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The BenefitsLink Newsletter -
Retirement Plans Edition

October 19, 2000

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Labor Department Finalizes Rule To Improve Security of Small Pension Plan Assets (Press Release)
Excerpt: "In recent years, considerable public attention has focused on the potential vulnerability of small plans to fraud and abuse. Although such circumstances are rare, the department decided it was appropriate to strengthen the security of pension assets and the accountability of persons handling those assets." (U.S. Department of Labor)

DOL Finalizes Regs on Annual Accountant Audit Requirements for Small Pension Plans
Excerpt: "These regulatory amendments provide a waiver of the IQPA annual examination and report requirements for employee benefit plans with fewer than 100 participants at the beginning of the plan year. The amendments being made by this final rule are designed to increase the security of assets in small pension plans by conditioning the waiver on enhanced disclosure of information to participants and beneficiaries and, in certain instances, improved fidelity bonding requirements." (U.S. Department of Labor)

IRAs May Be Vulnerable in Personal Bankruptcy
Excerpt: "If you declare personal bankruptcy, retirement money in an IRA account could be seized by creditors. While federal laws universally prohibit creditors from touching retirement money in employer-sponsored plans, a patchwork of state laws controls individual retirement accounts." (IRAjunction.com)

Congress May Not Vote on Pension Plan Changes Before Adjourning
Excerpt: "Workers who invest through employer-sponsored retirement savings plans could benefit from some major changes being considered by Congress, but it is not clear whether Congress will approve the measures before adjourning, according to a pension expert." (Neil Downing, in the Providence Journal)

Playing Catch-Up in Retirement; Summary Annual Reports Helped Union Members Uncover Fraud
Excerpt: "Two little words you hope you'll never hear applied to your retirement plan: 'Ponzi scheme.' Yet that's just what thousands of union members and their beneficiaries from Portland and elsewhere have been hearing about their pension and 401(k) retirement plans invested by Capital Consultants LLC, the Portland investment management firm formerly headed by Jeff Grayson." (Julie Tripp, published by The Oregonian)

Is Early Retirement a Realistic Option?
Excerpt: "A new study by Rutgers University and the University of Connecticut shows that an overwhelming number of people want to retire earlier than their parents and grandparents did. Much earlier, in fact." (Copley News Service)

Gore Turns Bush Reticence on Social Security Privatizatin to His Advantage
Excerpt: "Vice President Gore is moving quickly to raise doubts about Gov. George W. Bush's Social Security plan after Gore aides-- and even some Bush supporters-- say the GOP candidate failed to aggressively defend his proposal during the presidential debates." (Washington Post)

Job Openings Newly Posted or Reposted on EmployeeBenefitsJobs.com

401(k) Technical Specialistfor Benefit Services Corporation, a subsidiary of METLIFE
in GA
Senior 401(k) Plan administratorfor EPACO
in IL
Testing & Reporting Specialistfor Scudder Kemper Investments Inc.
in MA, NH
401k Processorfor Hand Benefits and Trust, Inc.
in TX
DC Plan/401(k) Plan Administratorfor Simpkins & Associates - Dallas
in TX

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