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The BenefitsLink Newsletter -
Retirement Plans Edition February 6, 2001 Today's sponsor is EmployeeBenefitsJobs.com (click on banner for more information)
A Look Back at the Clinton Years: IRS and DOL Actions Helped Spur 401(k) Growth Excerpt: "In the 1990s, a series of favorable government actions at a time of robust economic growth made 401(k) plans flourish. The percentage of families with 401(k) accounts doubled, from 32 percent in 1992 to more than 65 percent in 1998. In 1996, the U.S. Department of Labor (DOL) counted 226,000 401(k)-type plans covering almost 35 million participants." (Thompson Publishing Group) Third Circuit Case Illustrates ERISA Section 204(h) Risk Excerpt: "In Brothers v. Miller Oral Surgery, Inc., Retirement Plan, 25 EBC 1369 (3rd Cir. Aug. 31, 2000) the court invalidated a 1992 change from a defined benefit plan to a profit sharing plan because the plan administrator failed to provide 204(h) notice. The court allowed the suit to be characterized as a claim for benefits under § 502(a)(1)(B); thus, the statute of limitations was triggered-- not by the plan change-- but instead by the claims denial years later." (McCalla, Thompson) Frequently Asked Questions About the IRS Determination Letter Process for Qualified Retirement Plans Excerpt: "Listed below are some of the most frequently asked questions regarding the determination letter process, plan termination and plan language issues. Procedural requirements checklists for Forms 5300, 5303, 5307, 5310, and 6406 are also included." (Internal Revenue Service) Interesting Benefits Magazine Published in the UK: Journal of Pensions Management Excerpt: "And, not only is the journal guided by an International Editorial Board of lawyers, actuaries, economists, academics and pensions and properly researched and written by practicing experts in their fields, rather than journalists, it is untainted by advertising or advertorials (each article is independently reviewed by two peer reviewers and we reject more than we publish)." (Henry Stewart Publications) Budget Figures, Workload Data, Fiscal Year 2001 Priorities for PWBA Excerpt: "... the budget request for [enforcement and compliance] ... includes program enhancements for ... implementing a new program (the Rapid ERISA Action Compliance Team initiative) to protect the rights and benefits of plan participants when the plan sponsor faces severe financial hardship ... expanding PWBA's reporting compliance "help desk" function related to Form 5500 Report filings ... installation of an interactive toll-free line ... " (Pension and Welfare Benefits Administration, U.S. Department of Labor) 2001 Fiscal Year Budget Request for the Pension and Welfare Benefits Administration Excerpt: "I am pleased to report ... that PWBA's return on the taxpayers' investment continues to be significant. In this regard, I'd like to tell you about just a few of PWBA's most recent accomplishments in helping to build a more secure workforce." (Pension and Welfare Benefits Administration, U.S. Department of Labor)
Subscribe to the Welfare Plans Edition, too (click) Copyright 2001 BenefitsLink.com, Inc. Feel free to forward this email to friends, colleagues or clients, if no fee is paid to you and the email is forwarded in its entirety. Thanks! BenefitsLink is a trademark of BenefitsLink.com, Inc., published by Dave Baker with much help from Mary Hall and lots of friends. To subscribe (free): visit https://benefitslink.com/newsletter - or the person desiring to subscribe can send an email to BLretirement@add.mb00.net We have an online archive of prior issues at https://benefitslink.com/newsletters/ |
