| The BenefitsLink Newsletter - Retirement Plans Edition |  |
March 12, 2001
Today's sponsor: EmployeeBenefitsJobs.com (click)
Fill your employee benefits job openings fast by advertising on BenefitsLink-- we're one of the 50 best recruiting sites on the whole Internet (says CareerXRoads)! BenefitsLink is "one of the Web's best sites" (says Forbes magazine).
Average 401(K) Balance: $55,502
Excerpt: "Some workers may be content to let their boss keep baby-sitting management of their 401(k) plans, [Ted] Benna says, but times change, and so does the American public. Today, 60 percent of the nation's households invest in the market, many of them through 401(k) plans." (Scripps Howard News Service)
Former Participant Refused to Repay Distribution; Now Must Pay Plan's Attorney Fee
Primary CareNet of Texas v. Scott (W.D. Tex. 2001). Excerpt: "In this case, a 401(k) plan erroneously distributed $3,600 too much to a participant when she terminated employment. The trustee requested repayment, and the participant refused, so the plan sued to recover the excess payment." (EBIA Weekly)
Thrift Savings Plan's Common Stock Fund Takes a Hit, but Two Others Rise Slightly
Excerpt: "The common stock investment fund in the Thrift Savings Plan plunged 9.12 percent in February. Looking back over the last 12 months, the C Fund has dropped 8.19 percent. As seasoned TSP watchers know, the loss was not unexpected. The C Fund tracks the Standard & Poor's 500-stock index, which has been on a mostly downward slide in recent months." (Washington Post)
2001 Defined Benefit Client Satisfaction Survey
Excerpt: "Investment returns greatly lagged expectations last year, say more than 400 pension fund officials responding to PLANSPONSOR's 2001 Defined Benefit Survey. And yet, respondents are neither overly concerned nor angry." (PLANSPONSOR.com; free registration required)
Don't Look To Market For Magic in Solving Social Security Concerns
Excerpt: "For corporate leaders and government policymakers alike, the stock market over the past 20 years has been a magic box. Pensions too expensive? Set up a 401(k) plan and the market will solve the problem. Middle class can't afford college? Enact Section 529 savings plans and the market will solve the problem. Social Security going broke? Allow private investment accounts and the market will solve the problem." (Washington Post)
'Seasoning' Compensation Package Helps One TV Operation Improve Employee Morale
Excerpt: "The company found that its compensation structure was not just unfair, it was often counterproductive. Some people accepted promotions to jobs they were not equipped for, while others tried to switch to more generous departments in the company. And so, in early 1998, Discovery began an overhaul of its compensation policy, switching to a pay-for-performance system that allowed for both big raises and bonuses." (New York Times; free registration required)
Newly Posted or Renewed Job Openings (Post Yours!)
| Senior Benefits Consultant | for CB Richard Ellis in CA |
| 401k/DC Administrator (FT or PT) | for Sacramento Area TPA in CA |
| PENSION ADMINISTRATOR / DC PLANS | for CNA Trust Corporation in IL |
| Defined Benefit Project Manager - Lk-000717-010 | for Hewitt Associates LLC in IL |
Newly Posted Press Releases
| Brokerville.com partners with PensionOnline.com to Offer Community Members 401(K) Analysis and Design Tools for Qualified Plans (Brokerville) |
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