May 5, 2003 - 13,168 subscribers Today's sponsor: Actuarial Systems Corporation (Click on company name or banner to learn more.) ASC - QUALITY SOFTWARE FOR THE PENSION INDUSTRY FOR OVER 20 YEARS ASC provides complete automation for the pension office, including: DC/401(k) and DB administration and valuation systems, sophisticated Compliance Testing, DV Direct Daily Valuation, Advanced Information Manager Database (AIM), and Single-Step Processing. All ASC Technical Support Members were experienced Pension Administrators or Actuaries before joining ASC-- and most have been with ASC for over 10 years. (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) Northwest Airlines Wants to Fund Pension Plans with Subsidiary's Stock Excerpt: "Northwest Airlines heads to Washington, D.C., Monday to make its case before federal regulators for funding employee pension plans with stock of its Pinnacle Airlines subsidiary. And right there with Northwest president Doug Steenland will be union leaders and employees who fear Pinnacle stock could end up being worthless." (St. Paul [Minn.] Pioneer Press via NewsAlert.com) Northwest Airlines Unions Question Use of Stock for DB Plan Funding Excerpt: "Mechanic Paul Volker says Northwest Airlines is building a house of cards with its plan to use the stock of its Pinnacle Airlines Corp. subsidiary to fund the pensions of the carrier's 73,000 employees and retirees." (AP via the [Minneapolis] Star Tribune) More Participants Using Managed 401(k) Investment Accounts Excerpt: "One of the fastest-growing options in 401(k) plans is the managed plan where employees give up responsibility for managing their money to others. One variant is a life-stage fund which gradually shifts from equities into bonds as retirement nears." (AP via Washington Post) Wisconsin State Pension Plan in Trouble: Part 1 Excerpt: "The state pension plan is sicker than it has been in two decades. The cause: a 1999 law championed by then-Gov. Tommy G. Thompson that made an already generous pension plan about $5.5 billion richer for public employees and elected officials, combined with three years of stock market declines. The cure: State and local tax increases may be the only medicine ..." (Milwaukee Journal Sentinel) Construction Company Owner Glad He Changed to ESOP Model Excerpt: "When Bukacek thought about future transition, the ESOP model made the most sense. 'I decided the best way was to transition the company so after my time period it wouldn't be family-based but employee-owned,' said Bukacek, who has four children." (The [Milwaukee] Business Journal) Louisville KY Mayor to Ask State Pension Trustees to Direct Money to Local Venture Capital Funds Excerpt: "Louisville Metro Mayor Jerry Abramson wants to boost entrepreneurism and economic development here by getting two state-managed pension funds to make investments through Louisville venture-capital firms." (Business First) Pensions Watchdogs Discuss Possible Reforms to Accounting Rules, Laws Excerpt: "[Jack] Brennan is chairman of the Association of BellTel Retirees, a group that claims more than 190,000 members nationwide who worked for Bell, NYNEX, or GTE, before the three combined to form Verizon. The group's mission is to preserve the health-care, pension, and other benefits of current and future retirees. It's a goal that's shared by retiree groups from corporations such as IBM, Qwest, GM, and others, who joined forces in 2000 to form the National Retiree Legislative Network." (The [Hackensack, N.J.] Record via NewsAlert.com) Jared Gross Named Special Assistant to PBGC Executive Director Press release. Excerpt: "Gross comes to the PBGC from the U.S. Treasury Department, where he served as Senior Advisor to the Under Secretary for Domestic Finance.... 'With his strong background in fixed-income securities, Jared will play a critical role in PBGC's examination of the proper investment strategy for its large portfolio of assets,' said Executive Director Steven A. Kandarian." (Pension Benefit Guaranty Corporation) Links to Items on Executive Comp, Benefits in General Case Challenges Employees' Waivers of Right to Sue Excerpt: "Can employers force workers to waive their right to bring employment-related civil rights suits and to accept arbitration instead? About 8 percent of American workers are bound by arbitration agreements, and the number is climbing because employers view arbitration as less expensive and cumbersome than going to court." (New York Times; one-time registration required) Opinion: Stiffing Workers, Not Big Shots-- How American Excerpt: "Just as American's three unions narrowly agreed to $1.8-billion annual concessions, the money-losing company revealed that last fall it had secretly approved millions of dollars in special bonuses and a bankruptcy-proof retirement plan for its top executives." (Newsday.com) Link to April 2003 Issue of Milliman Global Employee Benefits Articles include India: Retirement Benefits in India; France: Future of French Pension Funds and Company Savings Plans; Denmark: New Danish Pension Regulations. (Milliman Global) Newly Posted or Renewed Job Openings Pension Administrators for Alliance Benefit Group of Illinois, Inc. in IL Employee Benefits Customer Service Representative for Great West Life & Annuity in MA Account Manager for Primary Consulting, Inc. in ALL STATES Senior Associate Health & Welfare Consultant for Buck Consultants, Inc. in GA Newly Posted Press Releases (Post Yours!) 401(k) Participants Dissatisfied With Providers (RG Wuelfing & Associates) Still River Introduces Education Funding Plus Software (Still River Retirement Planning Software, Inc.) McKay Hochman Offers "Introduction To Cross Testing" E-Seminar (McKay Hochman Co., Inc.) Handy Links:
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