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December 24, 2003 - 13,655 subscribers
Today's sponsor: Actuarial Systems Corporation

(Click on company name or banner to learn more.)

ASC - QUALITY SOFTWARE FOR THE PENSION INDUSTRY FOR OVER 20 YEARS

ASC provides complete automation for the pension office, including:
DC/401(k) and DB administration and valuation systems, sophisticated
Compliance Testing, DV Direct Daily Valuation, Advanced Information
Manager Database (AIM), and Single-Step Processing. All ASC Technical
Support Members were experienced Pension Administrators or Actuaries
before joining ASC -- and most have been with ASC for over 10 years.

(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
FASB to Require Quarterly DB Pension Reports
Excerpt: "The Financial Accounting Standards Board, which sets the country's accounting rules, Tuesday ruled that companies must provide more details about their defined-benefit pension plans every quarter." (AP via Washington Post)

Bloomberg Coverage: New Disclosure Rule on Some Pensions
Excerpt: "Companies with pension plans totaling more than $1 trillion will be required to describe their basic investment strategy under a revised rule issued by the Financial Accounting Standards Board." (Bloomberg via New York Times; one-time registration required)

Bush Signs Interest Rate Relief on Loans During Military Leave
Excerpt: "Lenders, including employer-sponsored retirement plans, cannot charge their employees more than 6 percent interest on the loan while they are on military leave, under provisions of a new law signed on Dec. 19 by President Bush. H.R. 100, the Servicemembers Civil Relief Act, is intended to restate, clarify and revise the Soldiers' and Sailors' Civil Relief Act of 1940." (Thompson Publishing Group)

TIAA-CREF Updates Policy Statement on Corporate Governance
Excerpt: "TIAA-CREF has released the fourth edition of its Policy Statement on Corporate Governance. The revised statement articulates principles intended to promote accountability and foster high-quality governance at portfolio companies in which TIAA-CREF invests." (TIAA-CREF)

More Staff Market Timed at Principal Financial Group
Excerpt: "Last week, Principal confirmed it had settled a lawsuit with one former employee who it says improperly traded in his 401(k) account ... In Tuesday's regulatory filing, Principal said that an unspecified number of employees, including two portfolio managers, had 'market timed' their personal accounts several years ago.... Des Moines, Iowa-based Principal said restitution would be made to all funds affected and that no market timing had been done by portfolio managers since 2000." (Washington Post)

November Outflows of $13 Billion Knock Putnam Down To No. 6
Excerpt: "The company's mutual fund assets under management fell $11 billion in November, and its institutional assets, such as pension fund monies that aren't counted by Financial Research, fell by $21 billion, Putnam said.... Though Putnam continues to see clients withdraw money, company officials said the worst is now behind them." (The Boston Globe)

Keeping Up with the Mutual Fund Trading Scandal: PLANSPONSOR Summary, List of Links
Excerpt: "This page offers links to some of our special (and ongoing coverage) of the scandal, as well as a list of the firms that have been named, charged, or who have admitted problems with either late trading, market timing, or both. By clicking on individual fund names, you will find our latest coverage of events regarding the firm. As always, recall that allegations are not proof of wrong-doing." (PLANSPONSOR.com; one-time registration required)

What Should Plan Fiduciaries Do to Address the Current Mutual Fund Investigations and Allegations?
Excerpt: "Plan fiduciaries who have responsibility for investments have an ongoing obligation to monitor the funds offered as investment options under their plans and to decide whether these funds should be kept or removed. Although what constitutes a prudent review is determined by the specific facts and circumstances, here are some practical steps that may help to show that plan fiduciaries have acted prudently." (Employee Benefits Institute of America (EBIA))


Links to Items on Executive Comp, Benefits in General

Opinion: Bush's 'Ownership' Scam
Excerpt: "In President Bush's upcoming State of the Union address, we will hear a lot about something called an 'ownership society.' The idea is that American workers aspire to be owners -- of stock for their retirement, homes, businesses, good health insurance, and skills they need to navigate multiple changes of jobs and careers. It sounds just great. Take a closer look, however ..." (Robert Kuttner in the Boston Globe)

Angel: 'I Bring You Good News of Great Joy That Will Be For All the People'
Excerpt: "Merry Christmas to all of our readers from BenefitsLink! The updates on our Benefits Buzz page and our email newsletters will return on December 29." (The Gospel According to Luke)


Newly Posted Press Releases

FASB Issues Accounting Standard to Improve Disclosures about Pension and Other Postretirement Benefit Plans
(Financial Accounting Standards Board (FASB))
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Financial Control/401 (k) Specialists
for Constantin Control Associates
in PA

Specialist II - FMLA Benefits Administration
for Blue Cross and Blue Shield of Florida, Inc.
in FL


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