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January 8, 2003 - 12,880 subscribers
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The Right Way to Amend Your Retirement Plan for EGTRRA
Excerpt: "Some methods of amending plans are more correct than others. Plan sponsors need to understand that, in many cases, the companies providing their plan investments, plan document and plan recordkeeping services may have them 'amend' their plan in a manner that 'puts the cart before the horse.'" (Chang, Ruthenberg & Long PC)
More Workers Able to Deduct IRA Contributions Under 2003 Income Limits
Excerpt: "If you save in a retirement plan at work, your chances of qualifying to make a tax-deductible traditional IRA contribution just got a little bit better. Many workers, historically, could only qualify for a partial deduction or couldn't take a deduction at all. But in 2003 the income eligibility limits jumped by $6,000 for most taxpayers. That means more Americans should be able to get an additional tax deduction this year." (mPower Cafe)
Fact Sheet on 2002 Tax Changes: IRAs / Retirement Plans (PDF)
2 pages. Excerpt: "Taxpayers will find many changes affecting their retirement planning as a result of the Economic Growth and Tax Relief Reconciliation Act of 2001 and regulations issued during 2002. They may be able to contribute more to retirement plans, get larger tax benefits for doing so and have more options for handling plan distributions." (Internal Revenue Service)
Overview: IRS Moves To Stop Abusive S ESOPs
In Rev. Rul. 2003-06, the Internal Revenue Service alerts taxpayers and their representatives that the tax benefits purportedly generated by transactions involving employee stock ownership plans that hold employer securities in a subchapter S corporation (S ESOPs) are not allowable for federal income tax purposes, and the ruling also alerts taxpayers, their representatives, and organizers or sellers to certain penalties and excise taxes that may arise from participating in these transactions. (SpencerNet)
Opinion: the Long and the Short of the 'Stimulus Package'
Excerpt: "[T]he stimulative effect of the president's proposal to eliminate taxation of individuals' dividend income is limited, because half of all dividends go to 401(k)s, pension funds and other untaxed accounts. It would be better to cure double taxation by allowing corporations to expense dividends against income." (George Will in the Washington Post)
GM to Lower Pension Fund Earnings Projection
Excerpt: "General Motors Corp., owner of the country's largest private pension fund, will lower its expected rate of return for 2003-- a move that will likely cut GM's earnings this year by hundreds of millions of dollars. GM currently projects a 10-percent rate of return for its fund, which provides a pension to about 452,600 GM retirees. However, that projection has proved wildly optimistic for the $67-billion fund." (Detroit Free Press via NewsAlert.com)
Retirement Plan Designs for Closely Held Businesses
Tape; $150; 2001. Excerpt: "Learn about the new retirement provisions in EGTRRA and how they can help your clients. This nuts-and-bolts program will demonstrate that there is a suitable retirement plan for every business-- from the smallest to the largest and most successful. Our expert panelists will review actual plan designs and explain which are most advantageous for your clients. This program is a must for any lawyer representing small and privately owned businesses." (ABA-CLE)
Links to Items on Executive Comp, Benefits in General
DOL Solicitor General Scalia to Resign
Excerpt: "Facing a difficult confirmation battle in the Senate and the fierce opposition of union officials, Eugene Scalia has decided to leave his job as head of the legal team at the U.S. Department of Labor.... The solicitor is the Labor Department's principal legal officer and is responsible for enforcing more than 180 laws that provide basic worker protections in areas such as safety and health, minimum wages, equal employment opportunity and pension security." (Crosswalk.com)
Executive Compensation: Converging Forces of Change
Excerpt: "Few could have predicted the magnitude and number of forces that would bear down on executive compensation over the past year. The Conference Board Commission on Public Trust and Private Enterprise rightfully called the aggregated events a 'Perfect Storm.' The Sarbanes-Oxley Act, passed in July of 2002, is just the beginning." (Watson Wyatt's Insider)
Special Reporting Requirements Regarding Incentive Stock Options and Employee Stock Purchase Plans
Excerpt: "This Alert will serve as a reminder of certain year-end reporting requirements imposed with respect to incentive stock options and employee stock purchase plans." (Cooley Godward LLP)
Fact Sheet on 2002 Tax Changes For Business Taxpayers (PDF)
3 pages. Excerpt: "Self-employed taxpayers generally may deduct 70% of their 2002 medical and long-term care insurance payments for themselves and their families as an adjustment to income.... Credit for Pension Plan Start-up Costs: This new tax credit helps small businesses offset the costs of setting up and administering a new qualified employer plan and educating employees about it." (Internal Revenue Service)
Newly Posted or Renewed Job Openings
Benefits Consultant
for Zurich North America
in IL
Pension Administrator (Balance Forward)
for PFPC
in MN
Pension Administrator
for Small Pension Administration firm in Atlanta area
in GA
Pension Analyst
for Coble Pension Group, L.L.C.
in AZ
Senior Plan Administrator
for JRN Benefits - Santa Barbara
in CA
Corporate Director of Benefits
for Multi-Billion-Dollar Food & Beverage Manufacturer
in CA
Newly Posted Press Releases
(Post Yours!)
Benefit Software Inc. Provides TexasBank With Online Benefit Communications
(Benefit Software Inc.)
Touchstone Investments Selects ExpertPlan for Web-based 401(k) Product
(ExpertPlan)
Can A Health Savings Card Meet The Needs Of A Growing Number Of Uninsured Americans?
(The Benefits Club)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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