Retirement Plans Edition
November 30, 2000
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IRS Reminds Practitioners to Apply for Updated GUST Letters on M&P Documents by Year-End
Excerpt: "[E]mployers who have, as of the end of the 2001 plan year, either adopted or certified their intent to adopt an M&P or volume submitter specimen plan may be allowed more time to make their GUST plan amendments. For these employers to be allowed the extra time, the sponsors of the M&P and volume submitter specimen plans must apply for GUST opinion or advisory letters by December 31, 2000." (Internal Revenue Service)
Company A's employees can be covered under B's 401(k) merely by having them run through B's payroll?
Feel free to join us in this interesting discussion on our message boards. (BenefitsBoards.net)
Better to calculate matching contributions on a payroll by payroll basis, or on an annual basis?
Feel free to join in this interesting discussion on our message boards. (BenefitsBoards.net)
Bank of New York to Push 401(k)s to Small Business
Excerpt: "Bank of New York will launch a campaign in January to sell group and individual life and health insurance as well as 401(k) plans to small businesses." (American Banker)
Position Paper: Maintaining Equity in Cash Balance Pension Plan Conversions
Excerpt: "IEEE-USA recommends that employers minimize confusion and reduce or eliminate the potentially adverse effects of cash balance plan conversions on long-tenured workers by: ..." (Institute of Electrical and Electronics Engineers, Inc.)
John Hancock Told to Pay Pension Fund
Excerpt: "A federal judge has ordered John Hancock Financial Services to pay millions of dollars in damages to a Unisys pension plan after finding that Hancock, the big Boston insurer, used some of the retirement money for its own benefit without regard to the pension plan's rights." (New York Times; free registration required)
OK to have reversion of voting rights to employer (lender) upon a default by the borrowing ESOP?
Feel free to join us in this interesting discussion on our message boards. (BenefitsBoards.net)
SSA, ASEC Establish "National Save for Your Future" Campaign; Dallas Salisbury Praised
Excerpt: "Commissioner Apfel presented [ASEC] Chairman Salisbury with a Commissioner's Public Service Award. The Award recognizes ASEC for outstanding public service in partnering with SSA and for their commitment to ensuring that all Americans are aware of the importance of planning for a financially secure retirement." (Social Security Administration press release)
Another Question is Answered in the Stop, Look & Listen: Railroad Retirement Q&A Column
I'm vested for both Social Security and Railroad Retirement. Both benefits are paid by the Railroad Retirement Board. I just received a letter from Social Security that says they have overpaid me several thousand dollars. The letter didn't tell the reason that I was overpaid; it just said that Social Security will tell Railroad Retirement to withhold my benefits until the overpayment is recovered. I'm very confused about who to contact. Can you help me get through this bureaucratic maze? (BenefitsLink.com)
Life-Cycle Funds: What and Why?
Excerpt: "In a nutshell, life-cycle funds are pooled investment portfolios, assembled into a single fund and aimed at a specific demographic audience. In plain English, they are funds designed to fit investors of a certain age and/or risk tolerance." (Greg Hanna's Retirement Planning Page on About.com)
(Following also appears in Welfare Plans Edition)
Add Employee Benefits Headlines To Your Web Site at No Charge
We show you how to do it! You get links to fresh content, we get a little exposure (a link to BenefitsLink is included in the headlines). "Win-win," as Steven Covey might say. (BenefitsLink)
Videograms: A Marketing Approach to Internal Communication (PDF)
Excerpt: "Videograms are small, self-running video files, custom-filmed and edited in a polished yet 'relationship-building style'-- similar to the effect of having an individual deliver specific, scripted information to his/her constituencies (employees, prospective employees, customers, etc.)." (Aon Consulting)
Jan Wegesin's Form5500Help.com Provides Tips, Links, Information on Annual Filing Requirements
Excerpt: "Form5500help.com is designed to complement official guidance and other internet resources available to preparers of Form 5500 for qualified retirement, welfare, and fringe benefit plans. Every year, businesses and organizations that sponsor an employee benefit plan subject to ERISA must file Form 5500." (JMW Consulting, Inc.)
Shopping for Workers
Excerpt: "Low unemployment makes managers more creative in attracting quality workers." (Savannah [Ga.] Morning News)
Retaining Talent: Employers Seek Secret to Keeping Good Workers
Excerpt: "Money may be one issue driving employees to switch jobs in today's tight labor market. But employers are increasingly aware that a one- size-fits-all remedy won't boost retention." (Fort Worth Star-Telegram)
Raising Stock Options From the Deep
Excerpt: "But the danger of a serious brain drain has now prompted technology and telecoms companies to look again at their stock options. Indeed, many have started to tinker with them in ways that could bring their workers a big pay-off after all." (Financial Times)
| 401(k) Plan Administrator | for RSM McGladrey, Inc. in IL |
| Customer Support - DC Plans / Flexible Benefits Administrators | for DATAIR Employee Benefit Systems, Inc. in IL |
| Manager, Job Classification and Compensation | for Chicago Transit Authority in IL |
| General Manager, Benefit Services | for Chicago Transit Authority in IL |
| Savings Plan Adminstrator | for Federal Deposit Insurance Corporation in DC |
| Actuarial Analyst | for Ceridian Retirement Plan Services in CO |
| Senior International Assistant | for Buck Consultants, Inc. in NJ |
| Service Consultant-Atlanta | for Transamerica Life Company in GA |
| International Benefits Analyst | for Commerce One (Pleasanton - San Francisco Bay Area) in CA |
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