| BenefitsLink Retirement Plans Newsletter |   |
May 15, 2003 - 13,156 subscribers
Today's sponsor: Thompson Publishing Group, Inc.
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"Consumer-Directed Health Care Plans" audio conference 5/20/03 * 2:00 p.m. ET Are the promised cost savings of consumer directed health plans real or an illusion? What does the future hold for these kinds of plans? How will developments in Congress and the marketplace affect them? What are the design features of successful consumer-directed health plans? Who is currently enrolling in these plans? Attorney and benefits consultant Terry Humo, Esq., will address these questions and more on Tuesday, May 20 at 2:00 p.m. Eastern Time.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Summary of House Enron Pension Bill
Prepared by Brian H. Graff, Esq., Copyright ASPA 2003. (American Society of Pension Actuaries)
Listing of House Roll Call Votes on Pension Security Act of 2003
Excerpt: "The 271-157 roll call Wednesday by which House passed a pension bill that would let workers receive financial advice from the same companies that manage their 401(k) accounts. A 'yes' vote is a vote to pass the bill. Voting yes were 49 Democrats and 222 Republicans. Voting no were 155 Democrats, one Republican and one independent." (AP via Las Vegas Sun)
Reuters Coverage: House Approves Pension Rule Changes
Excerpt: "The U.S. House of Representatives on Wednesday approved changes in pension laws that sponsors said would provide workers advice on investing their retirement assets, and give them more control over them. Critics poured scorn on the bill ..." (Reuters via Lycos News)
AP Coverage: House Passes 401(k) Bill Allowing Investment Advice From Fund Managers
Excerpt: "Workers could receive financial advice from the same companies that manage their 401(k) accounts under Enron-inspired legislation the House passed Wednesday for a second time." (AP via SFGate.com)
House Passes Bill to Loosen 401(k) Investment Rules
Excerpt: "The House of Representatives passed a bill [on Wednesday, May 15, 2003] that would allow financial services companies to sell investment advice to workers in 401(k) retirement programs while also giving the workers the ability to sell company stock in those accounts sooner than they can now." (New York Times; one-time registration required)
Overview: EGTRRA Changes to 403(b) Contribution Limits
Excerpt: "An employer may make post-retirement contributions for a former employee. As modified by EGTRRA, Code Section 415 'compensation' means compensation which is includible in gross income (including elective deferrals) for the most recent one year of service, and which precedes the employee's taxable year by no more than five years." (SunGard Corbel)
New York Municipalities Get More Time to Fund Pensions
Excerpt: "Local governments can breathe a temporary sigh of relief because they will get a reprieve this year from sharp increases in their contributions to the state's pension costs. The key word, though, is temporary." (Newsday.com)
Travel in France Snarled for Third Day Over Pension Dispute
Excerpt: "French commuters were suffering a third day of transport strikes Thursday after unions and the government failed to reach an accord over proposed pension reforms.... Workers are protesting against the government's plans aimed at shoring up a state-sponsored pension system that faces an 'age crunch' as post-war baby boomers flood into retirement." (CNN.com)
Call for Papers: Managing Retirement Assets For Longevity and Other Risks
Excerpt: "This Call for Papers addresses ways to manage mortality/longevity risks and uncertainties using traditional solutions or innovative new approaches. It is addressed to all professionals knowledgeable and interested in these topics. Authors do not need to be members of the Society of Actuaries. Issues can be discussed from the perspective of a single country, multiple countries or comparisons across countries." (Society of Actuaries)
Links to Items on Executive Comp, Benefits in General
Now Online: ERISA Controversy Report, May 2003 Issue (PDF)
Excerpt: "Clear communication-- documented communication-- is one of the best ways to avoid being sued. In this article, we discuss an ERISA litigation matter we recently handled, and how we were able to extract our client from a messy situation by pointing the court in the right direction from the very beginning." (Reish, Luftman, McDaniel & Reicher)
Newly Posted or Renewed Job Openings
Manager, Compliance
for Means & Associates, LLC
in CA
Defined Benefit Implementation Analysts
for Constantin Control Associates
in NJ
Product Manager
for Paychex, Inc.
in NY, PA
Administrator and Chief Executive Officer of Statewide, Multiple-Employer Retirement System for Public Employees
for South Dakota Retirement System
in SD
Employee Benefits Consultant/Administrator
for Oxford Associates, LLP
in NY
Defined Benefit Plan Administrator
for Boyce & Associates, Inc.
in AZ
Newly Posted Conferences
(Post Yours!)
16th Annual Cincinnati Employee Benefits Conference
in OH
June 19, 2003
Internal Revenue Service, U.S. Department of Labor, Cincinnati Bar Association Employee Benefits Committee
Newly Posted Press Releases
(Post Yours!)
Secretary of Labor Elaine L. Chao Applauds Passage of Retirement Security Bill
(U.S. Department of Labor)
House-Passed Pension Bill Contains Investment Advice Legislation
(American Council of Life Insurers)
Victory for DailyAccess Products
(DailyAccess.com)
Handy Links:
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- Using the Web for Employee Benefits Research
- Employee Benefits Library
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