| The BenefitsLink Newsletter - Retirement Plans Edition |  |
October 9, 2001 - 12,199 subscribers
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No Remedy for Losses Resulting From Failure to Invest Funds as Directed by Participant
Helfrich v. PNC Bank, Kentucky, Inc. (6th Cir. 2001). Excerpt: "EBIA Comment: Because ERISA does not provide a mechanism for participants to obtain money damages from fiduciaries, there was no ERISA remedy for this alleged fiduciary breach. And because of ERISA preemption, this participant would not be able to sue under state law to recover his damages." (EBIA Weekly)
How to Integrate a Sole Proprietor's SEP Arrangement
Moderator Gary Lesser demonstrates some of the techniques required for this surprisingly complicated calculation. Join in the discussion if you have questions or suggestions! (BenefitsLink Message Boards)
Analysis: Reporting Relief for Short Delays on Minimum Funding for Calendar Year 2000
Excerpt: "IRS Announcement 2001-103 provides reporting relief, but no direct extension of the deadline. This reporting relief applies only if the plan year of a defined benefit plan or money purchase plan ends on or after December 27, 2000, and on or before January 8, 2001." (TRI Pension Services, Inc.)
Pennsylvania School District Settles Age Bias Suit
Excerpt: "The Coatesville Area School District in Pennsylvania has agreed to pay more than $475,000 to settle an age discrimination suit brought by the U.S. Equal Employment Opportunity Commission that said the district's early-retirement incentives were illegally structured to pay less to older teachers." (Law.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)
Federal Thrift Board Issues Final Rules On TSP Participation By Uniformed Services Members
The Federal Retirement Thrift Investment Board has issued final regulations that explain the rules under which members of the uniformed services can participate in the Thrift Savings Plan (TSP). The final regulations appeared in the October 4 Federal Register. (Spencernet)
IRS Provides Sample Language For Certification Under Rev. Proc. 2000-20
Excerpt: "Under Rev. Proc. 2000-20, one way that an employer can obtain the extended GUST remedial amendment period is to execute a written certification with an M&P plan sponsor or volume submitter practitioner who filed for GUST opinion letters or advisory letters no later than December 31, 2000. The certification must be executed no later than the last day of the 2001 plan year (i.e., the plan year that begins in 2001) ..." (TRI Pension Services, Inc.)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
Are the costs of employee stock options recorded as an expense on the income statement? (BenefitsLink.com)
10 New Tax Revisions That May Affect Your Employee Benefits
Excerpt: "While there are a number of procedural issues for the IRS to hammer out for employers, many of the provisions [of EGTRRA] are intended to provide long-awaited simplification for retirement plans and an increased commitment to help employees save more for retirement. Here are 10 of the more important provisions of the bill and how they can affect you ..." (Workforce.com)
Prospect of Military Build-Up Creates Benefits, Other Employment Issues
Excerpt: "The prospect of Americans being called into military service in the aftermath of the Sept. 11 terrorist attacks raises issues of the employment and benefits rights of employees going on active duty. Certain employment and benefits rights were established or clarified under the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) as a result of the Persian Gulf War." (Thompson Publishing Group)
Newly Posted or Renewed Job Openings (Post Yours!)
| 401(k) / Retirement Plan Administrator | for Howard Simon & Associates, Inc. in IL |
| Retirement Analyst | for Clarian Health in IN |
| Benefits Manager | for New United Motor Manufacturing, Inc. in CA |
| Pensions/401(k) ERISA Compliance Specialist | for Pensioncareers Ltd. in NJ, NY |
| Retirement Plan Administrator | for Pigg, Krahl, Stern & Co., P.A. in MD |
Newly Posted Conferences (Post Yours!)
| Pine Tree State Human Resources Conference | in ME on April 3, 2002 presented by Cooperative effort of the Pine Tree State Human Resources Professionals |
| COBRA Compliance | in CA on October 24, 2001 presented by The Los Angeles Chapter of International Society of Certified Employee Benefit Specialists |
Newly Posted Press Releases
| Two-Step Software Releases the First Integrated System for Managing Corporate, Stockholder and Stock Option Information (Two-Step Software, Inc.) |
| CitiStreet Taps 401kExchange! (401kExchange.com) |
| DOL Meets with SPARK Institute on Investment Advice and Other Retirement Reform Issues (SPARK Institute) |
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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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