| The BenefitsLink Newsletter - Retirement Plans Edition |  |
October 23, 2001 - 12,271 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)
IRS Issues Proposed Regulations on Catch-Up Contributions to 401(k) Plans, 403(b) Annuities
Excerpt: "This document contains ... guidance concerning the requirements for retirement plans providing catch-up contributions to individuals age 50 or older pursuant to the provisions of section 414(v). These proposed regulations would affect section 401(k) plans, section 408(p) SIMPLE IRA plans, section 408(k) simplified employee pensions, section 403(b) tax-sheltered annuity contracts, and section 457 eligible governmental plans ..." (Internal Revenue Service)
2002 Social Security and Medicare Program Adjustments (PDF)
Excerpt: "The Social Security Administration (SSA) and the Department of Health and Human Services (DHHS) today announced cost-of-living adjustments for 2002." (Milliman USA)
Company Had Duty to Answer Questions About Benefit Enhancements Not Yet Under Serious Consideration
Caputo v. Pfizer, Inc. (2d Cir. 2001). Excerpt: "The Second Circuit (which covers New York, Vermont, and Connecticut) again states its position that a specific plan does not have to be under serious consideration to give rise to such claims and that fiduciaries must give truthful and complete information when employees ask about benefit enhancements." (EBIA Weekly)
Death 28 Hours Too Soon Costs a Pension
Excerpt: "After 32 years on the job, Donna Utke celebrated her last workday at the Milwaukee Public Library on April 12 with a party thrown by her longtime co-workers. The librarian, however, had not retired, according to the Employees' Retirement System. Utke died May 19-- before her final 28 hours of accumulated time had been paid out-- making her designated beneficiary ineligible for a pension." (Milwaukee Journal-Sentinel)
Federal Pension Checks to Go Up 2.6 Percent
Excerpt: "Federal retirees in the Civil Service Retirement System will get a 2.6 percent cost-of-living increase in their pension checks in January. The cost-of-living increase for retirees' annuities in the Federal Employees Retirement System will be 2 percent. The Social Security Administration announced on Friday that the cost-of-living adjustment (COLA) for Social Security benefits would be 2.6 percent." (GovExec.com)
Hewitt Endorsed as Successor Administrator of MetLife's Large Employer 401k Business
Press release. Excerpt: "MetLife ... has endorsed Hewitt Associates as successor administrator for its stand-alone 401(k) recordkeeping business, which primarily serves large employers." (Business Wire via Yahoo! News)
Analysis: IRS Guidance on Implementing Increased Code Section 415 Limits Under EGTRRA
Excerpt: "Plan sponsors are not required to adopt the new Code Section 415(c) limits. For example, due to budget concerns, a plan sponsor may wish to retain the Code Section 415(c) limits that were in effect in 2001 (pre-EGTRRA). To retain the pre-EGTRRA Code Section 415(c) limits, such limits must be reflected in the plan document." (EBIA Weekly)
Welcome to new BenefitsLink advertiser Consulting Resource Group, Inc.
Excerpt: "Consulting Resource Group is a leading national executive search and recruiting services firm. We focus exclusively on the recruitment of management consulting professionals nationwide. Within the Management Consulting Industry, we recruit and place Human Capital Consulting professionals who specialize in one or more of the following areas: compensation consulting, executive benefits consulting, actuarial consulting, retirement benefits consulting and health & welfare benefits"
When Executive Parachutes Billow
Excerpt: "A study by Russell Reynolds Associates indicates that 89 percent of U.S. investors polled think severance packages for top officers are too high, and 91 percent want limits on severance packages for terminated CEOs." (CFO.com)
New Issue of Andersen's Alert: U.S. Compensation and Benefits News Briefs
October 16, 2001. Articles include: Form 5500 penalty waived for reporting of certain late plan contributions; victims of September 11 attacks may claim losses on their 2000 tax returns; Department of Labor issues September 11 FAQs. (Andersen)
IRS Publishes 2002 Work Plan for Employee Plans Division (PDF)
Excerpt: "An Executive Summary has been included to provide employees with a brief overview of the program priorities for Customer Education & Outreach, Rulings & Agreements and Examinations." (Internal Revenue Service)
All About the Controversial Rules for Stock Option Accounting
Excerpt: "The International Accounting Standards Board (IASB) recently decided to devise an international standard for stock option accounting that would utilize the expensing method, not the disclosure method currently used in the U.S. This page will help you understand IASB's actions, FEI's position as well as provide information about what position other groups are taking on this important accounting issue." (Financial Executives International)
Newly Posted or Renewed Job Openings (Post Yours!)
| ERISA Attorney | for Edward Jones in MO |
| Pension Administrator | for Ed Ferguson & Associates, Inc. in IN |
| Pension Administrator | for Pension Investors Corp of Orlando, Inc. in FL |
Newly Posted Conferences (Post Yours!)
| EMPLOYEE COMMUNICATIONS: LATEST BUZZ ON REQUIREMENTS, RISKS, AND OPPORTUNITIES | in NY on November 15, 2001 presented by NEW YORK CHAPTER OF WEB |
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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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