| The BenefitsLink Newsletter - Retirement Plans Edition |  |
November 27, 2001 - 12,583 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)
EGTRRA Frequently Asked Questions
Excerpt: "There are three general provisions of EGTRRA that are of concern to practitioners because of the anti-cutback rules.... If the reasoning set forth in the TAM is used, then one should amend for EGTRRA before participants have accrued the right to a benefit or allocation for the 2002 plan year." (SunGard Corbel)
Questions and Answers on Class Certification of IBM Cash Balance Plan Lawsuit
Excerpt: "Following is a set of questions about Cooper v IBM, the lawsuit filed in 1999 in the United States Federal District Court of Southern Illinois.... note that I am not a lawyer, only an interested member of the newly certified class. This has been posted in hopes that sharing our collective knowledge will help us all better understand our rights." (Janet Krueger on CashPensions.com)
Divorce and QDRO Payment Did Not Invalidate Beneficiary Designation Form in Favor of Former Spouse
LeTourneau v. General Motors Corp. (6th Cir. 2001. Excerpt: "[T]he court focused on the terms of the plan document to arrive at what we agree was the correct outcome. This case illustrates that divorce-related changes to beneficiary designations should be considered and made in connection with the divorce proceedings ..." (EBIA Weekly)
Law Firm Announces Class Action Lawsuit Against Enron
Press release. Excerpt: "The new suit, filed under the federal Employee Retirement Income Security Act ('ERISA') and federal securities law, is similar to two other 401(k) lawsuits in recent days. Like the other suits, the new suit alleges that Enron and other Enron-related defendants breached their fiduciary duties ..." (Business Wire via Excite News)
Enron Lawsuit Seen as Wake-Up Call for Pensions
Excerpt: "A Washington, D.C., lawyer said Monday he hopes heavy losses suffered by Enron Corp. employees will spur Congress to limit employee investments in their employers' stock through 401 (k) retirement plans." (Reuters Health via Yahoo! News)
Debtor's Interest In His Former Wife's IRA Was Not Exempt In Bankruptcy: Eighth Circuit
A debtor's interest in his former wife's individual retirement account was not exempt in the debtor's bankruptcy proceedings because he obtained the interest in the IRA through his marriage dissolution rather than through his own employment. This was the ruling of the Eighth Circuit U.S. Court of Appeals in In re Anderson (No. 01-6044MN). (Spencernet)
Military Members Get Own Version of 401(k) Plan
Excerpt: "Under a law that became effective in October, members of the uniformed services can participate in the thrift savings plan (TSP), the federal government's version of a 401(k). If you are in the military, you can contribute up to 7 percent of your salary." (USA Today via Salt Lake Tribune)
Law Helps Washington Teachers Shift From Retired To Rehired
Excerpt: "[Brian] Herbison, like roughly 500 other teachers and administrators in the state, is taking advantage of a new law that allows retired educators to return to teaching up to full time while still keeping their pensions and health benefits." (The Seattle Times)
Feuding at Nation's Largest Public Pension Plan
Excerpt: "For two years running, the members of the board of the California Public Employees' Retirement System, the roughly $150 billion pension plan commonly called Calpers, have been at one another's throats." (New York Times; free registration required)
Senate to Consider Railroads' Plan to Invest on Wall Street
Excerpt: "After heavy lobbying by railroads and unions, the Senate was scheduled this week to take up legislation that would allow the federally administered railroad pension system to take its assets out of government bonds for the first time and invest the money on Wall Street." (New York Times; free registration required)
Spanish Notice to Participants About Saver Tax Credit, in Microsoft Word Format
Oscar Destruge of Diversified Investment Advisors has provided us with a Microsoft Word version of the IRS-drafted notice to employees about the new saver's tax credit, published in IRS Announcement 2001-120. His firm has created an entire web site for Spanish-speaking participants, at http://www.divinvest.com/Support/SpanishSupport.jsp (Internal Revenue Service)
IRS Reiterates Rejection of Cafeteria Plan/Qualified Retirement Plan Hybrid Arrangements
Excerpt: "Building on guidance provided last year, the IRS has published settlement guidelines addressing cafeteria plan/qualified retirement plan hybrid arrangements, also known as pension reduction plans. These hybrid plans typically provide that distributions from a qualified retirement plan to a retiree may be used to fund benefits under the cafeteria plan of a retiree's former employer ..." (EBIA Weekly)
IRS Postpones Need To Perform Specified "Time-Sensitive Acts" Under Internal Revenue Code
In Rev. Proc. 2001-53, the Internal Revenue Service provides a list of 'time-sensitive acts' that may be postponed under IRC Secs. 7508 and 7508A. Sec. 7508 postpones, for the period of military service plus 180 days, specified acts that otherwise would be required to be performed by individuals serving in the Armed Forces or serving in support of the Armed Forces in a combat zone. (Spencernet)
Newly Posted or Renewed Job Openings (Post Yours!)
| Daily Valuation Administrator | for WESPAC Plan Services, Inc. in CA |
| Defined Contribution Plan Consultant | for TRI-AD in CA |
| 401(k) Plan Consultant | for Qualified Benefits, Inc. in CA |
| Multiple Employer Plan/PEO Specialist | for CDM Retirement Consultants, Inc. in MD |
| Compliance Administrator | for CDM Retirement Consultants, Inc. in MD |
Newly Posted Conferences (Post Yours!)
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Pasadena | in CA on March 12, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Allentown | in PA on March 19, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Salt Lake City | in UT on March 19, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - St. Louis | in MO on March 19, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Buffalo | in NY on March 19, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Dallas | in TX on March 19, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Wichita | in KS on March 25, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Albany | in NY on March 26, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Scranton | in PA on March 26, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - El Paso | in TX on March 26, 2002 presented by A.E. Roberts Company |
| FMLA; Coordinating FMLA, ADA, and Workers' Comp; COBRA; HIPAA; and Section 125 - Harrisburg | in PA on March 26, 2002 presented by A.E. Roberts Company |
| Plan Investment Issues in the Current Economic Environment | in MA on December 5, 2001 presented by WEB Massachusetts Metrowest Chapter |
Newly Posted Press Releases
| Great-West Announces Alliance with 401kExchange (401kExchange.com) |
| SunGard Corbel Introduces Online Training for Relius Suite of Employee Benefits Applications (SunGard Corbel) |
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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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