September 11, 2003 - 13,400 subscribers Today's sponsor: ASPA (Click on company name or banner to learn more.) ASPA Annual Conference, October 26-29, Washington, DC With over 50 interactive workshops, ASPA’s 2003 Annual Conference is designed with all retirement plan professionals in mind! Plan to be one of the over 1,500 professionals who will take advantage of the opportunity to exchange information on the newest trends and developments in the pension industry, while earning valuable continuing education credit. This is also a great opportunity to learn more about ASPA’s QKA training program -- the industry's only certification program devoted exclusively to 401(k) plans. Visit http://www.asppa.org for more information. (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) Many Ties Link Pension Lobby to Regulators Excerpt: "The retirements of millions of Americans could hang partly on the relationships between those who regulate pension plans -- and are drafting regulations -- and pension lobbyists and consultants hired by employers and financial firms.... Some career IRS staffers say the influence of employer groups has grown in recent years." (Here at BenefitsLink, we're shocked-- shocked!-- to find that employers are involved in the rule-making process for employer-sponsored benefit plans.) (Wall Street Journal via Congressman Bernie Sanders (I-Vt.)) Hartford Financial Shifts to Cash Balance Pension Plan Excerpt: "The still-raging controversy about cash balance plans hasn't stopped The Hartford from moving ahead with changes to its defined benefit pension plan. Under the changes, approved on Friday, Hartford's defined benefit pension plan will shift all employees hired before January 1, 2001, from a final average-pay formula to a cash-balance formula, effective January 1, 2009, according to Dow Jones." (PLANSPONSOR.com; one-time registration required) House Ways and Means Committee Advances Charity Tax Breaks, Including Use of IRAs Excerpt: "A donation to a favorite charity or church may qualify for a new tax advantage under a bill advanced through a House committee on Wednesday." (Washington Post) Treasury Department Disavows Cash Balance Pension 'Talking Points' Excerpt: "Treasury Secretary John W. Snow said yesterday that he would look into reports that International Business Machines Corp. lobbyists doctored a document to make it look as if the department opposed restrictions on cash-balance pensions." (Washington Post) Overview (Chart): Correcting Deferrals in Excess of the 402(g) Limit Excerpt: "Distribute excess deferral and income thereon by April 15th after close of calendar year. Caveat: do not include catch-up contributions in the calculation or refund of excess deferrals." (McKay Hochman Co., Inc.) Overview: 403(b) Rollovers After EGTRRA Excerpt: "For over 20 years, distributions from 403(b) tax-sheltered annuity arrangements were only allowed to be rolled into an IRA or another 403(b) plan. As of 2002, rollovers from 403(b) plans to qualified plans are possible as a result of the enactment of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) in 2001." (McKay Hochman Co., Inc.) Enrolled Actuaries Report Online: Fall 2003 Issue (PDF) 8 pages. Articles include 'A Closer Look at the Bush Savings Proposals' and 'Changing Discount Rates for Determining Lump Sums." (American Academy of Actuaries) Links to Items on Executive Comp, Benefits in General Including References to ERISA in Documents for Church or Government Health Plan-- Any Effect? Excerpt: "Unfortunately, the drafters of documents for ERISA-exempt plans often start out with samples intended for use by ERISA plans. So it is not unusual to find ERISA references in these documents. However, describing an arrangement as an ERISA plan is not enough to make an otherwise exempt plan subject to ERISA.... Notwithstanding these conclusions, however, ERISA references should be deleted as inaccurate unless, of course, the plan actually intends to follow those aspects of ERISA." (EBIA Weekly (Question of the Week)) Remembering September 11, 2001 BenefitsLink today remembers the innocent people who lost their lives on September 11, 2001: 2,645 at the World Trade Center, 147 passengers and crew members aboard the two hijacked planes, 125 at the Pentagon, 59 passengers and crew members aboard the hijacked plane, and 40 passengers and crew members aboard the hijacked plane that went down near Shanksville, Pennsylvania. (Source: Asheville [N.C.] Citizen-Times, 9/11/2003) (Link is to special section in the New York Times; one-time registration required) Newly Posted or Renewed Job Openings 401(k) Plan Administrator for Benefit Resources, Inc. in CA Plan Specialist for Transamerica in CA Account Executive Director (Retirement Services) for Principal Financial Group in CO Director/Fund Administrator for New Jersey Taft-Hartley Benefit Funds in NJ Retirement Plan Consultant for Primary Consulting, Inc. in ALL STATES Sales -- Pension & Cafeteria Plan Software for DATAIR Employee Benefit Systems, Inc. in IL 401K Administrator for The Vanguard Group in PA Defined Benefit New Business Analyst for GAP-Pension Inc. in NJ Retirement Plan Specialist (Part-Time) for Diversified Investment Advisors in GA Benefit Analyst for Snap-on Incorporated in IL, WI Director - Retirement Benefits Design for SEI Investments in PA Newly Posted Webcasts (Post Yours!) Kaiser/HRET Annual Employer Health Benefits Survey 2003 Briefing on September 9, 2003 presented by KaiserNetwork.org Deferred Compensation Post Thomas Bill (H.R. 2896) on September 18, 2003 presented by Retirement Capital Group Newly Posted Conferences (Post Yours!) Mid-Sized Pension Management Conference in IL October 26, 2003 Presented by The Kenan-Flagler Business School at the University of North Carolina at Chapel Hill Investment Management for Institutional Investors in CA November 9, 2003 Leonard N. Stern School of Business, New York University Responding to, Coping with and Avoiding Wage & Hour Investigations in ALL STATES September 30, 2003 Thompson Publishing Group, Inc. Newly Posted Press Releases (Post Yours!) ASPA 401(K) Sales Summit Returns In 2004 (ASPA) New EDI Regulations Mapped Out in the HIPAA Security Compliance Manual for Health Plans (International Foundation of Employee Benefit Plans) Washington State Renews Contracts with ICMA-RC (ICMA Retirement Corporation) Movers and Shakers: Newly Posted Announcements of Promotions and New Personnel (Post Yours!) Al Hamwright (International Foundation of Employee Benefit Plans) Handy Links:
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