| The BenefitsLink Newsletter - Retirement Plans Edition |  |
May 18, 2001
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Recent Cash Balance Plan Developments
Excerpt: "Both of the two recently introduced major pension reform bills require additional advanced disclosure of significant reductions in future benefit accruals ... The House bill (H.R. 10) requires the notice to comply with requirements to be developed in regulations to be issued by the Treasury and permits Treasury to exempt from the notice requirement those plans that offer employees a choice between the old and new formulas." (Groom Law Group)
Maryland Trustees Removed from Serving ERISA Plan
Excerpt: "The trustees of the 401(k) profit sharing plan for GNM and Associates, Inc. in Silver Spring, Md., were removed from their positions, in consent judgments obtained on May 10, 2001, by the U.S. Department of Labor.... The actions resulted from a lawsuit filed by the department ... in Jan. 2001 that alleged [the trustees had] failed to timely transmit employees' contributions to the plan and used the funds for the corporation's operating expenses ..." (U.S. Department of Labor)
Pension Protesters Strike Force Greek Shutdown
Excerpt: "Greek trade unionists furious at government plans to reform the creaking social security system shut down much of the country on Thursday and demanded a state bail-out of troubled pension funds." (Reuters via Contra Costa Times)
Pennsylvania Gov. Ridge Signs Public Employee Retirement Package
Governor's press release. Excerpt: "Gov. Ridge insisted that three conditions be met before he signed a pension bill: [First,] employee contributions to the retirement systems must go up, by the same proportion as any benefit increase. Under House Bill 26, state employee contributions go up 25 percent -- the same as their benefit; legislators' contributions go up 50 percent -- the same as their benefit; and teacher contributions go up by comparable amounts ..." (PR Newswire, via Excite News)
Rail Labor Praises House Committee Action on Railroad Retirement
Press release. Excerpt: "The following statement was issued today by Edward Dubroski, chair of the Rail Labor Division of the Transportation Trades Department, AFL-CIO, in response to today's House Transportation and Infrastructure Committee action to approve H.R. 1140, the Railroad Retirement and Survivors' Improvement Act of 2001: 'This is a great day for current and retired rail workers.... '" (U.S. Newswire)
Opinion: the Real Privatizer's Social Security Calculator
Excerpt: "You've probably heard politicians promise to 'save' Social Security by allowing individuals to put two percent of their wages or earnings into individual accounts. Stocks generally have higher returns than government bonds, so setting up individual accounts that take advantage of these higher returns should mean more money when you retire. Right? Wrong. In fact, privatizing Social Security would mean less income in retirement for almost all Americans - a lot less." (National Council of Women's Organization's Women & Social Security Project)
Tax Cut Survives Senate Test
Excerpt: "A final Senate vote on the bipartisan package was set for late Monday, but no votes on amendments were planned Friday.... The measure would also gradually repeal the estate tax and raise exemption amounts to $4 million; double the $500 child tax credit by 2010 and allow more low-income people to claim part of it; allow a tax deduction for college tuition; and permit larger contributions to IRAs and 401(k)-type plans." (Associated Press, via Excite News)
IRS Releases the 2001 Priority Guidance Plan
Excerpt: "... in response to requests that it alleviate the deluge of guidance that is produced near the end of each calendar year, the plan year has been changed from a calendar year to a year ending on June 30 (with the current plan year ending on 6/30/02)." (Practitioners Publishing Company)
Newly Posted or Renewed Job Openings (Post Yours!)
| 401(k) Administrator | for Louis Kravitz & Associates, Inc. in CA |
| Account Manager | for Benefit Plan Services, Inc. in GA |
| Senior Marketing Coordinator - Pension Direct | for Invesmart in OH |
| Pension Administrator | for Means & Associates, LLC in CA |
| Implementation Project Manager - Retirement Services | for Transamerica in CA |
| Retirement Plan Administration Manager | for Trustar Retirement Services, a subsidiary of the Principal Financial Group in CA |
| Employee Benefits Administrator | for Kidder Benefits Consultants, Inc. in IA |
| Senior Compliance Analyst | for Union Labor Life Insurance Company in DC |
| Benefits Administrator | for Universal Orlando Resort in FL |
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