| The BenefitsLink Newsletter - Retirement Plans Edition |  |
November 1, 2001 - 12,382 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)
American Benefits Council Asks IRS to Extend GUST Deadline for At Least Six Months (PDF)
Excerpt: "We have heard from many Council members that a confluence of factors that were triggered by the events of September 11th now make the filing of determination letter applications by the prescribed deadline exceedingly burdensome.... the Council is requesting the IRS to extend the deadline for the submission of determination letter applications by six months for all plans ..." (American Benefits Council)
Participants Urged to Stay the Course with 401(k) Plans
Excerpt: "Many Americans saw their retirement savings accounts shrink last year, and results so far this year also have been negative. That's led some to look at the weakening U.S. economy, which was further set back by the Sept. 11 terrorist attacks, and think about moving out of stocks and stock mutual funds or cutting back their 401(k) and Individual Retirement Account contributions." (Associated Press via Excite News)
Treasury Department to Cease Issuing 30-Year Bonds
Excerpt: "The 30-year bond no longer maintains a position of significance in the financial markets. Its role and its liquidity have been significantly impaired by the substantial reduction of issuance that has occurred over the last decade. But the markets have functioned smoothly during this period while both activity and attention have shifted to our 10-year offerings." (Department of the Treasury)
Another Question is Answered in the Correcting Plan Defects Q&A Column
Under the Self-Correction Program ("SCP") of the Employee Compliance Resolution System ("EPCRS"), should the plan sponsor or plan administrator document the correction of the failure(s)? If so, what information should be included? (BenefitsLink.com)
ERIC Comments on Guidance Needed for ESOP Dividend Deduction Provisions of IRC Section 404(k) (PDF)
Excerpt: "EGTRRA amended [IRC section] 404(k) to permit an employer to deduct dividends that, at the election of plan participants or beneficiaries, are ... paid in cash directly to participants or beneficiaries or ... paid to the plan and subsequently distributed to participants or beneficiaries in cash no later than 90 days after the close of the plan year in which the dividends were paid to the plan, or [that are] paid to the plan and reinvested in employer stock." (ERISA Industry Committee)
Public Pension Plans Lose Billions in Ailing Stock Market
Excerpt: "The stock-heavy public employee pension funds in Maryland and Virginia have lost billions of dollars in the last 15 months. And the District's fund has plummeted $200 million in the first nine months of this year, as the slowing economy continues to erase retirement assets across the country." (Washington Post)
Philadelphia City Pensions Lose Millions in Market
Excerpt: "An unorthodox plan to borrow and invest more than $1 billion to beef up the city's municipal pension fund has generated major losses in a declining stock market, costing taxpayers tens of millions of dollars." (The [Philadelphia] Inquirer)
Institutional Investors Council Backs Controversial Review of Stock Option Accounting Methods
Excerpt: "The council represents more than 120 pension funds with assets topping $1.5 trillion, including the massive California Public Employees' Retirement System and union pension funds. It has campaigned for years in favor of requiring more stock option pay plans to go before shareholders for a vote. But its foray into the accounting debate is a new stand and comes amid a resumption of hostilities on this thorny issue." (Reuters via Yahoo! Finance)
Why Some Workers Remain in the Labor Force Beyond the Typical Age of Retirement
Excerpt: " Our findings suggest that different types of policies would help to encourage labor force participation among different groups. Because lack of access to employment may deter continued work among subgroups such as blacks and women with low education, job training or job search programs might provide incentives for employment in these groups." (Center for Retirement Research at Boston College)
Opinion: Let's Get On With Personal Retirement Accounts for Social Security
Excerpt: " How could a privatized retirement system be structured so that it would guarantee retirees no less (and perhaps more) retirement income than they have been promised by Social Security, avoid tax increases on young working people, and not plunge the government into hopeless deficits? At an Oct. 18 hearing ... [one witness] set forth the details of a personal retirement account system that could achieve these goals." (OpinionJournal.com)
Newly Posted or Renewed Job Openings (Post Yours!)
| Defined Contributions Administrator | for Mellon Financial Services in NY |
| 401(k) Plan Administrator | for Stephen H. Rosen & Associates, Inc. in NJ |
| Client Relationship Manager | for Zurich Scudder Investments in GA |
| Pension Clerk | for Taft-Hartley Multi-employer Pension Benefit Fund in CA |
| Retirement Plan Administrator | for MEA-MESSA-MEA Financial Services Staff Retirement Plan Board in MI |
| Compensation Analyst -Source EBJ0492 | for National Education Association in DC |
| High Achiever - Actuarial/Retirement Benefits Specialist | for Boutique Actuarial, Benefits and Compensation Consulting Firm in DC, PA |
| Senior Operations Project Analyst | for ICMA-Retirement Corporation in DC |
| Director of Service Operations | for AEGON Insurance Group in IA |
| Defined Benefit Analyst/Administrator | for Coble Pension Group, L.L.C. in AZ |
| Account Management Consultant - 403(b)/401(k) Plans | for Diversified Investment Advisors in NY |
Newly Posted Conferences (Post Yours!)
| HIPAA Seminar | in CA on November 29, 2001 presented by International Foundation of Employee Benefit Plans |
| HIPAA Seminar | in IL on December 4, 2001 presented by International Foundation of Employee Benefit Plans |
| HIPAA Seminar | in PA on December 6, 2001 presented by International Foundation of Employee Benefit Plans |
| 2nd Annual New England Human Resources Exchange - Gaining Your Bearings: Addressing Today's Reward Issues | in MA on November 13, 2001 presented by iQuantic Buck |
Newly Posted Press Releases
| Hobbs Group Utilizes IE-Engine Platform for 401(k) e-Procurement (IE-Engine Inc.) |
| NEWKIRK ANNOUNCES SIGNIFICANT COST-SAVING ENHANCEMENTS TO ITS 401(k) STATEMENT PRODUCT (Newkirk) |
| Mid Atlantic Continues to Grow (Mid Atlantic Institutional Shares, Inc.) |
| VPA INC. RECOGNIZED FOR ITS KEY ROLE IN PEPSI BOTTLING GROUP'S AWARD-WINNING WORKERS COMPENSATION AND DISABILITY MANAGEMENT PROGRAM (VPA, Inc.) |
| Mental Health Parity Amendment Will Lead to a Decline in Health Care Coverage, ERIC Warns (The ERISA Industry Committee) |
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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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