Retirement Plans Edition
January 18, 2001
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Do Cash Balance Pension Plan Conversions Violate ERISA or ADEA? (PDF)
56 pages. Excerpt: "This Article considers the various legal issues that are raised by cash balance conversions. In particular, this Article considers whether these conversions violate the Employee Retirement Income Security Act (ERISA) or the Age Discrimination in Employment Act (ADEA). The Article concludes that the typical cash balance conversion will not violate these laws." (Professor Jon Forman, University of Oklahoma College of Law)
Former Spouse Has An Interest In Participant's Pension Benefits Prior To Issuance of QDRO
Trustees of the Directors Guild of America-Producer Pension Benefits Plans v. Tise, et al. (9th Cir. 2001). Excerpt: "The former spouse of a pension plan participant was not required to secure a qualified domestic relations order (QDRO) before the death of the participant in order to enforce her right to a portion of the participant's death benefits under a prior court order." (Spencernet)
Third Party Administrator Sentenced To Prison For Embezzling Client's Pension Plan Funds
Excerpt: "A third-party administrator of the Dr. Wadsworth Pension Plan in Denver, Colo., was sentenced Jan. 4, to 15 months in prison, followed by three years of supervised release and ordered to pay $33,200 in restitution." (U.S. Department of Labor)
IRS Eases Rules for Withdrawing Funds From IRAs, 401(k) Plans
Excerpt: "If you'll be 70 1/2 or older this year, or if you're taking mandatory withdrawals from a retirement plan you inherited, you should talk to your accountant or financial adviser about the new regulations soon." (San Francisco Chronicle)
IRS Simplifies Rules for Withdrawing Tax-Deferred Funds
Excerpt: "In a surprise move, the Internal Revenue Service has dramatically simplified distribution rules for tax-deferred retirement plans, allowing retirees to take less money out of their accounts each year--and pay less income tax in the process." (Los Angeles Times)
New IRA Distribution Rules Change Everything For The Better
Excerpt: "As a result of the new rules, which are retroactive to the beginning of this year, calculating IRA withdrawals will be much simpler. Required minimum distributions will be lower, taxpayers will be able to change their beneficiaries whenever and as often as they want, and there's no longer any need for the numerous brain-clogging formulas that used to determine how much money older account holders had to withdraw from their IRAs annually." (Reuters via Excite! News)
ASPA Recommends New and Additional Guidance from IRS on Variety of Benefits Matters
Excerpt: "... we are writing to offer suggestions on the priorities for guidance under the 2001 guidance priority list issued jointly by Treasury and IRS.... ASPA’s recommendations for new or additional guidance (in the form of Regulations Revenue Procedures or informal guidance as appropriate) to be issued under the 2001 guidance priorities plan are as follows:" (American Society of Pension Actuaries)
Washington Power Shift Good News for 401(k) Contribution Limits?
Excerpt: "This could be the year that retirement reform proposals finally become law. A bill that could allow Americans to boost their tax-deferred savings and catch up for years when they skimped may actually pass through Congress and be signed by the president." (401Kafe.com)
| Retirement Sales District Manager | for ADP, Inc. in NY |
| 401(k) Administrator | for Louis Kravitz & Associates, Inc. in CA |
| Plan Service Representative | for MetLife in CO |
| Pension Administrator | for Regional TPA firm in TN |
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