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Retirement Plans
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December 27, 2002 - 12,880 subscribers
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More 401(k) Plans Giving Specific Investment Advice to Participants
Excerpt: "The new rules say the advice can recommend mutual funds run by the firm that operates the 401(k) plan, so long as the advice comes from an independent third party. 'With the old rules, there was no motivation for a financial firm like Fidelity, for instance, to include advice, because none of the recommendations could be for Fidelity funds,' said a financial executive ... Now plan operators will be more motivated to include advice in their overall service." (Investor's Business Daily via Yahoo! Finance)

United Pilots Propose Issuing New Shares to ESOP
Excerpt: "Pilots for United Airlines, fearing a bankruptcy court judge may allow the sale of millions of shares of stock held by an employee stock ownership plan, are proposing to issue millions of new shares to save its seat on the carrier's board of directors. The new shares would be granted to the ESOP, freeing the plan's trustee to resume selling the millions of shares it still owns." (Chicago Tribune via NewsAlert.com)

Delta Conversion to Cash Balance Plan Invites Union Response
Excerpt: "Delta Air Lines, the nation's third-largest carrier, is making a change to retirement benefits that would affect thousands of employees and could spark a move to unionize. Delta is the least unionized of all the major airlines, but like its rivals is facing financial times. Joshua Levs reports.' (Dec. 26, 2002) (National Public Radio)

Commentary: Older Workers May Have To Fight To Save Traditional Pensions
Excerpt: "A few years ago, when IBM Corp. was contemplating a major change in its pension program, the threat of losing millions of dollars in promised benefits galvanized workers. They organized, protested and persuaded the company to alter its plans. Millions of other American workers who are covered by traditional pensions may face a similar battle in 2003." (NJ.com)

Corrected Link: IRS Releases 2002 Version of Pub. 721, 'Tax Guide to U.S. Civil Service Retirement Benefits'
Explains changes for 2002, including the ability to roll over certain amounts from the Civil Service Retirement System, the Federal Employees' Retirement System, or the Thrift Savings Plan to a tax-sheltered annuity plan or to a state or local government section 457 deferred compensation plan. (Internal Revenue Service)

Investor Education Gets Funds from Settlement with Securities Firms
Excerpt: "Investor education, ranging from high-school stock market games to teaching retirement plan holders to diversify, will get a huge boost under a legal settlement reached between U.S. regulators and Wall Street." (Reuters via Forbes.com)

The Global Pension Ticking Time-Bomb
Excerpt: "A major crisis is brewing on the pension front with various mismatches, of funds generated and paid out and interest rates. Alok Ray looks at the cause and effect of the situation that will impact the government and the people alike." (The Hindu Business Line)

Links to Items on Executive Comp, Benefits in General

Overview: SEC Proposes Rules for Insider Trading Prohibitions During Blackout Periods
Excerpt: "The Securities and Exchange Commission (SEC) recently published proposed rules under [the insider trading] provision of the Sarbanes-Oxley Act, which are scheduled to apply to blackout periods that begin on or after January 26, 2003. This Compliance Alert summarizes key aspects of the SEC's proposed rules." (The Segal Company)

Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Document Compliance Analyst
for Automatic Data Processing
in NJ

Defined Contribution Ongoing Project Manager - LK-020430-004
for Hewitt Associates
in IL

Retirement Plan Consultant
for Invesmart
in OH
Newly Posted Conferences
(Post Yours!)

2003 ASPA Annual Conference
in DC
October 26, 2003

Group Health Plan Claims Procedures: Implementation in 2003-- Are You Ready?
January 9, 2003
ABA Joint Committee on Employee Benefits; Other Organizations
Newly Posted Press Releases
(Post Yours!)

NCPERS Offers Proposals for Responding to Soaring Health Care Costs
(National Conference on Public Employee Retirement Systems)

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