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The BenefitsLink Newsletter -
Retirement Plans Edition

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August 24, 2000

Another Question is Answered in Our Who's the Employer Q&A Column
What is the basis of your answer to Q&A-56? The answer appears to be completlely contrary to the position taken by Treasury in the proposed 414(m) regulations (which were later withdrawn). They clearly indicated that each employer in a shared situation needs to take into account only a proportionate number of the hours worked by someone such as the staff employees in Q&A-56. (BenefitsLink.com)

Ameritech Ordered To Pay Retirees; Benefit Miscalculation Found
Excerpt: "The payments to retirees will start this fall and will range from a few hundred dollars to as much at $30,000. The payments include interest earned at the rate of 5 percent. Steven A. Katz, a Belleville trial lawyer, and his colleagues who represented the retirees were awarded almost $51 million by the federal court." (Associated Press)

Social Security Privatization Promises Mutual Fund Boon, Bane
Excerpt: "Proposals by U.S. presidential candidates to channel a chunk of pretax retirement savings into private hands would pour huge sums of money into mutual funds and create a bonanza for fund managers. But it would also cause headaches as funds struggled to administer millions of small, monthly contributions, experts said." (Reuters via Yahoo! Finance)

Opinion: Social Security's Payout is a Raw Deal
Excerpt: "In 1999, after Mr. Lieberman became chairman of the Democratic Leadership Council, the group published the New Progressive Manifesto, which declared that 'We must gradually convert Social Security from a transfer program to a new system of individual private savings supplemented by modest public pensions for the needy.'" (Washington Times)

Opinion: Bush's Shaky Retirement Plan
Excerpt: "Gov. Bush has provided few details, but he wants us to believe that he can reduce the money flowing into the Social Security system without cutting benefits—even though we all know that the system already faces a projected long-term deficit." (Washington Post)

(Following also appears in Welfare Plans Edition)

CEO Pay Rides Market Waves
Excerpt: "As the economy has boomed, so has interest in options, with the bull market creating a bonanza for corporate America. Local publicly held companies are no exception." (Greensboro [NC] News & Record)

SEC Posts Executive-Pay Information Online
Excerpt: "Want to know what your boss makes? If you work for a public company, take a peek within the company's proxy statement filed with the Securities and Exchange Commission. Proxies are available on the Internet at www.sec.gov or at www.freeedgar.com" (Greensboro [NC] News and Record)

Now More Than Ever, Web Execs Want Cold Cash as Compensation
Excerpt: "While stock options are still an attractive perk for new Internet executives, many are increasingly asking for cold, hard cash, according to a study released yesterday by PricewaterhouseCoopers." (Seattle Post-Intelligencer)

Opinion: Mr. Cheney's Options
Excerpt: "... Americans should wonder why [Halliburton] the Dallas-based oil services company went further and allowed Mr. Cheney to keep 400,000 more stock options that he would ordinarily have had to work additional years to acquire.... That special favor, worth at least $6 million at today's prices and potentially a lot more, would tie Mr. Cheney's financial fortunes to those of the company -- and therefore to the price of oil -- well into a potential Bush-Cheney administration." (New York Times; free registration required)

Job Openings Newly Posted or Reposted on EmployeeBenefitsJobs.com

401(k)/Pension Administratorfor Stephen Eldridge & Company, Inc.
in NH
Employee Benefits Legal Assistantfor Thompson Hine & Flory LLP
in OH
Defined Contribution Plan Administrator/Compliancefor an investment management company
in NY
Retirement Benefits Supervisorfor Esterline Technologies Corporation
in WA
Benefits and Compensation Consultantsfor Specialized Recruiters
in OH
Benefits Consultant - WCX0001265for Kaiser Permanente
in CA
Salespersonfor InvestLink

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