| The BenefitsLink Newsletter - Retirement Plans Edition |  |
August 24, 2001 - 12,875 subscribers
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American Benefits Council Urges IRS to Provide Flexibility Under Forthcoming Age 50 "Catch-Up" Regs
Excerpt: "[D]efined contribution plan participants who are 50 and older will be able to make additional retirement savings contributions once they have reached a savings limit imposed by their plan or the Internal Revenue Code (Code). Guidance on implementing this catch-up provision is expected to be released by the Treasury Department and the IRS in September." (American Benefits Council)
ERIC Submits Benefits Issues Requiring Priority Guidance Under 2001 Tax Relief Act
The ERISA Industry Committee (ERIC) has submitted a letter to the Treasury Department in which it lists the benefits issues that it believes require priority guidance under the Economic Growth and Tax Relief Reconciliation Act of 2001 (P.L. 107-16). ERIC submitted the letter to William Sweetnam, benefits tax counsel for the Treasury Department. (Spencernet)
Interview with Rep. John Boehner, Sponsor of Retirement Security Advice Act
Excerpt: "A year ago, the DoL had taken the position that the protections included in Boehner's advice bill were already included in ERISA, and that the risks associated with biased advice were too great. But in a significant turnabout reflecting the perspective of a new presidential administration, Assistant Secretary of Labor Ann Combs threw the DoL's support behind Boehner's initiative during a hearing of the Employer-Employee Relations Subcommittee on July 17." (PLANSPONSOR.com; free registration required)
Analysis: IRS Updates Correction Programs for Tax Sheltered Annuity Plans (PDF)
Excerpt: "The enclosed chart compares the availability and eligibility requirements of each of these programs as well as correction options and deadlines, submission requirements and fees." (CIGNA's Pension Analyst)
ABA Joint Committee on Employee Benefits Publishes Q&As with PBGC Officials
Excerpt: "The following questions and answers are based on informal discussions between private-sector representatives of the JCEB and PBGC staff members. The questions were submitted by ABA members and the responses were given at a meeting of JCEB and government representatives. The responses reflect the unofficial, individual views of the government participants as of the time of the discussion, and do not necessarily represent agency policy." (American Bar Association, Joint Committee on Employee Benefits)
ERISA Preempted Insurance Agent's State Law Claims Seeking To Recover Pension Benefits
ERISA preempted state law claims of breach of contract and unjust enrichment filed by an insurance agent seeking to recover pension benefits. This was the ruling of the Fifth Circuit U.S. Court of Appeals in Bullock v. The Equitable Life Assurance Society (No. 00-60473). (Spencernet)
Another Question is Answered in the Stop, Look & Listen: Railroad Retirement Q&A Column
My railroad is offering a voluntary early retirement package. I'm 56 and I have 296 months of service. My husband is 55 and has 25 years in the Federal Civil Service Retirement System. If I accept early retirement, what would the impact be on my benefits and those of my husband? I plan to work under Social Security until I'm 66. Also, what are the most important things to consider in deciding whether or not to accept the early retirement offer? (BenefitsLink.com)
Another Question is Answered in the Stop, Look & Listen: Railroad Retirement Q&A Column
Does Railroad Retirement pay a lump sum death benefit like the $255 that Social Security pays? (BenefitsLink.com)
Another Question is Answered in the Stop, Look & Listen: Railroad Retirement Q&A Column
I have 10 years of rail credits as of June 1980. I currently work for Jefferson County Kentucky. Am I able to buy credit for my rail work to increase my county pension? (BenefitsLink.com)
Another Question is Answered in the Stop, Look & Listen: Railroad Retirement Q&A Column
I will be 60 in December 2001. I plan to retire January 1, 2002. I left the railroad industry eight years ago. My annual earnings have been lower. I received an estimate from the Railroad Retirement Board (RRB) that is based on my annuity starting on December 1, 2001 (not January 1, 2002). Are they afraid to show me the figures for January 1, 2002 because my rate will be lower? (BenefitsLink.com)
Analysis: IRS Updates Correction Programs for Qualified Plans, SEPs (PDF)
Excerpt: "The guidelines for these programs were not changed substantially. However, the IRS has clarified some of the guidelines and added some new correction methods." (CIGNA's Pension Analyst)
PSCA Publishes Model Investment Policy Statement for a Defined Contribution Plan
See also the link to the 'Investment Policy Main Page,' which has a white paper on investment policy statements and an executive summary. (Profit Sharing/401k Council of America; free registration required)
ABA Joint Committee on Employee Benefits Publishes Q&As with IRS Officials
Excerpt: "The following questions and answers are based on informal discussions between private sector representatives of the JCEB and Treasury Department and IRS officials. The questions were submitted by ABA members, and the responses were given at a meeting of JCEB and government representatives. The responses reflect the unofficial, individual views of the government participants as of the time of the discussion, and do not necessarily represent agency policy." (American Bar Association, Joint Committee on Employee Benefits)
ABA Joint Committee on Employee Benefits Publishes Q&As with EEOC Officials
Excerpt: "The following questions and answers are based on informal discussions between private sector representatives of the JCEB and EEOC staff members. The questions were submitted by ABA members, and the responses were given at a meeting of JCEB and government representatives. The responses reflect the unofficial, individual views of the government participants as of the time of the discussion, and do not necessarily represent agency policy." (American Bar Association, Joint Committee on Employee Benefits)
ABA Joint Committee on Employee Benefits Publishes Q&As with DOL Officials
Excerpt: "The following questions and answers are based on informal discussions between private sector representatives of the JCEB and Department of Labor officials. The questions were submitted by ABA members and the responses were given at a May 9, 2001 meeting of JCEB and government representatives. The responses reflect the unofficial, individual views of the government participants as of the time of the discussions, and do not necessarily represent agency policy." (American Bar Association, Joint Committee on Employee Benefits)
ABA Joint Committee on Employee Benefits Publishes Q&As with SEC Officials
Excerpt: "The following questions and answers are based on informal discussions between private sector representatives of the JCEB and SEC staff members. The questions were submitted by ABA members and the responses were given at a meeting of JCEB and government representatives. The responses reflect the unofficial, individual views of the government representatives as of the time of the discussion, and do not necessarily represent the position of the agency." (American Bar Association, Joint Committee on Employee Benefits)
Stanford Study Says Stock Options Work as Employee Lures, Not Incentives
Excerpt: "Stock options, like residue from the dot-com economy, have become commonplace additions to compensation packages. Yet, a study from the Stanford Graduate School of Business shows that stock options are lousy incentive mechanisms for motivating rank-and-file employees at the largest companies to work hard." (Stanford Business via SmartPros)
Newly Posted or Renewed Job Openings (Post Yours!)
| 401K runner | for Pension Administration in CA |
| Retirement Service Specialists | for Constantin Control Associates in NJ, NY |
| Data Processing for Qualified Retirement Plans | for Dallas TPA Firm in TX |
| Benefits Coordinator | for Crosby Heafey in CA |
Newly Posted Press Releases
| MyBenefitSource Names David Fiacco as President (MyBenefitSource) |
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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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