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The BenefitsLink Newsletter -
Retirement Plans Edition
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September 4, 2002 - 11,413 subscribers
Today's sponsor: Actuarial Systems Corporation

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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)

PBGC Technical Update 02-2: 2002 Model Participant Notice
Excerpt: "The Retirement Protection Act of 1994 requires certain underfunded [defined benefit] plans to notify participants and beneficiaries annually of the plan's funding status and the limits of PBGC's guarantee.... The regulation includes a model notice that plans can use to meet this requirement. For the convenience of plan administrators, this Technical Update republishes the Model Participant Notice, updated to reflect the 2002 maximum guaranteed benefits." (Pension Benefit Guaranty Corporation)

Analysis: In Two Revenue Rulings, IRS Updates Rules for Defined Benefit Plans (PDF)
6 pages. Excerpt: "(1) [Rev. Rul.] 2001-51 provides guidance regarding the increased maximum allowable benefit, as provided under [EGTRRA]. It also confirms that plans may either maintain the benefit limits in effect before the enactment of EGTRRA or adopt the increased limits. (2) [Rev. Rul.] 2001-62 updates the mortality table that must be used in figuring both the minimum 'present value' of lump sum benefits and the actuarial adjustment to the maximum allowable benefit." (CIGNA's Pension Analyst)

PBGC to Protect Pensions of 14,000 Anchor Glass Container Corp. Workers and Retirees
Press release. Excerpt: "The [PBGC] announced it has assumed responsibility for the underfunded pension plan covering more than 14,000 current and former employees and retirees of Anchor Glass Container Corp. The nation's third-largest maker of glass beverage containers, Anchor is emerging from chapter 11 bankruptcy under a court-approved plan of reorganization." (Pension Benefit Guaranty Corporation)

Can You Ever Retire?
Excerpt: "Lots of people are being forced to keep working -- but there are strategies to ease the pain." (CNNmoney)

Social Security Leverage: It's Your Biggest Personal Investment
Excerpt: "The biggest investment most Americans make isn't in their homes or 401(k) plans. It's in Social Security. You laugh? Well, get this. The value of lifetime Social Security benefits to an average-wage two-earner couple who turned 65 in 2000 was $300,000." (The Dallas Morning News; free registration required)

Another Question is Answered in the Who's the Employer Q&A Column
P and S are in a controlled group. S and A are in an affiliated service group. P is not part of the ASG. P and S sponsor a plan covering their employees. Employees of A do not participate. Is this a multiple employer plan? Would it make a difference if all three companies sponsored the plan? (BenefitsLink.com)

Another Question is Answered in the Who's the Employer Q&A Column
How are you coming on the third edition of Who's the Employer? Can we get a network license for the CD, or a multiuser license for the Web edition? (BenefitsLink.com)



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

Brief History of the Expensing of Stock Options
Excerpt: "One of the main reasons for this increased popularity is the favorable accounting treatment stock options have received. But with all the corporate misdeads lately the topic of expensing options is once again a hot-button issue. This article will review the history of stock options and explain an how we ended up where we are." (www.fed.org)




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


Extraordinary & Fun Defined Benefit Consulting Opportunities in So. Calif.
for Louis Kravitz & Associates, Inc. in CA

Employee Benefits Attorney
for Sinclair, Haynes & Cowing, P.C. in KS, MO

401(k) / Pension Administrator
for O'Sullivan Creel, LLP in FL

Account Executive
for Transamerica in OH


Newly Posted Press Releases (Post Yours!)


New Study Finds Service Beats Out Investment Performance When Selecting a 401(k) Provider
(Search401k)

ADP Selects Scarborough for Live Advice
(Scarborough Retirement Services, LLC)


Newly Posted Announcements of Promotions and New Personnel (Post Yours!)


John Warren (Kanawha Insurance Company)

Subscribe to the Welfare Plans Edition, too (click)


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