November 1, 2002 - 12,640 subscribers Today's sponsor: EmployeeBenefitsJobs.com (Click on company name or banner to learn more.) Where the best benefits employers find the best candidates Fill your employee benefits job openings fast by advertising on BenefitsLink. What better place to find qualified candidates? Your help wanted ad will be listed in the BenefitsLink Newsletter (over 20,400 subscriptions to the two editions), will be seen by thousands of candidates who view our listings online, and will be emailed to over 3,000 job-seekers. Click above to see how easy it is to place an ad! Checklist: Updating Qualified Plans for EGTRRA and Other 2002 Guidance Excerpt: "The attached checklists identify amendments that must or may be included in IRS-qualified defined contribution and defined benefit plans as a result of changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001 ('EGTRRA'), technical corrections made by the Job Creation and Worker Assistance Act of 2002 ('JCWAA'), the Sarbanes-Oxley Act of 2002, and other regulatory guidance issued in 2002." (Groom Law Group) North Carolina Becomes EGTRRA-Compliant Excerpt: "On September 30, 2002, legislation was enacted to update the State's reference to the Internal Revenue Code from January 1, 2001 to May 1, 2002. This change means that North Carolina has adopted all of the pension and retirement provisions of the Economic Growth and Tax Relief Act of 2001." (North Carolina Department of Revenue) Analysis: IRS Guidance Treats 457 Public Plans Like 401(k) and 403(b) Plans (PDF) 2 pages. Excerpt: "The IRS recently issued proposed regulations that make the tax treatment of state and local governments' eligible 457 deferred compensation plans similar to qualified plans such as 401(k) or 403(b) plans.... The proposed regulations are generally effective for taxable years after December 31, 2001. Any necessary plan amendments are not required until the IRS issues guidance on such amendments or, if later, adopts the proposed rules in final form." (Milliman USA) Online Directory of State Retirement System Web Sites An amazing compilation. Excerpt: "Not finding a state retirement system's Web site you know is out there? Click here to let us know about it." (Carol V. Calhoun's Employee Benefits Legal Resource Site) Another Question is Answered in the Who's the Employer Q&A Column You've been fairly quiet this month, Derrin. Are you continuing the column? How are things coming on getting your book out? (BenefitsLink.com) Links to Items on Executive Comp, Benefits in General SEC Proposes Rules to Implement Sarbanes-Oxley Act, Including Insider Trading Rule During Blackouts Excerpt: "[T]he term 'director' would have the same meaning as under the general Exchange Act rules, and the term 'executive officer' would have the same meaning as the term 'officer' under the insider reporting requirements of Section 16(a) of the Exchange Act. This will both streamline compliance with the new statutory trading prohibition and enable security holders to monitor the trading activities of an issuer's directors and executive officers using the Section 16(a) reporting form." (U.S. Securities and Exchange Commission) Employer Spending on Benefits 2001 (PDF) 4 pages. Includes chart showing aggregate U.S. employer spending for benefits from 1960 through 2001. Excerpt: "Employer spending on retirement income benefits, less Social Security, increased at a slightly slower rate in the 1990s than in the 1980s." (Employee Benefit Research Institute) Beware the Legal Risks of Hiring Temps Excerpt: "If your company is among that large number that are placing hiring on hold, it might mean that you'll soon be hearing from managers who want to hire contingent workers to pick up spikes in year-end work flow, or temporarily fill critical but vacant positions until the economy revives. Before you start sending out requisitions to your favorite staffing agency, however, it's worth taking a look at the legal issues HR faces in contingent hiring." (Workforce.com) Suddenly Some Executive Perks Aren't Worth the Pain Excerpt: "Congress thought it was cracking down on companies making sweetheart loans to executives when, as part of the Corporate Responsibility Act passed in July, it banned 'extensions of credit in the form of a personal loan' to employees. But it failed to clarify one pretty big point: exactly what constitutes a loan." (Fortune.com) Stock Options of CEOs at Low Performing Companies Decline in Value by Two-Thirds, Study Says Press release. Excerpt: "Chief executive officers of the nation's largest companies saw the 'in-the-money' value of their unexercised stock options decline nearly 10 percent last year. However, CEOs of low-performing companies experienced a huge two-thirds drop in the value of their stock options, according to a new study ... by Watson Wyatt Worldwide." (Watson Wyatt) Court Improperly Dismissed ADEA Claim Filed By Fired Employee: Eighth Circuit A worker who was forced to resign raised a genuine question as to whether he was an 'employee' rather than an 'independent contractor' and, as a result, a federal district court improperly dismissed the worker's claim under the Age Discrimination in Employment Act (ADEA). This was the ruling of the Eighth Circuit U.S. Court of Appeals in Jenkins v. Southern Farm Bureau Casualty (No. 02-1779WA). (SpencerNet) Corporate Governance in Crisis: Executive Pay/Stock Option Overhang 2003 Excerpt: "Executive pay, especially CEO pay, has become a lightning rod for this collapse in investor confidence for a number of reasons.... The companies with the pay governance processes that are most transparent and most aligned will be the ones to inspire the most investor confidence.... The research in our 2003 Executive Pay/Stock Option Overhang study bears this out." (Watson Wyatt) Newly Posted or Renewed Job Openings - Pension Plan Consultant for Pentegra Group in NY Sr. Conversion Integration Analyst for Automatic Data Processing in NJ Manager-Section 125 Flexible Benefit Plans for Stanley, Hunt, DuPree & Rhine, Inc. in SC Manager, Benefits - Vendor Relations for Harrah's Entertainment, Inc. in NV Pension Actuary for Stanley, Hunt, Dupree & Rhine, Inc. in NC Actuarial Analyst for Stanley, Hunt, Dupree & Rhine, Inc in NC Newly Posted Conferences (Post Yours!) The Certificate in Employee Benefits Law Seminar in AZ, CA, DC, FL, NV March 3, 2003 Institute for Applied Management and Law, Inc. (IAML) The Retirement Challenge - Building Wealth in Turbulent Times in GA November 21, 2002 ASPA Benefits Council of Atlanta Newly Posted Press Releases Comprehensive advice on a global scale (LexisNexis Butterworths Tolley) HIPAA Portability Training & Certification Program launched! (HRcertification.com) Subscribe to the BenefitsLink Welfare Plans Newsletter, too (click)
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