Retirement Plans Edition
November 29, 2000
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Discussion: pros and cons of allowing multiple outstanding loans to a 401(k) participant
Have any comments? Join in! (BenefitsBoards.net)
PBGC Clarifies Due Date for 2000 Participant Notice for Underfunded Calendar Year DB Plans
Excerpt: "These questions have arisen in light of the extension of the 1999 Form 5500 due date to October 16, 2000, for certain employee benefit plans. This Technical Update clarifies that the due date of the 2000 Participant Notice for a calendar year plan generally is Monday, December 18, 2000, regardless of whether the plan administrator can establish reasonable cause for late filing of the 1999 Form 5500 after October 16, 2000." (Pension Benefit Guaranty Corporation)
Public Funds Lead Successful Class Action Against 3Com Corporation
Excerpt: "In January, 1998, the Louisiana School Employees Retirement System and the Louisiana Municipal Police Employees Retirement System filed a securities fraud class action against 3Com Corporation on behalf of a class of purchasers of 3Com stock. These public pension funds were appointed as lead plaintiff and, after nearly three years of intensive and hard-fought litigation, achieved a landmark settlement of $259 million in cash." (National Conference on Public Employee Retirement Systems)
Rules Eased on Purchase of Commercial Mortgage-Backed Securities by Pension Funds
Excerpt: "The changes, published in the Federal Register on Nov. 13 by the U.S. Department of Labor, open the way for corporate retirement funds to buy CMBS, residential MBS and asset-backed securities rated as low as triple-13. Previously, the purchase of bonds rated below triple-A was restricted by the Employee Retirement Income Security Act, or ERISA, a 1974 federal law that sets fiduciary standards for private pension funds." (Commercial Mortgage Alert)
Can employer's profit-sharing and money purchase programs be combined under a single plan?
(BenefitsBoards.net)
Should You Choose a Lifestyle Fund?
Excerpt: "Lifestyle funds are all-in-one investment options for individuals who lack the time or inclination to worry about asset allocation in their retirement plan. These prepackaged funds-- each of which contains multiple mutual funds-- maintain a mix of stock, bond and money market funds targeted to meet the needs of investors at a given age and/or risk tolerance." (401Kafe.com)
John Hancock to Appeal Federal District Court Ruling In Harris Trust Litigation
Excerpt: "John Hancock Financial Services, Inc. today announced that it will appeal the decision of a federal district court judge to award more than $19.5 million to the Unisys Trust for claims arising out of a group annuity contract originally purchased in 1941. The lawsuit, known as Harris Trust & Savings Bank v. John Hancock, was originally filed in 1983, and involves the application of federal pension law (known as ERISA) to group annuity contracts purchased by retirement funds." (PR Newswire, via Yahoo! Finance)
Retirement Plan Trends
Excerpt: "While 401(k)s get most of the press, traditional defined benefit plans still are the ones most commonly used." (Workforce magazine)
(Following also appears in Welfare Plans Edition)
Benefits: Hanging On To Employees
Excerpt: "Texas Instruments (TI), desperate to hold on to its electrical-engineering talent, launched a new Web-enabled, employee-retention tool last month that its workers can affectionately call 'My Financial Statement.' Issued to TI's 28,000 U.S. employees, the system offers real-time screen profiles of their salaries, pensions, 401(k) benefits, stock options, and employee-stock-purchase plans." (CFO magazine)
New SPD regulations require information about ERISA section 404(c), QDROs, plan termination
Excerpt: "The regulations are generally effective January 20, 2001, but SPDs are not required to reflect the new regulatory requirements until the second plan year which begins after January 20, 2001 (e.g., the 2003 plan year for a plan with a plan year that begins every January 1)." (TRI Pension Services)
DOL Publishes Long-Awaited Final Rules On Claims and Appeals Procedures and SPDs
(The Segal Company)
| Manager, Campaign Services | for New York Life Benefit Services LLC in MA |
| Defined Benefit Conversion Consultant | for American Century Investments in MO |
| Defined Benefit Conversion Specialist | for American Century Investments in MO |
| 401(k)/DC Administrator | for Accrued Benefit Administrators, Inc. in CA |
| Senior Health & Welfare Consulting Actuaries | for UNIFI Network/PricewaterhouseCoopers in IL |
| Senior 401(k) Administrator | for B & Benefits Administration, Inc. in Long Beach, CA in CA |
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