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January 15, 2004 - 13,655 subscribers
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PBGC Releases Fiscal Year 2003 Financial Results: Deficit Is $11.2 Billion
Excerpt: "The Pension Benefit Guaranty Corporation's insurance program for pension plans sponsored by a single employer suffered a net loss of $7.6 billion in fiscal year 2003, according to the agency's Annual Report released today. As a result, the program's fiscal year-end deficit worsened to a record $11.2 billion, three times larger than any previously recorded deficit." (Pension Benefit Guaranty Corporation)
Could a Bull Market Be a Panacea for Defined Benefit Pension Plans?
Excerpt: "This report describes the serious challenges and outlook facing the PBGC and corporate defined benefit pension plans, and examines the effects on financial institutions insured by the FDIC. Defined benefit pension problems can affect the competitiveness and cash flow of sponsoring companies, some of which borrow from FDIC-insured institutions." (Federal Deposit Insurance Corporation)
Talking Points on Use of Corporate Bond Rate for Pension Plan Liability Assumptions (PDF)
Excerpt: "Concerns have been raised as to whether a high-quality long-term corporate bond rate ('corporate bond rate') is an appropriate discount rate for purposes of valuing pension liabilities. The concerns have focused on whether the corporate bond rate is sufficiently conservative. The corporate bond rate is a very conservative rate for the reasons discussed below." (American Benefits Council)
ESOP Funding Through Lateral Transfers From Other Qualified Plans
Excerpt: "[O]ne area of ESOP planning potential that is not widely known and is ... the transferring of funds from other qualified plans (usually profit sharing or 401(k)) laterally into an ESOP where those funds become available to be used by employees to acquire company stock specifically for their own ESOP account. This article explores the potential inherent in this avenue of ESOP utilization ..." (Buchanan Ingersoll)
SEC Proposes New Investment Rules, Fund Firms Oppose
Excerpt: "AccountingWEB.com - Jan-15-2004 - On Wednesday, the Securities and Exchange Commission voted to propose three regulatory initiatives designed to better protect the 95 million investors in mutual funds. Later in the day, two of the nation's largest mutual fund groups, Fidelity Investments and Vanguard Group, said they oppose the plan by the US Securities and Exchange Commission to require chairmen of mutual fund boards to be independent." (AccountingWEB)
SEC Plan Would Force Fund Boards to Change
Excerpt: "A deeply divided Securities and Exchange Commission proposed rules on Wednesday that would force most of the nation's mutual funds to replace their board chairmen with outsiders independent of the firms that manage the funds." (New York Times; one-time registration required)
SEC Plans Mutual Fund Overhaul
Excerpt: "The Securities and Exchange Commission's five-member board moves to overhaul the regulations that govern the mutual fund industry. The board will institute measures meant to check the power of mutual fund managers by making their governing boards more independent. The body also proposes new rules requiring fund advisers to adopt and enforce an ethics code. NPR's Jim Zarroli reports." (National Public Radio)
A Look at Revenue Sharing Between Mutual Funds and Brokers
Excerpt: "Known as revenue sharing, it works like this: A mutual fund company pays a brokerage firm to promote its funds above others, usually by placing them on a preferred or recommended list. The payment can be made in cash and/or by sending some of the fund's buy and sell orders to the brokerage firm's trading desk." (SFGate.com)
The Fees That Make You Keep On Giving
Excerpt: "Among the increasingly numerous complaints about the behavior of mutual funds, a particularly eye-catching one -- and one that affects millions of investors -- concerns funds that are closed to new investors but continue to charge so-called 12b-1 fees ..." (Washington Post)
Links to Items on Executive Comp, Benefits in General
Form 5500 Filing Tips
Excerpt: "Form 5500 filing season is upon us once again. Recently, the DOL released a list of Form 5500 filing tips. The tips focus on some of the more common filing errors. The following summary identifies the filing errors and provides an explanation of how to avoid such errors:" (SunGard Corbel)
Overview: Senate Finance Committee Issues Draft of COLI Reform Bill
Excerpt: "Senate Finance Committee (SFC) Chairman Charles E. Grassley, R-Iowa, on January 14 released a preliminary draft of proposed reforms for the taxation of corporate-owned life insurance (COLI)." (CCH News & Information Library)
Overview: Court Says COLI On Ordinary Workers Violates Texas Law
Excerpt: "Corporate-owned life insurance (COLI) sellers and buyers were dealt a blow recently when a federal appeals court in Texas ruled that such policies could be considered illegal." (BenefitNews.com)
The Future of Broad-Based Stock Options
In excerpts from the NCEO's new issue brief on the future of broad-based stock options, NCEO Executive Director Corey Rosen reports that expensing should have little effect on stock prices and that companies are more likely to cut back on options for non-management than to cut back on options for management. (National Center for Employee Ownership)
Newly Posted Events
Compensation Consternation
Nationwide on December 4, 2003
presented by SunGard Corbel
The NEW 401(k) Regulations
Nationwide on November 18, 2003
presented by SunGard Corbel
Retiree Health Benefits
Nationwide on January 14, 2004
presented by Kaiser Family Foundation
Ask the Experts: Drug Reimportation
Nationwide on December 2, 2003
presented by Kaiser Family Foundation
IRA to IRA Transfers and Rollovers Telephone Seminar
Nationwide on January 27, 2004
presented by BISYS Retirement Services
IRA Contributions Telephone Seminar
Nationwide on April 2, 2004
presented by BISYS Retirement Services
IRA Beneficiary Distributions Telephone Seminar
Nationwide on March 2, 2004
presented by BISYS Retirement Services
Fundamentals of 529 Plans Telephone Seminar
Nationwide on September 16, 2004
presented by BISYS Retirement Services
IRAs: General Traditional IRA Distributions Telephone Seminar
Nationwide on May 11, 2004
presented by BISYS Retirement Services
Coverdell Education Savings Accounts Telephone Seminar
Nationwide on February 26, 2004
presented by BISYS Retirement Services
IRA to IRA Transfers and Rollovers Telephone Seminar
Nationwide on April 27, 2004
presented by BISYS Retirement Services
IRA Contributions Telephone Seminar
Nationwide on July 2, 2004
presented by BISYS Retirement Services
IRA Beneficiary Distributions Telephone Seminar
Nationwide on June 1, 2004
presented by BISYS Retirement Services
IRAs: Handling IRA Legal Issues Telephone Seminar
Nationwide on September 16, 2004
presented by BISYS Retirement Services
IRAs: General Traditional IRA Distributions Telephone Seminar
Nationwide on February 1, 2004
presented by BISYS Retirement Services
IRAs: General Traditional IRA Distributions Telephone Seminar
Nationwide on November 9, 2004
presented by BISYS Retirement Services
IRAs: General Traditional IRA Distributions Telephone Seminar
Nationwide on August 1, 2004
presented by BISYS Retirement Services
IRA to IRA Transfers and Rollovers Telephone Seminar
Nationwide on July 27, 2004
presented by BISYS Retirement Services
IRA Contributions Telephone Seminar
Nationwide on October 19, 2004
presented by BISYS Retirement Services
IRA Beneficiary Distributions Telephone Seminar
Nationwide on August 31, 2004
presented by BISYS Retirement Services
IRA Authoritative Hierarchy and Research Techniques Telephone Seminar
Nationwide on March 11, 2004
presented by BISYS Retirement Services
Coverdell Education Savings Accounts Telephone Seminar
Nationwide on September 2, 2004
presented by BISYS Retirement Services
IRA to IRA Transfers and Rollovers Telephone Seminar
Nationwide on October 26, 2004
presented by BISYS Retirement Services
IRA Excess Contributions Telephone Seminar
Nationwide on January 22, 2004
presented by BISYS Retirement Services
IRA Beneficiary Distributions Telephone Seminar
Nationwide on November 3, 2004
presented by BISYS Retirement Services
IRAs: Establishing IRAs and IRA Amendments Telephone Seminar
Nationwide on April 13, 2004
presented by BISYS Retirement Services
IRA Excess Contributions Telephone Seminar
Nationwide on March 3, 2004
presented by BISYS Retirement Services
IRA Compliance Telephone Seminar
Nationwide on March 25, 2004
presented by BISYS Retirement Services
IRA Authoritative Hierarchy and Research Techniques Telephone Seminar
Nationwide on September 23, 2004
presented by BISYS Retirement Services
IRAs: Establishing IRAs and IRA Amendments Telephone Seminar
Nationwide on July 13, 2004
presented by BISYS Retirement Services
IRA Excess Contributions Telephone Seminar
Nationwide on July 22, 2004
presented by BISYS Retirement Services
IRA Compliance Telephone Seminar
Nationwide on December 2, 2004
presented by BISYS Retirement Services
IRAs: Establishing IRAs and IRA Amendments Telephone Seminar
Nationwide on October 12, 2004
presented by BISYS Retirement Services
IRA Excess Contributions Telephone Seminar
Nationwide on October 21, 2004
presented by BISYS Retirement Services
IRA Contributions Telephone Seminar
Nationwide on January 2, 2004
presented by BISYS Retirement Services
Fundamentals of 529 Plans Telephone Seminar
Nationwide on May 6, 2004
presented by BISYS Retirement Services
IRAs: Handling IRA Legal Issues Telephone Seminar
Nationwide on March 4, 2004
presented by BISYS Retirement Services
PSCA 2004 Midwest Regional Conference
in Illinois on March 11, 2004
presented by Profit Sharing/401(k) Council of America (PSCA)
Designing Nonqualified Plans in 2004
Nationwide on January 27, 2004
presented by Retirement Capital Group
Newly Posted or Renewed Job Openings
Retirement Plan Administrator
for Mand Marblestone & Danziger, P.C.
in PA
Litigation Attorney
for Slevin & Hart, P.C.
in DC
401(k)/Pension Administrator
for SunGard Wealth Management Services
in KS
Inst Trust Sales Associate
for BB&T (Branch Banking & Trust Co.)
in TN
Retirement Plan Specialist (PART-TIME)
for Diversified Investment Advisors
in MI
Health & Welfare Administrator - Recordkeeping & Administration
for Black Mountain Management, Inc.
in NY
Business Partner Wanted
for Retirement Administration/Distribution/Benefits Brokerage
in DE, NJ, PA
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