June 6, 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). New from EBRI: the June 2001 EBRI Notes articles Executive summaries of: (1) Characteristics of Individual Retirement Account Owners (2) Income of the Retired Population (Employee Benefit Research Institute) New York Life to Buy Union Pension Fund Manager Excerpt: "Joining a wave of consolidation among asset management companies, the New York Life Insurance Company's investment arm will announce today that it is buying [McMorgan & Company,] a privately held San Francisco firm that is a leader in managing union pension funds. Executives ... said they hoped the deal would permit them to capitalize on a trend in union retirement plans in which individual members, rather than trustees, make investment decisions." (New York Times; free registration required) Figuring Withdrawals from Plans and IRAs Excerpt: "[I]f you have more than one traditional IRA, you must calculate the amount of your minimum withdrawal for each. But you don't have to withdraw money from each account; you can 'aggregate' them -- withdrawing just one overall amount from one IRA and still meet the rules." (Neil Downing in the Providence Journal) N.Y. Mayors See Tax Rise Due To State Pension Fund Losses Excerpt: "New York State mayors Tuesday warned that, without state help, taxpayers around the Empire State are likely to have to pay $170 million more in taxes as Albany looks to help replenish retirement funds that took a beating in this year's sharp stock sell-off." (Reuters via Excite News) Retirement Saving: We're Still Behind the Curve Excerpt: "When it comes to retirement, most Americans are to financial planning as Thelma and Louise were to travel planning." (Scott Burns of The Dallas Morning News) Japan Set To Pass 401(k) Pension Bill Friday Excerpt: "After many fits and starts, Japan looks set to adopt a long-awaited pension scheme modeled after the popular U.S. 401(k) plan, a step toward overhauling the pension system and helping to direct funds to financial markets." (Reuters via Excite News) Welcome to new BenefitsLink advertiser Trust Service Company, Inc. Excerpt: "Plan IS is a participant level recordkeeping system for administering all types of defined contribution retirement plans, including 401(k), 457, 403(b), ESOPs, SIMPLEs and others. Features include 99 sources, unlimited assets, Voice Response, Daily Trading system to your trading partner or NSCC, multiple vesting and eligibility capability, distributions, 1099Rs, Form 5500, testing, multiple loans, and ESOP repurchase reports." Building a Better Carrot Excerpt: "Navigant is one of an increasing number of companies that now offer incentive pay to many nonmanagement personnel, linking pay more closely to performance, as it shifts from fixed to more-variable annual compensation." (CFO.com) Hokey Pokey in the Tax Bill: Shifting Government Employees' Pay Day Excerpt: "The most egregious budget gimmick used to be assuming when a budget was passed that a federal payday would be shifted from a Friday to the next Monday so that the spending would be moved from one fiscal year to the next." (GovExec.com) Newly Posted or Renewed Job Openings (Post Yours!)
Newly Posted Press Releases
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