| The BenefitsLink Newsletter - Retirement Plans Edition |  |
October 8, 2001 - 12,199 subscribers
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Agencies Announces Form 5500 Relief for Failure to Make Required Funding Contribution by Sept. 15
Excerpt: "Because of the disruption of the financial markets caused by the events of September 11, 2001, many employers have stated they were not able to make required contributions to their pension plans on or before September 15, 2001, to satisfy the minimum funding standards.... [P]lan administrators ... will not be treated as failing to file a complete and accurate return/report ... solely because contributions made on or before September 24, 2001, are included on ... Schedule B." (Internal Revenue Service)
PBGC Provides Penalty Relief for Late Premium Payments by Plans Affected by Sept. 11 Tragedies
Excerpt: "PBGC will waive penalties through February 12, 2002, for any premium payment with a due date between September 11, 2001 and February 12, 2002, if the pension plan administrator is located in an area for which the Department of Labor is providing disaster relief for Form 5500 filings under PWBA Press Release No. 01-36." (Pension Benefit Guaranty Corporation)
Washington State Pension Surplus Shrinks by 80 Percent
Excerpt: "A billion-dollar state-pension surplus that figured in budget deliberations this year has dwindled to about $200 million and may not be tapped after all." (The Seattle Times)
Better Set Aside Reserve for Pension Accruals for Persons on Military Leave
Excerpt: "Indeed, for a company with a large percentage of reservists-- and close-to-the bone retirement funding-- the benefit issues can get downright thorny. Under the Uniformed Services and Employment and Reemployment Rights Act, if reservists return to their employers after a tour of duty of no more than five years, they get credit on their defined-benefit pension plans for the time served." (CFO.com)
Military Service Members Become Eligible for Federal Government's Thrift Savings Plan
Excerpt: "The TSP, administered by the Federal Retirement Thrift Investment Board, previously has been available only to federal civilian employees. The fiscal 2001 Floyd D. Spence National Defense Authorization Act extended TSP participation to active-duty and reserve members of the Army, Air Force, Marine Corps, Navy and Coast Guard, and uniformed members of the Public Health Service and the National Oceanic and Atmospheric Administration." (GovExec.com)
Boehner Investment Advice Bill Reported Out of Committee, Goes to Full Senate Vote
Link to legislative history and text of the bill. (THOMAS, published by the U. S. House of Representatives)
401(k) Strategies for Employees
Excerpt: "Stop blaming the market and start looking at your strategy. Your once shiny 401(k) account has lost its luster. And you don't know what to do." (The [Bergen County, N.J.] Record)
Pension Plans Buying Stocks at a Bargain
Excerpt: "Domestic stocks have become something of a hot commodity, as pension plans snap up undervalued shares after the terrorist attacks and rebalance their index portfolios now that the third quarter has ended." (The Miami Herald)
In Conclusion, Be Cautious in Life and in Investing
Excerpt: "You never know, you never know. When writing about investments, how often have I said that it's useless to predict? I remember the ad that I saw in the Financial Times: the Clairvoyance Society of Greater London will not meet next Tuesday because of unforeseen circumstances." (Jane Bryant Quinn in the Washington Post)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
I bought 10,000 shares of unlisted preferred stock of our company, and then got laid off. Could I ask the company to buy back my stocks? (BenefitsLink.com)
IRS/ASPA Los Angeles Benefits Conference Rescheduled for January 31-February 1, 2002
Excerpt: "Due to the tragic events of September 11th, the Los Angeles Benefits Conference, scheduled for September 13-14, 2001, was cancelled. In order to best meet the needs of our community, the 2002 Los Angeles Benefits Conference will be held on January 31-February 1, 2002. The Hilton Universal City & Towers will host the event. The program and speakers will be very similar to the cancelled conference, but will be updated to reflect guidance under EGTRRA." (ASPA)
A Guide to Nonqualified Deferred Compensation Programs (PDF)
Begins on page 4 of the 12-page newsletter. (Milliman USA)
Employer-Sponsored Benefits In the Wake of Terrorists' Attacks (PDF)
4 pages; USERRA information and more. (Milliman USA)
Some Firms Expand Military Leave Policies Beyond Legal Minimums
Excerpt: "Dominion will make up the difference for as much as six months between his pay as an assistant in customer credit service and his military pay as a ship's serviceman. Before, the energy company made up the difference for only two weeks. The extension is for all full- and part-time employees." (Richmond Times-Dispatch via IFEBP)
Compensation Trends in Turbulent Times
Excerpt: "Despite an uncertain economy, employers must move ahead with compensation plans and budgets. In this article, we review the business climate and the elements of compensation most likely to be affected by it in the short term. We'll close with some recommendations for improving performance management and allocating scarce compensation." (Aon Consulting)
Economic Downturn Casts New Light on Stock Options
Excerpt: "When the economy was humming, stock options were one of Silicon Valley's shining, and seemingly unassailable, innovations. But the economic downturn has exposed flaws that are forcing workers, employers and investors to re-examine how options are perceived and doled out." (San Jose Mercury News)
New Data Show Venture-Backed Companies Still Issue Options Broadly
New data provided to the NCEO by Advanced-HR, Inc., a Saratoga, CA firm that provides detailed data on salaries and equity participation, finds that the widespread use of broad-based options continues to be very popular. The data set includes 275 companies, almost all of which are in the computer, e-commerce, and communications industries. Of 275 companies reporting data, 77% said they provide options to all employees, while 23% provide them only to select employees or groups. (The National Center for Employee Ownership (NCEO))
Newly Posted or Renewed Job Openings (Post Yours!)
| Project Manager | for The American Red Cross in DC, VA |
| Health and Welfare Business Analyst | for Ceridian in FL |
| ERISA Specialist | for ExpertPlan, Inc. in NJ |
| Implementation Specialist | for ExpertPlan, Inc. in NJ |
| Pension Administrator | for The Paragon Alliance Group in PA |
Newly Posted Conferences (Post Yours!)
| 2001 SPARK Forum | in FL on November 4, 2001 presented by SPARK (Society of Professional Administrators and Recordkeepers) |
Newly Posted Press Releases
| Minnesota Public Sector VEBA formed (Public Agency Retirement Planning, Inc.) |
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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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