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April 8, 2003 - 13,076 subscribers
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IRS Moves Cash Balance/Age Discrimination Regs Hearings to Larger Forum; Extended to Two Days
Excerpt: "Because of the number of individuals requesting to speak at the hearing, the hearing will be held on both Wednesday, April 9, 2003 and on Thursday, April 10, 2003. On both dates the hearing will begin at 10 a.m., and registration for the hearing will begin at 9 a.m. On both dates the hearing will be held in the Andrew W. Mellon Auditorium, 1300 Constitution Avenue, NW., Washington, DC." (Internal Revenue Service)
Most Conversions to Cash Balance Pensions Are Cost-Neutral; 80% of Employees Fare Better
Press release. Excerpt: "As the debate over cash balance and pension equity plans heats up following the release of proposed new rules governing these plans, experts at Watson Wyatt warn that common misperceptions still abound." (Watson Wyatt)
Washington Post Coverage: Treasury Drops Cash Balance Proposal
Excerpt: "The agencies will propose the rules again after obtaining additional comments. The IRS has scheduled hearings for tomorrow and Thursday to listen to comments on the proposed regulations." (Washington Post)
American Benefits Council Calls Sanders Cash Balance Conversion Bill 'Ill-Advised' (PDF)
Excerpt: "Rep. Bernard Sanders (I-VT) will be introducing legislation very shortly that would mandate that employers converting from one form of defined benefit pension plan to another type of defined benefit pension plan would be required to obtain the employees' consent.... An employee choice requirement imposes an unprecedented benefit mandate on employers sponsoring defined benefit pension plans." (American Benefits Council)
HealthSouth Employees Sue ESOP Trustees, Including CEO
Excerpt: "The lawsuit claims that Scrushy and former chief financial officer William Owens and Senior Vice President Brandon Hale breached their legal duties by knowingly overstating HealthSouth's financial statements, said Steve Berman, managing partner at the law firm of Hagens Berman.... The suit seeks to represent all HealthSouth employees who participated in the employee stock ownership plan (ESOP) from January 1, 1999 to the present." (Reuters)
For Pension Benefits, It's a Matter of Interest -- As In Rates
Excerpt: "Companies complain that the 30-year Treasury artificially inflates pension liabilities. They believe a more realistic measure of what their pension assets can earn is the yield on high-grade corporate bonds, which offer higher yields because they are riskier than government bonds. Advocates of using the corporate rate say it's the rate insurance companies use to price annuities they sell to pension plan sponsors." (The [Pittsburgh] Post-Gazette)
Center for Fiduciary Studies Rolls Out Web-Based Program: 'Accredited Investment Fiduciary'
Excerpt: "The Center for Fiduciary Studies' AIF(tm) Web-based Program is based on the classroom-based course taught at the University of Pittsburgh. Students who complete the program fulfill the Center's requirements for instruction leading to the ACCREDITED INVESTMENT FIDUCIARY Examination." (Center for Fiduciary Studies)
Links to Items on Executive Comp, Benefits in General
Equity Compensation in a Post-Expensing World
There is a growing consensus that companies will soon have to expense stock options and that the best response to this is to rethink how stock options and other forms of equity compensation are used. The NCEO presents excerpts from its new book on what companies can and should do in the new environment. (National Center for Employee Ownership)
Joint Committee on Taxation Testifies on Enron Executive Compensation and COLI Arrangements (PDF)
42 pages. Presented by Mary M. Schmitt, Acting Chief of Staff of the Joint Committee On Taxation at a Hearing of the U.S. Senate Committee on Finance on April 8, 2003. (U.S. Congress, Joint Committee on Taxation)
Analysis: Labor Department Proposes New Rules for Classifying 'Exempt' Employees
Excerpt: "In an effort to clarify and modernize rules that have become the subject of confusion and litigation, the U.S. Department of Labor recently proposed a major update of the federal regulations that define 'exempt' employees for overtime purposes under the wage and hour law known as the Fair Labor Standards Act (FLSA)." (Faegre & Benson LLP)
Newly Posted or Renewed Job Openings
401k Contribution Processor / Pension Assistant
for Preferred Pension Planning Corporation
in NJ
Marketing Specialist
for Principal Financial Group
in MD
Newly Posted Webcasts
(Post Yours!)
Teleweb Seminar: How to Communicate Bad News
on April 15, 2003
presented by International Foundation of Employee Benefit Plans
USERRA and YOU - Military Reemployment & Pension Rights
on April 22, 2003
presented by SunGard Corbel
Newly Posted Conferences
(Post Yours!)
HIPAA Security Rule: The Next Steps For Your Organization
in ALL STATES
April 10, 2003
Health Resources Publishing
Investments Institute
in NY
May 5, 2003
International Foundation of Employee Benefit Plans
Kentucky Association of Healthplans v. Miller: Another Seachange?
in ALL STATES
April 24, 2003
ABA Joint Committee on Employee Benefits; Other Organizations
Newly Posted Press Releases
(Post Yours!)
Pan-American Life 401(k) Now Integrates with ASC Valuation System
(Pan-American Life)
Standard Insurance Company Adds Enrollment Feature to INFOLINE
(Standard Insurance Company)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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