Retirement Plans Edition
January 31, 2001
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IRS Corrects Model Amendment on Required Minimum Distributions from Qualified Plans
Excerpt: "The first sentence of the model amendment, as published in the Federal Register on January 17, 2001, referred to distributions made in calendar years beginning on or after January 1, 2000, but was intended to refer instead to distributions made for calendar years beginning on or after January 1, 2001." (Internal Revenue Service)
In California County, Dispute Over Use of Pension Surplus
Excerpt: "Contra Costa supervisors and retired county workers are expected to do some aggressive lobbying today as the county retirement board decides what to do with a record $344 million in pension fund dividends." (San Francisco Chronicle)
Protecting Deferred Compensation With Bankruptcy Insurance
Excerpt: "Bankruptcy insurance policies protect employees in the event of their employer's bankruptcy or repudiation of a deferred compensation promise. Generally, these policies are issued for a fixed period of time (e.g., five years) and contain a rolling extension endorsement." (Magner Financial Network)
Municipal Retirement Plan Benefit Escapes Claim In Bankruptcy
Excerpt: "Debtor had a beneficial interest in assets held by trustees of a municipal employees' retirement plan, the terms of which had been effectively incorporated into the city charter. The plan provided that the debtor's interest is 'unassignable' and not subject to execution, attachment or operation of bankruptcy law." (Cypen & Cypen)
PWBA Clarifies Position On Payment of Qualification-Related Expenses By a Plan
Excerpt: "The PWBA issued a news release to clarify its position regarding the payment of expenses by a plan. The clarifications are in two sources: 1) PWBA Advisory Opinion 2001-01A, and 2) six hypothetical fact patterns." (TRI Pension Services)
House Hikes Firefighter Age Limit for Federal Employees, From 55 to 57
Excerpt: "In its first legislative action of the year, the House voted Tuesday to raise the mandatory retirement age of federal firefighters from 55 to 57. Rep. Elton Gallegly, R-Calif., sponsor of the bill, said it would bring the retirement age for federal firefighters in line with that of federal law enforcement officers and ensure the retention of experienced firefighters." (New York Times; free registration required)
2d Annual Survey of Self-Correction of Plan Defects Under APRSC
Excerpt: "Service providers to qualified retirement plans continue to actively use the IRS' Administrative Policy Regarding Self-Correction (APRSC) to correct qualification failures, 1999 survey data shows. In this, our second APRSC survey, responses from over 100 service providers, mostly third party administrators, detail the correction of 'operational' qualification failures in over 700 plans during 1999." (Reish & Luftman)
Soon-To-Retire Investors Urged to Reduce Risk
Excerpt: "For those workers poised on the cusp of retirement, the stock market's recent gyrations raise a potentially life-changing question: What should you do with your 401(k) investment allocation? A lot depends on whether you have other sources of retirement income stashed away besides your 401(k) employee savings plan, financial advisers said." (Dallas Morning News)
Happy New Year! Your 401k Is Tanking
Excerpt: "Over the last two weeks many middle-class Americans have been staring drop-jawed at the red-inked reports put out by mutual and pension-fund managers. Call it 401k shock, and how we react-- with panic, pessimism, indifference, or blame-seeking-- will have major consequences for the political and financial future of the country." (Christian Science Monitor)
Fees: Vanguard Shows All
Excerpt: "The issue of fees will no longer be a mystery to sponsors who use Vanguard, thanks to the company's newest initiative, the All-In Fee Report. Launched last week, the document will be distributed annually and will sort plan sponsor expenses into five categories." (401kWire)
CPRS Rips AARP Report, Author on Mandatory Social Security Coverage for State and Local Workers
Excerpt: "Terming it a 'stealth' report, the Coalition to Preserve Retirement Security has criticized the American Association for Retired Persons' report on the impact of mandatory Social Security coverage of state and local workers." (Cypen & Cypen)
ASPA Comments on Agenda for the 2001 National Summit on Retirement Savings
Excerpt: "The Department of Labor (DOL) has requested comments regarding the agenda for the 2001 SAVER Summit, from organizations that have a mission to educate American workers about the importance of saving for retirement and ways to achieve retirement security. The American Society of Pension Actuaries (ASPA) wishes to offer the following comments and recommendation regarding the agenda." (American Society of Pension Actuaries)
(Following also appears in Welfare Plans Edition)
SEC Proposes Rule On Options
Excerpt: "As the use of equity compensation, particularly in the form of stock options, increases, so too have concerns about their impact. As a result, companies may soon have to disclose all information about employee stock options. The US Securities and Exchange Commission has proposed a rule that will require companies to include all option disclosures in a registrant’s proxy statement or annual report." (CFO.com)
Baxter Execs' Pay At Risk Under Stock Options Plan
Excerpt: "Saying it wants to better align executive pay with performance, Baxter is asking senior managers to trade in restricted shares for stock options that carry more risk. The restricted shares are considered a safer bet, because they retain some value even if Baxter's stock price declines. The options, however, are worth money only if Baxter shares rise above a specified price." (Chicago Tribune)
| Pensions Benefit Manager | for Pentec, Inc. in CT |
| Consulting Actuary | for Pentec, Inc. in CT |
| Associate Pension Consultant | for Pentec, Inc. in CT |
| Team Leader | for Pension Corporation of America in OH |
| Employee Benefits Associate | for Thompson Hine & Flory LLP in OH |
| Pensions/401(k) ERISA Compliance Specialist | for Pensioncareers Ltd. in NJ, NY |
| Benefits Analyst (2) | for Manley Associates Inc. in NJ, NY |
| Benefits Manager - Part Time | for Westfield Staffing Solutions in NY |
| Call Center Manager | for The Todd Organization in PA |
| Senior Consultant / Compliance Attorney | for William M. Mercer, Incorporated, is a global consulting firm. in MA |
| Retirement Consultant – Paralegal/Attorney | for William M. Mercer, Incorporated. in MA |
| Group Enroller | for Progressive Benefits Company in NY |
| Employee Benefits Update for 2001 | in ALL STATES on February 13, 2001 presented by American Bar Association, AICPA, Society of Actuaries, WEB, American College of Employee Benefits Counsel |
| Regarding Audits and Compliance: The IRS and DOL Speak Out | in DC on February 1, 2001 presented by American Bar Association |
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