| BenefitsLink Retirement Plans Newsletter |   |
March 25, 2003 - 13,088 subscribers
Today's sponsor: National Conference on Public Employee Retirement Systems
(Click on company name or banner to learn more.)
Register NOW for the NCPERS 2003 Annual Conference and Exhibition Register NOW! NCPERS' 2003 Annual Conference and Exhibition in Denver, May 18-22. Topics include rising health care costs, new regulations and pending legislation. Registration: $400. Come early to attend the Trustee Education Seminar, May 16-17. Receive eight hours of continuing education and hear from experts about fund investments and strategies. Perfect for experienced trustees or administrators who need a refresher course on the most recent developments in public pensions. Registration: $250.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Form 5310 Is Revised; No More Pink Sheet; OK to Use Prior Version Through 9/30
Excerpt: "Among the changes to Form 5310 is the inclusion of questions relating to the nondiscrimination requirements of § 401(a)(4) and the minimum coverage requirements of § 410(b). Because of this change, Schedule Q (Form 5300), Elective Determination Requests, is not required to be filed with the revised Form 5310." (Internal Revenue Service)
Companies Eliminating Matching Contributions?
Excerpt: "It may be too early to call the elimination of matching contributions to 401(k) plans a trend, but numerous companies have recently ended or suspended these contributions." (Thompson Publishing Company)
US Airways Softens Proposal For Cutting Pilots' Pensions
Excerpt: "US Airways agreed to curb its proposed reduction in pension payouts in some cases in order to win approval for terminating the pilots' existing pension plan. US Airways and its pilots union agreed over the weekend on a new pension plan after weeks of tense negotiations." (Washington Post)
Pension Deal Might End US Airways' Woes
Excerpt: "Federal pension regulators expect to decide this week whether to accept a deal struck between US Airways and its pilots on a new pension plan, the last major obstacle to the airline's emergence from bankruptcy." (New York Times; one-time registration required)
Another Question is Answered in the Distributions: Taxation and Planning Q&A Column
I have separated from service. I am 56 years of age. If I receive my benefit as a single sum payment, will I have to pay the 10% penalty? Or will the penalty be waived if I wait to take my benefit as a single sum when I reach 59-1/2? (BenefitsLink.com)
PBGC Proposes Records System Permitting Disclosure of Participant Information to States
Excerpt: "The PBGC is proposing to add a routine use to a system of records entitled PBGC-6, Plan Participant and Beneficiary Data-PBGC, which would permit the PBGC to disclose to state workforce agencies identifying information about PBGC pension recipients who may be eligible for health insurance coverage assistance from the state workforce agency." (HR.CCH.com)
Second Circuit Case Addresses Pre-ERISA Break-in-Service Provisions
McDonald v. Pension Plan Of The NYSA-ILA Pension Trust Fund, No. 01-9226, 01-9316 (02/11/03, 2d Cir.). FindLaw.com's description: 'ERISA trumps a plan's break-in-service provision that limits the accrual of benefits arising from pre-ERISA employment. The district court acted well within its discretion in denying class-wide relief and it correctly calculated statutory penalties, but miscalculated photocopying expenses." (FindLaw.com)
Recent Trends in the Selection of Retirement Income Streams Among TIAA-CREF Participants
To read the article, click on the 'PDF Version' button on the target web page. Excerpt: "The data presented here show a striking and uniform movement away from the use of the life annuity as a payout option from 1989-2001 following the introduction of nonannuity payout options. While there is perhaps no single explanation for this trend, the changing nature of retirement in higher education may be a key factor." (TIAA-CREF Institute)
S Corporation ESOPs: Curbing Abuses and Clarifications (PDF)
2 pages; analysis of Revenue Ruling 2003-6. (Seyfarth Shaw)
A Comparison of Traditional and Roth IRAs (PDF)
At pages 13 through 15 of this 24-page PDF document. Excerpt: "For those who are eligible to make Individual Retirement Account (IRA) contributions, a new paper by the TIAA-CREF Institute provides important facts and guidelines that can help them decide whether a traditional pretax IRA or Roth IRA is a more desirable savings vehicle." (TIAA-CREF Institute)
Economist Pens 'Primer on IRAs' (PDF)
4 pages. Excerpt: "Individual Retirement Accounts (IRAs) now hold more assets than either defined benefit or defined contribution pension plans, but many people do not understand how they work. This [issue of 'Just the Facts'] reminds readers of the differences between Roth and conventional IRAs and describes their role to date as saving vehicles." (Alicia H. Munnell, published by the Center for Retirement Research at Boston College)
Pension Security Act to Go to House Floor
Excerpt: "If passed, the pension-protection bill (HR 1000), would remove a significant obstacle to comprehensive employer-sponsored financial tools-- both online and with financial planners-- to help employees better plan for retirement. Under the proposal, employers wouldn't directly provide the financial expertise on your 401(k) options. Instead, they would delegate it to experts in the field who are paid on a fee or commission basis." (The Sacramento Bee via International Foundation of Employee Benefit Plans)
Frequently Asked Questions for McKay Hochman's Staff
Excerpt: "Here are some of the questions and concerns that McKay Hochman's expert staff deals with almost daily.' FAQ pages include Beneficiary, Bonus Option, Compensation, EGTRRA Changes, Eligibility, Family Attribution, GUST, QJSA Elimination from Plan, Top Heavy, Unrelated Employers, and Waiver of Participation. (McKay Hochman Co., Inc.)
Opinion: Washington Talks a Blue Streak As Social Security's Red Ink Runs
Excerpt: "No matter how well the war goes, the United States has one problem that isn't going away: Social Security. And despite what you may have read last week, Social Security's financial situation isn't getting better." (Washington Post)
Links to Items on Executive Comp, Benefits in General
Now Online: the NASDAQ 100-- 2002 Board of Directors Profile and Compensation Report
Target page includes links to executive summary and full report. (Frederic W. Cook & Co., Inc.)
Newly Posted or Renewed Job Openings
Defined Benefit Implementation Analysts
for Constantin Control Associates
in NJ
Sales Broker
for Kevin Smith and Associates
in GA
Sr. Benefits Specialist
for Apple Computer, Inc.
in CA
Director Project Management - REQ # 7386
for Charles Schwab & Co., Inc.
in CA
Newly Posted Press Releases
(Post Yours!)
Benchmark Your Compensation and Benefits
(Culpepper and Associates, 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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