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March 13, 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)
What's Whipsaw? Why Is It a Problem? (PDF)
4 pages; February 2003 Issue Brief. Excerpt: "Employees, who generally think cash balance plans are like a 401(k), typically believe they should get their account balance in cash, and generally, that is what they get. However, if the employer is generous and specifies an investment return greater than the 30-year Treasury rate, some people claim employees should get more than their account balance. They determine the amount using the complex whipsaw calculation." (American Academy of Actuaries)
FASB to Put Pension Accounting Rules on Agenda
Press release. Excerpt: "[T]he Board decided to add a project to its agenda that would seek to improve disclosures relating to employer pension plans.... [T]he Board will address perceived deficiencies in current pension accounting by identifying ways to enhance disclosures about pension costs, plan assets, obligations and funding requirements. The Board expects to publish an Exposure Draft on pension accounting in the latter half of 2003 ..." (Financial Accounting Standards Board)
Pension Assets of States Fall
Excerpt: "The value of state employee pension plans has plunged over the past three years, with the assets in the plans now worth less than the benefits they are committed to pay, according to a new study." (Washington Post)
Association Says State Retirement Plans' Funding Is Not Worse Than Private Plans' (PDF)
4 pages; press release. Excerpt: "A public pension plan that has paid off 90% of its current pension obligations, and has up to 30 years to pay off the remainder, should be a cause to celebrate, not criticize. A 2002 study found that large public pension plans in the United States have an average funding level of 107%, and the median funding level of 96%." (National Association of State Retirement Administrators)
Pensions Look at Investments for Terrorism Links
Excerpt: "As war with Iraq looms, some cities and states are taking steps to ensure that their pension fund investments don't unwittingly support terrorism." (USA Today)
Opinion: Why Proposed New Savings Plans Won't Work
Excerpt: "The proposed savings plans would be a great deal for those with the money and inclination to save. Unfortunately, these plans are unlikely to create much new savings. Instead, those with money to save would simply shift it from existing taxable accounts to tax-sheltered ones." (Hal R. Varian in the New York Times; one-time registration required)
Opinion: Bush Retirement Savings Reform Proposals Have Everything a Supply-Sider Could Hope For
Excerpt: "The president's savings plan has everything that a supply-sider could hope for: It eliminates the double taxation of savings by effectively reducing the capital-gains tax rate to zero, and in true supply-side fashion, the implementation of the plan is loaded with incentives to induce people to voluntarily front-load the tax payments." (The National Review)
Links to Items on Executive Comp, Benefits in General
FASB to Draft New Rules Requiring Companies to Expense Stock Options
Excerpt: "The board that sets U.S. accounting standards has voted unanimously to draft new rules requiring companies to consider employee stock options as an expense. The Financial Accounting Standards Board plans to put the new rules into place within a year." (AP via the San Francisco Chronicle)
Budget Cutters Target Programs for Federal Workers and Retirees
Excerpt: "The chairman of the House Budget Committee signaled yesterday that federal employees and retirees probably would have to bear some of the pain that will come with holding down the federal deficit.... Any suggestions to cancel or delay cost-of-living adjustments for retirees or to ask employees to pay more toward their retirement will draw fierce opposition from federal unions and the National Association of Retired Federal Employees." (Washington Post)
Plan Restricting Stock Options Stalls at SEC
Excerpt: "Last summer, when the tide of corporate scandal was at its height, a plan to give shareholders veto power over moves by companies to dole out stock options had nearly universal support. But with the scandals fading into the background, the proposal is now stalled at the Securities and Exchange Commission ..." (New York Times; one-time registration required)
Newly Posted or Renewed Job Openings
Pension Consultant
for Kraft CPAs
in TN
Senior Benefits Analyst
for Colgate-Palmolive
in NY
DC/401(k) Administrator
for BMI
in MO
DB/HW Implementation Consultant
for Northern NJ Consulting Firm
in NJ
Newly Posted Webcasts
(Post Yours!)
Liability and Patient Health
on March 4, 2003
presented by AEI-Brookings Joint Center and Common Good
Newly Posted Conferences
(Post Yours!)
2004 401(k) Sales Summit
in FL
February 22, 2004
ASPA
Newly Posted Press Releases
(Post Yours!)
SunGard Corbel Offers Health Reimbursement Arrangement Plan
(SunGard Corbel)
Section 125 Cafeteria Plans Training & Certification Program
(HRcertification.com)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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