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March 27, 2003 - 13,054 subscribers
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3rd Circuit: Exclusion of Hourly Workers from Participation Not a Violation of ERISA
Excerpt: "Under [ERISA's] minimum participation requirements, an employer may preclude hourly employees from participating in a benefits plan, the 3rd U.S. Circuit Court of Appeals has ruled. In the case of first impression, the court agreed with the employer that the ERISA requirements allowed it to deny participation to employees for any reason not based on age or length of service." (The Legal Intelligencer via Yahoo! Finance)
Text of Third Circuit Opinion Permitting Exclusion of Hourly Employees from ERISA Pension Plan (PDF)
Bauer v. Summit Bancorp, No. 01-3624 (Mar. 25, 2003). Excerpt: "The Plan in this appeal is what has commonly been referred to over the last thirty years as a 'salaried-only plan.' Such a plan covers salaried employees of Summit and its subsidiaries, who are age 21 and above, and, who have completed one year of service. By its terms, Summit hourly employees are not eligible to participate in the Plan." (U.S. Court of Appeals for the Third Circuit, via FindLaw.com)
PBGC Publishes Updated Data Book
Press release. Excerpt: "The Pension Benefit Guaranty Corporation (PBGC) today issued a new edition of its annual statistical reference book, the Pension Insurance Data Book 2002. The book provides researchers, journalists, and others interested in the federal pension insurance program with easily accessible, detailed statistics for PBGC's two separate programs covering single-employer and multiemployer plans." (Pension Benefit Guaranty Corporation)
PBGC Answers Questions from Enrolled Actuaries Program Committee
Excerpt: "According to PBGC staff members, a plan that is newly-covered by ERISA that filed Form 5500 Schedule B in the year prior to the one in which it was covered may use the alternative calculation method to determine its variable rate premium for the current plan year." (HR.CCH.com)
April 1 Deadline Looms for Required Minimum Distributions
Excerpt: "You can't take it with you, and that definitely pleases the Internal Revenue Service. But the tax collector doesn't want you to leave a lot of your money to heirs, either. So it makes some senior citizens dip into their nest eggs each year under threat of additional taxation." (Bankrate.com)
When Is a QDRO the Wrong Settlement Tool?
Excerpt: "While this column is usually supportive of the use of a Qualified Domestic Relations Order (QDRO) when settling a divorce case involving retirement assets, there are situations where their use can be an invitation for major, unanticipated, future problems for you and your client." (Paul R. Commerford on DivorceNet.com)
Links to Items on Executive Comp, Benefits in General
Opinion: EDS Chief Executive Bails Out in Style
Excerpt: "When Dick Brown was criticized for a huge pay package last year, he told shareholders of Electronic Data Systems that it was more money than he was worth. He was right, but he didn't give any back." (The Fort Worth [Tex.] Star-Telegram)
Opinion: Executive Pay Sometimes Bloated By Padded Earnings
Excerpt: "It's not just the excessive executive paychecks that are raising eyebrows. It's how those salaries got so big in the first place." (TheDay.com)
Newly Posted or Renewed Job Openings
Benefits Manager (Service Delivery Manager)
for Towers Perrin
in VA
Executive Director
for West Virginia Consolidated Public Retirement Board
in WV
Defined Benefits Sales Executive
for Ceridian
in ALL STATES
Service Specialist
for Principal Financial Group
in MA
401(K) Plan Administrator
for Tofias PC
in MA
Attorney
for Stanton, Hughes, Diana, Cerra, Mariani & Margello, P.C.
in NJ
Investment Specialist
for Tycor Benefit Administrators, Inc.
in PA
Pension Trust Accountant/Director of Administration
for Thomas F. Barrett, Inc.
in MD
401(k) Account Manager
for CNA Trust
in CA
Newly Posted Conferences
(Post Yours!)
National Benefits Conference
in PA
June 6, 2003
The Lloyd Institute
ERISA: A Practitioner's Guide
in DC
May 8, 2003
LexisNexis Mealey Publications & Conferences Group
Newly Posted Press Releases
(Post Yours!)
Franklin Templeton Investments Announces New Retirement Sales Campaign
(Franklin Templeton Investments)
CNA Trust Hired as Retirement Plan Provider for Conservative Rabbi Group
(CNA Trust)
Handy Links:
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- Employee Benefits Library
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