| The BenefitsLink Newsletter - Retirement Plans Edition |  |
April 6, 2001
Today's sponsor: The Insider's Guide to DOL Plan Audits (click)
From two former DOL investigators, this must-have book gives you an in-depth look at the Department of Labor-Pension and Welfare Benefits Administration and its operations. Offers insider's tips and guidance on DOL enforcement projects and objectives, and walks the reader through DOL single plan and service-provider audits.
Testimony of Pension Rights Center Expressing Concerns Over H.R. 10 Pension Bill Provisions (PDF)
April 5, 2001 testimony of Karen W. Ferguson to Subcommittee on Employer-Employee Relations, U.S. House Committee on Education and the Workforce. Excerpt: "Although the bill may achieve its stated objectives of making retirement security available to millions of workers ... the reality is that for a great many workers, merely creating more plans and allowing more money to be sheltered from taxes, could undermine rather than enhance their retirement security." (Pension Rights Center)
Japan's Mazda Motor Corp. Takes Pensions Hit and Triples Loss Estimate
Excerpt: "Japan's Mazda Motor Corp on Friday tripled its group net loss forecast for the year just ended to 156.5 billion yen ($1.26 billion), mainly because of a leap in provisions for its pension fund. The revision, for the 2000/01 business year that ended on March 31, compared with a previous forecast of 49.5 billion yen and largely reflected a one-off loss of 158.4 billion yen to plug a hole in pension reserves ..." (Reuters via Excite News)
Former 3-Year Member of Parliament Defends $45,000 Annual Pension
Excerpt: "Victorian MPs are required to serve three terms to be eligible to receive a pension unless extraordinary medical grounds apply. [Independent MP for Mildura Russell] Savage said the decision to award the pension to [former Victorian Labor MP Tayfun] Eren raised questions as to whether the trustees of the parliamentary superannuation had acted in an appropriate way." (TheAge.com.au)
Accused Spy's Family May Get FBI Pension
Excerpt: "Robert Hanssen could become the first spy in U.S. history to enjoy some of the benefits of an FBI pension. Though he faces a possible death sentence and was fired from the FBI for 'gross misconduct,' his family is eligible for a share of his pension and health insurance under an obscure law intended to help prosecutors win cooperation from the spouses of federal agents facing charges." (Seattle Times)
Fee-Only vs. Commissions: Considerations for Financial Advisors
Excerpt: "The issue of offering products and receiving commissions receives a great deal of press, and it is a controversial topic within the financial planning and investment advisory professions. The following table includes many of the arguments of the fee-versus-commission issue." (Practitioners Publishing Company)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
If I'm granted stock options while living in State A, but by the time I exercise those options I live in State B, where should I report my income from the exercise of the options? (BenefitsLink.com)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
I'm trying to design and implement an option plan for my LLC in order to attract talented executives and other staff. My major dilemma is that I foresee an initial public offering (IPO) and conversion to a C-corporation within 18-24 months. What considerations must I keep in mind in structuring this plan? Do you have any suggestions on what type of plan to offer? Are there any published guidelines available? (BenefitsLink.com)
The 20 Deadliest Words and Phrases In Claims Writing
Excerpt: "As someone who teaches on-site seminars in 'Effective Business Writing for Claims Professionals,' I read hundreds of denial letters, letters to physicians, letters to opposing attorneys, letters to insurance commissioners, and letters to a variety of claimants and vendors. Rarely do I see a letter that completely avoids what I call the '20 Deadliest' words and phrases commonly found in claims writing." (Dr. Gary Blake in Claims Magazine)
Graef Crystal: It's Time for a Yard Sale at AOL Time Warner
Excerpt: "As AOL Time Warner Inc. keeps on integrating its two predecessor companies, it had better shove this to the top of its list of urgent priorities: holding a yard sale of top executives." (Graef Crystal, on Bloomberg.com)
Shareholder Resolution with United Technologies Would Link Exec Pay to Employee Satisfaction
Excerpt: "Donna Benson, a 21-year veteran of Pratt & Whitney, wants to tie executive pay to employee development and satisfaction. Benson says one of the major reasons she filed the resolution was the morale of here co-workers. Last year the company increased senior managers' pay and bonuses even as the company continued to shed jobs." (SocialFunds.com)
Legislative Activity on the Benefits Front: April 2001 (PDF)
Excerpt: "And while the designation of the measure as H.R.10 signifies it as a key priority for the House leadership and the Bush Administration, the prospects for its enactment-- notwithstanding the 286 cosponsors-- might very well be tied to the outcome of the White House's proposed tax cuts." (Milliman & Robertson, Inc.)
2000 Legislative and Regulatory Year in Review and the Outlook for 2001
8 pages. Excerpt: Hewitt has published 'a short paper summarizing the major human resource legislative and regulatory developments in 2000, and the outlook for activity in 2001." (Hewitt Associates)
Newly Posted or Renewed Job Openings (Post Yours!)
| 401(k) Plan Consultants | for Trustar Retirement Services in MA |
| Client Manager | for Fidelity Investments in TX |
| Administration Project Manager | for Aon Consulting, Inc. in MD |
| Senior Accountant-Retirement Plans | for The Fremont Group in CA |
Newly Posted Press Releases
| Rosalie Wilson Frazier, APA Joins The Pension Group, Inc. As Client Relationship Manager (The Pension Group, Inc.) |
| Financial ADVICE or EDUCATION? NAGDCA To Focus on "Hot" Topic at its Regional Education Meeting (National Association of Government Defined Contribution Administrators) |
| $82 BILLION DOLLAR MANULIFE FINANCIAL JOINS WITH 401KEXCHANGE.COM (401kExchange.com) |
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