| BenefitsLink Retirement Plans Newsletter |   |
January 30, 2003 - 12,861 subscribers
Today's sponsor: International Foundation of Employee Benefit Plans
(Click on company name or banner to learn more.)
New! International Foundation Books Available on BenefitsLink. When you have the right resources, you can answer the questions that come your way. Each year, the International Foundation teams with respected authors and publishes books on a variety of topics. Whether you're managing pharmacy benefit costs, designing a cash balance plan or communicating benefits to your employees, the International Foundation is your single source of benefit and compensation information and education.
(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)
Bush Plan Might Replace Traditional IRAs
Excerpt: "Among changes under consideration: ... Prohibiting new contributions to traditional IRAs and providing incentives to convert traditional IRAs to Roths. The changes would increase tax revenue in the short run because Roth IRAs are funded with after-tax income." (USA Today)
Bush Administration Has New Retirement Savings Plan In Works
Excerpt: "The Bush administration ... is developing a new retirement savings approach that would let people withdraw earnings tax free with other benefits. The new lifetime savings account is expected as part of a sweeping retirement savings package ... that makes major changes to tax laws ... The package is to be included in President Bush's 2004 budget, which he will send to Congress on Monday." (AP via the Bradenton [Fla.] Herald)
Democrats Might Block Treasury Secretary Nominee Due to Proposed Cash Balance Plan Conversion Regs
Excerpt: "John Snow's nomination to head the Treasury Department hit an unexpected speed bump Wednesday, with Senate Democrats threatening to block a floor vote over the agency's proposed changes to retirement plan regulations. Sens. Dick Durbin of Illinois and Tom Harkin of Iowa are among the senators expected to announce their intent Thursday to try to hold up President Bush's nomination, congressional aides said." (AP via Yahoo! News)
Actuaries Study Retirement Planning Software, Report Their Findings in New Online Monograph
Excerpt: "The programs are generally not developed to address retirement risks. Instead, the tools mainly mask risk. That is, the calculations may use average figures to represent an individual's future life span, the expected rate of inflation, etc. Because actual experience will vary widely around the averages, in practice such calculations may suggest a plan for retirement which some individuals can't afford." (Society of Actuaries)
Overview: SEC Adopts Rules Restricting Insider Trading During Pension Fund Blackout Periods
2 pages. Excerpt: "The prohibitions contained in this new Regulation Blackout Trading Restriction (BTR) under the Securities Exchange Act of 1934 apply only to securities acquired or disposed of by the director or executive officer if such securities were 'acquired in connection with the executive officer's or director's service as a director or employment as an executive officer,' which term is very broadly defined in the new rules." (Proskauer Rose)
Overview: Final Regulations on Blackout Notices and Restrictions (PDF)
Excerpt: "The Department of Labor (DOL) and the Securities and Exchange Commission (SEC) have published coordinated final regulations about notices and restrictions required in connection with blackout periods in individual account retirement plans. The rules became effective on January 26, 2003 ..." (Milliman USA)
Overview: DOL Finalizes Sarbanes-Oxley Regs on Blackout Period (PDF)
2 pages. Excerpt: "[A] plan that requires a period of time to process loans or hardship withdrawals will have to give the notice more than 30 days prior to the beginning of the blackout period. The notice must be given at least 30 days before the last date a participant can apply for a distribution or loan and have that direction implemented." (Seyfarth Shaw)
Opinion: China Can Help the U.S. Tackle Its Social Security Crisis
Excerpt: "Much has been written about the looming pension crisis in the U.S., Europe and Japan, whose populations are aging. Wharton finance professor Jeremy J. Siegel argues that economic growth in China and the rest of the developing world holds the key to dealing with the impending crunch." (The Wharton School of the University of Pennsylvania)
FAS Assumptions Estimates
Excerpt: "Among 123 pension plan sponsors with 12/31 measurement dates, over 95% reported their FAS 87 discount rate assumption to be between 6.50% and 7.00% as of January 3, 2003, with an average rate of 6.77%." (Watson Wyatt)
Links to Items on Executive Comp, Benefits in General
January 2003 Special Edition of IRS' Employee Plans News (PDF)
2 pages. Brief summaries of recently issued revenue rulings, procedures and notices. (Internal Revenue Service)
New Law in North Carolina Encourages Part-Time Teachers to Work by Providing Full Benefits
Excerpt: "Passed unanimously by both houses of the legislature, it offers school districts the option of giving part-time K-12 instructors full health-care and retirement benefits as an incentive to work. Such educators received partial health benefits previously, but could not participate in the retirement system." (Education Week)
Newly Posted or Renewed Job Openings
ERISA Attorney
for Retirement Administration / Consulting Firm
in IL
Communications Executive
for Major Financial Institution In NYC
in NY
DB Administrator, Benefits Specialist
for Winklevoss Technologies, Inc. (WinTech)
in CT
Account Executive/Client Services
for Diversified Investment Advisors
in NC
Newly Posted Webcasts
(Post Yours!)
Proposed GASB Statements on Financial Reporting of Other Postemployment Benefits by Employers and Plans
on February 24, 2003
presented by Society of Actuaries, Retirement Practice Area and Pension Section
Newly Posted Conferences
(Post Yours!)
Form 5500 Update Program (1/2 day only)
in IL, MI, MN, OH
May 15, 2003
SunGard Corbel
Form 5500 Update Program (1/2 day only)
in IL, IN, NY
May 21, 2003
SunGard Corbel
Form 5500 Update Program (1/2 day only)
in OK
May 29, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in CO, MS, TN
March 20, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in AZ, CA, LA, NC
March 27, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in CA, WA
April 3, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in DC, GA, MO, OH
April 24, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in PA
April 30, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in MA, NE, TX
May 1, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in IA, NY
May 7, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in MO, TX, WI
May 8, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in IL, MI, MN, OH
May 15, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in IL, IN, NY
May 21, 2003
SunGard Corbel
Plan Disqualification and Correction Program (half-day workshop)
in OK
May 29, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in CO, MS, TN
March 21, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in AZ, CA, LA, NC
March 28, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in CA, WA
April 4, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in DC, GA, MO, OH
April 25, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in PA
May 1, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in MA, NE, TX
May 2, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in IA, NY
May 8, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in MO, TX, WI
May 9, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in IL, MI, MN, OH
May 16, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in IL, IN, NY
May 22, 2003
SunGard Corbel
401(k) Update Program (8:30 a.m. - 4 p.m.)
in OK
May 30, 2003
SunGard Corbel
Plan Disqualification and Correction Program (1/2 day only)--offered throughout the country, various dates and locations beginning 3/20/03 thru 5/29/03
in AZ, CA, CO, DC, GA, IA, IL, IN, LA, MA, MI, MN, MO, MS, NC, NE, NY, OH, OK, PA, TN, TX, WA, WI
March 20, 2003
SunGard Corbel
401(k) Update Program--offered throughout the country, various dates and locations beginning 3/21/03 thru 5/30/03
in AZ, CA, CO, DC, GA, IA, IL, IN, LA, MA, MI, MN, MO, MS, NC, NE, NY, OH, OK, PA, TN, TX, WA, WI
March 21, 2003
SunGard Corbel
Form 5500 Update Program (1/2 day only))--offered throughout the country, various dates and locations beginning 3/20/03 thru 5/29/03
in AZ, CA, CO, DC, GA, IA, IL, IN, LA, MA, MI, MN, MO, MS, NC, NE, NY, OH, OK, PA, TN, TX, WA, WI
May 29, 2003
SunGard Corbel
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
Copyright 2003 BenefitsLink.com, Inc.; except that you can forward this email in full (including this boilerplate part) or otherwise reprint this email in full (including this boilerplate part) without obtaining our permission.
Published by:
BenefitsLink.com, Inc.
https://benefitslink.com/about.html
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151
Editor and Publisher: David Rhett Baker, J.D.
Housekeeping: