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December 29, 2003 - 13,655 subscribers
Today's sponsor: The John Marshall Law School Center for Tax Law and Employee Benefits
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Spring 2004 Information Sessions Learn about the nation’s only LL.M. degree program in employee benefits law. 18-course curriculum includes: Pension, Profit-Sharing and 401 (k) Plans Executive Compensation Health and Welfare Benefit Plans ERISA Litigation Full- or part-time joint J.D./LL.M programs available Information sessions on degree programs in tax law or employee benefits law: Friday, Jan. 9, from 5 to 6 p.m. Contact the Center for Tax Law and Employee Benefits at 312.987.2380 or visit our website.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Fidelity Seeks a Clearinghouse for Trades in Lieu of SEC-Proposed 4 p.m. Trading Deadline
Excerpt: "Fidelity Investments ... and the National Securities Clearing Corporation ... are leading an effort to transform an existing fund-order processing service at the clearing corporation into the kind of time-stamped 'lockbox' that would give fund middlemen more time to process orders while assuring that no late orders could be taken." (New York Times; one-time registration required)
Reuters Coverage: Fidelity Working on "Time-Stamp" Clearing House
Excerpt: "Fidelity Investments said it is helping to develop a 'time-stamping' clearing house for mutual funds that will help prevent illegal late trading without burdening investors with much earlier deadlines." (Reuters via Forbes.com)
403(b) Plans Take a Turn for the Worse In Sixth Circuit
Excerpt: "[W]ith bankruptcies on the rise and ERISA plans becoming many times the only source of assets, creditors and bankruptcy trustees have become more determined in pursuing these assets. One such pursuit ended in a very unhappy result for participants in the recent case of Rhiel v. Adams in which the Sixth Circuit Court of Appeals reached a surprising conclusion in the 403(b) arena ..." (Attorney B. Janell Grenier on BenefitsBlog)
Reminder: Dollar Limit for 403(b) Deferrals Goes Up to $13,000 for 2004; More if Age 50 of Higher
Excerpt: "The 403(b) is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code." (403bWise.com)
Deft Accounting Eases Teacher Pension Woes In Pennsylvania
Excerpt: "Thanks to some fleet-footed accounting by the [Pennsylvania] state Legislature, local school districts will start the New Year with a big break and taxpayers might even duck a property tax increase." (The [Allentown, Pa.] Morning Call)
Another Question is Answered in the Davis-Bacon Act Q&A Column
Service Contract Act regulations (29 CFR 4.175(d)) require periodic payments to a pension trust to be made quarterly or more frequently. How can an employer square this with the IRS's annual valuation and contribution rules? That is, how can the employer make quarterly contributions throughout a year when the necessary contribution won't be calculated until the end of the year? (BenefitsLink.com)
Independent Contractors Were Not "Regular Employees" Entitled To Retroactive Pension Benefits
Excerpt: "In a class action lawsuit, the Fifth Circuit denied retroactive employment benefits to a group of six independent contractors who could not be categorized as 'regular employees' eligible to participate in any of the company's pension plans. (John MacLachlan, et al v. ExxonMobil Corp. (2003, CA5) ..." (RIA Pension & Benefits Week)
Overview: Public Companies, Insider Trading Restrictions and Individual Account Plans (PDF)
1 page. Excerpt: "[Q]uarterly freezes on trading in a public company's stock, which are timed to coincide with the release of earnings reports and affect the ability of certain participants in the public company's IAP to trade in employer stock under the [401(k) or other individual account plan], are covered by [the DOL Sarbanes-Oxley regulations]. The DoL regulations contain two exceptions to what constitutes a blackout trading period that arguably could apply to these quarterly freezes...." (Haynes and Boone)
Reminder: Dollar Limit for 457 Deferrals Goes Up to $13,000 for 2004; More if Age 50 of Higher
Excerpt: "A 457(b) plan is a non-qualified tax-deferred compensation plan that works very much like other retirement plans such as the 403(b) and 401(k)." (457bWise.com)
Improve the Quality of Investment Advice
Excerpt: "[T]he Foundation for Fiduciary Studies and the AICPA have published Prudent Investment Practices-- a handbook for investment fiduciaries-- which contains a conceptual framework for following a disciplined investment process.... This article explains how fiduciaries can implement the guide's best practices and avoid making investment decisions influenced by emotion or irrelevant market factors." (Journal of Accountancy)
New Compliance Regime for Registered Investment Advisers and Investment Companies (PDF)
Excerpt: "New Rule 206(4)-7 under the Investment Advisers Act and new Rule 38a-1 under the Investment Company Act impose an affirmative obligation on registered investment advisers and the boards of directors of registered investment companies to adopt, implement and monitor comprehensive written compliance procedures." (Gardner Carton & Douglas)
Questions & Answers About ICI Actions on Soft Dollars
Excerpt: "ICI will urge the SEC to eliminate the use of soft dollars to acquire research products and services produced by third parties. Research provided in connection with brokerage transactions would be strictly limited to proprietary research created and offered by the broker who executes the trade." (Investment Company Institute)
Overview: Retirement Plans Caught in Web of Mutual Fund Scandals
Excerpt: "Because of the recent wave of mutual fund scandals, retirement plans will need to reexamine their investment policies and practices as the list of affected mutual funds grows and federal and state regulators, as well as plan participants, respond." (Thompson Publishing Group)
Bush Faces Pressure on Social Security
Excerpt: "Nearly four years after he made Social Security reform a central plank of his first White House campaign, President Bush is still unlikely to detail how he plans to reshape the ailing retirement system before the 2004 election, White House officials and congressional sources say. But a number of new reform proposals ... are emerging as advocates try to advance the debate and coax Bush into action." (Washington Post)
Links to Items on Executive Comp, Benefits in General
IRS Unit Will Focus on Lawyers and Accountants
Excerpt: "The Internal Revenue Service will announce this morning that it is going to focus on misconduct by lawyers and accountants who represent wealthy individuals and corporations." (New York Times; one-time registration required)
Military Call-Up Prompts Focus on USERRA
Excerpt: "Signed into law nine years ago by President Clinton, USERRA was designed to give employees who take a leave of absence for active military service certain statutory rights-- not only to reemployment, but to specific coverage for retirement and wellness benefits." (Journal of Accountancy)
Newly Posted Events
401(k) Plan Workshop - New Format!
in Wisconsin on April 2, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Georgia on March 19, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in California on February 26, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Illinois on April 22, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Washington on March 24, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Missouri on February 26, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Massachusetts on April 3, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in New York on April 2, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Texas on March 19, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Colorado on February 27, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Minnesota on April 22, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in North Carolina on March 25, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Iowa on March 4, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Ohio on April 3, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Illinois on April 21, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Washington on March 25, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Missouri on February 27, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Pennsylvania on April 22, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Ohio on March 25, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
Nationwide on February 24, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Illinois on April 23, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in North Carolina on March 26, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Louisiana on February 27, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Massachusetts on April 29, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Kansas on March 25, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Minnesota on April 23, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Ohio on March 26, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Nebraska on March 3, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in California on February 24, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Michigan on April 1, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Indiana on March 4, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Pennsylvania on April 23, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Kansas on March 26, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Iowa on March 5, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in New Mexico on February 26, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Wisconsin on April 1, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Georgia on March 18, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
Nationwide on February 24, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in New York on April 28, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Michigan on April 2, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Indiana on March 5, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in Texas on February 26, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in New York on April 1, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in Texas on March 18, 2004
presented by SunGard Corbel
Form 5500 Workshop (1-day program)
in California on February 25, 2004
presented by SunGard Corbel
401(k) Plan Workshop - New Format!
in New Jersey on April 29, 2004
presented by SunGard Corbel
Ever wondered if employees complain about their 401(k) Plans?
in California on January 13, 2004
presented by Western Pension & Benefits Conference - Los Angeles Chapter
Newly Posted Press Releases
S&P Equity Market Analysts Reports Pension Under-funding at Historic High Despite Market Gains
(Standard & Poor's)
Gilsbar Named One of the Top Ten Best Places to Work by New Orleans CityBusiness
(Gilsbar, Inc.)
Newly Posted or Renewed Job Openings
Benefits Analyst
for CPE
in CA
401(k) Client Relationship Manager
for Great West Life & Annuity
in GA, IL, NY
Defined Benefit/Defined Contribution Account Manager
for National Retirement Services, Inc.
in CA, NC
Plan Administrator
for Thomas F Barrett Inc.
in DC, MD
401 (k) Cashiering Financial Control
for Constantin Control Associates
in MN
Qualified Retirement Plan Administrator
for Benefits Integrity
in CO
Retirement Plan Recordkeeper
for Fortress Retirement Services, Inc.
in IA
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