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December 15, 2003 - 13,525 subscribers
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New HSAs in Medicare Act Boost CDHC for All Employers: An Interactive Audio Conference, December 18, 2003, 2:00 - 3:30 p.m. ET President Bush has signed legislation that will re-vamp Medicare, including prescription drug coverage and offer all Americans - retirees AND active employees - new "health savings accounts" (HSA) available alongside high-deductible health plans. What are the requirements for the new HSAs? How will the new law affect consumer driven health care options? Will this new law make medical savings accounts (MSA) and health retirement accounts (HRA) obsolete? How can you integrate these accounts with your current health care plan? Get expert answers to these questions as well as your own specific ones at this timely audio conference!
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
SEC's Solutions Have Serious Consequences
Excerpt: "The proposals are currently out for a 45-day comment period. With the exception of the disclosure proposal -- which no one seems to have significant objections to -- there are some serious concerns about the SEC's suggestions. The 4 p.m. EST cutoff has a lot of critics, and for good reason." (The Boston Globe via Star-Telegram.com)
Hewitt Recommends Plan Sponsor Action on SEC Regulations
Excerpt: "Plan participants would essentially become second-class mutual fund traders because of the proposed 4:00 p.m. cutoff rule ... It's critical for plan sponsors to ensure that their participants are treated as equitably as direct mutual fund investors in regard to this early cutoff rule. Hewitt is recommending that all plan sponsors send comments to the SEC and congressional legislators as soon as possible. Plan sponsors are welcome to use this sample ..." (Hewitt)
Text of Proposed SEC Rule Addressing Market Timing and Selective Disclosure of Portfolio Holdings (PDF)
48 pages. (Securities and Exchange Commission via American Benefits Council)
Text of Proposed SEC Rule Addressing Pricing of Mutual Fund Shares (PDF)
28 pages. (Securities and Exchange Commission via American Benefits Council)
An Open Letter to Fidelity's Mutual Fund Investors
Excerpt: "Fidelity and others have had short-term trading fees paid to the funds and fair value pricing in place for years to combat investors trying to make a quick profit by abusively jumping in and out of funds. In addition, fair value pricing ensures each fund's portfolio securities are priced at their 4:00 p.m. values." (Fidelity Investments)
Opinion: Mutual Fund Fee Fantasy
Excerpt: "Mr. Spitzer's latest crusade over mutual fund fees is literally none of his business. If he nonetheless got what he claims to want, the predictable result would be to keep small investors out of the best vehicles now available to them, thanks to increased minimum investment requirements and maintenance fees." (Alan Reynolds in the Washington Times)
Why Some Walk Away from 401(k)
Excerpt: "Currently, about 73 percent of eligible employees are enrolled in 401(k) and similar retirement plans, Plansponsor.com found. That's down 3.6 percentage points from last year, which also experienced a 2.5 percentage point decline from the year before." (Christian Science Monitor)
Former Sen. Roth Dies at 82
Excerpt: "Former Sen. William V. Roth Jr., a fighter for tax cuts during his five terms in the U.S. Senate and the creator of the popular retirement account that carries his name, has died. He was 82." (Washington Times)
ASPA Comments on 'Incorporation by Reference' Within Qualified Retirement Plan Documents
Excerpt: "[ASPA] offers the following comments in response to various informal IRS requests for comments regarding the ability of a qualified retirement plan to incorporate by reference certain provisions of the Internal Revenue Code and the regulations thereunder.... ASPA recommends that for those areas where there are extensive regulations, incorporation by reference should be permitted." (ASPA - the American Society of Pension Actuaries)
Overview: New IRS Rules on 204(h) Participant Notices Offer Much-Needed Guidance
Excerpt: "The final rules apply to plan amendments that take effect on or after September 2, 2003, except that the rule requiring a notice for changes in other documents such as collective bargaining agreements applies to amendments that take effect on or after January 1, 2004.... The penalties for failing to comply with the notice requirements can be serious. Employers (for single employer plans) and multiemployer plans could face an excise tax penalty of $100 per day per participant ..." (BenefitNews.com)
Links to Items on Executive Comp, Benefits in General
Does a Large Volume of Claims Provide a Reason for Extending the Claims Decision Period?
Excerpt: "With the end of the year approaching, our company has received a large number of health FSA reimbursement claims in the last few days. We are concerned that we cannot decide all of these claims within the 30-day period imposed by the DOL claims regulations. Is the large volume of claims a legitimate reason for extending the decision period for these claims?" (EBIA Weekly (Question of the Week))
Accounting for Stock Options, Revisited
Excerpt: "The current political and economic environment has reopened the question of accounting for stock options. Unlike in 1995, when FASB last tackled the issue, the public mood favors expensing stock option costs. The major issues left to be decided concern the selection of a valuation model, the revaluation or marking options to market, the frequency of revaluation (i.e., annually versus quarterly), and the period of revaluation and expensing." (The CPA Journal)
Newly Posted Press Releases
SunGard Corbel Offers Application Service Provider (ASP) Version of Relius Administration
(SunGard Corbel)
Newly Posted or Renewed Job Openings
Project Manager - Pension Administration
for Hewitt Associates
in GA
Retirement Plan Administrator
for Valley Forge Consulting Corporation
in PA
Institutional Trust Sales Associate
for BB&T of VA
in VA
Retirement Plan Sales Consultant
for Invesmart, Inc.
in KY
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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