The BenefitsLink Newsletter -
Retirement Plans Edition
October 25, 2000
Today's sponsor is The Plan Sales System
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The True Cost of Taking Loans From Your 401(k) or 403(b) Plan
Tim Younkin's List of 401(k) and 403(b) Calculators on the Web
GOPs Polish Tax Relief Package
Excerpt: "Congressional Republicans worked Tuesday to put the finishing touches on a tax relief package that would boost individual retirement savings, help businesses absorb the cost of a higher minimum wage and revitalize economically depressed areas.... House and Senate leaders met for more than two hours Tuesday to begin ironing out details of the package, which includes several bills that passed the House with broad bipartisan support this year." (New York Times; free registration required)
Stock or Cash: How ESOP Accounts Should Be Held After Departure But Before Payout
Many companies with employee stock ownership plans (ESOPs) delay distribution of benefits after employees leave. This article discusses the pros and cons of a few approaches and relates them to the larger issue of why companies get into trouble by creating plan policies that do not benefit participants. (National Center for Employee Ownership)
Brief Overview: Selecting a Retirement Plan Beneficiary
Excerpt: "Retirement planning services are an integral part of offering tax, consulting, and investment advisory services. CPAs and financial planners offering such services will find that assisting clients in choosing their retirement plan beneficiaries impacts both the client’s tax and estate planning." (Practitioners Publishing Company)
Final Rules Subject Certain Plans To Annual Audit Requirement In Plan Years After April 17, 2001
Excerpt: "[S]mall employee pension benefit plans (i.e., small deferred compensation plans, such as profit sharing plans, 401(k) plans, money purchase plans, defined benefit plans) [will need] to meet certain conditions in order to be exempt from the audit requirement [or they] will have to engage an accountant to audit the plan, attach the accountant's report to the plan's Form 5500, and include the financial statements, notes and schedules that would apply to a large plan." (TRI Pension Services)
Bush Social Security Plan Criticized
Excerpt: "Treasury Secretary Lawrence H. Summers says George W. Bush's plan for Social Security reveals 'a fundamental misunderstanding' of the retirement system. Bush ... has proposed allowing younger workers to open private retirement accounts some of the payroll taxes now used to fund the program. But that would require either 'large cuts' in benefits or an infusion of billions of dollars in new revenue, Summers told the Washington Post in an interview published in Wednesday's editions." (New York Times; free registration required)
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