| BenefitsLink Retirement Plans Newsletter |   |
January 2, 2003 - 12,880 subscribers
Today's sponsor: Actuarial Systems Corporation
(Click on company name or banner to learn more.)
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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)
DOL Advisory Opinion Provides Insight Into Choice of Annuity Providers by DC Plan Sponsors
AO 2002-14A (12/18/02). Excerpt: "It is the view of the Department that it is appropriate for the fiduciary of a defined contribution plan in selecting an annuity provider to take into account the costs and benefits to the participant or beneficiary of competing annuity products. Consistent with the IB, however, a lower cost cannot justify the purchase of an unsafe annuity even when the annuity would pay a higher benefit amount to the participant or beneficiary." (U.S. Department of Labor, Pension and Welfare Benefits Administration)
2003 PBGC Premium Instructions and Forms Now Online
Form 1-ES and instructions; also Form 1 and Form 1-EZ. Excerpt: "The forms can be downloaded and filed with PBGC. The PBGC will continue to accept the original forms found within the premium filing instruction booklets that are mailed to you, and forms provided by a vendor that has received PBGC approval for an automated (computer-generated) version of the forms." (Pension Benefit Guaranty Corporation)
Will Boomer Retirements Lead To Market Sell-Off?
Excerpt: "Within the next 10 years, the baby boomer generation will start going into retirement. Among experts, opinions differ widely on what the effect that will have on markets and the economy, but no one is painting a happy picture." (AP via the Buffalo News)
11,000 Illinois State Employees Opt for Early Retirement; 45 Percent Higher Than Expected
A number of factors may have played into the higher participation rate this year ... Overall state pensions were improved in the late 1990s, making early retirement more attractive than it was in 1991. The state also implemented a 'Rule of 85,' allowing people to retire without losing benefits for retiring before age 60 if their combined ages and years of service equal 85." (Peoria Journal Star)
Billions In Earnings Don't Exist, Due to FASB Rules on Pension Accounting
Excerpt: "[The rules of the] Financial Accounting Standards Board, which sets U.S. accounting standards ... say that in preparing income statements, companies should include estimated gains -- not actual gains or losses -- from pension fund investments. Legal or not, the practice has incensed some investors." (Bloomberg via The Seattle Post-Intelligencer)
Another Question is Answered in the Who's the Employer Q&A Column
Derrin, I saw a notice a couple of months ago that you are now working for SunGard Corbel. But I thought you had been speaking for them for years. What's different about your relationship with Corbel now? Are you an employee or an independent contractor? In other words, Who's the Employer? (BenefitsLink.com)
Links to Items on Executive Comp, Benefits in General
California Employee Compensation and Benefits Law Developments
Click on headline on the target page: "California Employee Compensation and Benefits Law Developments." 4 pages. (Pillsbury Winthrop LLP)
FASB Ruling on Options Coming This Quarter
Excerpt: "The Financial Accounting Standards Board plans to decide in the first quarter whether to change rules that allow U.S. companies to avoid treating stock options as a compensation expense." (Washington Post)
Newly Posted or Renewed Job Openings
Pension Consultants/Administrators; F/T & P/T
for Northern NJ Mid-Size Pension Consulting Firm
in NJ, NY
Employee Benefits Attorney
for Employee Benefits Institute of America LLC (EBIA)
in WA
Newly Posted Conferences
(Post Yours!)
11th Annual National Health Benefits Conference In Sarasota, FL
in FL
April 24, 2003
Employers Health Conferences
Ninth International Conference
in CA
June 2, 2003
International Pension & Employee Benefit Lawyers Association
Newly Posted Press Releases
(Post Yours!)
Willis Acquires Sunaro, Strengthening Employee Benefits Practice
(Willis)
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 2003 BenefitsLink.com, Inc.
Published by:
BenefitsLink.com, Inc.
https://benefitslink.com/about.html
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Editor and Publisher: David Rhett Baker, J.D.
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