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November 4, 2002 - 12,640 subscribers
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The Role of 401(k) Professional Administrators and Recordkeepers after Enron
Excerpt: "Groom Law Group filed an amicus curiae brief on behalf of the SPARK Institute in the Enron litigation discussing the role of 401(k) recordkeepers. Specifically, the brief addressed an argument made by plaintiffs and the Department of Labor that a recordkeeper has an obligation under ERISA to decline to follow instructions when it knows or should know that that course of action would be harmful to participants." (Groom Law Group)
401(k)s Still Heavy in Company Stock
Excerpt: "Perhaps the most enduring legacy of the Enron affair is the decimated 401(k) accounts of thousands of Enron workers. On that front, the rules haven't changed much, and the reality is, it could happen again." (Chicago Tribune; free registration required)
Pension Plan Gambler: Alabama Pension Fund's Chief Takes a Ride on US Airways
Excerpt: "We're trying to be the largest equity player in a restructured airline that happens to be the largest carrier east of the Mississippi. We've been loaning money to airlines since the '70s. In this instance we saw a deal structured by some very shrewd investment bankers." (Fortune.com)
Ex-Trooper in Massachusetts Must Refund Pension
Excerpt: "A former State Police lieutenant convicted of trying to kill a prosecutor has been ordered to refund more than $27,000 in state pension money he's received." (The Boston Globe)
DOL Sues Employer for Failure to Forward 401(k) Contributions for 15 Months
Excerpt: "The U.S. Department of Labor obtained a judgment and order ... requiring Conolly Calhoun & Conolly, Inc. (CCC) ... and its chief executive officer to restore $70,477 to the company's 401(k) plan as restitution for failing to forward employee contributions to the plan. The judgment also permanently bars the company and chief executive officer ... from serving any plan governed by [ERISA] and requires that [his] plan account be offset to pay money owed to the plan." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
Update on Pension and Executive Deferred Compensation Legislation
Excerpt: "It is now a virtual certainty that final action on Enron pension and executive deferred compensation will not occur this year.... Set forth below is a brief summary of recent developments." (Groom Law Group)
Opinion: Social Security Personal Retirement Accounts Getting the Silent Treatment from White House
Excerpt: "Not only is Mr. Bush silent about a topic that Democrats are flogging on the airwaves and in massive voter mailings in pivotal Senate races, some administration officials have hinted his retreat." (The Washington Times)
IRS CPE: Required Minimum Distributions - Old and New Regs Explained (PDF)
34 pages; rev. April 2002. Excerpt: "A review of the basic rules regarding minimum distributions and highlights of the changes to section 401(a)(9) effective January 1, 2002." (Internal Revenue Service)
IRS CPE: The Remedial Amendment Period (PDF)
39 pages; rev. April 2002. Excerpt: "An overview of the requirements under section 401(b) for GUST amendments; effective dates for retroactive plan amendments for changes made by GUST; and the requirements for plans terminating before the end of their remedial amendment period." (Internal Revenue Service)
IRS CPE: Basic Examination Techniques (PDF)
39 pages; rev. April 2002. Excerpt: "A review of the general techniques and procedures used by the Service to examine retirement plans." (Internal Revenue Service)
IRS CPE: Determinations Processing (PDF)
76 pages; rev. April 2002. Excerpt: "An in-depth look at the processing of Employee Plans (EP) Determination Letter Applications." (Internal Revenue Service)
IRS CPE: SCP and Audit CAP Procedures (PDF)
57 pages; rev. April 2002. Excerpt: "A guide to assist EP Specialists with identifying which correction program would be appropriate to apply in a certain situation and to set forth uniform procedures that can be used to ensure consistent treatment by each Area Office when applying the criteria and requirements of Audit CAP and SCP." (Internal Revenue Service)
IRS CPE: Recurring Issues Report (PDF)
15 pages; rev. April 2002. Excerpt: "Insights into frequently recurring defects in plan language that require corrective amendments and delay case closure." (Internal Revenue Service)
IRS CPE: Overview of Selected Determination Worksheets (PDF)
58 pages; rev. April 2002. Excerpt: "An overview of selected determination worksheets (1, 3, 11, 12) used by EP Specialists during their review of retirement plans." (Internal Revenue Service)
IRS CPE: Cash or Deferred Arrangements - Selected Examination Issues (PDF)
42 pages; rev. April 2002. Excerpt: "A look at some operational issues found during the examination of cash or deferred arrangements." (Internal Revenue Service)
IRS CPE: Summary of Plan Requirements Under Notice 98-52 (PDF)
29 pages; rev. April 2002. Full title: 'Summary of Plan Requirements Under Notice 98-52 (ADP/ACP Safe Harbors), As Modified by Notice 2000-3.' Excerpt: "A summary of alternative nondiscrimination testing methods or safe harbor 401(k) and (m) provisions and operations." (Internal Revenue Service)
IRS CPE: Summary of Declaratory Judgment, Administrative Record, and Building a Case for Litigation (PDF)
20 pages; rev. April 2002. Excerpt: "A discussion on building a case for litigation in a declaratory judgment action and creating an administrative record to support the Service's position from items in an administrative file." (Internal Revenue Service)
IRS CPE: EGTRRA Changes to Qualified Plans (PDF)
17 pages; rev. April 2002. Excerpt: "Qualified Plans generally must adopt these sample amendments, or similar amendments that are a 'Good Faith' effort to incorporate the EGTRRA changes, by the later of: the last day of the first plan year beginning after December 31, 2001, or the end of the GUST remedial amendment period for the Plan.... [This] chapter highlights the major EGTRRA changes affecting IRC401(a) plans, and their effective dates." (Internal Revenue Service)
IRS CPE: Statute of Limitations (PDF)
87 pages; rev. April 2002. Excerpt: "A review of the statute of limitations for EP returns and the procedures for securing the extension of the statute of limitations." (Internal Revenue Service)
IRS CPE: Simplified Employee Pensions (SEPs) (PDF)
32 pages; rev. April 2002. Excerpt: "A technical reference for simplified employee pensions (SEPs)." (Internal Revenue Service)
IRS CPE: Defined Benefit Accruals (PDF)
29 pages; rev. April 2002. Excerpt: "A review of the benefit accrual rules for defined benefit plans." (Internal Revenue Service)
IRS CPE: Issues Related to the Repeal of IRC Section 415(e) (PDF)
65 pages; rev. April 2002. Excerpt: "Guidance on the implementation of the repeal of the section 415(e) and on issues arising under other Code sections that are affected by the repeal of section 415(e)." (Internal Revenue Service)
IRS CPE: Selected Topics Under IRC 415(b) and 415(e) as Amended by GATT, SBJPA and TRA 97 (PDF)
75 pages; rev. April 2002. Excerpt: "Because of the significant and complicated nature of the section 415 changes under GUST, this chapter has been reprinted from the CPE 1998, Lesson 2. The new LRM 40 language reflecting the repeal of 415(e) has been added." (Internal Revenue Service)
IRS CPE: Coverage and Nondiscrimination with Emphasis on Determinations Processing (PDF)
206 pages; rev. April 2002. Excerpt: "This chapter contains republished material from the CPE 1997 text on coverage and nondiscrimination. Although there is a new chapter on new comparability regulations and an updated chapter on the new demonstrations, the reprinted portion has not been updated to reflect the changes subsequent to 1997 ... [T]his chapter was reprinted because the methodology with respect to the coverage and nondiscrimination tests has not changed." (Internal Revenue Service)
Links to Items on Executive Comp, Benefits in General
Employee Benefits in Private Industry in the United States, 2000 (PDF)
79 pages. Excerpt: "[P]roviding data from the 2000 survey of all private establishments.' 99 tables, including 'Selected benefits: Percent participating'; 'Summary of selected features in HMO's'; and '401(k) salary reduction plans: Investment choices." (U.S. Department of Labor, Bureau of Labor and Statistics)
ERIC Urge SEC Guidance On Loan Provisions In Sarbanes-Oxley Act
Excerpt: "The ERISA Industry Committee (ERIC) and the LPA in a joint letter requested that the Securities and Exchange Commission (SEC) provide guidance on the loan provisions in the recently enacted Sarbanes-Oxley Act. The ambiguous language is creating uncertainty and confusion among employers. Section 402 of Sarbanes-Oxley prohibits companies from making personal loans to executive officers and directors." (ERISA Industry Committee)
New edition of the Stock Options Book
The NCEO presents excerpts and the entire (7-page) table of contents from the 5th edition of The Stock Options Book, a classic in the field. This all-new and up-to-date version is written by attorney Alisa Baker and is a required text in the Certified Equity Professional program. The book covers incentive stock options, nonqualified options, and employee stock purchase plans (ESPPs). (National Center for Employee Ownership)
Newly Posted or Renewed Job Openings -
Pension Consultants/Administrators; F/T & P/T
for Northern NJ Mid-Size Pension Consulting Firm
in NJ, NY
Plan Administrator
for Alliance Benefit Group of New England
in NH
Actuary in Eugene, Oregon
for Summit Benefit & Actuarial Services, Inc.
in OR
Employee Benefits EE Educator
for AmSouth Bank
in FL
Associate - Plan Services
for Mullin Consulting, Inc.
in CA
401(K) Administrator
for Turning Point Associates, Inc.
in NJ
Employee Benefits Consultant/Administrator
for Oxford Associates, LLP
in NY
Retirement Plan Senior Consultant
for Tofias PC
in MA
Newly Posted Conferences (Post Yours!)
TRAK The Retirement Analysis Kit November Training Dates
in TX
November 18, 2002
The Annuity People Inc.
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