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October 1, 2002 - 11,860 subscribers
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DOL Brief Says Enron Execs Could be Liable
Excerpt: "The Labor Department has filed a court brief that says Enron Corp. executives could be personally liable for retirement plan losses by workers who are suing the company. The Labor Department's friend of the court brief, filed Aug. 30 in federal court in Houston, says if officials should continue to offer company stock as an investment option in its retirement plan with knowledge of Enron's problems, 'They are personally liable for the losses.'" (New York Times; free registration required)

Clarity of SPD Supports Denial of Survivor Benefits
Burke v. Kodak Retirement Income Plan (W.D.N.Y. 2002). Excerpt: "This plan's denial of survivor benefits was upheld because the surviving spouse failed to satisfy the requirements of the plan, which were clearly described in the plan's SPD.... The plan's denial of benefits was upheld here because the requirements for the survivor claims were clear in the SPD and, in fact, were repeated several times." (EBIA Weekly)

DOL Settles ESOP Case Alleging Undervaluation When Distributions Made
Press release. Excerpt: "A lawsuit filed in federal district court here by the U.S. Department of Labor's against the Dayton, Kentucky-based RADAC Corp. and company officials has been resolved in the department's favor.... According to the department's suit, RADAC Corp. and company officials terminated the ESOP and distributed plan assets to participants other than themselves using an independent appraisal that allegedly valued RADAC stock held by the plan at less than its fair market value." (U.S. Department of Labor, Pension and Welfare Benefits Administration)

Lost Retirement Money and Social Security (PDF)
8 pages. Excerpt: "In our dynamic economy, lost retirement money is often the result of a change in corporate identity, such as a company going out of business or being bought, combined with a person changing jobs, moving, or a death.... This article addresses the issue of the ultimate disposition of lost pension funds. Such money incorporates tax obligations to the government ... [W]ho does and who should benefit from the unclaimed pension funds?" (John Turner of the AARP and Ellen A. Bruce of the University of Massachusetts Boston's Gerontology Institute)

Overtime Work for Police Officers Balloons Pension Benefits in Pittsburgh Area
Excerpt: "An Allegheny County police officer has already made $111,969 in overtime compensation this year and as a result would receive an annual pension of $98,569 if he retires next year, county Controller Dan Onorato reported yesterday.... [T]he avalanche of overtime, even if only a year in duration, will pad officers' pensions for their entire retirements. County pensions are based on employees' two biggest years of compensation in their last four years of service." (The [Pittsburgh] Post-Gazette)

TIAA-CREF Pension Fund Chief Tapped by SEC to Lead New Accounting Regulatory Board
Excerpt: "The chief executive of one of the nation's largest pension programs, John H. Biggs, has agreed to be the first head of a new regulatory oversight board for the accounting profession, people involved in the selection said today. Officials at the Securities and Exchange Commission offered the job to Mr. Biggs, the head of TIAA-CREF, the big pension fund, and a leading voice for aggressive accounting oversight." (New York Times; free registration required)



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

Pension Administrators
for Polycomp Administrative Services, Inc.
in CA

Consultant - Retirement Plan Administration & Systems
for MK Consulting, Inc.
in ALL STATES

Compliance Specialist
for Mellon HR Solutions
in MA, NJ, NY

Benefits & Compensation Tax Manager
for PricewaterhouseCoopers
in DC

Actuarial Student
for Transamerica
in CA

Trust Officer
for American Express Financial Advisors
in MN

Plan Administrator
for Clifton Gunderson LLP
in IL

Members Services Coordinator
for Public School Retirement System of the School District of Kansas City, MO
in MO

ERISA Attorney
for Search Firm
in CA

401(k) Product Specialist
for 401Konnect
in CA

401(k) Administrator
for Master Benefit Group, Inc.
in MO

Newly Posted Conferences (Post Yours!)

Mid-Atlantic Benefits Conferences
in PA
May 13, 2003
ASPA

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