| BenefitsLink Retirement Plans Newsletter |   |
March 7, 2003 - 13,085 subscribers
Today's sponsor: Financial Research Associates proudly presents:
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Stars & Stripes 2003 The Stars & Stripes 2003 National Public Employees Retirement Summit is a comprehensive event for public board, staff, and investment officers that will cover every thing from rebalancing/asset allocation scenarios to the latest in retirement plans for state and municipal public funds officials, teacher retirement plan officials and fire and police pension plan board members and trustees. It will take place July 13-15, 2003 at Disney's Yacht & Beach Club in Orlando. To register call 800-280-8440 or visit www.frallc.com
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
US Airways Pilots Find Their Pensions Are Off-Course Due to PBGC Protection Caps
Excerpt: "If the [US Airways pilots' defined benefit pension] plan is terminated, [pilot Michael] Fairley and his wife will receive $28,585 a year, [because] the PBGC limits the amount workers can receive if they retire earlier than age 65. When he leaves the airline in May, Fairley will be 60, the retirement age mandated by the Federal Aviation Administration. The maximum workers can receive under the PBGC at age 65 is $44,000." (Washington Post)
California Treasurer Proposes New Office for State Pension Funds to Push Corporate Reform
Excerpt: "Treasurer Phil Angelides said the California Office of Pension Protection and Market Reform would be critical in dealing with the recent scandals that have rocked corporate America and socked investors with huge losses. The office would be a joint operation of the $135 billion California Public Employees' Retirement System and the $93 billion California State Teachers' Retirement System, the nation's biggest and third-biggest pension funds." (The [San Jose, Calif.] Mercury News)
Retirement Savings Accounts: President's Budget Proposal for FY2004 (PDF)
6 pages; March 5, 2003. Excerpt: "The President's proposed budget for FY2004 would establish Lifetime Savings Accounts (LSAs) that could be used for any type of saving and from which withdrawals could be made at any time, and Retirement Savings Accounts (RSAs) that could be used for retirement saving." (Congressional Research Service)
House Panel Passes Pension Reform Bill
Excerpt: "House of Representatives committee approved on Thursday a bill to give workers more control over their pension assets, saying it could have made a big difference to employees at now-bankrupt Enron Corp.... Boehner's bill ... allows companies that manage pension plans to give employees investment advice about the virtues of diversification. It is expected to go to the House floor within a month." (Reuters via New York Times; one-time registration required)
Majority of Americans Would Take Advantage of President's Retirement Savings Proposals
According to a survey recently conducted for Strong Financial Corporation, the majority of Americans would take advantage of the three new retirement savings accounts proposed by President George W. Bush in his fiscal year 2004 budget. Those accounts are Lifetime Savings Accounts (LSAs) and Retirement Savings Accounts (RSAs), to which all individuals could contribute up to $7,500 annually. (SpencerNet)
Retirement Savings Accounts: Early Withdrawals and Required Distributions (PDF)
22 pages; Mar. 7, 2003. Excerpt: "This CRS Report summarizes the provisions of law that govern the taxes applicable to pre-retirement distributions from retirement accounts, and the situations in which distributions must be taken from a plan in order to avoid a tax penalty. It also briefly describes changes to these laws proposed in the Administration's FY2004 budget." (Congressional Research Service)
Links to Items on Executive Comp, Benefits in General
Tyco Shareholders Pass Resolution Requiring Shareholder Approval for Execs' Severance Packages
Excerpt: "Shareholders unhappy with scandals involving top management at Tyco International scored a very rare victory with approval of a resolution to subject executive severance packages to a direct shareholder vote. The nonbinding resolution was approved 58 percent to 48 percent at the conglomerate's annual meeting Thursday in Hamilton, Bermuda." (New York Times; one-time registration required)
California Senator Vows to Protect Use of Stock Options without Mandatory Expensing
Excerpt: "Sen. Barbara Boxer (D-Calif.) said a bipartisan group of senators already is mapping out a strategy to prevent the Financial Accounting Standards Board from possibly forcing companies to treat stock options as expenses, a move that would greatly diminish their use." (The Atlanta Journal-Constitution via the International Foundation of Employee Benefit Plans)
Welcome to new BenefitsLink advertiser Benelogic
Excerpt: "Benelogic develops intuitive software applications designed to simplify employee benefits administration and streamline benefits data transfer. By applying a logical approach to benefits administration, we design and support end to end products and services. Employee Self-Enrollment, Online Communications, Carrier Data Exchange, Voluntary Benefits Administration, Online Billing Tools, Human Resources Portal, Carrier Management Portal,
Newly Posted or Renewed Job Openings
Pension Administrator
for Northwest Benefit Consultants, Inc.
in IL
Plan Administrator
for The Weiss Group, Inc.
in IL
Benefit Consultant for Fortune 200 Health Benefits Corporation
for Humana Inc.
in KY
401K Sales Consultant
for Insurance Resource Group
in TX
Manager of Compliance
for NRECA
in VA
Employee Benefits Customer Service Representative
for Great West Life & Annuity
in PA
Qualified Retirement Plan Administrator
for RSM McGladrey, Inc.
in IL
Newly Posted Webcasts
(Post Yours!)
A Shared Destiny: Community Effects of Uninsurance
on March 6, 2003
presented by KaiserNetwork.org
Newly Posted Conferences
(Post Yours!)
Blackout Periods in Retirement Plans & the Sarbanes-Oxley Act of 2002
in OH
March 25, 2003
ASPA Benefits Council of Greater Cincinnati
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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Editor and Publisher: David Rhett Baker, J.D.
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