Retirement Plans Edition
November 2, 2000
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Practitioners' Opinions on the "401(k) Plan of the Future" - Unlimited Investment Options
(BenefitsBoards.net)
The Road to Defined Benefits: Transferring Out of 401 (K) Plans
Excerpt: "Beginning July 1, 2000, the 46,104 participants in Bank of America Corp.'s $4.7 billion 401 (k) retirement plan were given a one-time option lasting 60 days to decide whether to transfer all or part of their 401 (k) balances into BOA's defined benefit plan." (Strategic Finance, via International Foundation of Employee Benefit Plans)
Investment Company Institute Comments On IRS Proposed Plan Loan Regulations
Excerpt: "The letter discusses the impact of the Electronic Signatures in Global and National Commerce Act (E-SIGN) on final plan loan regulations, which were published on July 31, 2000; issues arising from proposed regulations, also issued on July 31, regarding multiple loans and loan refinancing; and the availability of plan loans in section 457 plans." (Investment Company Institute)
Transamerica Teams With Financial Engines to Provide Online Investment Advice to Plan Participants
Excerpt: "[T]he Financial Engines Investment Advisor(sm) service will be available to Transamerica's defined contribution participants. Participants will be able to reach and utilize Financial Engines online through Transamerica's Web site, www.TA-Retirement.com." (Yahoo! Finance)
Schwab Retirement Plan Services Launches New Web Site for Third-Party Administrator Clients
Excerpt: "Through linking technology, Schwab's TPA clients can pass participant name and account information from their participant accounts to the 401kTools Web site. By personalizing the participant view, Schwab can offer targeted retirement planning and mutual fund analysis tools to each participant visiting the 401kTools site. TPAs can even pass their own logos to Schwab's site in order to create a co-branded user experience." (Yahoo! Finance)
Voluntary Correction Cheaper Than Audit Roulette
Excerpt: "According to the GAO's recent report, pension plan sponsors who use one of the IRS self-correction programs, such as the Voluntary Compliance Resolution (VCR) program, can expect to pay about one-tenth of the sanction paid by plan sponsors who lose at 'audit roulette' and are caught by the IRS. And these average savings do not include the savings by plan sponsors that quickly and voluntarily correct plan problems under the Administrative Policy Regarding Self-Correction (APRSC) ..." (Martha Priddy Patterson, online from Thompson Publishing Group)
Gore and Bush Clashing Over Retirement Proposals
Excerpt: "As the presidential race draws to a close, Vice President Al Gore is asserting that Gov. George W. Bush's plan to create personal investment accounts within Social Security would eat up $1 trillion needed to pay benefits to current retirees. The Bush campaign says Mr. Gore's implication that benefits to current retirees are at risk is flat wrong and a deliberate attempt to scare voters." (New York Times; free registration required)
(Following also appears in Welfare Plans Edition)
New issue online of the Pension & Benefits Update email newsletter by Tax Analysts: 11/1/2000
Highlights: Attorney's fees denied in pension plan's wrongful levy suit; ERISA prohibits relief for misinformed beneficiary's tax losses; pensions are bankruptcy property only for tax claims, IRS agrees; grandchild is designated beneficiary of IRA interest paid to trust; determination letters for payment option elimination amendments now available; substituting successor employer in VEBA won't result in inurement pension plan covering other denominations' ministers is a church plan. (Tax Analysts, Inc.--see www.taxbase.org)
| RETIREMENT PLAN ADMINISTRATOR | for HOWARD SIMON & ASSOCIATES, INC. in IL |
| Human Resource Counsel | for Paralyzed Veterans of America in DC |
| Project Manager/Operations Analyst | for ADP - Automatic Data Processing in IL |
| Project Director, Integrated Benefits Services | for Join one of America's Fastest Growing Privately Held Financial Services Firms in KY |
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