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March 11, 2004 - 13,655 subscribers
Today's sponsor: SunGard Corbel Inc.
(Click on company name or banner to learn more.)
Two Not-To-Be-Missed Pension Workshops FREE pre-recorded Web Seminar (a $169+ value) when you register for a Form 5500 Workshop, a 401(k) Plan Workshop OR both. These are smart choices for retirement plan specialists who need practical solutions. Programs are offered through April. Visit our Web site and select the programs of interest to you. Locations and seats are limited, so register soon. And, coming soon: Fundamentals of Qualified Plans and Fundamentals of 401(k) Plans. Check these out on our Web site.
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Boehner's Opening Statement at Pension Funding Conference Committee Meeting
Excerpt: "I'd also like to thank the other conferees for electing me to chair this conference. It's taken us awhile to get here, longer than all of us would have hoped I'm sure, but I'm pleased we're ready to complete work on this important pension issue on behalf of workers and employers." (U.S. House of Representatives Committee on Education and the Workforce)
City Council Sets Referendum on Houston Municipal Employees' Pensions
Excerpt: "With the chamber packed with city employees, the Houston City Council voted unanimously Wednesday to set a May 15 election that could allow the city to opt out of a state constitutional amendment that locks in generous pension benefits for city workers. Employees considered it their third strike from Mayor Bill White ..." (Houston Chronicle)
Houston Municipal Employees Really Could Be Millionaires At Retirement
Excerpt: "Of all the information circulating about the generosity of the Houston municipal pension plan, one fact has been angrily contested by employees -- the notion that some will retire as millionaires. Mayor Bill White himself scoffed at the idea. But if the pension rules for non-police, non-firefighter employees stay as they are, it is absolutely true, according to an analysis by Actuarial Service Co." (Houston Chronicle)
Feds Eye Trading Rule to Shield Investors
Excerpt: "Federal regulators targeting mutual fund abuses are considering alternatives to a proposal designed to curb after-hours trading because it could hurt investors in 401(k) and other retirement plans." (AP via Washington Post; one-time registration required)
Public Companies File First Reports Showing Pension Plan Investments
Excerpt: "A new rule that kicked in this month requires any company with a traditional retirement plan to file reports on its pension investment strategy. Though a company doesn't have to say exactly which stocks its pension holds, it must tell for the first time what share of the plan is invested in stocks, bonds, real estate and other vehicles. It must also give new information about how much cash and stock it expects to pump in." (Boston.com)
New Book: ESOPs and Corporate Governance
This book was written to help ESOP companies think through their governance issues. It provides details on board compensation and composition, trustee selection and responsibilities, employee roles on boards, how to select an ESOP trustee, legal obligations of the trustee, the implications of the Sarbanes-Oxley Act for private ESOP companies, and the results of a major new survey on governance practices in ESOP companies. (National Center for Employee Ownership)
Another Question is Answered in the Davis-Bacon Act Q&A Column
What are all of the fringe benefits that can be calculated into the non-cash fringe portion of certified wages? (BenefitsLink.com)
Philadelphia Mayor to Take Controversial Pension Perk
Excerpt: "Mayor Street said yesterday that he'll take advantage of a controversial benefit that will freeze his pension based on his current salary and provide him a whopping $451,626 lump sum when he leaves office at the end of 2007." (The Philadelphia Inquirer)
Overview: Proposed DOL Regs on Automatic Rollovers to IRAs
Excerpt: "As part of EGTRRA, a provision was added to the IRC to require that automatic cash-outs of more than $1,000 be automatically rolled over to an IRA if the distributee fails to make an election to receive the distribution or have it rolled-over to another qualifying vehicle. This provision of EGTRRA will only become effective 60 days after the DOL finalizes these regulations." (SunGard Corbel)
Florida Senator Pushes for Expansion of Pension Coverage for Former Negro League Players
Excerpt: "Commissioner Bud Selig told a senator Wednesday that a proposal will be made within a month about a group of Negro Leagues players left out of baseball's pension fund." (AP via LJWorld.com)
Opinion: Greenspan's Got His Eye On Your Retirement-- For All the Wrong Reasons
Excerpt: "The media display was especially impressive because Greenspan bears much of the blame for the huge deficits that he now proposes to close by cutting Social Security.... Greenspan's attack on Social Security seems especially mean-spirited, for he was the person who engineered the tax increases that were intended to pay for the Baby Boomers' Social Security." (Dean Baker on SFGate.com)
German Lawmakers Agree to Gradual Reductions in Public Pension Benefits
Excerpt: "German lawmakers on Thursday approved gradual cuts in state pensions over the next quarter-century, a key plank of Chancellor Gerhard Schroeder's efforts to modernize the economy by trimming welfare-state programs." (AP via PennLive.com)
Proposed Revisions to OECD Commentary on the Pension Article
Excerpt: "Having decided to undertake an analysis of how certain compensation-related income should be taxed in cross-border scenarios where a tax convention based substantially on the Model is in force, the OECD took on, as its initial project in this area, a study of the appropriate tax treaty treatment of income from stock options granted to international employees." (BNA Tax Management)
Links to Items on Executive Comp, Benefits in General
New book: Tax and Securities Sources for Equity Compensation
This book, prepared for the Certified Equity Professional Institute (CEPI) at Santa Clara University and available for sale to the general public, is a collection of tax and securities source materials relevant to the study of equity compensation. The CEPI curriculum committee selected the materials included here as being essential for those involved with equity compensation. (National Center for Employee Ownership)
Home Depot Partners with AARP To Draw Older Workers
Excerpt: "As shifting demographics change the way employers seek talent, The Home Depot and AARP have announced a partnership to recruit, motivate and retain older workers for the home improvement retailer." (BenefitNews.com)
AICPA Launches Audit Quality Center For Benefit Plan Audits
Excerpt: "The American Institute of Certified Public Accountants (AICPA) announced this week the formation of an Audit Quality Center for CPA firms that audit employee benefit plans. This Center has now begun accepting member applications, and is the second of three AICPA Audit Quality Centers to be launched in recent months." (AccountingWEB)
Evelyn Petschek Promoted (PDF)
2 pages. Excerpt: "Replacing [Mark] Brown as chief of staff to the [IRS Commissioner] will be Evelyn Petschek. Petschek is currently the commissioner of the Tax-Exempt and Government Entities Division." (Internal Revenue Service)
Newly Posted Events
Fundamentals of Qualified Plans Seminar
in Washington on June 10, 2004
presented by SunGard Corbel
412(i) and Beyond - What the New Rules Mean for Me
Nationwide on March 30, 2004
presented by SunGard Corbel
Fundamentals of Qualified Plans Seminar
in Illinois on May 20, 2004
presented by SunGard Corbel
HR Management Training & Certification Program
Nationwide on March 11, 2004
presented by HRcertification.com
Performance Management Training & Certification Program
Nationwide on March 11, 2004
presented by HRcertification.com
Recruiting & Hiring Training & Certification Program
Nationwide on March 11, 2004
presented by HRcertification.com
Compensation Training & Certification Program
Nationwide on March 11, 2004
presented by HRcertification.com
Weekend Review Courses for ASPA Consulting Exams
in Pennsylvania on April 24, 2004
presented by Course Instructors
Newly Posted Press Releases
HRcertification.com Launches New Training & Certification Programs Geared To Educating HR, Benefits, and Compensation Professionals
(HRcertification.com)
ICC Plan Solutions Joins First Trust Corporation’s Value-Added Services Program
(Metrics Partners)
America’s Health Insurance Plans Chart a Course for Improving Quality, Access and Affordability
(America’s Health Insurance Plans (AHIP))
Newly Posted or Renewed Job Openings
Attorney
for Stoel Rives
in WA
Benefits Analyst
for Morrison & Foerster LLP
in CA
Defined Contribution Administrator
for San Diego Pension Consultants
in CA
Senior Business Analyst
for Linea Solutions
in CA
Human Resources - Benefits Administrator
for Uline
in IL, WI
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- Employee Benefits Library
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