Retirement Plans Edition
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September 25, 2000
Summary Of Retirement Savings Provisions In H.R. 1102 And In Senate Finance Committee Version (PDF)
Excerpt: "Randy Hardock, Esq. of Davis & Harman, LLP Provides a Detailed Summary of HR 1102 as Passed by the Senate and Reported by the Senate Finance Committee." (Financial Executives Institute)
Comparison of Pending House and Senate Pension Legislation
(Groom Law Group)
Application of 133-1/3% Anti-backloading Test to Multiple Benefit Formulas (PDF)
Text of comments to IRS on September 14, 2000. Excerpt: "In certain instances, IRS officials recently have been interpreting the anti-backloading tests of Internal Revenue Code section 411(b)(1) in ways that... produce illogical results not required by the statute. Such interpretations seem inconsistent with congressional intent and with longstanding practice... Until recently, we do not believe that the IRS had imposed such interpretations in determination letter reviews or in plan audits." (American Academy of Actuaries, Pension Committee)
Cash Balance Plan Calculation of Lump-Sum Distribution Violated ERISA's Anti-Forfeiture Provision
Excerpt: "The calculation of a cash balance plan participant's lump-sum distribution violated ERISA, the Second Circuit has held, because: (1) the amount the participant received was less than the actuarial equivalent of her normal retirement benefit, and (2) she received less from the plan than she would have received had she not opted to take her benefit in the form of a lump-sum distribution, thus causing a forfeiture of part of her benefit. (Esden, Lynn v. Bank of Boston)." (RIA Pension & Benefits Week)
Anyone Eliminating Optional Forms of Distribution Now, Before LRMs Are Issued?
On our message boards: "Is anyone moving forward with amending plans to eliminate optional forms of distributions in accordance with the newly-finalized regulations without waiting for approved language (LRMS) from the IRS? It seems like a fairly easy change to do without approved language (ie, simply eliminate the option with the effective date stated in the regs - earlier of 90 days after notice or first day of second plan year after amendment is adopted)." (BenefitsBoards.net)
What are the tax consequences and procedures for paying out benefits from a 457 plan?
How (legally and administratively) do you treat distributions from a 457 plan? Please join us on the Governmental Plans message board for a discussion of this issue. (Thanks to moderator Carol V. Calhoun for recommending the link!) (BenefitsBoards.net)
PBGC To Liberalize Disclosure of Participant Information for QDRO Purposes
Excerpt: "The Pension Benefit Guaranty Corporation is proposing two new routine uses of records for a system of records maintained pursuant to the Privacy Act of 1974, as amended, entitled PBGC-6, Plan Participant and Beneficiary Data--PBGC. The first new routine use permits disclosure of certain benefit information to a participant's spouse, former spouse, child, or other dependent of the participant solely to obtain a qualified domestic relations order ..." (Pension Benefit Guaranty Corporation)
Disclosure Requirements for Plans Subject to ERISA and SEC Rules
Excerpt: "This summary discusses how to comply with ERISA and SEC disclosure requirements for a 401(k) plan that includes an option to invest employee contributions in employer securities and that is registered on SEC Form S-8." (Pillsbury, Madison & Sutro, on FindLaw.com)
Early Retirement Programs
Excerpt: "This memorandum discusses some of the principal legal issues that an employer must consider in planning an early retirement program." (Pillsbury, Madison & Sutro, on FindLaw.com)
(Following also appears in Welfare Plans Edition)
Stock Options, Corporate Performance, and Organizational Change
Excerpts from a book presenting the first serious research on corporate performance and employee involvement at companies with broadly granted stock options. (National Center for Employee Ownership)
Five Web Sites Offer Help to Employees in Managing Stock Options
Excerpt: "Employees with stock options suddenly have lots of options for tracking, valuing and managing them on the Web. There are at least five sites devoted to employee stock options; most have popped up in the past few months." (SFGate.com)
| Sr. ERISA Specialist | for Scudder Kemper Investments Inc. in MA |
| Senior Benefit Specialist (Flexible Cafeteria Benefits Program Administrator) | for Federal Deposit Insurance Corporation in DC |
| ERISA Specialist | for Scudder Kemper Investments Inc. in MA |
| Pension Plan Services Consultant | for American United Life Insurance Company in IN |
| Managing Director-Executive Benefits-Dallas | for Clark Bardes/ Compensation Resource Group in TX |
| Reporting Compliance Specialist | for US Department of Labor - Pension & Welfare Benefits Administration in DC |
| W. E. Stanley & Company, Inc. | for W. E. Stanley & Company, Inc. in NC |
| Pension Actuary | for W. E. Stanley & Company, Inc. in NC |
| Asst Benefit Consultant | for Buck Consultants in CA |
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