| The BenefitsLink Newsletter - Retirement Plans Edition |  |
July 30, 2001 - 13,016 subscribers
Today's sponsor: RetireGuard - MassMutual (click)
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Deceptive Success In 401(k) Enrollment: More Sign Up; Fewer Make Decisions
Excerpt: "A new study by Hewitt Associates, a large benefits consulting firm based in Lincolnshire, Ill., discovered that workers enrolled automatically tend to stay in the plan's 'default' options -- the investment choices and contribution amounts participants are put into if they don't choose something else. These options tend strongly toward modest contributions and very conservative investment choices." (Washington Post)
Principal Financial Group Shareholders OK Plan to Go Public
Excerpt: "The plan was approved by 92 percent of the policyholders in voting Tuesday, easily surpassing the two-thirds required to move forward, the company said.... Des Moines-based Principal is one of the nation's largest overseers of 401(k) retirement accounts with $113 billion in assets under management." (Associated Press via Excite News)
Survey on Portability/Reciprocity between the Teacher Retirement Systems in Several States (PDF)
8 pages. Excerpt: "NCTR is keenly interested in the portability issue. In 1995, it surveyed the state retirement systems that covered teachers about whether they permit teachers to purchase out of state service credit. The survey showed that in 45 out of 50, some or all teachers had such a right. NCTR re-surveyed in 1998 and discovered that ... two states had joined the others in authorizing teachers to purchase out of state service credit, bringing the total to 47 out of 50." (National Council on Teacher Retirement)
New House Social-Security Bill Shows Trade-Offs for Bush
Excerpt: "Offering a detailed look at what it might take to overhaul Social Security, two influential members of Congress have developed a proposal that would achieve President Bush's goal of creating investment accounts for all workers-- but at the cost of substantial cuts in guaranteed benefits." (New York Times; free registration required)
Summary: the Retirement Security Advice Act of 2001 (PDF)
Excerpt: "Either before or at the time investment advice is first given, the fiduciary advisor must provide the plan participant or beneficiary in writing a clear description of ... [a]ll fees or other compensation the fiduciary adviser or any affiliate will receive in connection with any acquisition or sale of any securities or property resulting from the investment advice." (CIGNA's Washington Update)
Individual Income Tax Reductions Increase Retirement Income Replacement Ratios
Excerpt: "These tax changes for individuals were enacted ... after the release of the Aon Consulting and Georgia State University joint research project findings on retirement income replacement ratios. Because the retirement income replacement ratios are affected by individual income taxes, we have taken the research one step further ... This article summarizes these supplemental findings." (Aon)
A Guide to Issues in Debate Over Social Security Report
Excerpt: "President Bush's Social Security Commission, which is assigned to come up with a plan to add individual accounts to the old-age retirement system, issued a report on the program's future last week that was attacked by many Democrats as alarmist and unbalanced. Here is a guide to the debate." (Washington Post)
Opinion: Privatization, Inc.
Excerpt: "[Secretary of the Treasury Paul] O'Neill's appearance was surprising less for the opinions he expressed than for the conspicuous display he made of the administration's connection with titans in the financial-services industry who stand to reap windfall profits from the president's proposed reform." (The American Prospect)
"Options Only" Stock Plans: More Tactics for Underwater Options
Excerpt: "The business media and a variety of expert observers have ... noted a broad array of actual and potential remedies for dealing with equity-based incentives in a declining market. This article outlines these remedies ... [M]any of these remedies techniques raise important issues under the current tax, securities, and financial accounting rules." (Aon)
Newly Posted or Renewed Job Openings (Post Yours!)
| 401(K) / Retirement Plan Administrator | for Sentinel Benefits Group, Inc. in MA |
| Technical Consultant - QDRO | for Towers Perrin in PA |
| Manager-- ESOP Administration | for RSM McGladrey, Inc. in MN |
| ERISA Attorney (Associate) | for Gibson Arnold & Associates in CA, CO, TX |
| Director, Executive Compensation | for Futurestep in IL |
| Account Executive | for CitiStreet in FL |
| Employee Benefits Associate | for Laner, Muchin, Dombrow, Becker, Levin and Tominberg, Ltd. in IL |
| 401(k) Senior Administrator | for Brewster & Brewster, Inc. in OH |
| Human Resources Services Specialist | for T. Rowe Price in MD |
Newly Posted Conferences (Post Yours!)
| EA-2A Enrollment Exam seminar | in TX on September 19, 2001 presented by Software Polish |
| EA-2A Enrollment Exam seminar | in NJ on September 26, 2001 presented by Software Polish |
| GUST Restatement Workshop | in FL on August 16, 2001 presented by ASPA Council of Central Florida |
Newly Posted Press Releases
| CBS Payroll Announces New Expanded Facilities (CBS PAYROLL) |
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Copyright 2001 BenefitsLink.com, Inc., but you may freely distribute this email newsletter in whole. This newsletter is edited by David Rhett Baker, J.D.
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