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September 19, 2002 - 11,860 subscribers
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Many Pension Funds Wither Along With Stock Market
Excerpt: "As a result of investment losses, many [defined benefit] plans that had been flush with cash now have less in assets than the value of promised benefits. To make up for their losses, companies of all sizes are having to contribute more to their plans, some making their first contributions in years." (St. Petersburg Times)
Second Circuit Addresses Breach of Fiduciary Duty Claims In 19-Year-Old Case Against Insurer
In the latest ruling in a 19-year-old court battle, the Second Circuit U.S. Court of Appeals has reached a split decision regarding allegations of breach of fiduciary duties against an insurance company that administered a group annuity contract. The case is Harris Trust and Savings Bank, et al. v. John Hancock Mutual Life Insurance Company (No. 01-7608). (Spencernet)
Opinion: Retirement Provisions in Last Year's Tax Bill Should Not Be Made Permanent
Excerpt: "The House legislation (H.R. 4931) to make the retirement savings provisions permanent is problematic for three reasons: ... The provisions represent an untested 'trickle down' approach to pension coverage ... making the provisions permanent would cause a further deterioration in a budget outlook that has already worsened dramatically ... [and, third,] the House legislation does not make permanent ... the 'saver's credit.'" (Center on Budget and Policy Priorities)
GAO Report: 'Answers to Key Questions About Private Pension Plans'
64 pages. Excerpt: "[T]his private pensions primer includes questions and answers about the types of plans that private employers may sponsor, the benefits these plans provide, and the basic requirements that govern how these plans are administered.... [W]e also include a bibliography of related GAO products." (U.S. General Accounting Office)
Links to Items on Executive Comp, Benefits in General
Signing Bonuses for Execs Coming Under Scrutiny
Excerpt: "The latest aspect of executive pay to come under the microscope: upfront payments to newly hired chief executives that are averaging $ 15 million each, according to a study released Tuesday. These so-called golden worlds are a twist on the signing bonus, which has been around for decades ..." (Los Angeles Times via the Society for Human Resource Management)
Option Expense Rules Seen Within a Year
Excerpt: "Financial Accounting Standards Board will decide within a year whether companies in the United States will have to treat stock option grants to employees as expenses, the head of the group said [on Wednesday, Sept. 18, 2002]." (Bloomberg News via New York Times; free registration required)
Newly Posted or Renewed Job Openings -
Senior DC Plan Consultant\Administrator
for Simpkins & Associates
in TX
Corporate Director of Benefits and Compensation
for Multi Billion-Dollar Food and Beverage Manufacturer
in CA
Retirement Services Administrator
for Dubuque Bank and Trust Company
in IA
Health and Welfare Consultant / Sr. Manager
for Ernst & Young LLP
in DC, MD, PA, VA
Business Development Officer
for Stanton Trust Company
in ALL STATES
Account Executive
for Lockton Companies
in MO
Retirement Plan Sales and Marketing
for JNBA Financial Advisors, Inc.
in MN
Newly Posted Webcasts (Post Yours!)
The State of Health Care Quality: 2002
on September 18, 2002
presented by Kaisernetwork.org
Newly Posted Conferences (Post Yours!)
Health Care Law and Litigation: Access to Care and Technology
in DC
October 31, 2002
ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education)
20th Annual Advanced ALI-ABA Conference on Life Insurance Company Products
in DC
November 14, 2002
ALI-ABA (American Law Institute-American Bar Association Committee on Continuing Professional Education)
Newly Posted Press Releases
District of Columbia's First Employee Benefit Captive
(Watson Wyatt Insurance and Financial Services)
MassMutual Retirement Services Launches Program of DB Enhancements: More administrative ease for sponsors, better tools and information for participants and retirees
(MassMutual Retirement Services)
ALEXANDER HAMILTON INSTITUTE RELEASES NEW FREE REPORT: "Mandatory Arbitration"
(Alexander Hamilton Institute)
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