional pension
administration firm with Dallas opening) in TX |
| 401(k) Plan Integration Project Manager | for Hobbs Group, LLC Retirement Plan Services in GA |
| Implementation Specialist | for
Towers Perrin - Benefit Administration Services in NJ, PA |
| Executive Benefits Consultant | for
Compensation Resource Group, Inc. in CA, GA, IL, NY, TX |
| Plan Consultant | for
American Century Investments in MO |
| Benefits Attorney | for
ERNST & YOUNG LLP in IL, MN, NY, PA |
| Retirement Programmer | for
William M. Mercer in MA |
| Actuarial Analyst | for
William M. Mercer in MA |
| Defined Contribution Plan Administrators | for Alliance Benefit Group of Houston, Inc. in TX |
| Manager, Campaign Services | for New
York Life Benefit Services LLC in MA |
| Sr. Pension Account Representative | for American National Insurance Company in TX |
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