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February 26, 2003 - 13,051 subscribers
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2003 Update on Pension Activity Audio Conference Feb. 27, 2003 * President Bush's proposal * Bills introduced on the Hill * Shrinking 401(k) balances * PBGC * Real world application of future pension action Martha Priddy Patterson, director of benefits policy analysis for Deloitte & Touche, and Robert Davis, manager with Deloitte & Touche, will bring you up to date on these points and more. Plus-- you'll get answers to your tough questions on this revolving issue at the end of the audio conference.
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Bush's Pension Proposal Now Being Given Low Priority
Excerpt: "Less than a month after President Bush proposed a radical overhaul and expansion of individual retirement and savings accounts, the White House has abandoned the idea as a legislative priority.... Administration officials, speaking on condition of anonymity, say they will not even begin to push for their pension proposals until this fall, and some say the plan could easily be dropped in the heat of negotiations about other issues." (New York Times; one-time registration required)
Some Wisconsin State Retirees to See Drop in Pension Payments
Excerpt: "The workers got confirmation Tuesday that most of the nearly 116,000 retirees in the Wisconsin Retirement System will get no increase and more than 28,000 of them will see a decrease." (StarTribune.com)
Overview: DOL Finds Bank Overdraft Protection Services Generally Exempt from PT Rules
DOL Advisory Opinion 2003-02A (Feb. 18, 2003). Excerpt: "This DOL Advisory Opinion responds to a request from banks that provide custodial or trust services to ERISA plans and that may also serve as investment managers for such plans, or as trustees or investment managers of collective funds in which ERISA plans invest. Banks in these roles routinely provide overdraft protection services when settling securities or other financial market transactions." (EBIA Weekly)
Another Question is Answered in the Stop, Look & Listen: Railroad Retirement Q&A Column
In September 2003, I will acquire my 360th month of railroad service and be vested for 60/30 benefits. I will only be 52, but I want to quit the railroad to pursue other employment opportunities until I reach 60. Can I leave the railroad industry and still be eligible for 60/30? How will this affect the amount of my benefits? I'm very confused about the "Current Connection" rule and what I need to avoid in order to protect my benefits. (BenefitsLink.com)
Links to Items on Executive Comp, Benefits in General
Overview: DOL Proposes Prohibited Transaction Relief for Corporate Fraud Settlements
Excerpt: "EBIA Comment: The DOL has previously granted class exemptions for certain remedial prohibited transactions engaged in to settle litigation, but those exemptions are limited to settlements to which the DOL or the IRS is a party. If issued, this new exemption would provide welcome general relief to plans wishing to settle disputes with parties-in-interest ..." (EBIA Weekly)
Prior to Bankruptcy, US Airways Gave $35 Million in Lump Sum Pension Payments to 3 Execs
Excerpt: "The three men were entitled to receive the retirement benefits as part of the employment contracts they negotiated with US Airways' board of directors. But the payouts drew immediate fire from airline employees suffering from lost jobs, benefits and pay cuts and from some outside analysts." (The [Pittsburgh] Post-Gazette)
Opinion: Expensing Stock Options Is Not Inevitable
Excerpt: "An option does not 'expense' any asset of a company: it dilutes the ownership of existing investors, but does not take cash out of the company. So the common sense and proper accounting for options should be to show the dilution in the company's equity tables." (AlwaysOn.com)
Newly Posted or Renewed Job Openings
Senior Product Specialist - Retirement Plan Marketing
for Edward Jones
in MO
Institutional Retirement Plans Business Development Officer
for Union Bank of California
in OR
Director of Retirement Plan Services
for The Savant Group
in CA
Defined Contribution/401(k) Administrator
for Professional Capital Services, LLC
in PA
National Marketing Development Director
for Edward Jones
in MO
Director/Vice President, Benefits Management
for Multi-national, Multi-billion Dollar Consumer Products Company
in TX
Defined Benefit Conversion Specialist
for New York Life Investment Management, LLC
in MA
Newly Posted Conferences
(Post Yours!)
How the New HIPAA Privacy Rule Regulations Will Affect Your Organization
in NY
March 19, 2003
The New York Metropolitan Area Chapter - ISCEBS
Newly Posted Press Releases
(Post Yours!)
Still River Introduces Needs-Based Retirement Income Software
(Still River Retirement Planning Software, Inc.)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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