Retirement Plans Edition
October 17, 2000
Today's sponsor is Fortress Financial Group, Inc.
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Court to Review Constitutionality of Applying FICA Tax to Federal Judges
Excerpt: "The Supreme Court agreed today to decide whether Congress violated the Constitution in the early 1980's by imposing Social Security taxes for the first time on the salaries of federal judges." (New York Times; free registration required)
IRS Sides With Employer That Excluded Contract Workers From Its Qualified Retirement Plans
Excerpt: "The IRS released to the public in late April a Technical Advice Memorandum ('T.A.M.') which will be welcome news for employers who have been concerned about lawsuits by workers who allege that they have been wrongly excluded from coverage under the company's qualified retirement plans.... The new T.A.M. addresses a relatively common type of plan eligibility provision, which includes in the plan only 'employees on the payroll records' of the employer company." (Mary Hevener, Esq. of Weil Gotshal & Manges LLP, on FindLaw.com)
Keys to Prudent Plan Investment Selection
Excerpt: "Many defined contribution plan sponsors end the investment selection process after they choose a vendor. But ... there must be ongoing evaluation and monitoring of the investments and the underlying vendors. DOL regulations and case law under ERISA hinge on 'process.' Because of the dramatic changes that are taking place in the retirement plan vendor arena, this is an opportune time to re-address important issues ..." (RIA Pension & Benefits Week)
CalPERS Votes to Sell Off Tobacco Stocks
(New York Times; free registration required)
(Following also appears in Welfare Plans Edition)
Soc. Sec. ID Privacy Bill Considered
Excerpt: "[Congressman Judd] Gregg's proposal, included in the annual spending bill for the Commerce, Justice and State departments, would make it illegal to give out a Social Security number over the Internet or in any other form without a the number-holder's permission." (Associated Press, via Yahoo!)
Social Security Saves Money By Offering Services On Its Website
Excerpt: "[P]eople have been asking for electronic services, so the agency is offering . But the agency also benefits-- it costs a lot less to handle the material online with the Internet than it does face-to-face or over the phone. A new monthly online newsletter from the agency, for example, already has 100,000 subscribers. Mailing it would cost millions, but doing it over the Internet costs $25,000 a year." (Las Vegas Sun)
New issue online of the Pension & Benefits Update email newsletter by Tax Analysts - Part 2 of 2
October 16, 2000 issue (Tax Analysts, Inc.--see www.taxbase.org)
New issue online of the Pension & Benefits Update email newsletter by Tax Analysts - Part 1 of 2
October 16, 2000 issue (Tax Analysts, Inc.--see www.taxbase.org)
| Manager of Administration | for Benetech, Inc. in OH |
| Retirement Operations Specialist | for LPL Financial Services in CA |
| Manager, Employee Benefits Services | for Universal Studios in CA |
| Employee Benefits Relationship Manager | for SunTrust Bank, Inc. in DC, VA |
| Pension Analysts | for Unifi Network/PricewaterhouseCoopers in IL, NJ |
| Consultant | for New York Life Benefit Services LLC in MA |
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