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January 16, 2004 - 13,655 subscribers
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Register now for the Spring 2004 QKA exams from ASPA! Now is the time to enhance your career as a retirement plan professional by earning the Qualified 401(k) Administrator (QKA) credential. Get started this spring with the 2004 versions of the introductory Pension Administrator take-home exams. You can also download the Qualified 401(k) Administrator information kit below, it contains the registration form and answers to your most frequently asked questions! For more information, call (703) 516-9300 or email at educaspa@asppa.org. Click here for the QKA- Qualified 401(k) Administrator kit: www.asppa.org/qka/
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Boehner: Largest PBGC Deficit Ever Highlights Need for Defined Benefit Pension Reform
Excerpt: "Providing limited, short-term funding relief to help employers keep their pension plans afloat is critical to ensuring that workers will receive all of their pension benefits during their retirement." (U.S. House of Representatives Committee on Education and the Workforce)
AP Coverage: PBGC Deficit Swells
Excerpt: "The deficit for the government's pension insurance program ballooned to a record $11.2 billion last year, more than triple the previous year's total, and officials are warning that taxpayers could be called on for a bailout." (AP via Washington Post)
Three State Pension Fund Managers Pledge To Get Reforms In Mutual Fund Industry
Excerpt: "The debate over mutual fund reform intensified Thursday as state officials from New York, California and North Carolina pledged to use their financial clout to make funds disclose more information to shareholders, and said new federal proposals must be tougher." (AP via Buffalo News)
Companies Heeding More Requests of Investor Activists
Excerpt: "On Nov. 17, Merrill Lynch & Co. Inc. received a proposal from the Sheet Metal Workers National Pension Fund: Allow shareholders to vote on the selection of Merrill's auditor. Two weeks later, Merrill told the union by fax and overnight mail that the change had become company policy." (The Philadelphia Inquirer)
Is Your Fund Manager Any Good?
Excerpt: "As the stench of the mutual fund scandal lingers over the land, anxious investors ask where they can find good, clean funds. The answer is to look for good, clean managers." (Forbes.com; one-time registration required)
Michael Price Calls Mutual Fund Profits 'Embarrassing'
Excerpt: "Mutual-fund managements make too much money. That, under various guises, is the offense for which they are now on trial in the court of public opinion. It's a fascinating proceeding -- part law, part politics, part public relations.... [E]xchange-traded funds [lock] horns with traditional open-ended mutuals on fees. So far, though, ETFs have made little headway." (Chet Currier on Bloomberg.com)
Guide to SEC Proposal for Required Code of Ethics (PDF)
4 pages. Excerpt: "The SEC voted on January 14, 2004 to propose new rules (204A 1 and related rule amendments under the Investment Advisers Act of 1940) which would require registered investment advisers ('advisers') to adopt and enforce a code of ethics. The SEC proposal was prompted by the number of breaches of ethical and fiduciary conduct by investment advisers." (Foundation for Fiduciary Studies)
Guide to SEC Probe of Consultant Pay-to-Play Schemes (PDF)
3 pages. Excerpt: "The overwhelming majority of the nation's pension plans ... are advised by investment consultants. The SEC has begun an investigation to determine whether certain investment consulting firms have engaged in inadequately disclosed 'pay-to-play' schemes, whereby investment consultants are receiving millions, if not tens of millions of dollars, from the very same money managers the investment consultant has been retained to evaluate and monitor." (Foundation for Fiduciary Studies)
Guide to SEC Probe of Mutual Fund and Brokerage Scandals (PDF)
7 pages. Excerpt: "The Foundation for Fiduciary Studies has prepared the following guide to assist members of the press and other interested parties in understanding the myriad of complex issues associated with the SEC probe on mutual fund families and brokerage firms." (Foundation for Fiduciary Studies)
Another Question is Answered in the Fiduciary Investing Q&A Column
As a member of our company's investment committee, I'm concerned over the costs associated with managing the investments our retirement plan. How can our committee determine if our expenses are reasonable? (BenefitsLink.com)
How a Retirement Plan Committee Equals Prudent Risk Management
Excerpt: "The essence of managing fiduciary liability is prudent decisions made by well informed individuals. The idea that a committee is appropriate for this role is a blinding flash of the obvious. But in this day and age where committees are often put in place for very insignificant matters, why is it that so few employers have such groups established for the purpose of optimizing their retirement plan decisions?" (Graham-Garnett-Branson Retirement Group via 401kHelpCenter.com)
Applicable Federal Rates for February, 2004 (PDF)
4 pages. (Internal Revenue Service)
Text of IRS Announcement Changing Roth IRA Distribution Codes for Form 1099-R (PDF)
1 page. Excerpt: "The descriptions for Code J, Q, and T, shown in the Publication 1220, have changed. If you have issued a Form 1099–R or (applicable substitute) for 2003 for a Roth IRA distribution, you may have to issue a corrected return based on the changes in the chart below." (Internal Revenue Service)
Overview: Final Regulations on Disclosure of Relative Values of Optional Forms of Benefit (PDF)
6 pages. Excerpt: "This Legal Alert summarizes both the key aspects of the final regulations and differences from the proposed regulations and discusses the steps that plans affected by the regulations may need to take. This Legal Alert also includes a short discussion of procedural changes and plan amendments that some plans may need to make, effective January 1, 2004, to address certain situations in which a participant has a 'retroactive annuity starting date.'" (Sutherland Asbill & Brennan LLP)
Text of Rev. Proc. 2004-8 Restating User Fees for Obtaining Determination Letters, Other IRS Rulings (PDF)
14 pages. (Internal Revenue Service)
Text of Rev. Proc. 2004-6 Restating Procedures for Obtaining Determination Letters (PDF)
40 pages. (Internal Revenue Service)
Text of Rev. Proc. 2004-4 Restating Procedures for Obtaining Private Letter Rulings (PDF)
42 pages. (Internal Revenue Service)
Baby Boomers Zero in on Retirement
Excerpt: "As the baby boomer generation nears retirement age, the financial issues that weigh heaviest on their minds are shifting. According to a study released yesterday by AXA Financial, baby boomers have switched their financial focus from providing for children to planning for retirement." (Registered Rep)
Opinion: Unlike the Democrats, Bush Looks Set To Encourage Saving
Excerpt: "Our good friend, Mr. Rumor, has it that on Tuesday night President Bush will revive the proposal for two new tax-exempt savings accounts in his State of the Union address." (OpinionJournal.com)
Bush to Revive Social Security Tax Plan
Excerpt: "President Bush will use next week's State of the Union address to try to revive a proposal that would allow younger workers to invest a portion of their Social Security taxes in the stock market, aides say." (AP via Washington Post)
Links to Items on Executive Comp, Benefits in General
New Pension and Postretirement Plan Disclosures Required for 2003 Financial Statements (PDF)
5 pages. Excerpt: "The Financial Accounting Standards Board (FASB) issued in December revised disclosure requirements for defined benefit pension and other postretirement plans. The final statement differs from the Exposure Draft primarily in postponing the effective dates for certain disclosures ..." (Mellon's Human Resources & Investor Solutions)
Bookmark: Stock Options Stories from the San Jose Mercury News
Links to articles published by Silicon Valley's leading newspaper about various aspects of stock options, including 'Backlash Against Stock Options,' 'The Battle Over Expensing Options,' 'Pay Trends,' 'Money Manual on Stock Options,' 'Options and Taxes' and 'Cashing In With Stock Options." ([San Jose] Mercury News)
Newly Posted Events
Plan Expenses - How Hard Can It Be to Pay a Bill?
Nationwide on February 12, 2004
presented by SunGard Corbel
Insuring America's Health: Principles and Recommendations
Nationwide on January 14, 2003
presented by Kaiser Family Foundation
The Mutual Fund Scandal
in California on February 19, 2004
presented by Western Pension & Benefits Conference - Orange County Chapter
IRA Required Minimum Distributions Telephone Seminar
Nationwide on August 24, 2004
presented by BISYS Retirement Services
Wealth Transfer of Retirement Assets Telephone Seminar
Nationwide on December 16, 2004
presented by BISYS Retirement Services
Qualified Plans - Basic Telephone Seminar
Nationwide on March 16, 2004
presented by BISYS Retirement Services
IRA Withholding Telephone Seminar
Nationwide on March 9, 2004
presented by BISYS Retirement Services
Roth IRA Distributions Telephone Seminar
Nationwide on May 18, 2004
presented by BISYS Retirement Services
IRA Update Telephone Seminar
Nationwide on July 7, 2004
presented by BISYS Retirement Services
IRA Required Minimum Distributions Telephone Seminar
Nationwide on November 23, 2004
presented by BISYS Retirement Services
Accumulating Retirement Plan Assets Telephone Seminar
Nationwide on November 4, 2004
presented by BISYS Retirement Services
Qualified Plans - Basic Telephone Seminar
Nationwide on September 14, 2004
presented by BISYS Retirement Services
IRA Withholding Telephone Seminar
Nationwide on June 8, 2004
presented by BISYS Retirement Services
Roth IRA Distributions Telephone Seminar
Nationwide on August 17, 2004
presented by BISYS Retirement Services
IRA Update Telephone Seminar
Nationwide on September 8, 2004
presented by BISYS Retirement Services
IRA Required Reporting Telephone Seminar
Nationwide on January 29, 2004
presented by BISYS Retirement Services
Distribution of Retirement Assets Telephone Seminar
Nationwide on June 17, 2004
presented by BISYS Retirement Services
Small Business Plans - Including Individual(k) Telephone Seminar
Nationwide on March 18, 2004
presented by BISYS Retirement Services
Employer-Sponsored Plan Portability Telephone Seminar
Nationwide on February 3, 2004
presented by BISYS Retirement Services
IRA Withholding Telephone Seminar
Nationwide on September 7, 2004
presented by BISYS Retirement Services
Roth IRA Distributions Telephone Seminar
Nationwide on November 16, 2004
presented by BISYS Retirement Services
IRA Update Telephone Seminar
Nationwide on November 3, 2004
presented by BISYS Retirement Services
IRA Required Reporting Telephone Seminar
Nationwide on April 29, 2004
presented by BISYS Retirement Services
Distribution of Retirement Assets Telephone Seminar
Nationwide on December 9, 2004
presented by BISYS Retirement Services
Small Business Plans - Including Individual(k) Telephone Seminar
Nationwide on August 26, 2004
presented by BISYS Retirement Services
Employer-Sponsored Plan Portability Telephone Seminar
Nationwide on May 4, 2004
presented by BISYS Retirement Services
IRA Withholding Telephone Seminar
Nationwide on December 7, 2004
presented by BISYS Retirement Services
SEP Plans Telephone Seminar
Nationwide on February 12, 2004
presented by BISYS Retirement Services
IRA Recharacterizations Telephone Seminar
Nationwide on April 8, 2004
presented by BISYS Retirement Services
IRA Required Reporting Telephone Seminar
Nationwide on July 29, 2004
presented by BISYS Retirement Services
Preserving Retirement Plan Assets Telephone Seminar
Nationwide on May 2, 2004
presented by BISYS Retirement Services
QRP Update Telephone Seminar
Nationwide on June 1, 2004
presented by BISYS Retirement Services
Employer-Sponsored Plan Portability Telephone Seminar
Nationwide on August 3, 2004
presented by BISYS Retirement Services
SEP Plans Telephone Seminar
Nationwide on August 12, 2004
presented by BISYS Retirement Services
IRA Recharacterizations Telephone Seminar
Nationwide on July 15, 2004
presented by BISYS Retirement Services
IRA Required Reporting Telephone Seminar
Nationwide on October 28, 2004
presented by BISYS Retirement Services
IRA Required Minimum Distributions Telephone Seminar
Nationwide on February 24, 2004
presented by BISYS Retirement Services
Preserving Retirement Plan Assets Telephone Seminar
Nationwide on November 11, 2004
presented by BISYS Retirement Services
QRP Update Telephone Seminar
Nationwide on November 18, 2004
presented by BISYS Retirement Services
Employer-Sponsored Plan Portability Telephone Seminar
Nationwide on November 2, 2004
presented by BISYS Retirement Services
401(k) Plans - Basic Telephone Seminar
Nationwide on March 23, 2004
presented by BISYS Retirement Services
SIMPLE IRAs Telephone Seminar
Nationwide on February 19, 2004
presented by BISYS Retirement Services
IRA Recharacterizations Telephone Seminar
Nationwide on October 14, 2004
presented by BISYS Retirement Services
IRA Update Telephone Seminar
Nationwide on March 3, 2004
presented by BISYS Retirement Services
IRA Required Minimum Distributions Telephone Seminar
Nationwide on May 25, 2004
presented by BISYS Retirement Services
Wealth Transfer of Retirement Assets Telephone Seminar
Nationwide on June 24, 2004
presented by BISYS Retirement Services
Accumulating Retirement Plan Assets Telephone Seminar
Nationwide on May 13, 2004
presented by BISYS Retirement Services
401(k) Plans - Basic Telephone Seminar
Nationwide on September 21, 2004
presented by BISYS Retirement Services
SIMPLE IRAs Telephone Seminar
Nationwide on August 19, 2004
presented by BISYS Retirement Services
Roth IRA Distributions Telephone Seminar
Nationwide on February 17, 2004
presented by BISYS Retirement Services
IRA Update Telephone Seminar
Nationwide on May 5, 2004
presented by BISYS Retirement Services
Are you prepared for Employee and Manager Self-Reliance?
in North Carolina on January 22, 2004
presented by Empliant, Inc.
New Developments in the Benefit World's Best-Kept Secret: Flexible Spending Accounts
in Maryland on February 12, 2004
presented by Baltimore Chapter of ISCEBS
A New Approach to Optimizing Costs and Quality of Health Benefits
Nationwide on January 21, 2004
presented by VitalSpring Technologies, Inc.
A New Approach to Optimizing Costs and Quality of Health Benefits
Nationwide on January 27, 2004
presented by VitalSpring Technologies, Inc.
Newly Posted Press Releases
VitalSpring Appoints Carroll M. Carpenter to Board of Directors
(VitalSpring Technologies, Inc.)
Gift to Help Safeguard Retirement Investments
(Audit Integrity)
FreeERISA.com Launches New Premium Service with Specialized Access To Pension and Benefits Data, Including a Mutual Fund Finder
(FreeERISA.com)
Newly Posted or Renewed Job Openings
Trust Client Services Operations Manager
for Charles Schwab
in AZ
Benefit Analyst
for Exult
in NC
Compensation Manager
for Exult
in NC
Compensation Analysts
for Exult
in NC
Pension Plan Administrator
for Gateway Pension Services, Ltd.
in MO
Pension Administrator
for Benefit Strategies, Inc.
in CA
Senior Instructor
for Cigna
in CA
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