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March 16, 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)
Text of IRS Proposed Reg Allowing Exclusion of 501(c)(3) Employees Under Minimum Coverage Test (PDF)
2 pages. Excerpt: "The proposed amendments permit, in certain circumstances, employees of a taxexempt organization described in section 501(c)(3) to be excluded for the purpose of testing whether a section 401(k) plan ... meets the requirements for minimum coverage specified in section 410(b). These regulations will affect tax-exempt employers described in section 501(c)(3), retirement plans sponsored by these employers, and participants in these plans." (Internal Revenue Service)

House and Senate Conferees Remain Unable To Resolve Impasse In Pension Funding Bill
3/15/04. Excerpt: "As the April 15 deadline by which many employers will be required to make pension plan funding contributions fast approaches, House and Senate conferees have not been able to reach an agreement on a bill that would replace the 30 year Treasury bond interest rate and provide targeted deficit reduction contribution relief." (CCH News & Information Library)

Diversion of Illinois Pension Fund Shortchanges System, Officials Say
Excerpt: "State pension officials contend that Gov. Rod Blagojevich is shortchanging the state's pension systems in an attempt to balance this year's budget, a move that they claim could eventually cost Illinois taxpayers billions." (St. Louis Post-Dispatch)

Pension Shortfalls Expand in California
Excerpt: "The assets of state pension funds fell last year as their commitments to pay retiree benefits rose, widening the funds' collective shortfall to $366 billion, Wilshire Associates said in a report Monday." (Los Angeles Times; one-time registration required)

Updated: Interpretation of FASB Statement No. 87 on Cash Balance Pension Plans
Excerpt: "At its March 3, 2004 Board meeting, the Board considered the following three alternatives for measuring a cash balance pension plan obligation: (1) current methodology, (2) hybrid approach, and (3) separation approach." (Financial Accounting Standards Board)

Former Baseball Players Lose Pension Bid
Excerpt: "A lawsuit seeking pension and medical benefits for a group of [white] former major league players who had brief careers is without merit, a federal judge ruled Monday." (AP via Washington Post; one-time registration required)

Houston Police Officers Boost Pension Pay By Working More Hours
Excerpt: "In his final year with the Houston Police Department, Sgt. Charles E. Jackson worked the overnight shift at Bush Intercontinental Airport in addition to his regular duties. By doing so, he nearly doubled his lifetime annual pension to $72,389." (ABC13.com)

Former Milwaukee Personnel Chief Sentenced for Role in Government Pension Case
Excerpt: "The creator of a controversial pension plan that would have given some Wisconsin public officials millions of dollars in payouts was sentenced Monday to 60 days in jail after pleading no contest to misconduct in public office and making false statements." (AP via Washington Post; one-time registration required)

Changes in Legal Landscape Turn Fiduciary Response Upside Down in 2004
Excerpt: "As 401(k) plan sponsors and trustees wander in a wilderness of uncertainty regarding their fiduciary responsibilities, service providers and consultants have an opportunity-and perhaps a responsibility-to step in and offer guidance." (DC Plan Investing via International Foundation)

Exxon Sees 2004 Pension Payments Down
Excerpt: "Exxon Mobil Corp., the world's largest listed oil company, expects to contribute about $750 million into employee pension funds in 2004, well below last year's $2.83 billion in payments to maintain the funded status of its U.S. and overseas plans." (Reuters via FindLaw.com)

Helping Workers Save Adequately For Retirement While There Is Still Time
Excerpt: "Retirees face a jaw-dropping shortfall of $45 billion annually by 2030, according to a national study of retirement income adequacy by the Employee Benefit Research Institute (EBRI). Nearly half (49%) of employees worry they're not saving enough for retirement ..." (BenefitNews.com)

Opinion: Social Security Reform is a Women's Issue
Excerpt: "Women need to hear how personal accounts can be incorporated into Social Security and about the consequences of allowing the system to continue as it is. Politicians aren't the only ones disserving women by ignoring Social Security's problems. So-called 'women's groups' ... have also failed to take the issue seriously." (Carrie Lukas in the Washington Times)

Links to Items on Executive Comp, Benefits in General

Domestic Partner Mandates Complicate Decisionmaking
Excerpt: "[A]s state and local mandates regarding domestic partners and civil unions proliferate, the decisions facing employers are becoming more pressing and complex. How does an organization with employees in locales with and without such mandates respond?" (BenefitNews.com)

The Executive Compensation Year in Review: 2003 (PDF)
11 pages. Excerpt: "Following on the dramatic regulatory changes of 2002, 2003 saw many significant developments in the field of executive compensation. The following is a review of key accounting, regulatory and legislative developments of 2003 that impact the field of executive compensation. The purpose of this memo is not to provide a comprehensive analysis of these changes, but to highlight 2003's developments and their implications for executive compensation programs." (Frederic W. Cook & Co., Inc.)

Certain Compensation Treated as Automatic Excess Benefit For Purposes of "Intermediate Sanctions"
Excerpt: "The amount of executive compensation that can be paid to executives and other employees of exempt organizations is a very difficult problem.... The IRS has recently added more fuel to the fire by stating that unless certain written requirements are followed, an economic benefit provided to executives of exempt organizations will be treated as an automatic excess benefit and thus subject to monetary sanctions under ยง4958." (Buchanan Ingersoll PC)

Hybrid Retiree Health Savings Plan Unveiled
Excerpt: "Fidelity Investments is promoting a new savings plan - the retiree medical benefits account (RMBA) - that it says combines the best features of existing plans and will be more successful in spurring employees to save for their golden years. Aided by Deere & Company, Fidelity is trying to convince federal lawmakers to make its vision law." (BenefitNews.com)

Newly Posted Events

Fundamentals of 401(k) Plans Seminar
in Kansas on May 13, 2004
presented by SunGard Corbel

Fundamentals of 401(k) Plans Seminar
in Minnesota on May 20, 2004
presented by SunGard Corbel

Fundamentals of 401(k) Plans Seminar
in Arizona on May 26, 2004
presented by SunGard Corbel

Fundamentals of 401(k) Plan Seminar
in California on May 6, 2004
presented by SunGard Corbel

HIPAA Update: Security Compliance Implications for Employers
Nationwide on March 12, 2004
presented by Mercer Human Resource Consulting

Options for Safe and Effective Prescription Drug Importation
Nationwide on March 11, 2004
presented by Kaiser Family Foundation

A Vision for Tomorrow's Treasurer -- Managing the Financial and Fiduciary Risks of Retirement
in New York on March 23, 2004
presented by Hewitt Associates LLC

National Health Benefits Conference & Expo: Managing Cost & Productivity - Best Employer Practices
in Florida on June 3, 2004
presented by Employers Health Conferences

412i Nationwide Teleconference
Nationwide on March 26, 2004
presented by The 412(i) Company

Electronic Claims Processing with Debit Cards
in New York on March 24, 2004
presented by New York Metropolitan Area Chapter - ISCEBS

Can Market Competition Cure an Ailing Health System?
Nationwide on March 12, 2004
presented by Robert Wood Johnson Foundation

4th Annual ERISA Fiduciary Conference: Advising and Running Employee Benefit Plans
in New York on May 11, 2004
presented by Glasser LegalWorks
Newly Posted Press Releases

Newkirk Adds Vice President of Sales
(MasteryPOINT Financial Technologies)

Invesmart Introduces Investment Fiduciary Standards Scale as Guide
(Invesmart, Inc.)

SEC Votes To Adopt Additional 8-K Requirements and To Propose Amendments to Form 20-F and Fund Manager Disclosure Requirements
(U.S. Securities and Exchange Commission)

Be A Part Of The 2004 Spencer COBRA Survey
(Aspen Publishers)
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Health Management Design Consultant
for Hewitt Associates
in IL

Actuary, Health Management - Entry Level
for Hewitt Associates
in IL

Health Management Design Consultant
for Hewitt Associates
in GA

Senior Retirement Plan Administration Manager
for Steinhorn Consulting
in CA

Vice President - Marketing & Product Development
for Merrill Lynch (Retirement Group)
in NJ

Manager of Benefits
for Diversified Entertainment Company In New York City
in NY

Senior Account Executive
for Transamerica
in PA

Actuarial Consultant
for Hewitt Associates
in IL

401(k) Account Manager
for Pen-Cal
in CA

Benefits Product/HRIS Manager
for ProAct Technologies Corp
in NY

Defined Contribution Plan Administrator
for Baltimore Based Pension and Profit Sharing Consulting Firm
in ANY STATE

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