Retirement Plans Edition
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September 13, 2000
New Cash Balance Pension Proposal Erupts in Controversy
Excerpt: "Controversy has erupted over new cash-balance provisions that have been added to proposed legislation aimed at expanding tax-advantaged saving accounts, with critics of the new proposals arguing that the provisions will harm workers enrolled in cash-balance pension plans." (Ellen Shultz, in the Wall Street Journal)
Senate Finance Committee Approves Unanimously Pension Reform Bill
(Investment Company Institute)
Select a Retirement Plan
Guidance on selecting a retirement plan, including an overview of types of plans, an interactive form for helping to select a plan, and helpful links. (Department of Labor, the U.S. Small Business Administration, the U.S. Chamber of Commerce and Merrill Lynch.)
Pension Bill Gains Momentum
Excerpt: "After two years of Republicans passing tax cuts and President Clinton vetoing , the one tax measure with broad appeal to middle-class voters that could still become law this year would raise contribution limits for IRA and 401(k) retirement plans." (Associated Press)
Appeals Court Addresses Calculation Of Lump Sums Under Cash Balance Plans
Excerpt: "A lump sum benefit from a defined benefit plan must be calculated by discounting back to the present value (using the Pension Benefit Guaranty Corporation's discount rate) of what the normal retirement benefit would be if the participant had not elected a lump sum benefit.... [T]he Eleventh Circuit U.S. Court of Appeals ruled that this provision of Reg. Sec. 1.411(a)-11 applies to distributions from cash balance plans made after the 1988 effective date of the regulations." (Spencernet)
DOL Concerned with Employers' Timely Submission of Employee Contributions
Excerpt: "A significant area of concern for the Department of Labor (DOL) and its Pension and Welfare Benefits Administration (PWBA) is the timely submission of employee contributions that are withheld by employers. This area should also concern auditors completing 1999 plan year audits because auditors are required to report on certain supplemental schedules, including the Schedule G to Form 5500, 'Financial Transaction Schedules.'" (Practitioners Publishing Company)
County of Los Angeles Faces Challenge Over Use of Pension Funds
Excerpt: "Representatives of more than 90,000 current and retired members of county employee unions have taken the first step toward a lawsuit that could foreclose the use of their pension earnings to balance Los Angeles County's $15-billion budget." (Los Angeles Times)
Senate Finance Committee Unanimously Approves Retirement Security and Savings Act of 2000
(The Segal Company)
Hewitt Associates' Washington Status Report: September 11, 2000 Issue
Topics: Retirement Plan Reform, Estate Tax (Hewitt Associates)
Tax Credit for Low- and Middle-Income Savers in Senate Finance Comm. Pension Bill: How Effective?
(Center on Budget Policies and Priorities)
Telecom Companies Go Dot-Com With Stock Option Incentives
(CNet.com)
(Following also appears in Welfare Plans Edition)
Need Someone from Corbel to Speak to Your Employee Benefits Organization?
Searchable by employer, such as Corbel, McKay Hochman Co., AccuDraft, Milliman & Robertson, and so forth. Use our free Speakers Database to find speakers for your organization. Practitioners: get in the database at no charge! A service to the employee benefits community from BenefitsLink. (BenefitsLink)
Need a Local Employee Benefits Speaker for Your Organization in Illinois?
Use our free Speakers Database to find speakers for your organization. Practitioners: get in the database at no charge! A service to the employee benefits community from BenefitsLink. (BenefitsLink)
Need a Speaker to Talk About the Anti-Cutback Rules for Qualified Retirement Plans?
Use our free Speakers Database to find speakers for your organization. Practitioners: get in the database at no charge! A service to the employee benefits community from BenefitsLink. (BenefitsLink)
Updated URL: E-signature Law Has Employee Benefits Implications
(Workforce.com)
Dutch Legalize Same-Sex Marriages
(Washington Post)
Graef Crystal: J.C. Penney's Questrom Gets a Clean, Rich Deal
Excerpt: "Is there a going price for retailing chief executives? Hard on the heels of Kmart Corp.'s hiring of Charles Conaway and giving him a bewildering array of goodies initially worth $37 million, we have J.C. Penney Co. hiring Allen Questrom and giving him a much simpler contract initially worth $34 million." (Graef Crystal, on Bloomberg.com)
Cheney Has Now Cashed in Most of His Stake in Halliburton
(New York Times; free registration required)
| Consulting - Pension Actuary & Administrators | for Louis Kravitz & Associates, Inc. in CA |
| 401(k) Administrator | for Benefit Management Inc. in MA, RI |
| Defined Contribution/ 401(k) Plan Administrator | for E.R.I.S.A., Inc. in IL |
| 401(k) / DC Pension Plan Administrator | for Fast Growing Financial Service & Third Party Administration Company in CA |
| Testing Compliance Specialist | for The 401(k) Company in TX |
| 401(k) Pension Administrators & Conversion Specialists | for PFPC, Inc. in FL, MA, NC, VA |
| Pension Team Consultant | for Pentec, Inc. in CT |
| Defined Contribution Pension Administrator | for Matthews, Gold, Kennedy & Snow, Inc. in AZ |
| Regional Marketing Coordinator - U.S. Central Region | for Watson Wyatt & Company in IL, MI, MN, OH, TX |
| Director/Manager, Defined Contribution Department | for The Angell Pension Group, Inc. in RI |
| 401(k) Plan Administrator | for Third Party Administration Firm in Southeast Michigan in MI |
| Pensions Systems Designer | for CitiStreet in FL |
| Client Relations Manager | for Northern New Jersey Pension Consulting Firm in NJ |
| Human Resources Workman's Comp Mgr. | for Fortune 1000 company located in Houston in TX |
| Reconciliation Specialists | for PricewaterhouseCoopers in NJ |
| Employee Benefits - Legal Assistant | for Buck Consultants in CO |
| Qualified Plan recordkeeper | for Pen-Cal in CA |
| 401(k) Plan Administrator | for Polycomp Administrative Services, Inc. in CA |
| Qualified Retirement Plans Manager | for Arthur Andersen, Human Capital Services in CA, CO, CT, DC, GA |
| Health and Welfare Associate | for Towers Perrin in CA, FL, GA, MA, MI, MO, NC, NJ, NY, OH, PA |
| RETIREMENT PLAN ADMINISTRATOR | for HOWARD SIMON & ASSOCIATES, INC. in IL |
| 401k Team Leader | for Citistreet - A State Street / Citigroup Company in MA |
| Pension Administrator | for Century Benefits Consulting in CA |
| Human Resources Training Manager | for Fortune 1000 company located in North Houston in TX |
| Human Resources Retirement Manager | for Fortune 1000 company located in North Houston. in TX |
| Defined Benefit Plan Sales and Consulting | for A Financial Services Firm in MA |
| Tax Senior Accountant / Dayton, Ohio | for Deloitte & Touche, a Professional Services Firm in OH |
| Client Service Manager | for Major Financial Services Firm in NJ, NY, PA |
| Health and Welfare Consultant | for Towers Perrin in CA, CT, GA, IL, MA, NC, PA, TX |
| DC/401(k) Plan Administration Specialists | for 80+ Employee CPA Firm in OH |
| Employee Benefits Analyst / Compliance Specialist | for Leading East Texas Healthcare System in TX |
| Client Services Administrator | for Benefit National Companies in CO, TX |
| Associate Attorney for Law Firm | for McGuire, Woods, Battle & Boothe LLP in NC |
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