Retirement Plans Edition
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September 29, 2000
43rd Annual Survey of Profit Sharing and 401(k) Plans Released by Trade Association
Summary is online (free); full report can be ordered from PSCA. Excerpt: "This year's survey [for the 1999 plan year] is the most comprehensive to date. It contains 82 tables of data on important topics such as participation rates, participant deferrals, company contributions, investment options, asset allocation, internet usage, vesting, loans, and more. Data is frequently broken down by plan size and plan type." (Profit Sharing/401(k) Council of America)
TSA Access Restrictions as a Bar to Rollovers
Excerpt: "... TSA providers continue to improperly apply those 403(b) distribution triggering conditions to the 403(b) owner's eligibility to make a rollover to another TSA. This was clearly not the intent of UCA '92!" (Joel Frank)
IRS Final Rules Expand Anti-Cutback Exceptions, Cut Need for Extended Payment Option
Excerpt: "Sponsors of 401(k) plans will not violate Code section 411(d)(6) anti-cutback provisions if they amend their plan to eliminate certain alternative forms of benefit payments and permit certain transfers between defined contribution plans that are not currently permitted under IRS regulations, according to final regulations released Aug. 28 by the IRS." (Thompson Publishing Group)
Insiders' Pensions Vetoed: California Governor Faults 'Special Treatment'
Excerpt: "Gov. Gray Davis has vetoed a bill that would have improved public pensions for a handful of ex-lawmakers and other current and former state employees, including several people on the governor's staff." (Sacramento Bee)
Saving for Retirement Means Loss of Means-Tested Assistance for Some Families, Study Says
Excerpt: "The proposal in the Senate Finance Committee-approved version of H.R. 1102 that would provide a tax credit to lower- and moderate-income workers for contributions to 401(k) plans, similar employer-sponsored pension plans, and Individual Retirement Accounts would have an unintended side effect. It could cause some of these workers and their families to be made ineligible for health insurance coverage through Medicaid, as well as for food stamp assistance ..." (Center on Budget Policies and Priorities)
SIMPLE IRA Plans: IRAs on Steroids, But October 1 Deadline Nears
Excerpt: "This low-maintenance 401(k) alternative for firms with 100 or fewer employees (or even just one if you work for yourself and have no employees) is relatively new and relatively unknown. If you want to set one up for this year -- or persuade your boss to do so -- you have to hurry. The deadline is October 1." (Kiplinger.com)
(Following also appears in Welfare Plans Edition)
New on Benefits Buzz by Topic: Estate Planning Aspects of Employee Benefits
(BenefitsLink)
| Manager, Campaign Services | for New York Life Benefit Services LLC in MA |
| 401(k) Investment Educator, Boston Area, Denver, Seattle, Chicago | for ADP, Inc. in CO, IL, MA, WA |
| Benefits Attorney | for ERNST & YOUNG LLP in IL, MN, NY, PA |
| ERISA Specialist | for Transamerica Retirement Services in CA |
| Client Relationship Manager | for Scudder Kemper Investments Inc. in NH |
| Technical Plan Administrator | for Scudder Kemper Investments Inc. in NH |
| 401(k) Administrator | for RPSC in GA |
| Client Relationship Manager, Trust Environment | for Reliance Trust Company in GA |
| PLAN ADMINISTRATOR/CONSULTANT | for WT BENEFITS, L.L.C. in TX |
| Service Integration Manager | for Fidelity Investments - Marlborough Campus in MA |
| Director of Compensation and Benefits- US/Latin America | for America At Work in FL |
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