October 11, 2002 - 12,057 subscribers
Today's sponsor: The Plan Sales System
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(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)
Labor Department Settles Pension Fund Charges Against Wells Fargo Bank Over Purchase of Company Stock
Press release. Excerpt: "The U.S. Department of Labor obtained a consent decree ... requiring Wells Fargo Bank, N.A. to develop stringent procedures for fairly and accurately valuing non-publicly traded company stock purchased by [ESOPs] and certain other plan clients of Wells Fargo. The case was brought to resolve allegations involving the purchase of the stock of Toms Sierra Company, Inc. by its ESOP." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
Economic Fallout Casts Spotlight on Pension Accounting
Excerpt: "There is a growing likelihood that pensions will affect earnings and cash flows this year as declining stock prices bring changes in pension assets and assumptions, along with mounting criticism of pension accounting ... David Blitzer, chairman of Standard & Poor's index committee predicts pensions will replace stock options as the big corporate accounting issue next year." (AccountingWEB; free registration required)
A Matter of Reliance (Or, What's a Determination Letter Worth?)
Excerpt: "This article examines the concept of reliance, that is the value of obtaining [an IRS determination letter for a tax-qualified retirement plan]. It also discusses recent changes in the Employee Plans Determination Letter Program that provide plan sponsors with varying degrees of reliance." (Chang, Ruthenberg & Long PC)
Public Policy Group Rejects House Pension Bill
Excerpt: "[T]he legislation would do little to spur the economy, while providing the vast bulk of its benefits to households with high incomes. Such inefficient and regressive tax subsidies are a luxury that the nation can ill afford given the dramatic deterioration in the budget outlook over the past 20 months.... [And] increasing the contribution limits would have little effect on middle- and upper-middle-income families and individuals." (Center on Budget and Policy Priorities)
Links to Items on Executive Comp, Benefits in General
Most Large Corporations Deferring Decision on Expensing Stock Options
Excerpt: "More than 53% of companies say they're going to hold off making decisions on the matter until there are more standards on how to accurately value stock options in their financial statements, according to a recent poll of 120 large U.S. corporations." (Chicago Business)
Newly Posted or Renewed Job Openings -
for Great Lakes Pension Administrators, Inc.
Manager of Account Managers
for SunTrust Bank
Senior Group Underwriting/Marketing Analyst
for Insurance Resource Group Careers
Newly Posted Webcasts (Post Yours!)
A Review of the FTC Report, 'Generic Drug Entry Prior to Patent Expiration'
on October 9, 2002
presented by Kaisernetwork.org
Newly Posted Conferences (Post Yours!)
NICSA Semi-Annual West Coast Regional Meeting
November 21, 2002
National Investment Company Service Association (NICSA)
The Coming Global Retirement Crisis
October 17, 2002
Western Pension & Benefits Conference - Phoenix Chapter
Newly Posted Press Releases (Post Yours!)
The New 529 College Savings Plans "Do They Really Make Sense as an Employee Benefit"
(National Association of Professional College Advisors)
Announcing Qualified Plan Administrators, Inc. New Web Site www.qpainc.com
(Qualified Plan Administrators, Inc.)
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Editor and Publisher: David Rhett Baker, J.D.