| The BenefitsLink Newsletter - Retirement Plans Edition |  |
September 28, 2001 - 12,175 subscribers
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Company Cost-cutting Hits 401(k) Plans
Excerpt: "Some companies already tie matching contributions to company performance, so contributions automatically have fallen as profits have been squeezed. Others have decided to slash or eliminate matching contributions as the economy has soured." (USA Today)
Onan Settles Cash Balance Retirement Plan Lawsuit
Excerpt: "Workers who sued Fridley-based Onan Corp. over its conversion to a 'cash balance' pension plan have reached a settlement that will cost the company at least $23 million, and will result in higher pension benefits for some employees.... Last year, a federal judge ruled that Onan's conversion to cash balance plan didn't violate age discrimination laws. But the judge left the door open for a trial on whether the plan violated federal retirement income laws." (PioneerPress.com)
DOL Obtains Consent Judgment Requiring Investment Adviser To Repay $291,667 To Trust
The Department of Labor has obtained a consent judgment that requires West Des Moines, Iowa-based IADA Services to repay $291,667 that it received in excessive fees for serving as an investment adviser to the insurance trust maintained by the Iowa Auto Dealers' Association. The consent judgment was entered by the U.S. District Court for the Southern District of Iowa, in Chao v. IADA Services, Inc. (Civil Action No. 4:01-CV-9049). (Spencernet)
PWBA Gets OK To Continue Gathering Data On Two ERISA Areas
The U.S. Department of Labor's Pension and Welfare Benefits Administration (PWBA) will continue its investigations into participant-directed individual accounts and the transfer of excess pension assets to retiree health benefits. Both activities recently received approval from the Office of Management and Budget (OMB). (Spencernet)
Research Results: IRA Ownership in 2001 (PDF)
Excerpt: "Nearly one-third of U.S. households-- an estimated 34.1 million--held traditional IRAs, making it the most common form of IRA ownership. A total of 11 percent of U.S. households-- an estimated 11.9 million-- owned Roth IRAs, and 8 percent-- an estimated 8.1 million-- held SIMPLE IRAs, SEP-IRAs, or SAR-SEP IRAs." (Investment Company Institute)
Newly Posted or Renewed Job Openings (Post Yours!)
| Daily Valuation Administrator | for WESPAC Plan Services, Inc. in CA |
| Plan Installation Administrator | for The Paragon Alliance Group, LLC in PA |
| Employee Benefits Analyst 3 | for SunTrust Banks, Inc. in GA |
| Manager, Health and Welfare Plans | for Snap-on Incorporated in WI |
Newly Posted Conferences (Post Yours!)
| The Next Generation of Online Investment Management | in MA on October 24, 2001 presented by Financial Research Associates, LLC |
| Enhancing Employee Service and Plan Administration With Electronic Signatures | in NY on October 10, 2001 presented by New York Metropolitan Area Chapter - ISCEBS |
Newly Posted Press Releases
| Victory Capital Management to Partner with Milliman USA for One-Stop Pension Services (Victory Capital Management) |
| MyBenefitSource Receives $9 Million Over Past Fourteen Months (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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