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The BenefitsLink Newsletter -
Retirement Plans Edition
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June 21, 2002 - 11,394 subscribers
Today's sponsor: The Plan Sales System

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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)

Democrats Debate Extension of EGTRRA Retirement Plan Provisions
Excerpt: "Democrats are turning a Republican election-year effort to make permanent a series of retirement tax breaks into a debate about corporate responsibility and abuses." (AP via Yahoo! News)

Pension Rights Center Urges Congressman to Reject Bill to Make EGTRRA Pension Changes Permanent (PDF)
Excerpt: "In the aftermath of Enron, it is more important than ever to develop sound retirement income policies that protect American workers.... We are concerned that many of the provisions of EGTRRA, while purporting to increase retirement savings for employees, will actually accomplish the reverse." (Pension Rights Center)

The New and Final Regs For Minimum Distributions From Retirement Plans -- the 15 Essential Points
Excerpt: "After reading through 155 pages of the new regulations, here are the 15 salient points that practitioners need to know ..." (Thomas J. Murphy, Esq.)

Shedding Light on Plan Blackouts: What Happens When 401(k) Providers Change
Excerpt: "Here's a look at what happens when an employer changes 401(k) plan providers, the mechanics of a lockout, and how one might affect you." (mPower Cafe)

Witness Test and Written Testimony at House Hearing on Retirement Security and Defined Benefit Plans
Witnesses and the organizations for whom they appeared included Steven A. Kandarian, PBGC; Jack VanDerhei, Ph.D., EBRI; Ron Gebhardtsbauer, American Academy of Actuaries; Karen D. Friedman, Pension Rights Center; Jonathan Skinner, Ph.D., Dartmouth Medical School; Scott D. Miller, ASPA; Mark Beilke, American Benefits Council; and Christopher W. O'Flinn, ERIC. (U.S. House of Representative, Committee on Ways and Means, Subcommittee on Oversight)

City Pension Deal Breaks New Ground in Rhode Island
Excerpt: "In what could be a harbinger for future pension debt deals in Rhode Island, the city of Woonsocket is selling approximately $90 million in taxable general obligation pension bonds the week of June 24. This sale marks the first time the Rhode Island legislature has given a municipality the authorization to use bonds to retire an unfunded pension liability -- the amount that would have to be paid if every city worker linked to the pension fund retired at once." (Thompson Financial Media via International Foundation of Employee Benefit Plans)

Another Question is Answered in the Who's the Employer Q&A Column
IRC section 414(n) allows leased employees to be disregarded for various IRC rules if these individuals are covered under a safe harbor plan. How will Rev. Proc. 2002-21 affect these plans? (BenefitsLink.com)

Do the Math Before Making a Roth IRA Conversion
Excerpt: "If you want to take advantage of the Roth's enticing tax break, you may move your money from your traditional IRA into a Roth through a process known as a conversion. However, this move comes with costs that could be large enough to erase any gains you expect to receive -- you will owe income tax on the entire amount that you convert.... It is generally better to make a conversion when you are young and may have many years until you need your money." (mPower Cafe)

PBGC to Protect Pensions of ABC-NACO and National Castings Workers
Excerpt: "The plans covered almost 2,100 workers of the Lombard, Ill.-based manufacturer of steel rail products." (Pension Benefit Guaranty Corporation)

Witness Test and Written Testimony at Budget Committee Hearing on Social Security Privatization
Excerpt: "Witnesses included David M. Walker, U.S. General Accounting Office; Maya C. MacGuineas, New America Foundation; Barbara B. Kennelly, National Committee to Preserve Social Security and Medicare; C. Eugene Steuerle, Urban Institute; and Dan L. Crippen, Congressional Budget Office." (U.S. House of Representative, Budget Committee)

Newly Posted or Renewed Job Openings - Post a Help Wanted Ad
Account Manager for Benefitstreet Inc.
in CA
Client Advisors for CIGNA Retirement and Investment Services
in IA

Newly Posted Conferences (Post Yours!)
Fundamentals of Qualified Plans (3-day program) 5 Locations; June - Julyin CO, MI, MN, OH, TX on June 26, 2002
presented by SunGard Corbel

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Editor and Publisher: David Rhett Baker, J.D.