| The BenefitsLink Newsletter - Retirement Plans Edition |  |
October 29, 2001 - 12,337 subscribers
Today's sponsor: ASPA
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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)
More Public Pension Plans Obtaining External Reviews
Excerpt: "Growing assets and more complex investment strategies mean that, when things go wrong for big public pension plans, they can go wrong fast, and often involve large sums of money. That means more public scrutiny-and a greater desire among fiduciaries to make sure they are not taking any unnecessary chances." (PLANSPONSOR.com; free registration required)
Updated IRA Documents Required
Excerpt: "The passage of the Economic Growth Tax Relief and Reconciliation Act (EGTRRA) and the issuance of new proposed required minimum distribution (RMD) regulations have affected IRA plans tremendously. The following questions and answers will walk you through the requirements of updating account opening documents and informing your IRA owners of these changes." (Bankers Systems Inc.)
Pensioners, Widows Keep Watch on Federal Railroad Retirement Legislation
Excerpt: "The bill passed the House 384-33 on July 31 ... But since Sept. 11, Congress has been busy with a new set of priorities, and the bill is sitting in the Senate Finance Committee, which is considering an economic stimulus package to accompany the war on terrorism." (Associated Press via The Cincinnati Enquirer)
Rescuing Your Retirement
Excerpt: "Your carefully laid plans for early and comfortable retirement are dashed, your stock portfolio decimated. What do you do now?" (Forbes)
SIMPLE IRA Summary Description Supplement Strongly Recommended
Excerpt: "Although the IRS has not officially required use of a Supplement to the Summary Description, the changes made by the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 are significant enough that they should be communicated to SIMPLE-eligible employees, as there is a potential direct effect on their benefits." (Bankers Systems Inc.)
2002 Wage Base Set At $84,900; Social Security Benefits Rise 2.6%
Effective Jan. 1, 2002, the Social Security wage base for OASDI benefits will be $84,900, compared to the 2001 wage base of $80,400, the Social Security Administration has announced. In addition, beginning with benefits that Social Security beneficiaries receive for January 2002, benefits will be increased by a 2.6% cost-of-living adjustment, down from the 3.5% increase granted for 2001. (Spencernet)
Ninth Circuit Adopts "Mailbox Rule" for Plan Participant's Mail to Administrator
Excerpt: "In Schikore v. BankAmerica Supplemental Retirement Plan ... the Ninth Circuit adopted the 'mailbox rule' for mailings by ERISA plan participants -- i.e., if a participant provides some proof of mailing (e.g., a sworn statement) then the plan is presumed to have received the mailed form or other document." (McCalla Thompson)
Designing the Perfect Benefits Package
Excerpt: "What is your corporate benefits and compensation philosophy? What kind of employee are you trying to attract? What kind of profit margins do you expect? How competitive is your business? What kind of culture are you trying to drive? Are you trying to have a culture with security, longevity, and career employees with opportunities to grow from within, or are you trying to create more of an entrepreneurial culture?" (PLANSPONSOR.com; free registration required)
Announcement 2001-112, Redesignation of Estimated Income Tax Payments
Because of economic disruptions resulting from the September 11 terrorist attacka, some taxpayers who made estimated income tax payments now believe their tax liability for their current taxable year will be lower than the sum of the estimated tax payments they have already made. The IRS will permit the redesignation of estimated income tax payments as tax deposits to satisfy obligations to deposit employment taxes and withheld income taxes. (Internal Revenue Service (converted to Web page by Calhoun Law Group, P.C.))
Newly Posted or Renewed Job Openings (Post Yours!)
| Qualified Retirement Plans Manager | for Arthur Andersen, Human Capital Consulting in IL, MO, TX |
| Employee Benefits Attorney | for Warner Norcross & Judd LLP in MI |
| Qualified Plan Administrator | for Campbells Administration Inc. in CA |
| Plan Consultant/Administrator | for Central Florida TPA in FL |
Newly Posted Webcasts (Post Yours!)
| Special Series! Economy Under Siege: Roadmap to Value Recovery - Topic 2 - Action Not Reaction! HR Strategies for Today and Tomorrow | on November 8, 2001 presented by Ernst & Young, LLP |
Newly Posted Press Releases
| SYLINQ Unveils Integrated, Web-based Premium Billing System (SYLINQ Corporation) |
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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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