| BenefitsLink Retirement Plans Newsletter |   |
September 5, 2003 - 13,400 subscribers
Today's sponsor: Thompson Publishing Group, Inc.
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“Employer Healthcare Choices” Audio Conference Wednesday, September 17, 2003 * 2:00-3:30 p.m. ET Learn how to make informed decisions about the latest healthcare options available today and what choices may be available tomorrow! This interactive audio conference will feature an expert analysis of the results from the latest Kaiser Family Foundation Annual Employer Survey®, followed by a discussion of the latest consumer-directed healthcare plan options. Register today to learn how to make the best healthcare choice for your company.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
2003 Annual 401(k) Report from Principal Financial Group (PDF)
66 pages. Excerpt: "The Principal has compiled data based on its 27,000 401(k) plansponsor clients, and 1.9 million 401(k) plan participants. We offer this information to you as a tool for analysis, and as a means to compare and contrast single plan characteristics with a substantial sampling of the U.S. 401(k) plan population.... This is your opportunity to benchmark a given plan to a large industry sampling ..." (Principal Financial Group)
Pension Liability Shortfall Said to Rise
Excerpt: "Pension benefits promised but not funded by troubled U.S. corporations -- benefits that might ultimately have to be paid by the government's pension insurer -- could total more than $80 billion by the end of this month, the insurer's executive director told a House committee yesterday." (Washington Post)
Pension Shortfalls at Troubled U.S. Firms Double
Excerpt: "Pension underfunding at 'troubled' U.S. companies has doubled this fiscal year and could exceed $80 billion, with airlines accounting for nearly a third of the shortfall, the government said on Thursday." (Reuters via Washington Post)
Testimony of PBGC Director at Hearing on Agency's Funding Status
Excerpt: "PBGC insures pension benefits worth $1.5 trillion and is responsible for paying current and future benefits to 783,000 people in over 3,000 terminated defined benefit plans. As a result of the recent terminations of several very large plans, PBGC will be responsible for paying benefits to nearly 1 million people in FY 2003." (Pension Benefit Guaranty Corporation)
GAO Testimony: PBGC Single-Employer Pension Insurance Program Faces Significant Long-Term Risks
43 pages. Highlights at http://www.gao.gov/highlights/d03873thigh.pdf (U.S. General Accounting Office)
Opinion: Don't Focus on PBGC 'Crisis' to Detriment of Larger DB Plan Issues
Press release. Excerpt: "The most urgent need of the plan sponsor community is the immediate replacement of the 30-year Treasury Bond interest rate used for a variety of pension plan calculations." (American Benefits Council)
Weighted Average Interest Rate Update: Notice 2003-63 (PDF)
1 page; the weighted average interest rate for September 2003 is 5.30%. (Internal Revenue Service)
UN Human Rights Committee Backs Gay Man's Bid for Survivor Benefits from Australian Government
Excerpt: "The Federal Government discriminated against Sydney man Edward Young by refusing him a pension after the death of his male World War II veteran partner, the UN Human Rights Committee has ruled." (news.com.au)
Employee Ownership Update for September 4, 2003
The International Accounting Standards Board postponed a decision on accounting for equity compensation, which will probably delay the U.S. guidelines issued by the FASB. The Cost Accounting Standards Board has issued proposed regulations on how companies with ESOPs will be reimbursed in government contracts. Finally, the FASB decided that stock-based compensation that is normally settled in cash should be treated be treated as liabilities. (National Center for Employee Ownership)
Links to Items on Executive Comp, Benefits in General
Can Former Employees Receiving Severance Pay Continue to Participate in Our 125 and 401(k) Plans?
Excerpt: "Generally, former employees can continue to participate in a cafeteria plan on a salary-reduction basis if the cafeteria plan document so provides. In contrast, the 401(k) rules permit only current employees to make elective deferrals under a 401(k) plan. Consequently, your former employees cannot continue to participate in the 401(k) plan after their termination." (EBIA Weekly (Question of the Week))
Adapting to an Option Expensing Environment: Three Steps to Prepare Your Organization Immediately
Excerpt: "This article neither debates the validity of option expensing nor endorses one accounting treatment over another. Rather, it addresses the three-step process that every U.S. company using equity compensation should follow over the next few months in order to prepare for this fundamental accounting change." (Buck Consultants)
Welcome to new BenefitsLink advertiser Benefit Express
Excerpt: "Benefit Express offers Online tools to efficiently manage HR & Benefits Administration. From events-based total outsourced administration to special group services, Benefit Express offers administration services and support for only those areas relevant to your business. We work closely with each organization to determine what is the best fit. You'll see the Benefits!"
Newly Posted or Renewed Job Openings
Manager, Compliance
for Means & Associates, LLC
in CA
Health & Welfare Consultant
for Towers Perrin
in CT, DC, OH, PA, TX
Senior Benefits Consultant
for Fortune 500 Company
in WI
Defined Benefit Calculation Analyst I
for Diversified Actuarial Services, Inc.
in MA
Senior Defined Benefit Calculation Analyst
for Diversified Actuarial Services, Inc.
in MA
Defined Benefit Data Analyst I
for Diversified Actuarial Services, Inc.
in MA
DB Business Systems Analyst
for Diversified Actuarial Services, Inc.
in MA
Pension Administrator
for St. Louis Benefits Consulting Firm
in MO
Client Service Representative - Group Benefits
for Orange County Insurance Agency
in CA
Pension Plan Administrator
for Gateway Pension Services, Ltd.
in MO
Senior Defined Benefit Data Analyst
for DIVERSIFIED ACTUARIAL SERVICES, INC.
in MA
Newly Posted Webcasts
(Post Yours!)
Domestic Partner Benefit Developments
on September 18, 2003
presented by International Foundation of Employee Benefit Plans
Newly Posted Conferences
(Post Yours!)
Tales from the Crypt II: Demystifying the Underwriting Process
in OH
September 18, 2003
WEB (Worldwide Employee Benefits Network) - Cleveland Chapter
Newly Posted Press Releases
(Post Yours!)
Schwab Offers Personal Rate of Return
(dailyVest Inc.)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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