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July 23, 2003 - 13,277 subscribers
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“How To Survive A Pension Plan Audit” audio conference 7/29/03 * 2:00 p.m. ET The IRS is gearing up for renewed efforts in auditing pension and benefit plans. Prepare for the possibility of a potential audit, and avoid facing possible plan disqualification and incurring financial penalties by attending this important audio conference featuring IRS National Director of Employee Plans Examinations (TE/GE), Preston Butcher.
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U.S. House Leader DeLay Against Redoing Portman-Cardin Bill Markup
Excerpt: "House Republican Leader Tom DeLay said on Tuesday he saw no reason for a committee to reconsider a pension bill approved solely by Republican members last week during a stormy session to which police were called." (Reuters)
PBGC's Financial Status In Question
Excerpt: "David M. Walker, the comptroller general, was scheduled to testify Tuesday about the financial condition of the pension agency before the House committee on Education and the Workforce. The agency's solvency has deteriorated rapidly as the government has taken over a number of large, failing pension plans." (New York Times; one-time registration required)
Overview: Final Catch-Up Contribution Regs Modify Universal Availability Rule
Excerpt: "The final regulations clarify that a plan does not violate the universal availability rule by restricting elective deferrals, including the elective deferrals of any catch-up eligible participant, to amounts available after taxes and other withholdings are deducted from an employee's pay.... Some commentators had requested that the final regulations permit employers to measure employer-provided limits on a payroll-by-payroll basis ... The IRS rejected this suggestion ..." (EBIA Weekly)
Advantages and Disadvantages of Phased Retirement and DROP Arrangements (PDF)
9 pages. Excerpt: "All of the above arrangements offer employers a means for mitigating labor shortages, either through retention of experienced employees or rehiring retirees. This helps to postpone the search for, and training of, new employees, and lowers related hiring costs.... [But all] of the phased retirement arrangements are subject to complicated federal and state laws and regulations that were designed before phased retirement was recognized as being desirable." (Gabriel, Roeder, Smith & Company)
After Federal TSP's Daily Val Problems, Government Wants to Hear of TIAA-CREF's Success
Excerpt: "For a window on customer service, the House Government Reform Committee has turned to TIAA-CREF, the retirement savings fund used by many universities and research institutions, for testimony tomorrow. The fund has about 2.6 million participants, which makes it roughly the size of the TSP." (Washington Post)
Analysis: IRS Allows Rollover of Stolen Funds
July 21, 2003. Excerpt: "The Internal Revenue Service recently issued a favorable letter ruling to a taxpayer who had funds misappropriated from his IRAs by an investment manager. The ruling gives the taxpayer 30 days to replace the stolen funds and treat the replacement as a rollover. The ruling is the first published under the Service's new guidelines for requesting waivers of the 60-day deadline for completing rollovers." (National Underwriter's Tax Facts)
Kentucky Governmental Plan Comments on Nonbank Trustee Status Required by Deemed IRA Regs (PDF)
9 pages. Excerpt: "[T]his letter is in response to the Internal Revenue Service's request for comments on the proposed regulations under Section 408(q) ... which were published in the Federal Register on May 20, 2003. Specifically, [this letter provides] comments on Prop. Reg. §1. 408(q)-1(f)(1), relating to the requirement for nonbank trustee approval pursuant to Reg. §1.408-2(e)." (Kentucky Public Employees’ Deferred Compensation Authority via National Association of Government Defined Contribution Administrators, Inc.)
Executive Summary: IRAs-- An Analysis of the 2001 Survey of Consumer Finances
Excerpt: "This Issue Brief updates the work done on previous versions of the Survey of Consumer Finances (SCF) by the Employee Benefit Research Institute (EBRI) with results from the 2001 SCF, which provides the most recent estimates of Americans' entire portfolio of wealth.' Full Issue Brief available for purchase from EBRI: see http://www.ebri.org/store/ebriib.htm (Employee Benefit Research Institute)
Links to Items on Executive Comp, Benefits in General
Participants Not Required to Comply With Undisclosed Claim Filing Requirements
Excerpt: "Although the [DOL's SPD] regulations do not explicitly mention the ability to impose a time limit for filing benefit claims, reasonable time limits appear to be permissible. But once such limits are imposed, they will not be enforced unless a plan also complies with ERISA's SPD rules, which require a description of the plan's claims procedures (including procedures to be followed in presenting claims for benefits) to be timely provided to participants and beneficiaries." (EBIA Weekly)
Overview: FASB Speaks on Stock Option Expensing
Excerpt: "The Financial Accounting Standards Board (FASB), the accounting profession's primary rule-making body, tentatively decided on April 22 that stock-based compensation of all forms -- including stock options -- should be recognized as an expense in company financial statements." (Thompson Publishing Group)
Another Question is Answered in the Stock Options, Restricted Stock and Other Long-Term Employment Incentives Q&A Column
I have heard about deferred stock, but it seems about the same as restricted stock. What are the differences? (BenefitsLink.com)
Newly Posted or Renewed Job Openings
Business Development
for Havensure, LLC
in ALL STATES
Employee Benefits Representative
for HEREIU Welfare/Pension Funds
in IL
ERISA Consultant
for BISYS Retirement Services
in MN
Administrative Assistant
for Retirement Plan Administration and ERISA Specialists
in IL
Senior DC Plan Administrator
for Berlin, Ramos & Company
in DC, MD, VA
Client Services Specialist
for ExpertPlan, Inc.
in NJ
Employee Benefits Trust Officer
for Regions Financial Corporation
in AL
Employee Benefits Tax Group - Senior or Manager
for Deloitte & Touche
in IL
Newly Posted Conferences
(Post Yours!)
The Current Legislative Environment
in MO
December 11, 2003
Kansas City Chapter of ISCEBS
Guidance on Work Visas -- An Audio Conference for Employers
in ALL STATES
August 7, 2003
Thompson Publishing Group
Newly Posted Press Releases
(Post Yours!)
Wright & Co. Aligns with ARAG Group
(ARAG Legal Insurance Company)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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