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March 21, 2003 - 13,088 subscribers
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Pilot Pension Negotiations Stall at US Airways
Excerpt: "Critical negotiations between US Airways and its pilots' union over an underfunded pension plan have reached an impasse, the airline's lawyer told a judge Thursday." (AP via the Las Vegas Sun)
Faegre & Benson LLP Submits Comments on Proposed Cash Balance/Age Discrimination IRS Regs
Excerpt: "[T]he final regulations should not contain any mechanical rules to measure the 'rate of benefit accrual.' But: If the final regulations will include mechanical rules under Code § 411(b)(1)(H), changes should be made to deal with traditional defined benefit formulas and cash balance formulas in a consistent manner. And changes should also be made to allow a number of other types of plan designs (including pension equity plans and variable annuity plans) to satisfy Code § 411(b)(1)(H)." (Faegre & Benson LLP)
Convicted Spy Gets Life Sentence; Wife Allowed to Keep Part of Military Pension
Excerpt: "A retired Air Force master sergeant was sentenced to life in prison without parole Thursday for offering to sell U.S. intelligence secrets to Iraq's Saddam Hussein and the Chinese government.... As part of the agreement, the government promised not to prosecute Regan's wife, Anette, and allowed her to keep a portion of Regan's military pension." (AP via CNN)
Thrift Savings Plan Offers Cash Haven for Feds' Nest Eggs
Excerpt: "The lure of the [federal government's Thrift Savings Plan as a target for rollovers from the retirement plan of a former employer] is threefold." (Washington Times)
As School Funds Dwindle, Michigan School Districts Turn To Teacher Buyouts
Excerpt: "At least four Macomb County school districts are resorting to a familiar budget-cutting tactic in this year of tight money. They're throwing cash at high-seniority and highly paid employees to persuade them to retire early or accept severance." (The Detroit News)
Texas Political Leaders Weigh In On Teacher Retirement Issue
Excerpt: "Legislation in the U.S. Senate and the U.S. House of Representatives continues to draw local school teachers' attention as politicians formulate their stance on the subject. Both bills would eliminate the Government Pension Offset (GPO) and the Windfall Elimination Program (WEP) that were implemented in the 1970s." (The Humble [Tex.] Observer)
CalPERS Launches Investment Disclosure Web Site
Excerpt: "The nation's largest pension fund is launching a new Web site releasing the quarterly performance of its multibillion-dollar private equity and venture capital investments. 'It's really historic in terms of disclosure,' said Sean Harrigan, president of the California Public Employees Retirement System. 'Nothing like this has ever been done before in this country.'" (AP via the San Francisco Chronicle)
Few Large Defined Benefit Plan Sponsors Bundle Outsourcing and Actuarial Services
Press release. Excerpt: "Relatively few large pension plan sponsors bundle outsourcing with actuarial services, according to a recent analysis of the Fortune 100 by Watson Wyatt Worldwide. For purposes of this analysis, outsourcing is defined as full pension administration including all direct interaction with plan participants." (Watson Wyatt)
National Council on Teacher Retirement Provides Comments to IRS on Phased Retirement (PDF)
10 pages; originally submitted December 20, 2002. Excerpt: "This letter begins with a set of principles on phased retirement. It then sets out the following: Background ... Impediments to Phased Retirement ... Considerations about Phased Retirement ... Response to Questions Posed in Notice 2002-43 ... Final Thoughts." (National Council on Teacher Retirement)
Total Retirement Income at Large Companies: the Real Deal (PDF)
48 pages. Excerpt: "The following report provides data on projected retirement income levels for employees of 23 large employers (representing over 560,000 employees) and represents Hewitt Associates' latest contribution to the discussions of retirement income adequacy in the United States and the role of employer-sponsored plans. This report focuses exclusively on levels of retirement income generated through the current system, combining employer-sponsored plans and Social Security." (Hewitt Associates)
Clarification re Gabriel, Roeder, Smith & Company's Letter About 2003 Wilshire Report
We recently linked to a letter written by the Gabriel, Roeder, Smith & Company consulting firm, published on the web site of the National Council on Teacher Retirement. Our headline for the link said the firm is the actuary 'for' the NCTR. That's not correct. No particular consulting firm represents the NCTR. Several consulting firms are active members of the organization. We regret the error. (BenefitsLink)
Overview: Bankruptcy Estate Excludes Pension Amount Under QDRO Not Released From Plan Trust
Excerpt: "An ex-husband's bankruptcy estate excludes a lump-sum amount from his ex-wife's retirement plan that he had not yet received under the terms of a qualified domestic relations order (QDRO), the 8th U.S. Circuit Court of Appeals held. The case is In re: Nelson, 2003 WL 885973 (March 7, 2003)." (Thompson Publishing Company)
Links to Items on Executive Comp, Benefits in General
Improving Stock Plans and Stock Awards
Excerpt: "Those who design and administer compensatory stock plans have an opportunity to learn from the past few years of volatile stock prices and litigation relating to stock awards. The suggestions below derive from these circumstances, recent litigation, and some common drafting regrets." (Mark Poerio, Esq. of Paul, Hastings, Janofsky & Walker, LLP)
Newly Posted or Renewed Job Openings
ERISA Attorney
for Retirement Administration / Consulting Firm
in IL
Retirement Plan Sales Rep
for Fringe Benefits Design, Inc.
in MN
Defined Contribution Jobs Available
for BenefitStreet
in CA
Client Relationship Specialist
for BenefitStreet
in CA
Newly Posted Conferences
(Post Yours!)
Telecommuting Issues in Wage and Hour Law
in
April 9, 2003
Thompson Publishing Group
Form 5500 - What do you want the Answer to be?
in PA
April 3, 2003
ASPA Benefits Council of Western PA
Introduction to Retirement Plans Seminar
in PA
May 20, 2003
McKay Hochman
Retirement Plan Insights Seminar
in NC
April 22, 2003
McKay Hochman
American Bankers Association Retirement Services Conference
in DC
June 18, 2003
American Bankers Association
Annual 5500 Workshop
in MA
April 16, 2003
Worldwide Employee Benefits Network
Newly Posted Press Releases
(Post Yours!)
Spring Summit: "Surviving-- Outwitting, Outplaying and Outlasting-- the Great Benefits Reef." April 8, 2003
(Los Angeles Chapter of Western Pension & Benefits Conference)
Labor Department Sues Defunct Money Centre For Failure to Pay Health Claims
(U.S. Department of Labor, Office of Public Affairs, Atlanta)
Georgia Insurance Commissioner Orders $1 Million Fine, Probation for Unum
(State of Georgia, Commissioner of Insurance)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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