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February 18, 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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Statement of Assistant DOL Sec.: Duties of Fiduciaries In Light of Recent Mutual Fund Investigations
Excerpt: "The exercise of prudence in this context requires a deliberative process. In this regard, fiduciaries, deciding whether to make any changes in mutual fund investments or investment options, must make decisions that are as well informed as possible under the circumstances.... Plan fiduciaries should follow prudent plan procedures relating to investment decisions and document their decisions." (Ann L. Combs, Assistant Secretary, U.S. Department of Labor)
Labor Department Issues Guidance on Fiduciary Duties In Response to Mutual Fund Abuses
(U.S. Department of Labor, Office of Public Affairs, Washington, D.C.)
CalPERS Puts Franklin on Probation
Excerpt: "The nation's largest public pension plan put Franklin Advisors on probation Tuesday as federal and state regulators investigate improper trading charges against a related mutual fund company." (AP via Washington Post)
Husband's Bankruptcy Failed to Protect IRA From Wife's Claims Based On Later-issued Divorce
2/16/04. Excerpt: "A husband's bankruptcy filing did not protect his IRA from his wife's divorce-related claims, even though the divorce court didn't divide the marital property until after the bankruptcy petition had been filed. A majority of a First Circuit panel held that the wife prevailed because she had an equitable interest in the IRA that arose before the bankruptcy petition was filed. (Davis, Laurie v. Thomas Cox (2004, CA1) 2004 WL 110848)" (RIA Pension & Benefits Week)
Another Question is Answered in the Estate Planning for IRAs Q&A Column
Can a non-spouse beneficiary transfer benefits from a qualified plan to an IRA (instead of an IRA-to-IRA transfer, like in Q&A 3)? The IRS private letter rulings seem to address only transfers between IRA's, but it seems logical that qualified plan beneficiaries would have the same opportunity to select a new custodian that IRA beneficiaries have. (BenefitsLink.com)
NAGDCA Publishes Archived Webcast: Mutual Funds in Crisis-- Issues for Plan Sponsors
Includes audio of the program as well as the slides. Download the '.zip' file to your Windows desktop and then unzip it; then click on the index.htm file. [Editor's note: I'm pretty sure this works only for Windows machines; also, I'm not sure it works with browsers other than Internet Explorer; if it works for your non-IE browser, let me know; thanks -- davebaker@benefitslink.com.] (National Association of Government Defined Contribution Administrators)
City Cool to Widows' Pension Plea
Excerpt: "As part of [Fort Lauderdale's] rules, widows whose spouses retired from the city before 1999 have to forfeit pension payments if they remarry." (Miami Herald)
Personal Accounts and Family Retirement
Working paper. Excerpt: "This paper constructs a model of retirement and saving by two earner couples.... We find both an asymmetry in which husbands prefer their wife to be retired before they retire, and a clear distaste of many husbands to retiring when their wives are in poor health, while the wives are willing to stay at home with sickly husbands." (National Bureau of Economic Research)
Links to Items on Executive Comp, Benefits in General
New Issue of Nixon Peabody's Benefits Briefs
If there's a law firm publication that's more fun to read than Nixon Peabody's Benefits Briefs®, I haven't see it yet! Excerpt: "Market timing in 401(k) accounts; Faulty SPD entitles domestic partner to benefits not enrolled for; Benefit entitlement of contingent workers; Unique plan held to 'benefit' employee as required by NY law; Return of excess pension payment ordered; Qualified parking fringe; Bankrupt creditors able to reach 403(b) accounts." (Nixon Peabody LLP)
Opinion: Why Some Employers See Value in Providing Higher Pay, Benefits
Excerpt: "Much of corporate America is driven today by the belief that to be competitive, companies must cut their employees' wages and benefits. Nowhere is this creed held more devoutly than among the supermarket chains that are enduring a strike and have locked out their workers in Southern and Central California." (Los Angeles Times; one-time registration required)
Opinion: What's Law Got to Do With It, Got to Do With It?
(With apologies to Tina Turner; could the writer's point also could be applied to state and local governments' efforts to reimport drugs from Canada?) Excerpt: "San Francisco Mayor Gavin Newsom says he was upholding the California Constitution's ban on discrimination by handing out marriage licenses (an expected 2,000 by today) to same-sex couples ... Newsom is defying the California law that explicitly defines marriage as between a man and a woman." (San Diego Union-Tribune)
Newly Posted Events
Employee Benefits Security Administration's Audit Enforcement Activity and Other Compliance Issues
in New York on February 24, 2004
presented by New York Metropolitan Area Chapter - ISCEBS
Newly Posted Press Releases
NCPERS Joins Health Care Coalition
(National Conference on Public Employee Retirement Systems)
Federal Pension Insurer Takes First Step to Automate Premium Filing Process
(Pension Benefit Guaranty Corporation (PBGC))
The Newport Group Introduces New Online Tools for Plan Participants Including Personal Rate of Return
(The Newport Group)
The 412(i) Company Applauds IRS Action
(The 412(i) Company)
Private Insurance Paying Nearly Half Prescription Bill; Drugs Consume 10% of Health Budget
(Employee Benefit Research Institute (EBRI))
Transamerica Retirement Services Launches Transamerica Partner Series III To Enhance Partnership With Third Party Administrators
(Transamerica Retirement Services)
Newly Posted or Renewed Job Openings
Business Analyst
for Constantin Control Associates
in NJ
2nd Vice President, Creative Services
for New York Life Investment Management
in MA, NY
Assistant Administrator
for Small, but rapidly-growing northeast Florida 'Daily Val' shop
in FL
401(k) Compliance Manager
for ADP Retirement Services
in NJ
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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