Retirement Plans Edition
October 26, 2000
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Roth News Release Provides Details of Compromise Agreement on Pension Changes
Excerpt: "
- Increases IRA contributions to $5,000 from $2,000 and provide for a $1,500 IRA catch-up contribution for those age 50 and above.
- Increases contribution limits for 401(k), 403(b) and 457 plan from $10,000 to $15,000.
- Allows employees over age 50 to make an additional $5,000 contribution to a 401(k), 403(b) and 457 plan.
- Requires that employers who change their plans to notify their employees of the change.
Avoid Expensive Mistakes When Making IRA Beneficiary, Distribution Choices
(IRAjunction.com)
Eliminating Unpopular Retirement Plan Payment Options Just Got Easier
Excerpt: "Fortunately, the IRS has just released new rules, effective September 6, 2000, that allow retirement plans: (1) to drop various unpopular or duplicative payment options, and (2) to permit certain plan transfers that were unauthorized in the past." (Deloitte & Touche)
Plan Sponsor Roundtable: Investor Education
Excerpt: "Defined Contribution News recently brought together retirement executives from seven plans to discuss the different means and methods of approaching investment education and share war stories of their successes and failures." (Defined Contribution News)
American Academy of Actuaries Faults Bush Social Security Plan
Excerpt: "A nonpartisan organization of financial experts has concluded Texas Gov. George W. Bush's plan to cut taxes and divert Social Security payroll taxes would make it all but impossible to eliminate the publicly held national debt, the Washington Post said on Wednesday." (Reuters via Yahoo! News)
(Following also appears in Welfare Plans Edition)
Employee Plan Disclosures: It's Cheaper to Communicate than to Litigate -- Part 1
Excerpt: "A look at some of the courts' comments in ERISA disclosure cases and a refresher course in fiduciary duties may save thousands of dollars in legal fees and, just as important, may preserve employee goodwill and forestall suits in the first place. One attitude that sponsors would be wise to discard immediately is: 'ERISA doesn't require us to disclose that specific information. So we aren't going to.'" (Deloitte & Touche)
Exotic Options: Use Caution
Excerpt: "Exotic Options are nonqualified stock options with no ascertainable market value. The employee is not taxed at issue, but when the option is exercised, the employee recognizes ordinary income to the extent the value of the underlying asset exceeds the strike price.... When the promised compensation takes the form of property--the underlying asset--the transfer to the retiree is subject to Section 83, and the arrangement avoids the risk of forfeiture rule of Section 457(f)." (National Underwriter Company)
Graef Crystal: Brooks Sold Sotheby's Holders Short
(Graef Crystal, on Bloomberg.com)
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| 401(k) Marketing/ Sales Representative - Investment Specialist | for Benefit Services Corporation, a subsidiary of METLIFE, is a 401(k) plan administrator with 29 years of specialized experience in defined contribution recordkeeping. in GA |
| Benefits Specialist - Qualified Plans Design | for ExxonMobil Corporation in TX |
| Business Development Consultant-Benefits Administration | for Towers Perrin in CA, IL, MA, MD, NJ, PA |
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