| BenefitsLink Retirement Plans Newsletter |   |
December 31, 2002 - 12,880 subscribers
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Judge Delays Ruling on Sales of Stock by United Airlines ESOP
Excerpt: "The judge overseeing UAL Corp.'s bankruptcy proceedings on Monday delayed a final ruling on whether State Street Bank & Trust Co. can sell shares held in the airline's employee stock-ownership plan." (Dow Jones via Yahoo! News)
401(k) Lawsuits Might Prompt Reforms
Excerpt: "[A] series of employee lawsuits [contends] that executives overseeing 401(k) plans failed to take the most obvious steps to protect them, which the lawsuits say violated federal pension law. The battle could produce legal precedents that could better define company obligations to employees and, possibly, restore workers' confidence in their retirement savings." (Chicago Tribune; free registration required)
Warning: 401(k) Loans Are Hazardous To Your Wealth
Excerpt: "[L]et's go through the pros and cons of borrowing from your 401(k)...." (CNBC via MSN.com)
Editorial: Cash Balance Plan Conversions Short Older Workers
Excerpt: "Imagine you are a 56-year-old worker. You've put in 20 years at Widgets Inc., forsaking other jobs because you trusted in the company's promise to pay you a decent pension at age 65 based on your long, loyal service to the firm. And then the company announces it is changing your pension plan in a way that will reduce the pension you receive at retirement by 30 percent or more." (The Sacramento Bee)
Links to Items on Executive Comp, Benefits in General
FASB Amends Transition Guidance for Stock Options
Press release. Excerpt: "The FASB has published Statement No. 148, Accounting for Stock-Based Compensation--Transition and Disclosure, which amends FASB Statement No. 123, Accounting for Stock-Based Compensation. In response to a growing number of companies announcing plans to record expenses for the fair value of stock options, Statement 148 provides alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation." (Business Wire via NewsAlert.com)
Who Is a Fiduciary and What Are Plan Assets?
19 pages; click on title of article on the target web page. Good nutshell summary, with citations. (Attorneys Sarah Bassler, Gary Howell of Gardner, Carton & Douglas)
Humor: Congress Approves Death Penalty for Anybody Convicted of Exercising Stock Option
Excerpt: "In financial news, Congress, addressing the corporate accounting scandals, approves the death penalty for anybody convicted of exercising a stock option. As the market plunges 128,500 points, Federal Reserve Board Chairman Alan Greenspan, in a move that fails to bolster investor confidence, announces that from now on he wants to be paid in gold." (Dave Barry on Charleston.net)
Newly Posted or Renewed Job Openings
Financial Analyst - Executive Benefits - Deerfield, IL
for Mullin Consulting, Inc.
in IL
Senior Health Benefits Analyst
for The Segal Company is an employee benefits, human resources consulting firm
in CA
Newly Posted Conferences
(Post Yours!)
Cross-Tested Plans Specialty Workshop (1/2 day only) offered throughout the country--various dates and locations beginning 2/5/2003 thru 2/28/2003
in CA, DC, IA, IN, MI, MO, NY, OH, TX, WA
February 5, 2003
SunGard Corbel
Safe Harbor 401(k) Plan Specialty Workshop (1/2 day only) offered throughout the country--various dates and locations beginning 2/5/2003 thru 2/28/2003
in CA, DC, IA, IN, MI, MO, NY, OH, TX, WA
February 5, 2003
SunGard Corbel
2003 National Health Policy Conference
in DC
January 22, 2003
AcademyHealth and Health Affairs
2003 Business Management Conference
in AZ
January 11, 2003
National Institute of Pension Administrators
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
Feel free to send this email to friends, colleagues or clients, if you copy or forward this email in its entirety (including this boilerplate part). Copyright 2002 BenefitsLink.com, Inc.
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