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September 9, 2003 - 13,400 subscribers
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(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Text of ERIC Letter to Congress Urging Rejection of Sanders Amendment re Cash Balance Plans
Excerpt: "ERIC on September 4 urged members of the House of Representatives to strike down an amendment to the Transportation/Treasury Appropriations bill (H.R.2989) expected to be offered by Rep. Bernie Sanders (I-VT) and others that would prohibit publication of regulations regarding age discrimination that take a position contrary to the Cooper v. IBM district court decision." (ERISA Industry Committee)
3,300 State Employees Apply for Early Retirement in Massachusetts
Excerpt: "Monday was the deadline for workers to file formal application with the state treasurer's office. Workers have until Oct. 1 to change their minds.... The state is offering the early retirement program to cut costs during a time of fiscal crisis. About 17,500 of the state's 80,000 employees are eligible for the package." (The Boston Globe)
Overview: IRS Extends GUST Deadlines for Pre-Approved Plans, RMD Amendments
Excerpt: "For adopters of nonstandardized plans that execute the GUST-restated document by the September 30, 2003 deadline, Revenue Procedure 2003-72 provides breathing room--at no additional cost to the plan sponsor--for gathering the necessary documentation to get the determination letter filing completed." (EBIA Weekly)
Facing Chapter 11 Bankruptcy? Have You Considered Your Company's Benefit Plans?
Excerpt: "As bankruptcy looms, financial pressures may cause a company to overlook employee benefits issues, even though the company faces substantial liabilities for its employee benefit programs. However, by planning ahead for employee benefits issues in chapter 11 bankruptcy, a company may be able to maximize the benefits to its creditors and current employees." (David N. Levine of Groom Law Group)
Paul Jackson, Prominent Actuary, Dies at 79
Excerpt: "Paul Heisa Jackson, 79, who worked in the Washington office of the Wyatt Co. from 1964 until 1989, when he retired as office manager of the actuarial and employee benefit consulting business, died Aug. 31 at his home ... Over the years, Mr. Jackson was a trustee and chairman of the Employee Benefit Research Institute's research committee ... With William W. Fellers, he developed the UP-1984 mortality table, used as a standard for non-insured pension plans." (Washington Post)
Online Video of House Hearing on Financial Health of the Pension Benefit Guaranty Corporation
Hearing was held Sept. 4, 2003; online video is expected to be available through early December. Approximately one hour. (U.S. House of Representatives, Committee on Education and the Workforce)
ESOP Update from Gardner Carton Douglas LLP (PDF)
4 pages. Articles include 'Overfunded Pension Plan May Be Terminated; Unlimited Transfer of Excess Assets to ESOP Permitted,' 'ESOPs as a 'Going Private' Tool,' 'Disappointing S Corporation ESOP Guidance Issued,' 'FAS 150: Accounting Trap?' and 'Employer Stock: To Hold or Dispose?" (Gardner Carton Douglas LLP)
Opinion: Why I'm Sticking With Mutual Funds
Excerpt: "There are plenty of problems with the way funds are run. But they're still the best game in town." (Adam Lashinsky in Fortune.com)
Overview: DOL Proposes to Ease Requirements of QPAM Exemption
Excerpt: "In response to concerns expressed by financial services professionals, the Employee Benefit Security Administration (EBSA) has proposed amendments to a class exemption ... Recent industry consolidation and large resulting institutions have presented difficulties with regard to compliance with conditions of the QPAM exception for monitoring corporate affiliates as set forth in the PTE." (CCH News & Information Library)
The EU's Borderless Pensions
Excerpt: "It's [sic] hurdle to job mobility is falling." Does'n't anybody know how to us'e apos'trophe's any more? (Business Week)
Links to Items on Executive Comp, Benefits in General
House GOP, Bush Administration Consider Veterans' Disability Benefits Without Retirement Cuts
Excerpt: "Under pressure from veterans and House Democrats, House Republican leaders and Bush administration officials are discussing compromise legislation that would allow about 550,000 retired veterans who receive disability benefits to receive full retirement benefits, the Washington Post reports." (KaiserNetwork.org)
Newly Posted or Renewed Job Openings
DC 401(k) or DB Administrator
for Pension Administrators, Inc.
in IL
Retirement Plan Specialist Team Leader
for Diversified Investment Advisors
in IN
ERISA Consultant
for New York Life Investment Management
in MA
Retirement Plan Specialist
for New York Life Investment Management
in MA
Client Servicing Consultant
for New York Life Investment Management
in MA
Defined Benefit Conversion Specialist
for New York Life Investment Management
in MA
Employee Benefits Specialist
for Bank Group in scenic western Colorado resort areas
in CO
Retirement Services Internal Wholesaler
for Transamerica
in CA
Benefits Coordinator
for Henry M. Jackson Foundation
in MD
Newly Posted Conferences
(Post Yours!)
Update on the Prescription Drug Bill and its Potential Effects on Employers and Providers
in ALL STATES
September 24, 2003
Thompson Publishing Group, Inc.
Newly Posted Press Releases
(Post Yours!)
iShares™ included as an Investment Option in The 401(k) Solution
(Internet Investment Education, LLC)
New Study from Hay Group Predicts Another Year of Sharp Increases in Medical Premiums
(Hay Group)
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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