| The BenefitsLink Newsletter - Retirement Plans Edition |  |
April 2, 2001
Today's sponsor: EmployeeBenefitsJobs.com (click)
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As Markets Gyrate, Few 401(K) Participants Can Get Investment Advice at Work
Excerpt: "With equity markets in turmoil, where can the nation's 37 million 401(k) participants get the investment advice they need for managing the $1.7 trillion in 401(k) accounts under their control? Not at the workplace, according to new research from Spectrem Group ... [O]nly 16 percent of 401(k) participants have an investment advisory service available to them through their plan." (Spectrem Group press release)
The 401(k) Blues Have Some Investors Rethinking Strategy
Excerpt: "The bear market of 2001 isn't just the first major downturn in stocks in more than a decade and one that has left many investors hung out to dry. It also marks the first sustained market plunge since the 401(k) tax-deferred savings plan became the primary retirement account for American workers. Gone now, for many, is the pension plan that provided security for previous generations." (USNews.com)
First Union Settles Class Action; Still No Published Decisions on ERISA Section 404(c) Regulations
Excerpt: "This case involved the application of ERISA Section 404(c), which provides fiduciaries with a potential defense to claims involving participant directed investments if the plan satisfies certain regulatory conditions. As yet, no published decisions interpreting the final ERISA Section 404(c) regulations have been issued, and many practitioners had been hopeful that this case would provide some useful guidance about Section 404(c), including its technical disclosure requirements ..." (Employee Benefits Institute of America)
Employee Ownership Update for March 30, 2001
NCEO executive director Corey Rosen describes the results of a survey on how companies granting stock options are dealing with the market downturn and also summarizes recent legal and research developments for ESOPs and stock options. (The National Center for Employee Ownership (NCEO))
Testimony Presented at March 28, 2001 Hearing on Pension Reform for Small Business
Includes links to testimony provided by Dallas Salisbury of the Employee Benefit Research Institute, attorney Paula A. Calimafde on behalf of the Small Business Council of America; Michael P. Kelso, owner of an ESOP-owned small business; and John Bachmann of Edward Jones Investments. (U.S. House of Representatives Committee on Small Business)
The Principal Financial Group Board of Directors Adopts Plan of Demutualization
Excerpt: "The Principal Financial Group ® announced today that on March 31, 2001, the Board of Directors unanimously adopted a plan for converting Principal Mutual Holding Company from a mutual insurance holding company to a stock company. The Principal Financial Group, a leading retirement savings, investment and insurance company, provides services to more 401(k) plans than any other bank, mutual fund, or insurer in the U.S." (PR Newswire, via Yahoo! Finance)
More GM Workers Are Offered Buyouts
Excerpt: "General Motors Corp., working to cut more than 6,000 white-collar jobs in North America under a previously announced restructuring, is starting a new early retirement program for workers aged 55 to 61. Beginning Sunday, GM is offering eligible salaried employees 58 to 61 -- with at least 10 years of service -- the opportunity to retire with full retirement benefits. Employees 55 to 57 -- with 10 or more years of service -- can retire with 81.6 percent of their retirement benefits." (The Detroit News)
How Safe Are Individual Stocks?
Excerpt: "True, over five-year periods S&P stocks lose value just 10 percent of the time. Over 10-year periods, it's more like 3 percent. But that's not zero percent, so stocks aren't absolutely safe. Just because something is unlikely doesn't mean it's not going to happen. Our generation could be among the unlucky 10 percent." (Jane Bryant Quinn, in The Washington Post)
Welcome to new BenefitsLink advertiser the Origin Group, LLC
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Newly Posted or Renewed Job Openings (Post Yours!)
| Daily Valuation Administrator | for WESPAC Plan Services, Inc. in CA |
| Health & Welfare Team Leader | for USI Consulting Group, (USICG) in CT |
| 401(k) Plan Consultant | for USI Consulting Group (USICG) in CT |
| Diversity Specialist | for Nextlink Communications in VA |
| 401(k) Administrator | for Polycomp Administrative Services, Inc. in CA |
| Inside Wholesaler (Web Based Retirement Plan Administration) | for ExpertPlan in NJ |
| Account Consultant | for Manulife Financial in CA |
| Director, Communications | for The ERISA Industry Committee in DC |
| Director, Membership Development | for The ERISA Industry Committee in DC |
| Policy Advocate, Health Care | for The ERISA Industry Committee in DC |
Newly Posted Conferences (Post Yours!)
| HIPAA'S IMPACT ON "E-HEALTH CARE" - ELECTRONIC HEALTH CARE TRANSITIONS | in NY on April 25, 2001 presented by NYC CHAPTER OF WEB |
Newly Posted Press Releases
| LEADING EXECUTIVE COMP. PARTNER JOINS BROBECK'S IRVINE OFFICE (Brobeck, Phleger & Harrison LLP) |
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