| The BenefitsLink Newsletter - Retirement Plans Edition |   |
March 7, 2002 - 12,334 subscribers
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Kennedy Bill Limits Company Stock in 401(k) Plans Unless Defined Benefit Plan Also Maintained
(BNA Daily Labor Report via Society for Human Resource Management)
Democrats' Bills Would Require Employee Participation on Retirement Plan Committees
(Knight Ridder Washington Bureau via Society for Human Resource Management)
List of Witnesses and Written Statements Provided to March 5 House Oversight Subcommittee Hearing
Hearing on 'Employee and Employer Views on Retirement Security.' Witnesses include James A. Klein, American Benefits Council; Scott J. Macey for the ERIC; Gene E. Little for NAM; Craig Hoffman for ASPA; Richard Trumka, AFL-CIO; Dary Ebright, IBEW Local 125; Deborah G. Perrotta formerly with Enron Corporation; Cecil Ursprung, Reflexite Corporation; Delores L. Thomas for the ESOP Association; Karen York for the ESOP Association. (U.S. House of Representatives, Committee on Ways and Means, Subcommittee on Oversight)
Mellon Liberalizes Company 401(k)
Excerpt: "[I]n late February ... Mellon CEO Martin McGuinn announced changes that enable employees to trade company stock more freely. One move will allow employees to trade all of the Mellon 401(k) shares contributed to their plans before January 1, 2000. Previously, company matching stock couldn't be sold until employees turned 55." (CFO.com)
Pensions: Time To Grow Up
Excerpt: "Pension systems in rich countries are not working properly. They need a radical overhaul, argues Paul Wallace.' Click the 'next article' link at the end of the article to view more pension-related articles, from the February 14, 2002 issue. (The Economist)
The Aging of Aquarius: the Baby Boom Generation Matures (PDF)
Excerpt: "The impact of the aging of the Aquarius generation is likely to be varied and widespread. Several possibilities are noted briefly ... Continued improvements in longevity will have implications for the cost of retirement benefits because pensions are payable over longer periods.... Health plans that cover retirees may find their costs rising dramatically." (The Segal Company)
Another Question is Answered in the Correcting Plan Defects Q&A Column
Under the Voluntary Compliance Program ("VCP"), can an extension of the 150-day compliance period be granted after a compliance statement has been issued? (BenefitsLink.com)
Federal Thrift Board Proposes Rules On Employee Elections To Contribute To the TSP
The Federal Retirement Thrift Investment Board has issued proposed regulations concerning employee elections to contribute to the Thrift Savings Plan (TSP). The Federal Retirement Thrift Investment Board administers the TSP, which is a tax-deferred retirement savings plan for federal employees similar to a 401(k) cash or deferred arrangement. In 1994, the board published final regulations concerning the procedures governing employee contributions to the TSP. (Spencernet)
Illinois Proposal Would Start Officials' Pensions Before Retirement
Excerpt: "[O]pponents ... scoff at the notion that this deal would end up saving the taxpayers money. They note that those who draw their pensions before retirement are going to receive it for more years than they would otherwise.... [Proponents say the] measure would provide an incentive for qualified, experienced officials to stay on the job." (Chicago Daily Herald via Yahoo! News)
Opinion: Anti-Company Stock Legislation
In the latest installment of his regular column on the NCEO's Web site, attorney David Johanson offers his view on the current wave of post-Enron legislation that proposes to more strictly control the use of company stock in employee benefit plans. (National Center for Employee Ownership)
The Perils of Misallocating Plan Costs
Excerpt: "The Department of Labor is scrutinizing the expenses that pension plan sponsors pass on to plans and participants. Companies are paying huge assessments when the DOL rules that a cost charged to a plan is inappropriate. Here are some compliance guidelines." (BusinessFinanceMag.com)
Commentary: Retirement Plans-- Let's Clear the Maze
Excerpt: "Plenty of evidence suggests that instead of -- or at least in addition to -- a marketing blitz, what average Americans need to make adequate financial preparations for retirement is a system they can understand with a reasonable amount of effort." (Business Week)
Newly Posted or Renewed Job Openings -
| Pension Administrator | for Means & Associates, LLC in CA |
| Senior DC Administrator - Fun and Challenging! | for Louis Kravitz & Associates, Inc. in CA |
| Plan Administrator | for Retirement Funding in MI |
| Pension Auditors | for U. S. Department of Labor - PWBA in DC |
| Pension Systems Analyst | for CitiStreet, Total Benefits Outsourcing in FL |
| New Business Installation - Lead Project Manager | for Transamerica in CA |
| Pension Administrator/Actuarial Assistant | for Block Consulting Actuaries, Inc. in CA |
| Health Benefits Analysts | for Segal Company in CA |
| Vice President Retirement Plans and Financial Controls | for Black Mountain Management, Inc. in NY |
| Marketing Manager | for Transamerica in CA |
| Marketing Project Coordinator | for Transamerica in CA |
Newly Posted Conferences (Post Yours!)
| SPARK National Conference | in FL on June 9, 2002 presented by SPARK (Society of Professional Administrators and Recordkeepers) |
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Copyright 2002 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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