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August 8, 2003 - 13,309 subscribers
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Pension Legislation Update
August 7, 2003. Excerpt: "It is been a busy last couple of weeks in Congress and the Administration for pension legislation. Here is a brief update on recent developments." (Groom Law Group)
The Pension Time Bomb
Excerpt: "The top corporate pension plans lost more than $100 billion in assets last year. At companies where retirees outnumber workers, that's a formula for failure." (MSNBC.com)
Many Retirees Selecting Lump Sum Option from Pension Plans
Excerpt: "That is cause for concern, many retirement experts say. Workers are retiring earlier and living longer -- adding to the risk they will outlive their nest eggs." (USA Today)
Overview: Retroactive Payments from a Defined Benefit Plan (PDF)
2 pages. Excerpt: "For a plan to make payments pursuant to a participant's election of a retroactive annuity starting date, several rules apply, including the timing of notification about the qualified joint-and-survivor annuity (QJSA) to the participant and spouse. Because the retroactivity rules flow from the spousal consent rules, governmental and nonelecting church plans are not affected by the new rules." (Milliman USA)
Deficit Strains PBGC
Excerpt: "Ten years go, the government agency that insures traditional corporate pension plans racked up record deficits. Some policymakers feared that the agency would collapse, requiring a government bailout. Five years later, thanks to the bull stock market of the late 1990s, the Pension Benefit Guaranty Corp. was on its way to record surpluses. Today, the agency is in deficit again, raising new concerns for its future." (Washington Post)
Investment Advisors Grow More Popular With 401(k) Sponsors, But Shakeout Has Begun
Excerpt: "Investment advisors are becoming important players in the 401(k) marketplace. They may be registered investment advisors (RIAs), who often work under a fee-for-service arrangement, or brokers marketed as investment advisors, who typically receive a commission based on sales of investment products. The fee-for-service charge often ranges from roughly 10 basis points to 25 basis points, sources say, with large plans getting better deals." (PLANSPONSOR Magazine; one-time registration required)
Links to Items on Executive Comp, Benefits in General
CalPERS Fund Trustees Turn Up Heat on Executive Compensation
Excerpt: "Calpers plans to start publicizing by the fourth quarter a list of 10 to 15 companies that overpays its executives and, consequently, does a disservice to shareholders. It also will highlight companies it feels structure good pay packages for execs, but the teeth of Calpers' announcement is on the negative side ..." (U.S. Banker)
Nonqualified Deferred Compensation Proposals in New International Tax Bill
August 7, 2003. Excerpt: "On July 25, Ways and Means Committee Chairman Bill Thomas (R-CA) introduced a corporate and international tax reform bill (H.R. 2896). Included among its many international and corporate tax reforms is a series of revenue-raising proposals to change the nonqualified deferred compensation rules." (Groom Law Group)
Analysis: Option Expensing-- By Choice or By Mandate? (PDF)
10 pages. Excerpt: "In this Mellon HR Services white paper, our goal is to help our clients and colleagues better understand the implications of the expensing issue, and how the resolution of that issue may change the way some businesses are run in the future. We will not debate the merits ... Rather, we wish to provide the facts necessary to make informed decisions about the alternatives companies currently have regarding accounting for their options." (Mellon HR Services)
Survey: Compensating Employees of Small Businesses (PDF)
28 pages. Excerpt: "The National Small Business Poll is a series of regularly published survey reports based on data collected from national samples of small-business employers." (NFIB Research Foundation)
Opinion: Gay Marriage Highlights Divide Between Canadians, Americans
Excerpt: "While some U.S. attitudes mirror the stance of their progressive northern neighbors, U.S. courts currently recognize a Canadian same-sex marriage to be as legally binding as a bus pass.... A U.S. Gallup Poll revealed that in the past two months, Americans' approval of gay marriage went from 59 percent in May to 49 percent in July. It seems that Americans are not so sure they want to follow Canada's lead after all." (The Daily Yomiuri)
Newly Posted or Renewed Job Openings
Part-Time Flexible Spending Account Assistant
for Leggette Actuaries, Inc.
in TX
Account Executive Director
for Principal Financial Group
in MA
Defined Benefit Software Customer Support
for DATAIR Employee Benefit Systems, Inc.
in IL
Employee Benefit Administrative Assistant
for GreatBanc Trust Company
in IL
Plan Contribution Services Specialist
for ICMA Retirement Corporation
in DC
Pension Account Manager
for Valley Forge Pension Management, Inc.
in PA
Implementation Manager
for Strong Investments, Inc.
in WI
Director, National Alliance Partner Sales
for Stanton Trust Company
in IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, OK, SD, WI
Director of Search Coordination and Administration
for Greenwich CT Retirement Services Provider
in CT
Newly Posted Webcasts
(Post Yours!)
Trends in Longevity and Implications for Retirement Planning
on July 29, 2003
presented by TIAA-CREF
Newly Posted Conferences
(Post Yours!)
PenServ 14th Annual Fall Seminar Series
in NY, TX
October 7, 2003
PenServ, Inc.
Newly Posted Press Releases
(Post Yours!)
NAGDCA Announces 2003 Leadership Recognition Award Recipients
(National Association of Government Defined Contribution Administrators, Inc.)
ESOP Companies Outperform Stock Markets in 2002
(Employee Ownership Foundation)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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