Retirement Plans Edition
November 15, 2000
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"Duty Of Consistency" Subjected Taxpayer To Income Tax On Funds That Were Not Timely Rolled Over
Excerpt: "A taxpayer was liable for income taxes on distributions received from an annuity account that previously had not been timely rolled over from a defined benefit plan to that account. This was the decision of the Ninth Circuit U.S. Court of Appeals in Estate of Hilda Ashman v. Commissioner." (Spencernet)
ASPA Files Comments With IRS on Latest Loan Regulations
Topics addressed include leaves of absence, refinancing, multiple loans, withholding, and the permitted cure period. (American Society of Pension Actuaries)
Sixth Circuit Upholds Conviction Of Plan Trustee Who Embezzled $3 Million From Pension Plan
Excerpt: "The Sixth Circuit U.S. Court of Appeals has upheld the conviction and prison sentence of a pension plan trustee who embezzled more than $3 million from the plan. The case is U.S. v. Krimsky." (Spencernet)
CREF to Stick with Tobacco Investments
Excerpt: "The College Retirement Equities Fund, which manages about $176 billion in equities as part of the TIAA-CREF teachers pension system, will stick with one of its more controversial investments -- tobacco stocks. A proposal seeking the divestiture of tobacco investments was rejected by the fund's participants in a 73.7 percent to 21.1 percent vote." (Reuters via Yahoo! News)
Students Urge CREF to Get Philip Morris Off its Board
Excerpt: "As educators who are invested in the world's largest private pension fund vote on whether to divest of tobacco stocks at the CREF annual meeting, students on college campuses across the country are pressuring the retirement fund to remove a Philip Morris decisionmaker from its board." (PRNewswire, via Yahoo! Finance)
CalPERS Sets Social Investment Standards for Overseas Investments
(Reuters via Yahoo! Finance)
(Following also appears in Welfare Plans Edition)
The Duty To Inform And Fiduciary Breaches: The "New Frontier" In ERISA Litigation
(Howard Shapiro and Robert Rachal of McCalla Thompson LLP)
3d Cir. Uses "Duty to Inform" Theory to Eviscerate Plan Administrator's Ability To Intepret Plan
Excerpt: "In Harte v. Bethlehem Steel Corp. ... the court addressed a familiar fact pattern: A plan administrator's interpretation of an ambiguous plan provision resulted in the denial of benefits.... But then [the court] applied a fiduciary 'duty to inform' rationale to conclude the plan administrator may have breached a duty to inform the participant of this interpretation in time for the participant to act." (Robert Rachal, Esq. of McCalla Thompson LLP)
| Pension Consultant | for Polycomp Administrative Services, Inc. in CA |
| Benefits Associate | for Black Mountain Management in NY |
| 401(k)/Retirement Plan Administrator | for Stephen Eldridge & Company, Inc. in NH |
| Defined Benefit Pension Plan Administrator | for AAS Pension Services - American Express Tax & Business Services in AZ |
| Assistant to Administrator | for The Senex Group in CA |
| Qualified Plan Administrator | for The Senex Group in CA |
| Retirement Plan Actuary | for Bolton Offutt Donovan, Inc. in DC, MD |
| Financial Analyst | for Bolton Offutt Donovan, Inc. in DC, MD |
| Health Benefits Underwriters | for Bolton Offutt Donovan, Inc. in DC, MD |
| Marketing Executive | for Bolton Offutt Donovan, Inc. in DC |
| Employee Benefits Supervisor | for AMETEK is a leading global manufacturer in PA |
| Defined Contribution Benefit Specialist Team Leader | for CitiStreet: Total Benefits Outsourcing in FL |
| Savings & Retirement Plans Analyst | for Pharmacia Corporation in NJ |
| Manager, Savings Plus | for Pharmacia Corporation in NJ |
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