| The BenefitsLink Newsletter - Retirement Plans Edition |  |
September 21, 2001 - 12,361 subscribers
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The Principal Financial Group to Provide Unbundled Retirement Plan Services with TPAs
Press release. Excerpt: "Services provided by The Principal [through the new Principal Professional Link] include: enrollment services, investment management, participant-level recordkeeping and complete plan member services. The TPA typically provides plan design and document services, allocation calculation, compliance testing and reporting services. Additional flexibility is offered with regard to vesting, loan, and distribution services." (Business Wire via Excite News)
Testimony of Federal Thrift Savings Plan Director to President's Social Security Commission (PDF)
Roger Mehle's testimony on August 22, 2001. Excerpt: "Although the Board has no view regarding any proposals to change Social Security, given the possible approaches, our experience with the [Thrift Savings Plan] may provide some useful information ... The relevant issues include plan structure, governance, record keeping, benefits, communications, and investments. I am pleased to describe how the TSP functions in each of these areas." (Federal Retirement Thrift Investment Board)
New York City to Invest $800 Million of Pension Funds In American Stocks
Excerpt: "New York City Mayor Rudolph Giuliani on Thursday said the five city pension funds together plan to invest $800 million of their assets in U.S. equities to boost American businesses following last week's air attacks in New York City and Washington, D.C.... Jane Levine, deputy comptroller for the city's pension system, said the current holdings of the pension system is about 52 percent in stocks. After the infusion of $800 million, stocks will represent 55 percent of the holdings." (Reuters Financial via Yahoo! Finance)
Experts Describe New Opportunities for 403(b) Programs After EGTRRA
Excerpt: "As a result of the repeal of the MEA, contributions to 403(b) plans under EGTRRA will be subject to only two limits -- the elective deferral limit (Section 402(g)) and the employer contribution limit (Section 415(c)). The ramifications of the increased contribution limits under EGTRRA are significant." (Tax Facts fx Question of the Week)
Former Miami Police Chief Fights to Keep Pension After Fraud Conviction
Excerpt: "He was convicted of stealing nearly $70,000 from a police department charity that he helped form and was ordered to pay a $30,000 fine." (The Miami Herald)
Using the Web for Employee Benefits Research: Recommended Links
Excerpt: "Here's an organized, annotated list of online resources for performing employee benefits research online. The list is far from comprehensive, but I believe it contains almost all of the online resources that a busy employee benefits practitioner would want to consult." (David Rhett Baker)
Analysis: Government Pension Agencies Respond to Tragedy, Extend Deadlines for Many Rules
Excerpt: "The IRS issued Notice 2001-61 and Notice 2001-63 that, for certain affected taxpayers, grants more time in making certain contributions and distributions. It is expected that Congress and the IRS will also act in granting an extension of time to make contributions which were required to be made by September 15, 2001, for purposes of satisfying a funding obligation under IRC section 412." (American Society of Pension Actuaries)
Call-Up of Reservists Has Companies Reviewing Duty to Workers
Excerpt: "President Bush's order last week calling up as many as 35,000 military reservists sent companies scrambling to learn what their obligations are to workers who may be called to extended active duty. Because of confusion after the Persian Gulf War, Congress updated and clarified employers' obligations in 1994 when it enacted [USERRA]. Generally, a company must hold open a reservist's position or one of similar seniority, status and pay." (Knight Ridder/Tribune via IFEBP)
A Primer on Employment and Reemployment Rights of Employees Entering the Armed Services (PDF)
Prepared by the Groom Law Group. Excerpt: "Many Americans are expected to be leaving civilian life to serve in the armed forces in the near future, a number of them members of the National Guard and Reserves. These individuals have extensive employment and benefits rights under Federal law ... USERRA sets out the minimum rights that service members are entitled to. Employers can and often do provide additional benefits, such as partial pay on military leave, or paid dependent health coverage." (American Benefits Council)
Benefits Council Lauds Postponement of Separate Reporting of Nonqualified Stock Option Gains
Excerpt: "The American Benefits Council welcomed the release today of Internal Revenue Service (IRS) Announcement 2001-92 and its changes to Form W-2 reporting requirements for income from the exercise of nonqualified stock options (NQSOs). In the announcement, the IRS postponed the effective date of the new reporting requirements until 2003 and noted that the previously required use of a code 'V' would be optional on the forms for 2002." (American Benefits Council)
Newly Posted or Renewed Job Openings (Post Yours!)
| Pension Administrator | for Means & Associates, LLC in CA |
| 401(k) Daily Valuation Administrator | for Ingham Group in Miami, Fl in FL |
| 401(K) Plan Administrator | for Sample & Bailey, CPAs, P.C. in CO |
| Employee Benefits Attorney | for Warner Norcross & Judd LLP in MI |
| Senior Benefits Administration | for UMB Bank in MO |
Newly Posted Conferences (Post Yours!)
| 19th Annual Fall Conference on Employee Benefits | in CA on October 16, 2001 presented by Western Pension & Benefits Conference, San Francisco Chapter |
| Legislative Update | in DC on September 26, 2001 presented by Capital Chapter ISCEBS |
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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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