Retirement Plans Edition
February 2, 2001
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Employer Misuses Workers' 401(k) Funds; Owner of Bankrupt Business Must Pay Restitution
Excerpt: "Nelson used the money to try to keep his company afloat.... Nelson has pleaded guilty to federal charges of unlawful conversion of the assets of an employee benefit plan. A U.S. District Court judge ordered Nelson to pay $62,454 restitution to the employees.... The judge also sentenced Nelson to three months in a halfway house, three months' home confinement, a $2,000 fine and three years' probation." (The Des Moines Register )
401(K) Investor Confidence High
Excerpt: "According to Fidelity Investments, the nation's largest mutual fund company, many 401(k) investors are planning to increase their contributions, and become more aggressive in their allocations this year." (Internet.com)
Constructive Termination Is Not An Involuntary Separation Warranting Immediate Civil Service Annuity
Nebblett v. Office of Personnel Management (Ct. App. Fed. Cir., 2000). (FindLaw.com)
State Controller Sues CalPERS: Pay Raises To Money Managers Called Illegal
Excerpt: "A brewing conflict erupted this week when state Controller Kathleen Connell sued the California Public Employees' Retirement System over pay raises granted to 10 investment managers. The civil lawsuit filed Wednesday in Sacramento County Superior Court alleges CalPERS violated statutory laws by establishing its own pay system and awarding 11 percent raises to the investment managers." (Sacramento Bee)
CalPERS To Buy Stake In Carlyle Private Equity Management Firm
Excerpt: "CalPERS has made several similar investments recently, but the Carlyle deal is its largest. Pension experts said it remains somewhat unusual for a pension fund to buy into a private equity firm. That's because these firms' investments can be risky compared to many pension fund holdings, and valuations of successful ones can be high." (Washington Post)
(Following also appears in Welfare Plans Edition)
Withholding Liability on ISOs and ESPPs: The Kinder Gentler IRS
Excerpt: "... in Notice 2001-14 [the IRS announced that it] will not assert liability for either income tax or FICA/FUTA withholding on the exercise of Section 422 Incentive Stock Options (ISOs) and options provided under Section 423 employee stock purchase plans (ESPPs) or even on the disqualifying disposition of shares acquired by option exercise. The kicker is that the options must be exercised before January 1, 2003." (Foundation for Enterprise Development)
Amazon Offer Links Stock Option Profit to Share Price
Excerpt: "Amazon.com announced today that it was offering to lower the price of existing employee options, making it subject to an accounting rule that will directly tie its financial results to fluctuations in its shares. The repricing offer, filed by the company with the Securities and Exchange Commission, lets employees swap existing options for new options that have a lower exercise price." (New York Times; free registration required)
| Senior Compliance Specialist | for Putnam Investments in MA |
| Implementation Specialist | for Towers Perrin - Benefit Administration Services in NJ, PA |
| International Executive Benefits Consultant | for Clark Bardes Consulting/Compensation Resource Group, Inc. in |
| Director of Client Services | for Universal Pensions, Inc. in MN |
| ERISA - Benefits Attorney | for William M. Mercer in NY |
| 401(k) Sr. Administrator | for Fast growing Benefits firm in CA |
| Defined Contribution Plan Administrator | for Jordan & Andrews, Consultants and Actuaries in CA |
| Defined Contribution Relationship Managers | for Benefit Recruiters in NY, OH, PA, TX, WI |
| Design & Compliance Advisor | for Phelps Dodge Corporation, one of the world's leading natural resource and industrial manufacturing companies. in AZ |
| Asset Unitization Manager | for Reliance Trust Company in GA |
| 401(k)/investment/actuarial consulting sales | for http://www.401k-recruiter.com in DC, DE, GA, MD, NC, TN, VA, WV |
| 401(k) / DC Administrator | for Benetech, Inc. in TX |
| HYBRID PENSION PLANS (CASH BALANCE, PENSION EQUITY, ETC...) | in NY on February 15, 2001 presented by NEW YORK CHAPTER OF WEB |
| Maximizing Latin Pension Returns | in FL on April 4, 2001 presented by Marcus Evans-Miami, Fl. |
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