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The BenefitsLink Newsletter -
Retirement Plans Edition
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August 22, 2002 - 11,413 subscribers
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West Virginia Teachers Complain About Choice of DC Over DB Ten Years Ago
Excerpt: "During the past few weeks, more than a dozen teachers and other school workers have contacted The Charleston Gazette and Sunday Gazette-Mail, saying they were pressured by salesmen from the Variable Annuity Life Insurance Co. (VALIC) into switching from the old Teachers Defined Benefit Retirement Plan, which would provide them with a guaranteed pension for life." (The Charleston [W. Va.] Gazette)

A Study of Public Employees Retirement Systems (PDF)
103 pages. Excerpt: "This report represents the first comprehensive compilation and review of the actuarial methods and assumptions used by public employees retirement systems (PERS). The study includes materials collected from more than 80 systems and more than 100 plans in total. Appendix A gives details on the scope and methodology of the data collection process. The report of course builds on ground broken by several prior studies but supersedes prior efforts, notably in breadth and detail." (Michael J. Samet, Timothy P. Peach and W. Paul Zorn, published by the Society of Actuaries)

DOL Probes United Way Pension Benefits
Excerpt: "The request came less than a week after the disclosure that former chief executive Oral Suer gained an estimated $200,000 by taking his pension nearly two years before retiring, a step that was not authorized by the pension's rules at the time." (Washington Post)

Links to Items on Executive Comp, Benefits in General
(These items appear in both editions of the BenefitsLink Newsletter)

The Sarbanes-Oxley Loan Ban - An Update on Benefits Issues
Excerpt: "This Legal Alert provides an update on the prohibition on personal loans to public company directors and executive officers contained in Section 402 of the Sarbanes-Oxley Act ... with a focus on three key issue areas-- 401(k) plan loans, stock option cashless exercises, and split-dollar life insurance." (Kilpatrick Stockton LLP)

Benefits and Compensation Aspects of the Sarbanes-Oxley Act of 2002
Excerpt: "The insider trading blackout restriction prohibits directors and executive officers from trading in any company equities during a blackout if the director or executive officer acquired such equity securities 'in connection with his or her service or employment.' It seems clear that Congress intended this to include grants under stock option and restricted stock plans ..." (Kilpatrick Stockton LLP)

Newly Posted or Renewed Job Openings - Post a Help Wanted Ad

Senior 401(K) Plan Administrator
for Seeking Senior Plan Administrator in Baltimore in MD

Benefits Administrator
for Weaver and Tidwell, LLP in TX

401k Client Relationship Manager
for Great West Life & Annuity in TX

Retirement Service Implementation Manager-West
for ADP, Inc in CA

Conversion Specialist
for TeamVest RPS, Inc. in NC

Pension Administrator
for Snyder Cohn Collyer Hamilton & Associates, P.C. in MD

OmniPlus Programmer/Analyst
for Interactive Business Systems, Inc. in OH

Newly Posted Webcasts (Post Yours!)

Dealing with Errors and Omissions by Pension Actuaries
on September 23, 2002
presented by The Society of Actuaries

Newly Posted Conferences (Post Yours!)

Who's the Employer?
in CA on September 19, 2002
presented by Western Pension & Benefits Conference - Orange County Chapter

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