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May 16, 2003 - 13,192 subscribers
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Senate Adopts a Tax Cut Plan Including Reduction, Then Suspension, of Taxes on Dividends
Excerpt: "The Senate Thursday night approved a sweeping tax cut bill that would reduce then suspend taxes on stock dividends before restoring them in 2007, adopting at least for now the central element of President Bush's tax plan.... The bill will now go to a conference with the House, which passed a substantially different tax cut package last week." (New York Times; one-time registration required)
Provisions in House-Passed Pension Security Act of Interest to Governmental Pension Plans (PDF)
2-page memo. Excerpt: "Of interest to state and local government (SLG) plans is HR 1000's federal notice requirement. The provision would require an annual notice that describes generally accepted investment principles. It would apply to both private and SLG plans with self-directed accounts and also to governmental 457 plans." (National Council on Teacher Retirement)
Glory Days Might Never Return For 401(k) Plans
Excerpt: "Now the 401(k) plan, the one leg of the traditional three-legged retirement stool that the worker has the most control over, is seen as just another shaky support. Charles Prestwood, an Enron retiree from Conroe, Texas, is the poster boy for retirement nightmares." (Cox News via International Foundation of Employee Benefit Plans)
Safe Harbor 401(k) Plans: Summary of Features and Requirements
Excerpt: "A brand new 401(k) plan must have at least 3 months remaining in the short plan year to immediately start a safe harbor. For example, by October 1 for a calendar year plan.... An exception to the 3 month rule exists for a brand new company, which may establish a safe harbor plan with one month in the plan year." (McKay Hochman Co., Inc.)
Employer's Literature Did Not Trump Plan Document's Section 415 Limits on Benefits Under DB Plan (PDF)
8 pages. Helfrich v. Carle Clinic Association, No. 02-2765 (7th Cir. 5/12/03). Another well-written opinion by Judge Frank Easterbrook. Excerpt: "One summary plan description is in the record. This document ... is 21 single-spaced pages. It fully describes the cap required by statute as a condition of tax deferral. The three documents that plaintiffs call 'summaries' do not look remotely like summary plan descriptions and must have been prepared by [the employer] rather than by the plan." (U.S. Court of Appeals for the Seventh Circuit, via FindLaw.com)
Provisions in Pension Preservation and Savings Expansion Act (HR 1776) Applicable to Public Plans
Target page includes link to 7-page document prepared in part by Rod Crane of the Segal Company. (National Association of State Retirement Administrators)
Federal Pensions: DOL Oversight and Thrift Savings Plan Accountability
22 pages. GAO-03-400, April 23, 2003. Excerpt: "To strengthen DOL oversight and to increase accountability of the TSP Board, Congress should consider amending FERSA to require DOL to establish a formal process by which the Secretary of Labor can report to the Congress issues of critical concern associated with the actions of the Executive Director and TSP Board members." (U.S. General Accounting Office)
Congress Gets Pressure to Keep an Eye on TSP Operations
Excerpt: "To improve oversight of the Thrift Savings Plan, Congress should set up procedures that would keep it better informed about the operations and policy decisions at the federal employee retirement program, according to a draft report prepared by the General Accounting Office." (Washington Post)
ASPA Seeking Nominations for Harry T. Eidson Founder's Award
Excerpt: "[ASPA founder Harry T.] Eidson firmly believed in the importance of a private pension system for the United States and was committed to building an organization dedicated to preserving and enhancing such a system. This award is presented to the individual that makes the greatest contribution to ASPA, the private pension system, or both." (American Society of Pension Actuaries)
Traditional Defined Benefit Pension Plans Fading Away
Excerpt: "The share of workers depending on pensions as a primary income source in retirement plunged from 39 percent in 1975 to just 21 percent by the late 1990s, according to the General Accounting Office, the auditing arm of Congress." (Cox News via International Foundation of Employee Benefit Plans)
Links to Items on Executive Comp, Benefits in General
Gateway Shareholders Vote Against Expensing Options
Excerpt: "The proposal, made by the Central Pension Fund of the International Union of Operating Businesses and Participating Employees, was defeated by a vote of 77 percent to 23 percent at Gateway's annual meeting in Sioux City, Iowa." (Reuters)
Newly Posted or Renewed Job Openings
Defined Benefit New Business Consultant
for New York Life Investment Management, LLC
in MA
Internal Sales Consultant
for New York Life Investment Management, LLC
in MA
Administration Department Supervisor
for Retirement Plan Administration and ERISA Specialists
in IL
Senior Compliance Specialist
for The Segal Company
in MA
Plan Processing Specialist
for Bisys
in PA
Plan Administrator
for Associates in Excellence
in CA
Senior Plan Specialist
for Bisys
in PA
Compliance Administrator
for Bisys
in PA
Qualified Retirement Plan Sales Person
for Tycor Benefit Administrators, Inc.
in DE, MD, NJ, PA
Benefits Analyst
for Weyerhaeuser
in MD
Retirement Plan Manager
for Weyerhaeuser
in WA
Newly Posted Webcasts
(Post Yours!)
Health Care Access and Affordability -- Its Impact on the Economy
on May 14, 2003
presented by Kaiser Family Foundation
Newly Posted Conferences
(Post Yours!)
Consumer Driven Health Care -- An Early Report Card
in MO
June 10, 2003
The Kansas City Chapter of the International Society of Certified Employee Benefit Specialists
Newly Posted Press Releases
(Post Yours!)
412i Boot Camp in Seattle during July Sold Out
(The 412 Company)
IRS Clarifies Tax Treatment of Various Medical Expenses
(Internal Revenue Service)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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