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September 12, 2002 - 11,893 subscribers
Today's sponsor: Actuarial Systems Corporation

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   For over 20 years ASC has provided complete automation for the
   pension office, including DC/401(k) and DB administration and
   valuation systems, as well as sophisticated Compliance Testing
   and DV Direct, a revolutionary solution for daily valuation
   functions.  All ASC Technical Support Members had experience as
   practicing Pension Administrators or Actuaries before joining
   ASC-- and most have been with ASC for over 10 years.

(Help BenefitsLink to provide this newsletter at no charge to you -- our sponsors pay your way. Remember to visit them periodically; we try to make sure their products and services will be of interest to you. Thanks! --Editor)

PBGC Protects Pensions of 11,000 Polaroid Employees
Press release. Excerpt: "The Pension Benefit Guaranty Corp. (PBGC) today announced it has assumed responsibility for the underfunded pension plan covering over 11,000 former employees of Polaroid Corp., Cambridge, Mass. The bankrupt maker of instant cameras, film and accessories, as well as other digital imaging products, has sold all of its operating assets to OEP Imaging Corp., an affiliate of Bank One Corp.'s One Equity Partners." (Pension Benefit Guaranty Corporation)

Oregon Senate Passes Bill to Prevent New Government Hires from Joining Existing DB Plan
Excerpt: "Critics have long argued that PERS provides overly generous benefits to public workers. Recent estimates have shown that the pension fund is facing a shortfall of $7 billion to $8.5 billion. Last week, the Senate rejected a bill that would have abolished PERS for the active employees now in the system, as well as new hires, and directed the 2003 Legislature to craft a replacement." (

Fundamentals of Pension Funding (PDF)
32 pages. Written for actuaries. Excerpt: "As part of the celebration of its Golden Anniversary, the Society of Actuaries presents this monograph of significant papers published by Society of Actuaries-sponsored research publications over the past 50 years. This monograph contains seven important papers representing some of the main practice areas for actuaries, with publication dates scattered over the fifty-year period and which clearly influenced actuarial thought and practice." (Society of Actuaries)

Links to Items on Executive Comp, Benefits in General

Cheap Seats in Private Jets for Executives on Vacation
Excerpt: "The cost to executives who use corporate jets for personal travel is low because of a 1985 tax law that allows corporate executives and directors to fly on personal trips in company planes at rates far below what business travelers pay to sit in a middle seat in coach.... 'It's a great deal,' said Mary B. Hevener, a partner at the law firm of Baker & McKenzie who represents a third of the Fortune 500 companies on tax issues connected with their corporate jets." (New York Times; free registration required)

Congress Considering Far-Reaching Executive Deferred Compensation Legislation (PDF)
4 pages. Excerpt: "Congress is now considering two bills that, if enacted, would significantly impact the vast majority of nonqualified deferred compensation arrangements. [T]he 'American Competitiveness and Corporate Accountability Act of 2002' ... and the 'National Employee Savings and Trust Equity Guarantee Act of 2002' ... have thus far received strong bi-partisan support, and are likely to garner more support ... particularly with Congress focused on upcoming elections." (LeBoeuf, Lamb, Green & MacRae, L.L.P.)

One Way to Settle the Controversy over Stock Options: Eliminate Them
Excerpt: "Cendant [recently announced that it] expected to reduce the issuance of employee stock options and instead utilize grants of restricted stock (securities that are granted subject to certain voting and transfer rules, time constraints or other limitations). That decision has placed Cendant ... in the vanguard of a movement to reject option-based incentives and return to a more traditional way of rewarding performance." (The Wharton School of the University of Pennsylvania)

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

Pension Administrator
for L-3 Communications, Link Simulation & Training
in TX

New Business Implementation Specialist
for DailyAccess.Com,Inc.
in AL

Pension Administration Compliance
for VPC Group
in VA

Newly Posted Webcasts (Post Yours!)

Minimum Distribution: The Finalized Rules from the Treasury Department and the IRS
on October 24, 2002
presented by ABA Center for Continuing Legal Education

Newly Posted Conferences (Post Yours!)

The DC/401(k) Reform Conference
in CA
October 27, 2002
Pensions&Investments/International Business Forum

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