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September 13, 2002 - 11,893 subscribers
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PBGC Takes Over Polaroid Pensions
Excerpt: "A federal agency said Thursday, Sept. 12, it has taken over bankrupt Polaroid Corp.'s underfunded defined-benefit pension plan despite a valiant fight by the company's retirees to avoid such an action.... The retirees were concerned that they would face reduced pension payouts under a PBGC-administered plan. Under federal pension law, the maximum pension guaranteed for workers in plans that terminate in 2002 and are administered by the PBGC is $3,579 a month." (TheDeal.com)

DOL Sues Union, Says Leaders Misspent Members' Pension Fund
Excerpt: "The leaders of a union pension fund built the $800 million Westin Diplomat Resort & Spa [in south Florida] without any real financial plan, doling out sweetheart deals to unqualified companies with close family connections to a union official, the U.S. Department of Labor alleges in a federal lawsuit filed Thursday in Fort Lauderdale. In an unusual move, the Labor Department is seeking to remove all five trustees of the Plumbers and Pipefitters National Pension Fund." (Sun-Sentinel.com)



Links to Items on Executive Comp, Benefits in General

DOL Secretary Testifies to Committee About ERISA Enforcement, Compliance Assistance
Testimony of Assistant Secretary Ann L. Combs before the House Committee on Education and the Workforce, Subcommittee on Employer-Employee Relations, September 10, 2002. (U.S. Department of Labor, Pension and Welfare Benefits Administration)

Benefits Canada's 26th Annual Pension and Benefits Consultants Report (PDF)
5 pages. Excerpt: "Many of the senior consultants in the industry are at the leading edge of the baby boom and are going to be retiring in the next five to 10 years. The race is on to replace them." (Benefits Canada)

New York Fed President Calls on CEOs to Cut Pay
Excerpt: "New York Federal Reserve president William McDonough yesterday called on U.S. corporate executives to take pay cuts, saying their salary packages are bloated and morally hard to justify.... His remarks were the strongest denunciation yet by any public official of chief executive pay, which McDonough said has swollen in publicly traded companies to 400 times that of production workers on average from 42 times two decades ago." (Boston Globe)

Accelerated Section 16 Reporting of Stock-Related Transactions in Deferred Compensation Plans
Excerpt: "[T]he Sarbanes-Oxley Act amended ... the Securities Exchange Act to require accelerated Form 4 reporting of most transactions in an issuer's equity securities by the issuer's directors, officers and ten percent plus shareholders.... [This includes] routine deferrals of director or officer compensation under a nonqualified deferred compensation plan where the deferrals are credited to an investment account whose value is derived from the value of the sponsoring company's stock." (Faegre & Benson LLP)




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

Senior Defined Contribution Administrator
for Longaker, Rimkus & Associates, Inc.
in NY

Office Manager
for Principal Financial Group
in CA

Account Executive/Client Relationship Manager
for Diversified Investment Advisors
in MI

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