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February 14, 2003 - 13,067 subscribers
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Bush Plan: What Might Actually Pass
Excerpt: "The savings proposals have generated a lot of excitement. But Laperriere, Edwards and Barry all think there's virtually no chance Congress will give them a green light this year, given their long-term costs and all the other legislation on the docket.... One retirement plan change Congress may make, Edwards said, is to accelerate the increase in contribution limits to 401(k)s and IRAs, currently scheduled to take effect by 2006 for 401(k)s and 2008 for IRAs." (Money.CNN.com)
Portman 'Clarifies' His Comments Regarding Support for Bush Pension Simplification Proposals
Excerpt: "Congressman Rob Portman (R-Ohio) is affirming his support for the Bush administration's retirement plan proposals and disavowing comments critical of the measure." (BenefitNews.com)
American Benefits Council Testifies on Bush Pension Proposals (PDF)
16 pages. Hearing by Subcommittee on Employer-Employee Relations, House Committee on Education and the Workforce. Excerpt: "While we welcome the budget submission's emphasis on retirement savings and simplification of our pension laws, we remain concerned that the proposals for Lifetime Savings Accounts and Retirement Savings Accounts may come at the expense of the voluntary, employer-sponsored retirement plan system. American employers play a vital role in the success of the voluntary system." (American Benefits Council)
2002 Survey of Actuarial Assumptions and Funding: Pension Plans with 1,000 or More Actives
Excerpt: "The 2002 Survey of Actuarial Assumptions and Funding is Watson Wyatt's 34th annual survey of pension plans in the United States covering 1,000 or more active participants. The survey provides information on the funded status of pension plans, the actuarial assumptions used to determine their funded status and the actuarial bases used to determine cash funding amounts." (Watson Wyatt)
Weirton Steel Asks Union to OK Freeze of Pension Benefits
Excerpt: "To stop a $400 million liability from growing any larger, West Virginia's Weirton Steel Corp. is asking its union for permission to freeze workers' accrued pension benefits at current levels and make other concessions." (AP via Lycos News)
Retired Pilots Join Active Pilots in Protesting US Airways Plan to Replace Existing Pension Plan
Excerpt: "The group, also called 'Soaring Eagles,' said US Airways hadn't proved it won't be able to operate out of bankruptcy protection unless it ends the pilots' pension plan. In sum, the airline has 'offered little if any proof that a distress termination is necessary, and none of that is necessary at this time,' according to a brief filed by the retired pilots." (The [Pittsburgh] Post-Gazette)
ERISA Industry Committee Commends Treasury on Decision to Revisit Proposed Cash Balance Regs
Press release. Excerpt: "The letter [from ERIC to Treasury Secretary John Snow] ... rebuffs criticisms made by organizations and lawmakers who claim that employers convert to cash balance plans to save money. 'Most employers convert to cash balance plans have done so to attract and retain the employees they need to compete and run a successful,' the letter states." (ERISA Industry Committee)
Broad Changes Proposed for Maryland State Pension Board
Excerpt: "A General Assembly committee recommended sweeping changes yesterday in the structure of the state pension board, seeking to beef up its financial expertise after a financial scandal and two years of heavy losses." (The Baltimore Sun)
Opinion: Why the Arguments Against Lifetime Savings Accounts are Wrong
Excerpt: "This article will focus on why the arguments made against Bush's proposed Lifetime Savings Accounts (LSAs) are not valid. It should be noted that many articles lump the three proposed plans (LSAs, RSAs, and ERSAs) together when discussing them. As such, points made against RSAs, for example, will be used to suggest that all the proposed savings plans are not a good idea. However, this article will primarily focus on the boldest proposal-- Lifetime Savings Accounts." (Gregory Kolojeski on LifetimeSavingsAccount.com)
DOL Assistant Secretary for Employee Benefit Security Backs Proposal for Investment Advice by Vendors
Excerpt: "The President's Retirement Security Plan would increase workers' access to professional investment advice. By relying on expert advisers who assume full fiduciary responsibility for their counsel and disclose relationships and fees associated with investment alternatives, American workers will have the information to make better retirement decisions. The 401(k) service providers best understand their products, their plan sponsors, and their participants ..." (U.S. Department of Labor, Employee Benefits Security Administration)
Links to Items on Executive Comp, Benefits in General
Analysis: Welfare, Executive Compensation and Pension Proposals in Bush 2004 Budget Proposal
Excerpt: "There appears to be substantial bipartisan support for repealing section 132. If Congress repeals section 132, Treasury likely will issue regulations that would severely limit the ability of executives to delay taxation of nonqualified deferred compensation amounts." (Deloitte & Touche Human Capital Advisory Services)
Designing Benefit Packages for Globally Mobile Employees
Excerpt: "This article describes how companies can overcome the challenges of designing appropriate benefit packages for globally mobile employees and includes examples of employees in various types of overseas assignments. Different types of globally mobile employees are identified and solutions for their particular circumstances are offered." (Mercer Human Resource Consulting)
Audio Excerpt: Personal, Corporate Tax Schemes Attract Scrutiny
Excerpt: "Congressional investigators looking into the Enron scandal say the company aggressively manipulated U.S. tax code and used tax shelters to avoid paying federal income tax from 1996 to 1999. A report by the Joint Committee on Taxation says Enron's top 200 executives were paid $1.4 billion in 2000. NPR's Jim Zarroli reports.' (Feb. 13, 2003) (National Public Radio)
40 Federal Lawmakers Express Opposition to Forcing Companies to Account for Stock Options as Costs
Excerpt: "Proving that history has a way of repeating itself, 40 members of the House of Representatives are trying to pressure an accounting standards board to back away from a tough new proposal that would force companies to deduct the value of stock option compensation from their earnings statements." (USA Today via Yahoo! News)
Ernst & Young Changes Mind on Stock Options
Excerpt: "Ernst & Young, the accounting firm that is under fire for advising executives at Sprint to set up tax shelters related to their stock option transactions, has reversed its opinion on how companies should account for such options." (New York Times; one-time registration required)
Newly Posted or Renewed Job Openings
Fun & Challenging DC Compliance Position
for Louis Kravitz & Associates, Inc.
in CA
Plan Implementation Manager
for The Nolan Financial Group
in DC, MD
Defined Contribution Plan Administrator
for Thomas, Beck, Zurcher & White, P.A.
in FL
Director of Implementations
for Northern Trust Retirement Consulting, L.L.C.
in GA
Customer Service Representative/Health Insurance/Employee Benefits
for Great West Life & Annuity
in GA
Sr. Plan Administrator
for American National Insurance Company
in TX
Individual Consultant
for TIAA-CREF
in MA
Coordinator - Compensation and Benefit Operations (Benefits Analyst 3)
for Kulicke & Soffa
in PA
Newly Posted Conferences
(Post Yours!)
A Discussion About Ethics in the Profession
in KY
February 26, 2003
The Greater Cincinnati Compensation & Benefits Association
Health & Benefits Expo
in NY
October 17, 2003
Teamster Center Services
Newly Posted Press Releases
(Post Yours!)
CobraGuard Partners With Abberation! Ventures, LLC
(CobraGuard, Inc)
New Survey Reveals Retiree Health Benefit Trends in the Multiemployer Sector: Rare Data Shows Multiemployer Funds Face Challenges in Maintaining Benefits
(International Foundation of Employee Benefit Plans)
PAY GAP WIDENS BETWEEN BENEFITS AND COMPENSATION PROFESSIONALS: New Survey Analysis Examines Trends in Salaries
(International Foundation of Employee Benefit Plans)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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