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The BenefitsLink Newsletter -
Retirement Plans Edition
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April 29, 2002 - 11,626 subscribers
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California Legislature Sends EGTRRA Conformity Bills to Governor for Signature (PDF)
Excerpt: "According to the Bureau of National Affairs, on April 25, both chambers of the California legislature approved two bills that would conform California tax law to the federal tax code and sent the bills to Governor Davis for his signature." (American Benefits Council)

Another Question is Answered in the Who's the Employer Q&A Column
Now that you've had 48 hours to think about it, would you care to revise your comments on the transition rule in Rev. Proc. 2002-21? (BenefitsLink.com)

Compliance Checklist 2002 for DB, DC and Nonqualified Executive Benefit Plans (PDF)
24 pages. Excerpt: "We've designed this Checklist as a 'quick glance' resource to help [CIGNA retirement plan clients] meet qualified and nonqualified plan reporting and disclosure requirements. This easy-to-follow Checklist should help you provide timely and complete information to individuals and appropriate government agencies. We suggest you keep your Checklist in a convenient place so you can refer to it whenever you may need to take specific action." (CIGNA's Pension Analyst, Special Edition)

Gold Bullion in Hands of Non-IRA Custodian Under Direction of IRA Trustee Ruled a Collectible
Excerpt: " This limited exception applies only if a certain type of bullion is in the physical possession of the IRA trustee. In this case, all of the bullion coins and bullion bars at issue are in the physical possession of Company M or Company N, not the IRA trustee.... IRAs that deposit such bullion coins and bullion bars with Company M or Company N would have to treat such deposit as a distribution from the IRA in an amount equal to the cost to the IRA of such collectible." (Internal Revenue Service)

Overview: PEO Plans Must Decide During 2003 How To Correct Exclusive Benefit Rule Violations
Excerpt: "A PEO plan will need to assess the options under Rev. Proc. 2002-21 if the plan is maintained by a PEO that is not the common law employer of worksite employees ... The problem is that when the PEO is not the employer of the worksite employees, but is the sole sponsor of a plan which covers such employees, the exclusive benefit rule is not satisfied." (TRI Pension Services)

Overview: ERISA 204(h) Notice Requirement Generally Increased To 45 Days
Excerpt: "The regulations would become final 120 days after the date they are published in final form. The regulations:(1) explain when a substantial reduction in the future rate of benefit accrual has occurred; (2) explain when a significant reduction in an early retirement benefit or retirement-type subsidy has occurred;(3) prescribe a general notice deadline of 45 days before the effective date of the amendment ..." (TRI Pension Services)

(Following items are in both editions of the BenefitsLink Newsletter)

Application of Employment Taxes to Stock Options in 2003 Could Reduce Use of Options
Excerpt: "[C]ritics say new taxes will discourage employees and companies from participating in what are some of the most widely used benefits to both attract and retain workers, particularly in the hard-hit technology industry." (CNET News.com via Yahoo! News)

Newly Posted or Renewed Job Openings - Post a Help Wanted Ad
Director of Client Services for ArlenGroup
in CA
REGIONAL ENROLLMENT MANAGER for Diversified Investment Advisors
in FL, GA
Pensions/401(k) ERISA Compliance Specialist for Pensioncareers Ltd.
in NJ, NY
Provider Network Account Manager for Corporate Benefit Services of America, Inc. - National TPA
in MN
Associate Attorney for Miller, Johnson, Snell & Cummiskey, P.L.C.
in MI
Retirement Plan / Employee Benefits Consultant for MK Consulting, Inc.
Trust Participant Record Keeping Officer for First Virginia Bank
in VA

Newly Posted Conferences (Post Yours!)
401(k) Retirement Plans: Current Issuesin MA on June 11, 2002
presented by Greater Boston Chapter, International Society of Certified Employee Benefit Specialists
Fundamentals of Health and Welfare Plansin MA on September 10, 2002
presented by Greater Boston Chapter of the International Society of Certified Employee Benefit Specialists

Newly Posted Press Releases
Newkirk and Communi(k) join forces (Newkirk)

Subscribe to the Welfare Plans Edition, too (click)

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.