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September 2, 2003 - 13,314 subscribers
Today's sponsor: Thompson Publishing Group, Inc.
(Click on company name or banner to learn more.)
“Preventing Workplace Violence” Audio Conference for Employers A 90-Minute Interactive Audio Conference – Monday, September 15, 2003 * 2:00 p.m. Eastern Time During this 90-minute interactive presentation, clinical psychologist James N. Madero, Ph.D. and Michael Lotito, a partner at the law firm of Jackson Lewis, will describe best practices to prevent workplace violence, and doing so in the most efficient and non-intrusive means to the employee. Prepare your organization and register today!
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Businesses Continue Push for Change to Pension Funding Rules
Excerpt: "As Congress returns to work from its August recess this week, business lobbyists will be angling for quick action to overhaul the pension-funding system." (Washington Post)
GM Pension Funding: Going Long
Excerpt: "It wasn't a Hail Mary pass. But facing $19 billion in underfunding, GM's treasury knew it needed to take calculated risks to get the pension issue off the table.... Thanks to the stock market's sell-off and the 45-year low in interest rates, the second biggest company in the United States in terms of revenue is facing one of the nation's biggest pension liabilities." (Treasury & Risk)
Opinion: the Seven Deadly Sins of 401(k) Plans
Excerpt: "America, we have a problem. With corporate pension plans going the way of the dinosaur and the Social Security system looking weaker every year, 401(k) plans have become the central component of most individuals' nest eggs. But these plans are peppered with flaws." (TheStreet.com)
401(k) Day 2003 Celebrates 401(k) Participant Success
Press release. Excerpt: "For households aged 50 to 61 with at least one defined contribution (DC) account, 79 percent would be adequately prepared for retirement according to analysis of the 2001 Survey of Consumer Finances. As shown in Table 1, only about 47 percent of such households without a DC account would be prepared at the same level." (Profit Sharing/401(k) Council of America)
In These 401(k)'s, Workers Do Less to Save More
Excerpt: "Alarmed by the disinclination of employees to save, more companies are aiming to increase participation in their 401(k) retirement plans and to set them up so employees commit to making steadily larger contributions." (New York Times; one-time registration required)
Back-to-School Financial Checklist for Teachers
Excerpt: "Across the country teachers have been busying themselves with the demanding task of preparing for the school year. While it is critical to have lesson plans and activities in order for the students, it is equally critical that teachers put their financial lesson plan in order as well." (403bWise.com)
Link to Online Resources About Pension Reform in Germany
Includes the "official short version of the final report by the Raup Commission" and "The German Public Pension System: How it Was, How it Will Be." (Mannheim Research Institute for the Economics of Aging)
Opinion: the Great American Pension Fund Robbery
Excerpt: "But if pensions are under water, the cause is less a perfect storm than a leaky boat ravaged by pirates. For more than a decade, corporate sponsors of pension plans have been systematically looting them. The great pension raid is of a piece with the other accounting deceptions of the 1990s, and it had the same motivation -- to boost reported earnings and stock prices." (Robert Kuttner in Business Week)
Overview: Recent Court Cases on Cash Balance Plans (PDF)
At pp. 1-3 of 5-page document. (Trucker Huss)
Links to Items on Executive Comp, Benefits in General
Handling Float Issues Between Financial Service-Providers and ERISA Plans (PDF)
At pp. 3 and 4 of 5-page document. Excerpt: "In November 2002, the Department of Labor ('DOL') issued Field Assistance Bulletin 2002–3 ('FAB 2002–3') to fill a perceived gap in guidance on float, hoping that plan fiduciaries will review their plans for compliance and take steps to protect themselves from overcompensating their service providers. FAB 2002–3 provides guidance to financial service providers and plan fiduciaries on meeting the responsibilities that accompany float." (Trucker Huss)
Delay On Options Expense Could Cost Companies Dearly
Excerpt: "Pressure is building on publicly held companies to account for the value of stock options on annual profit and loss statements as the Financial Accounting Standards Board (FASB) prepares to release new guidance that is likely to mandate such expensing." (BenefitNews.com)
Newly Posted or Renewed Job Openings
Benefits Analyst
for CPE
in CA
Benefits Manager
for Guardian Industries Corp.
in MI
OmniPlus 5.2 Operations Specialist
for Dyatech (formerly AmFed Investment Services)
in MS
TPA Specialist
for Transamerica Retirement Services
in IL
Benefits Consultant
for United Actuarial Services, Inc.
in IN
TPA Specialist-Eastern Region
for Transamerica Retirement Services
in NC
Benefits Support Manager
for Gevity HR
in FL
Benefits Consultant
for EBS Benefit Solutions
in NY
Corporate Benefits Manager
for Fortune 500 Company
in WI
Director Health Policy
for The ERISA Industry Committee (a Washington DC-based trade association)
in DC
Retirement Plan Wholesaler
for Retirement Marketing Specialists
in NJ, PA, VA
Newly Posted Webcasts
(Post Yours!)
New Developments in U.S. Pension Reform Legislation
on August 27, 2003
presented by TIAA-CREF
Newly Posted Conferences
(Post Yours!)
Hot Topics for 401(k) Plan Sponsors
in CA
September 18, 2003
Western Pension & Benefits Conference - Orange County Chapter
More 12b-1 Fees Come to Market: New Revenue-Sharing Opportunities for 401(k) Plans
in ALL STATES
September 18, 2003
Thompson Publishing Group, Inc.
Movers and Shakers: Newly Posted Announcements of Promotions and New Personnel
(Post Yours!)
Danny Streiff (ICC Plan Solutions)
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