| The BenefitsLink Newsletter - Retirement Plans Edition |  |
August 7, 2001 - 13,066 subscribers
Today's sponsor: Glasser LegalWorks (click)
This timely "how to" program will address new DOL claims procedures, the avoidance of fiduciary liability after the Harris Trust decision, identifying conduct that might trigger a DOL investigation under its Strategic Enforcement Plan, and more. Designed for ERISA fiduciaries, investment advisors, and in- house, corporate, tax, labor, and insurance counsel. September 21 in Chicago; October 24 in New York. Click for full details!
Employers Are Cutting 401(k) Contributions
Excerpt: "Many companies are putting fewer dollars into their 401(k) savings plans, according to regulatory filings, even as many workers are more dependent than ever on such plans for their retirement ... In some cases the reductions have taken place at companies that specifically cited improvements in their 401(k) savings programs during the past several years to help offset pension cutbacks." (Ellen Schultz published by CareerJournal.com)
Industry Pros Converge on Coverage
Excerpt: "Recently a diverse group of retirement industry professionals converged in the nation's capital to drum up ideas to increase participation in qualified plans. The forum, presented by the pro-participant Pension Rights Center, was dubbed the 'Conversation on Coverage', and it brought together a veritable who's who of expertise to the table." (PLANSPONSOR.com)
Papers Presented at Pension Coverage Conference
Includes papers by Dean Baker, Center for Economic and Policy Research; Ted Benna, 401(k) Association; Michael A. Calabrese, New America Foundation; Jim Davis, Milliman & Robertson, Inc.; Theodore Groom, The Groom Law Group; Daniel Halperin, Harvard Law School; Peter Orszag, Sebago Associates; Pamela Perun, The Urban Institute; Congressman Rob Portman (R-OH); Rep. Nancy Johnson (R-CT) & Rep. Earl Pomeroy (D-ND); Norman Stein; Congressman Robert E. Andrews (D-NJ); more. (Pension Rights Center)
Don't Forget About the Revised Minimum Distribution Rules
Excerpt: "With all the hoopla surrounding the pension and IRA provisions in [EGTRRA], practitioners may be inclined to (at least temporarily) forget about the minimum required distribution (MRD) regulations issued in January 2001. While the regulations are proposed to apply for figuring MRDs for calendar year 2002 and thereafter, for determining MRDs for calendar year 2001, taxpayers can rely on the proposed regulations or on the 1987 proposed regulations." (Practitioners Publishing Company)
Local Newspaper Story Detailing Bisys' Expansion Near Philadelphia
Excerpt: "Bisys Retirement Services acquired United Pensions, a Minnesota-based plan provider, on June 1 in an all-cash deal valued at $85 million. The deal was just the latest in a series for the growing Bisys Group, which initially gained a foothold in the Philadelphia region by acquiring a retirement-services company called the Barclay Group in 1993." (The [Philadelphia] Inquirer)
Recurring Plan Issues in Case Review of Retirement Plan Determination Letter Applications
Excerpt: "Employee Plans would like to ensure that employers receive their determination letters in correct form and as quickly as possible, but if we have to request corrections to plan provisions the process is delayed. In an attempt to avoid these delays, we have identified frequently recurring defects in plan language that require corrective amendments and delay case closure ..." (Internal Revenue Service)
Baby Boom Retirees May Set Markets Teetering
Excerpt: "And now, from the same people who brought you hula hoops, yellow ties, BMWs and starter castles: the great stock meltdown of 2010! Or, more likely, the Somewhat Diminished Stock Market of 2010." (USA Today)
Research: Imperfect Knowledge, Retirement and Saving
Working paper available for downloading from NBER for $5. Excerpt: "The knowledge measures suggest that misinformation, imprecision and lack of information about retirement benefits is the norm. Those who are most dependent on social security are the least well informed about their social security benefits, while those who are most dependent on pensions are best informed about their pension benefits." (Alan L. Gustman, Thomas L. Steinmeier, published by the National Bureau of Economic Research)
Welcome to new BenefitsLink advertiser PenDoc.com
Excerpt: "PenDoc.Com is a cost effective alternative to the pension professional's document needs. The total package consists of 401(k) plan, profit sharing, money purchase, and target benefit prototype, standardized and nonstandardized, and volume submitter (with cross testing) plan documents."
Employee Benefits Transactions Using Web Continue to Rise
Press release. Excerpt: "Towers Perrin's fourth annual HR Service Center Survey shows a dramatic jump in the number of companies offering employees online access for annual benefit enrollment, family status changes, employment events, personal and 401(k) changes, as well as 401(k) loan modeling." (Business Wire via Excite News)
IRS's Tax Exempt Advisory Committee Holds First Meeting
The Internal Revenue Service's Tax Exempt/Government Entities (TE/GE) Advisory Committee (TEAC) has held its first meeting. The group, which was established earlier this year, will serve as an organized public forum for the IRS and representatives who deal with employee plans; exempt organizations; tax-exempt bonds; and federal, state, local, and Indian tribal governments. (Spencernet)
Estimated Revenue Effects of Permanent Extension of Federal Tax Provisions Expiring In 2001-2010 (PDF)
Total cost for extending the EGTRRA provisions: $112,549,000, most of it hitting in 2011 when the bulk of the provisions otherwise would expire. (Joint Committee on Taxation)
Newly Posted or Renewed Job Openings (Post Yours!)
| Defined Contribution Plan Administrator | for Matthews, Gold, Kennedy & Snow, Inc. in AZ |
| Benefits Specialist | for Stone Street Capital in MD |
| Administrative Assistant | for PFS in GA |
| Associate Technical Analyst | for First Trust Corporation in CO |
Newly Posted Conferences (Post Yours!)
| Retirement Implication of Demographic and Family Change Symposium | in FL on November 29, 2001 presented by Society of Actuaries |
Newly Posted Press Releases
| Acument Joins with 401kExchange (401kExchange.com) |
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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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