| The BenefitsLink Newsletter - Retirement Plans Edition |  |
June 18, 2001
Today's sponsor: The International Quality & Productivity Center (click)
The International Quality & Productivity Center presents a powerful conference on "Winning Strategies for Measuring & Improving Work/Life Initiatives," July 30-August 1, 2001 at the Hyatt Regency in San Francisco, CA. By attending, you will from over 12 leading organizations on how to improve your workforce and become an "employer of choice," including: Texas Instruments, Inc., Fannie Mae, Eddie Bauer, Inc., DuPont, Wachovia Bank, WFD Consulting, Boston College Center for Work & Family and many more! For more information, please call 1-800-882-8684 or visit: http://www.iqpc.com/G067worklife160701
Much of Tax Law's Effect Is At Employers' Discretion
Excerpt: "The new tax law contains more than 50 broad changes to tax-deductible retirement plans, sprinkling tax breaks like fairy dust over your savings. That is, if your employer will go along." (Jane Bryant Quinn in the Washington Post)
Watson Wyatt Suggests Whipsaw Fix for Cash Balance Plans
June 2001 issue of the Insider. Excerpt: "Legislative and legal developments have created an uncertain climate for employers who sponsor hybrid pension plans. Much of this uncertainty involves 'whipsaw' -- the way lump sum distributions are calculated in cash balance plans. Eric Lofgren, Watson Wyatt's Global Director of Benefits Consulting, took this opportunity to write key lawmakers to discuss the problem and suggest simple solutions." (Watson Wyatt)
Wisconsin Supreme Court: County Can't Automatically Deny Pensions To Fired Workers
Excerpt: "County employees fired for just cause have a constitutional right to due process and are entitled to a hearing before they can be stripped of benefits, the court said Friday. A county ordinance in place for years denied pension benefits to fired workers." (StarTribune.com)
Retirements Leave Gaps In Schools' Staff
Excerpt: "The first wave of early retirements is hitting public school districts around the North Weekly region, as veteran teachers and administrators take advantage of the state's new retirement program for educators." (Boston Globe)
Two Sides Rally to Shape Social Security Discussion
Excerpt: "When Treasury Secretary Paul H. O'Neill appears in New York on Monday to promote President Bush's plan to add private investment accounts to Social Security, his audience will be executives from Wall Street firms and big corporations, many of whom think such a change would be good policy and good business." (New York Times; free registration required)
Opinion: An Analyst's Case For Leaving Social Security Alone
Excerpt: "In the months ahead, Americans can expect to be bombarded by charges that Social Security is a lousy deal. Wall Street is raising millions for an ad campaign promoting at least partial privatization of the nation's public pension system.... [T]hese financial firms will step up their drive for a plan that would use Social Security revenues to create personal investment accounts - a possibility that could boost their profits." (Christian Science Monitor)
The Jeffords Fallout: the Future of Social Security
Excerpt: "Social Security is stable for now. But in about 15 years it will begin paying more in retiree benefits than it receives in payroll taxes from workers -- unless something changes. President Bush has appointed a commission to recommend ways to shore up the system, but it's unclear when Congress might act. Here's a brief primer." (Washington Post)
Excerpts from ERISA Insights: Voices from the Early Days
Excerpt: "Not many of us have had the opportunity to be present at the inception of a law that, like Social Security, Fair Labor Standards or the National Labor Relations Act, is a transforming statute, one that truly changes our society in some way. ERISA is such a law. In a myriad of ways--not all of which can be known--it has defined how retirement and welfare benefits are provided in the United States." (Edited by Steven E. Schanes)
IRS Releases 2001 Guidance Priority List
June 2001 issue of the Insider. Excerpt: "The 2001 Guidance Priority List is out, reflecting the IRS's regulatory intentions for the current year (although the agency may release other guidance as well). Several trends have been consistent enough over recent years to be considered IRS traditions. The number of guidance projects on the list has increased again this year, with the total number now at 299. Employee benefit guidance projects are up to 66--still the largest number of any area." (Watson Wyatt)
Joint Committee on Taxation Suggests Changes to Benefit Regulations
June 2001 issue of the Insider. Excerpt: "The Joint Committee on Taxation (JCT) recently studied the U.S. tax system and issued a report recommending wide-ranging changes to simplify the Internal Revenue Code, tax compliance and administration. The JCT identified many sources of complexity in the Code, including lack of clarity and readability, frequent changes in the law, use of the tax code to advance social and economic policies, increased complexity in the economy ..." (Watson Wyatt)
Newly Posted or Renewed Job Openings (Post Yours!)
| ERISA Specialist | for Transamerica Life Companies in CA |
| Regional Compliance Manager | for Transamerica Life Companies in CA |
| Compliance Department Manager | for The 401(k) Company in TX |
| Operations Manager-Pension & 401-k Consulting | for Pension and 401-k consulting firm in IL |
Newly Posted Conferences (Post Yours!)
| HR Outsourcing Summit 2001 | in IL on September 19, 2001 presented by IQPC |
Newly Posted Press Releases
| Employer Sponsored Pet ID & Registration (PetDex.com) |
Subscribe to the Welfare Plans Edition, too (click)
Copyright 2001 BenefitsLink.com, Inc.
You may freely distribute this email newsletter in whole.
Click here to learn how your company can sponsor a future issue!
BenefitsLink is a registered trademark of BenefitsLink.com, Inc., published by Dave Baker with much help from Mary Hall and lots of friends.
We're proud of our privacy policy.
To subscribe (free): visit https://benefitslink.com/newsletter - or the person desiring to subscribe can send an email to BLretirement@add.mb00.net
We have an online archive of prior issues at
https://benefitslink.com/newsletters/