| The BenefitsLink Newsletter - Retirement Plans Edition |  |
September 14, 2001 - 12,361 subscribers
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(Help BenefitsLink to provide this newsletter at no charge to you -- our sponsors pay our way. Remember to visit them periodically; we try to make sure their products and services will be of interest to you. Thanks! --Editor)
Nation's Largest Public Pension System Expresses Confidence In U.S. Financial Markets
Excerpt: "Recognizing that the catastrophic events of this week could cause an unsettling of the U.S. financial markets when they reopen, CalPERS expresses publicly its full support and confidence in the U.S. markets and its financial systems. We have today communicated the following six points directly to officials of the American exchanges and to the U.S. Securities and Exchange Commission...." (California Public Employees' Retirement System)
Another Question is Answered in the Who's the Employer Q&A Column
An attorney has 2 non-highly compensated employees at his law practice (a sole proprietorship). He also has a full-time housekeeper who works only at his private residence. Does the housekeeper have to be covered by a qualified plan sponsored by the attorney that is intended to cover only the law firm employees? (BenefitsLink.com)
Company Improperly Revoked Early Retirement Benefits Based Upon "Computing Error"
The Sixth Circuit U.S. Court of Appeals has ruled that a company improperly revoked an early retiree's health insurance benefits under a collective bargaining agreement's '30-and-out' provision based upon a computing error. The ruling came in Sanford v. Harvard Industries, Inc., et al. (No. 00-1193). (Spencernet)
Former Arizona Governor Settles Dispute Over Loans from Multiemployer Pension Plan
Excerpt: "Six pension funds will receive at least $2 million from former Gov. Fife Symington to settle a bankruptcy case stemming from a failed real estate deal negotiated before he was elected governor. On Sept. 6, Symington and representatives of the union pension funds presented U.S. Bankruptcy Judge George B. Nielsen Jr. with a proposed settlement in which they agreed to settle the funds' claims against Symington in return for the payment, The Associated Press learned Thursday." (Associated Press via Excite News)
Another Question is Answered in the Who's the Employer Q&A Column
I have your book, Who's the Employer, and am a big fan. However, can you please explain for me in further detail the logic you use in the example found in Q 17:9, dealing with related parties. I don't understand why a sole proprietor would be related to a business in which she owns less than 50%. (BenefitsLink.com)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
Last year my employer granted stock options to all 600 employees in anticipation of going public. The plan to go public has been delayed. Can the employer now reduce the number of option holders to less than 500 (so as to not have to register with the SEC) by soliciting buy-back offers from all employees but only accepting the minimum number of offers necessary to reduce the number of option holders to less than 500? (BenefitsLink.com)
Information & Articles to Help Us Cope
Excerpt: "As we all try to find ways to cope with varying degrees of grief and dismay and fear from the tragic events of the week, we at AccountingWEB are grateful to the staff at HR.com for providing our members with a wealth of articles and resources for addressing the emotional effects of this crisis." (HR.com via AccountingWeb.com)
Hedging Their Risk: Creating a Market for Managerial Stock Options
Excerpt: "An alternative way to reduce the employee's exposure to risk is to take positions in other securities to hedge this risk. The most direct hedge is, of course, to short-sell your own stock [but] the Securities and Exchange Commission (SEC) forbids officers and directors from short selling their own stock. However, it is not illegal for lower level employees to do this. Unfortunately, the transactions costs associating with shorting can be high ..." (The Wharton School of the University of Pennsylvania)
Newly Posted or Renewed Job Openings (Post Yours!)
| Defined Contributions Administrator | for Mellon Financial Services in NY |
| Human Resources Manager, Benefits & Employment | for Pioneer Electronics (USA) Inc. in CA |
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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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