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May 7, 2003 - 13,143 subscribers
Today's sponsor: APSCREEN, Employee Locator

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(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
PLANSPONSOR Coverage of Blue Collar Mortality Assumptions in Portman-Cardin Bill
Excerpt: "Until the early 1990s companies at that time were free to select any mortality rate when calculating their current pension obligations, and some were discovered to be using unusually high death rates, so as to shrink their pension debt. In 1994, Congress required all companies with pension plans to use the same mortality table, or set of probability factors for death rates. However, the commonly used table at that time was 11 years old." (PLANSPONSOR.com; one-time registration required)

American Academy of Actuaries Responds to N.Y. Times Coverage of Blue Collar Mortality Issue (PDF)
1 page. Excerpt: "In your article 'House Considers Measure to Cut Billions in Pension Obligations' on May 6, you noted that the proposed Portman-Cardin pension bill includes a provision for a 'blue collar' mortality table that was derived from work by members of the American Academy of Actuaries and the Society of Actuaries. Your readers should know that neither organization was consulted in the drafting of that provision." (American Academy of Actuaries)

Reporting and Disclosure Requirements for Governmental and Nonelecting Church Plans (PDF)
12 pages. Prepared in April 2003 for CIGNA customers, but very useful for all affected plan sponsors. Excerpt: "This special edition of CIGNA's Pension Analyst identifies those reporting and disclosure requirements that apply to governmental and nonelecting church plans. In addition, it indicates what you need to provide or file and when. Finally, the summary indicates how CIGNA works with you to complete each reporting and disclosure task." (CIGNA's Pension Analyst)

Whirlwind of Government Pension Reform Proposals in Oregon
Excerpt: "It took more than two decades, but Oregon's state pension system overseers finally will update the obsolete life expectancy tables used to set public worker pensions. The state Legislature granted final approval Tuesday to a bill ordering the Public Employees Retirement System to replace its 1978 mortality tables." (The [Salem, Ore.] Statesman Journal)

Plan Sponsors Struggle to Shore Up Pension Plan Funding
Excerpt: "After watching a decade of pension surpluses vanish in three years, the nation's biggest companies are struggling to fill a gaping hole in their pension plans. The hole is $216 billion deep-- a shortfall of $13,600 per covered worker." (The [San Jose, Calif.] Mercury News via NewsAlert.com)

AARP Lists Web Sites of State Retired Teachers' Associations
Excerpt: "AARP's Educator Community includes an affiliation with a network of Retired Education Associations (REAs) that represent and support retired educators across the country. The state REAs are independently incorporated, non-profit associations that advocate for the well-being of retired educators on the state level." (AARP)

'Common Wisdom' on Retirement Plan Participant Communications Challenged
Excerpt: "Participants do read those quarterly statements, as it turns out. In fact, 92% of the participant respondents to a new Putnam survey say they look at their statements 'all the time.' And, contrary to what one might think after three years of soft investment returns, more than three-fourths say they review them carefully ..." (PLANSPONSOR.com; one-time registration required)


Links to Items on Executive Comp, Benefits in General

A Bad Year for Benefits Costs
Excerpt: "From the point of view of private-sector employers, it's been a disastrous year for benefit costs. For the year ended March 2003, benefit expenses leaped 6.1 percent, greater than the 4.8 percent jump for the year ending March 2002, according to figures just released by the U.S. Bureau of Labor Statistics. State and local government employers had similar boosts: 6.6 percent in benefits and 3.1 percent in wages and salaries." (CFO.com)

Opinion: CEOs Strap On Golden Parachutes While Companies Crash and Burn
Excerpt: "Even after the secret escape plan was revealed and all hell broke loose, the company held fast to its priorities. It canceled the cash bonuses. It tossed CEO Don Carty onto the tarmac. But it refused to relinquish the fund protecting its execs' nest eggs." (WorkingForChange.com)

Board of Director Compensation: a Changing Environment (PDF)
8 pages. Excerpt: "[W]e see increases in committee meeting/retainer fees and chairpersonfees to reflect the additional time commitment required at the committee level. In addition, we see companies establishing a 'lead director' role on the board to reinforce board independence where the CEO also is Chairman. In terms of equity compensation, we are starting to see a shift away from options to full value shares." (Frederic W. Cook & Co., Inc.)

Georgia-Pacific Shareholders Urge Management to Expense Stock Options
Excerpt: "Sixty-five percent of shareholders approved the proposal that was put forth by The Teamster Affiliates Pension Plan in the company's proxy statement." (The Atlanta Business Chronicle)


Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Operations Manager
for The Glass Freedman Company
in MI

Plan Administrator-Retirement Plan Services
for Strong Financial Corporation
in WI

401(k)/Retirement Plan Sales Consultant
for HA&W Benefit Advisors, LLC
in GA

Retirement Plan Administrator
for Union Central
in OH

Senior Retirement Plan Administrator
for American Pension Benefits, Inc.
in PA

401(k) Implementation Specialist:
for PFPC
in MN

Plan Management - Intermediate and Senior Positions
for PFPC
in MN
Newly Posted Webcasts
(Post Yours!)

Providing Health Coverage for the Uninsured: Time for a Giant Step?"
on May 5, 2003
presented by KaiserNetwork.org

The 1.5 Million Question: How to Provide -- and Pay for-- Retiree Health Care?
on June 26, 2003
presented by Employee Benefit Research Institute and Medical Business Exchange
Newly Posted Conferences
(Post Yours!)

Financing & Managing Executive Compensation Plans
in MA
June 25, 2003
Institute for International Research at the Swissotel in Boston, MA

Form 5500 Preparation Workshop
in NY
May 21, 2003
New York Metropolitan Area Chapter - ISCEBS

Navigating Change: Certainty in Uncertain Times
in TN
September 20, 2003
National Association of Government Defined Contribution Administrators, Inc. (NAGDCA)

2003 CCA Annual Meeting
in AZ
November 2, 2003
Conference of Consulting Actuaries

Washington Legislative Update
in DC
May 19, 2003
International Foundation of Employee Benefit Plans

Sal Tripodi Seminar
in IN
June 18, 2003
ASPA Benefits Council of Northern Indiana
Newly Posted Press Releases
(Post Yours!)

PreTax Benefit Cred/Debit Card from ClaimsFusion offered via HR Consulting Group
(HR Consulting Group)

Franklin Templeton Investments Announces New Retirement Sales Campaign
(Franklin Templeton Investments)

USERRA, IRS Update to be Discussed at DC Annual Conference
(National Association of Government Defined Contribution Administrators, Inc. (NAGDCA))

Roy Romanow, Q.C., Named Recipient of Canadian Public Service Award
(International Foundation of Employee Benefit Plans)


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