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January 9, 2004 - 13,655 subscribers
Today's sponsor: APSCREEN, Employee Locator
(Click on company name or banner to learn more.)
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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)
CalPERS Readying Rules for Investment Managers
Excerpt: "The California Public Employees' Retirement System is readying a new ethics code for its money managers, based on a survey on how the mutual-fund probe is affecting the firms. CalPERS, the nation's largest public pension fund, has told the firms that it will require them to adopt the code ..." (SFGate.com)
Weighted Average Interest Rate for January 2004: 5.25% (PDF)
1 page. Excerpt: "Section 417(e)(3)(A)(ii)(II) of the Code defines the applicable interest rate, which must be used for purposes of determining the minimum present value of a participant's benefit under ยง 417(e)(1) and (2) ... (Internal Revenue Service)
In Germany, Shifting the Cost of the Pension to the Worker
Excerpt: "Three major German companies disclosed plans this week to cut pension benefits for workers, with one, Commerzbank, doing so without first consulting its workers-- a move that is highly unusual in Germany." (New York Times; one-time registration required)
PBGC Establishes New System of Records with Online Access
Excerpt: "The PBGC is establishing a new system of records entitled 'PBGC-14, My Plan Administration Account (My PAA) Authentication Records-PBGC.' My PAA will allow authenticated plan sponsors, administrators and pension practitioners to file and pay premiums due the PBGC, check premium account histories, make plan termination filings, make reportable event filings, contact the PBGC with questions, and perform other plan maintenance tasks, all via a secure internet application." (CCH News & Information Library)
Overview: the First Enron Decision Has Arrived
Excerpt: "While this is the first of many decisions to come in the Enron case, it provides an insight into the developing area of 401(k) fiduciary responsibility.... With a few minor exceptions, the court adopted the positions advocated by the DOL. The following are among the key parts of the court's ruling: ..." (ERISA Controversy Report, by Reish Luftman Reicher & Cohen)
Overview: Final Rules Regarding QJSA Explanation (PDF)
Excerpt: "The final regulations provide guidance regarding the required description of the relative values of optional forms of benefit compared to the value of the QJSA and the content of the required disclosure of relative values." (Dechert LLP)
Portman: We Must Expand Pension Funds
Excerpt: "About 70 million working Americans - or half of all workers - are without 401(k)s or IRAs, the Republican congressman from Terrace Park said.... Speaking Thursday evening to the Greater Cincinnati Mutual Funds Association, Portman said he plans to sponsor legislation this spring that will encourage Americans to save more." (The Cincinnati Enquirer)
Avoiding the Top-Heavy Landmine
Excerpt: "Currently ... claims relating to a plan's top-heavy status seem to be one of the leading sources of service provider disputes. In this article, we discuss the trend and suggest ways to avoid claims relating to top-heavy issues in your practice." (ERISA Controversy Report, by Reish Luftman Reicher & Cohen)
Links to Items on Executive Comp, Benefits in General
N.J. Senate OKs Domestic Partners Bill
Excerpt: "The state Senate approved a bill Thursday to give same-sex couples many of the rights available to legally married couples, and the governor is expected to sign it into law, making New Jersey the fifth state to recognize domestic partners." (AP via Washington Post)
Overview: Proper Handling of ERISA Benefit Claims
Excerpt: "Claims by individual participants for plan benefits have long been the 'bread and butter' of ERISA litigation, and continue to represent the vast majority of cases filed. This article outlines some common-sense tips for employers, administrative committees and the members of those committees whose job it is to respond to benefit claims." (ERISA Controversy Report, by Reish Luftman Reicher & Cohen)
Chart: Selected Benefit Plan Limits for 2003 and 2004 (PDF)
1 page. Excerpt: "Annual Compensation Limit ... 2004 ... $205,000" (Sutherland Asbill & Brennan LLP)
Newly Posted Events
Beware of Changes to Executive Compensation Rules -- A 90-Minute Interactive Audio Conference
Nationwide on January 29, 2004
presented by Thompson Publishing Group
How to Handle Psychiatric Disabilities in the Workplace -- A 90-Minute Interactive Audio Conference
Nationwide on January 28, 2004
presented by Thompson Publishing Group
Newly Posted or Renewed Job Openings
Account Manager
for Andreini and Company (65th largest insurance agency in the U.S.)
in CA
Manager, Compliance Testing
for Diversified Investment Advisors
in NY
Benefits Compliance Advisor
for NRECA
in VA
Contract Enroller
for Professional Benefit Services, Inc.
in ALL STATES
Benefit Educator
for Benefit Advocates LLC
in OR
Vice President, Trust Operations
for New York Life Investment Management, LLC
in MA
Defined Benefit Conversion Specialist
for New York Life Investment Management LLC
in MA
EB Managing Consultant (03-0027580)
for Wachovia Corporation
in NC
New Business Technical Consultant
for Diversified Investment Advisors
in NY
Sr. Contracts Analyst
for Fidelity Investments
in MA
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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