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April 21, 2003 - 13,095 subscribers
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"Primer on Defined Benefit Plans" audio conference April 23, 2003 * What are the key issues in administering defined benefit plans? * What are the different types of defined benefit plans and how can an organization benefit from the different types of plans? * What's all the fuss with cash balance plans? * Plus - you'll get answers to your tough questions at the end of the audio conference. Charles D. Lockwood, J.D. and LL.M. (Taxation) will bring you up-to-speed with the answers to these questions and more.
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U.S. Looks to United Kingdom for Pension Accounting Rules
Excerpt: "The controversial UK rule has been blamed for the closure of some companies' final salary pension schemes because, following sharp falls on stock markets, it exposed big deficits in the funds. The International Accounting Standards Board plans to produce a pension accounting standard based on the UK rule, known as FRS 17, later this year." (Financial Times via Yahoo! News)
California Pension Fund's Social, Corporate Activism Draws Attention
Excerpt: "When the AIDS Healthcare Foundation wanted drug maker GlaxoSmithKline PLC to lower the $438 a person it charges in developing countries for a year's worth of AZT, it turned to an unlikely ally: America's largest pension fund." (The Boston Globe via NewsAlert.com)
Are Further Pension Tax Subsidies for High-Income Households Affordable or Sound as Pension Policy?
Opinion piece. Excerpt: "On April 11, Representatives Rob Portman and Ben Cardin introduced legislation to make changes in the tax laws governing pensions and Individual Retirement Accounts (IRAs). As with earlier Portman-Cardin proposals, this legislation includes a mix of promising and problematic provisions. Most of the provisions that involve the largest revenue losses, however, represent problematic policy." (Center on Budget and Policy Priorities)
Overview: House Committee Approves Enron-Related Pension Legislation
Excerpt: "In March, the House Education and the Workforce Committee approved an Enron-related pension reform bill (H.R. 1000) by a vote of 29-19. Two Democrats joined all Republicans in voting for the bill.... The Committee bill is substantially similar to the Enron-related pension bill (H.R. 3762) approved by the House last April ... It is not clear when the House Ways and Means Committee may act upon Enron-related or other pension reform legislation." (Groom Law Group)
Private Pensions: Issues and Options
Excerpt: "This paper provides an overview of the U.S. system of pensions and tax-preferred saving, examines the effects of current policies, and evaluates proposals for reform. In light of lengthening life spans, earlier retirement, and projected financial shortfalls in Social Security and Medicare, the financial status of the elderly in the future will depend heavily on private saving for retirement." (William G. Gale, Peter Orszag; published by the Urban Institute)
Opinion: $50 of Hanky Panky Proposed for Texas 403(b) Plans
Excerpt: "Not content with watering down innovative 403(b) legislation in 2002 ... special interests are again messing with Texas 403(b) plans. Recently introduced Texas legislation (SB 1243) states ... 'An educational institution may not accept: (a) any benefit from a company or from an agent or affiliate of a company that offers qualified investment products ... other than benefits in the form of: a meal or entertainment valued at $50 or less per employee receiving the meal or entertainment.'" (403bWise.com)
Links to Items on Executive Comp, Benefits in General
American Airlines Pulls Back Bonus Plans for Executives
Excerpt: "American Airlines dropped plans ... to pay large bonuses to seven top executives if they stayed with the company until January 2005. But the carrier said it would keep money in a much-criticized trust fund set up to protect the pensions of 45 executives in case it files for bankruptcy protection." (New York Times; one-time registration required)
Newly Posted or Renewed Job Openings
Benefits Consulting Administrator
for American Express Tax & Business Services
in IL
Plan Manager
for Hartford Life
in CT
Disability Benefits Services Specialist
for Wolters Kluwer Health
in MD, PA
Senior/Principal Administrative Analyst
for UC Office of the President
in CA
Retirement Plan Account Executive
for Alliance Benefit Group
in KS, MO
Client Service Consultant
for Diversified Investment Advisors
in NY
Newly Posted Press Releases
(Post Yours!)
2003 Market Outreach Campaign Unveiled to 6,000 403(b), 457 Plan Administrators
(National Association of Government Defined Contribution Administrators, Inc. (NAGDCA))
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