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April 9, 2004 - 13,655 subscribers
Today's sponsor: The John Marshall Law School Center for Tax Law and Employee Benefits

(Click on company name or banner to learn more.)

Spring 2004 Information Sessions
Learn about the nation's only LL.M. degree program in employee benefits law.
18-course curriculum includes:
Pension, Profit-Sharing and 401 (k) Plans
Executive Compensation
Health and Welfare Benefit Plans
ERISA Litigation
Full- or part-time joint J.D./LL.M programs available
Information sessions on degree programs in tax law or employee benefits
law: Monday, April 12, noon to 1 p.m. and 5 to 6 p.m.
Contact the Center for Tax Law and Employee Benefits at 312.987.2380 or
visit our website.

(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
$80 Billion Pension Bill Is Approved by Senate
Excerpt: "The Senate delivered American companies more than $80 billion in pension savings Thursday, sending President Bush legislation that provides additional relief to steel companies and some airlines that had clamored for the help." (New York Times; one-time registration required)

Senate Passes Pension Funding Bill
Excerpt: "The Senate sent to the president Thursday legislation that could save employer sponsors of pension plans $80 billion over the next two years, money that could provide a substantial boost to business investment and hiring around the country." (AP via USA Today)

Overview: Congress Approves Temporary Funding Relief for Pension Plans (PDF)
Excerpt: "The President is expected to sign the legislation, and the IRS expects to publish guidance quickly. Plans for which quarterly contributions are due on April 15, 2004 need to take the legislation and forthcoming regulatory guidance into account. All defined benefit plan sponsors should review the effect of the new law on their plan's funding requirements." (Milliman USA)

Pensions Bill Comes Just In Time for Companies
Excerpt: "Employer sponsors of pension plans heaved a collective sigh of relief with congressional passage of a bill that could allow them to divert $80 billion otherwise heading for pension contributions into new investment and hiring." (AP via KOTV)

Results of Senate Roll Call Vote on Pensions Bill
Excerpt: "The 78-19 roll call by which the Senate voted to pass a pension bill providing single employer pension plans $80 billion in relief over the next two years. On this vote, a 'yes' vote was a vote to pass the bill and a 'no' vote was a vote to defeat it." (AP via Washington Post; one-time registration required)

United, Unions Hail Pension Bill Passage
Excerpt: "United Airlines and its unions hailed congressional passage Thursday of pension reform legislation that is considered key to the carrier's bid to emerge from Chapter 11 bankrup.tcy this year." (AP via Washington Post; one-time registration required)

Reuters Coverage: Congress OKs Pension Break for Companies
Excerpt: "Many traditional pension plans are underfunded and companies are struggling to keep up with the payments. The aid is intended as a temporary measure to help keep plans afloat while Congress works on longer-term pension reform. But none of the assistance would come from the government; instead, it would come through replacing a formula for calculating pension contributions." (Reuters via Washington Post; one-time registration required)

SEC Might Abandon Late Fund Trading Proposal
Excerpt: "Federal regulators are leaning toward abandoning a plan designed to curb after-hours trading in mutual fund shares amid concern it could hurt investors in 401(k) and other retirement plans, the chairman of the Securities and Exchange Commission said Thursday." (AP via Washington Post; one-time registration required)

Determining HCEs of Acquired Businesses
Excerpt: "A client maintains a 401(k) plan. In 2002, they acquire a company through a stock purchase and brought new people into the plan. For the new people who just came in as a result of the acquisition, how do we determine if they are HCEs? Do we look at their compensation from the prior year even though they worked for someone else?" (Reish Luftman Reicher & Cohen)

Now Available: 2003 Society of Actuaries Pension Plan Turnover Study
Excerpt: "Jed Frees, of the University of Wisconsin, has completed the 2003 SOA Pension Plan Turnover Study. The study has resulted in the creation of new turnover (termination and retirement) tables for the actuarial valuation of pension plans.... A companion summary report to the full study, written by Evan Inglis and the Task Force, gives practical guidance on the usage and interpretation of the tables." (Society of Actuaries)

What are the Trade-Offs? Defined Benefit vs. Defined Contribution Systems (PDF)
18 pages; 3/4/04. (Ron Gebhardtsbauer, FSA, MAAA, Senior Pension Fellow, American Academy of Actuaries)

China To Begin Investing Social Security Funds Abroad
Excerpt: "China is struggling to pay for social programs and retirement for its population of 1.3 billion. The demand for retirement funds is expected to be especially acute in coming decades as Chinese birth-control policies that allow most couples only one child produce a population with a high ratio of retirees to younger working people." (AP via MLive.com)

Pension Assets Up 19.6% in 2003
Reversing three years of negative numbers, the average actual return on assets in the nation's largest defined benefit plans was 19.6% in 2003, representing more than a two-fold increase of the average expected rate of return (8.55%) for the year. (PLANSPONSOR; one-time free registration required)

Roy Disney Sues Walt Disney Co., Presses for Information on Stock Votes by 401(k) Participants
Excerpt: "Dissident former board member Roy E. Disney is suing The Walt Disney Co. to force the media giant to reveal how company employees voted on the re-election of CEO Michael Eisner at last month's shareholders meeting." (AP via New York Times; one-time registration required)

Retirement Income Policy-- a Viewpoint (PDF)
6 pages. Excerpt: "While some employees are doing quite nicely accumulating the assets they need for a comfortable retirement, evidence is piling up that the average employee is headed for a distinctly uncomfortable retirement." (Nixon Peabody LLP)

Opinion: the Stock Market Can Escape a Baby-Boom Time Bomb
Excerpt: "A much-feared threat to the long-term health of the U.S. stock market is dissipating before our eyes. Call it the Baby Boom Bomb -- the prospect of stepped-up selling of stocks as the 75 million babies born in the U.S. between 1946 and 1964 reach retirement age." (Chet Currier on Bloomberg News)

Putnam to Pay $110M to Settle Allegations
Excerpt: "Putnam Investments will pay $110 million to settle federal and state allegations of improper trading in the case that launched the scandal over so-called market timing in the mutual fund industry." (AP via Washington Post; one-time registration required)

Links to Items on Executive Comp, Benefits in General

Seventh Circuit Upholds Award of $35,050 In Penalties For Plan's Failure To Provide Documents
The Seventh Circuit U.S. Court of Appeals has upheld an award of $35,050 in statutory penalties imposed against a retirement plan that failed to comply with a beneficiary's request for plan documents. The case is Lowe v. McGraw-Hill Companies, Inc., et al. (Nos. 03-1888 and 03-1954). (Spencer Benefits Reports)

Same-Sex Marriage Legal In Massachusetts-- What Consequences for Employers In or Out of State?
Excerpt: "[I]nside and outside of Massachusetts, same-sex marriages are simply not recognized as 'marriages' and same-sex couples do not qualify for 'spousal' benefits under federal laws. Federally regulated employment benefits include retirement plans and self-insured health and dental plans. However, employers are reminded that nothing in many federal laws prevents employers from voluntarily providing more generous benefits than required by federal law ..." (Littler Mendelson)

United Nations Rejects Benefits for Same-Sex Couples
Excerpt: "The General Assembly rejected a policy change Thursday that would have allowed same-sex partners of U.N. staffers to receive family benefits and asked Secretary-General Kofi Annan to review it." (Los Angeles Times via Salt Lake Tribune)

Opinion: Homose.xual Parenting: Is It Time For Change? Physician Group Argues No
Excerpt: "Policymakers, social scientists, the media, and even physician organizations ... are now asserting that prohibitions on parenting by homose.xual couples should be lifted. In making such far-reaching, generation-changing assertions, any responsible advocate would rely upon supporting evidence that is comprehensive and conclusive." (American College of Pediatricians)

Newly Posted Events

Evening Course Offered: PN915C - Tax Aspects of Retirement Plans
Nationwide on April 26, 2004
presented by Center for Retirement Research at Boston College

Evening Course Offered: PN940C - Funding and Administration of Health and Welfare Benefits
Nationwide on April 22, 2004
presented by Center for Retirement Research at Boston College

Evening Course Offered: PN974C - Employee Benefits Plan Fundamentals
Nationwide on May 18, 2004
presented by Center for Retirement Research at Boston College

Employee Benefits Breakfast Series -PN990C
Nationwide on April 22, 2004
presented by Center for Retirement Research at Boston College

Evening Course Offered: PN903C - Retirement Plan Law
Nationwide on April 13, 2004
presented by Center for Retirement Research at Boston College

Evening Course Offered: PN906C - Reporting and Disclosure Aspects of Retirement Plan Administration
Nationwide on April 28, 2004
presented by Center for Retirement Research at Boston College

Cafeteria Plans
in California on May 26, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

401(k) Plans
in California on May 25, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

HIPAA Portability & Privacy
in Minnesota on May 7, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

COBRA Compliance for Group Health Plans
in Minnesota on May 6, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

HIPAA Portability & Privacy
in Ohio on May 14, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

COBRA Compliance for Group Health Plans
in Ohio on May 13, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

HIPAA Portability & Privacy
in California on May 28, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

COBRA Compliance for Group Health Plans
in California on May 27, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

401(k) Plans
in Minnesota on May 4, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

ERISA Compliance for Health & Welfare Plans
in Minnesota on May 6, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

Cafeteria Plans
in Minnesota on May 5, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

401(k) Plans
in Ohio on May 11, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

ERISA Compliance for Health & Welfare Plans
in Ohio on May 13, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

Cafeteria Plans
in Ohio on May 12, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

ERISA Compliance for Health & Welfare Plans
in California on May 27, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

How to Handle Psychiatric Disabilities in the Workplace -- 90-Minute Interactive Audio Conference
Nationwide on April 27, 2004
presented by Thompson Interactive

Critical Topics Under the FLSA: 2004 Spring Update -- 90-Minute Interactive Audio Conference
Nationwide on April 21, 2004
presented by Thompson Interactive

Same-Gender Marriages: Anticipating the Impact on Employee Benefit Programs -- 90-Minute Interactive Audio Conference
Nationwide on April 30, 2004
presented by Thompson Interactive
Newly Posted Press Releases

Federal Pension Insurer Will Pay Benefits at Top-Flite Golf Co.
(Pension Benefit Guaranty Corporation (PBGC))

Ceridian Strengthens Benefits Services Through Acquisition Of CIGNA's COBRA Business
(Ceridian)

Council applauds Senate passage of H.R. 3108, urges President to sign legislation into law
(American Benefits Council)

Pechanga Resort & Casino Saves 30 Percent By Switching to a 401(k) Plan with Open Architecture
(TRI-AD)
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Associate Administrator
for Independent Pension Consultants, Ltd.
in MN

Pension Administrator
for Benetech, Inc.
in CA

Stock Plan Manager
for Exult, Inc.
in NC

Employee Benefits and Executive Compensation Attorney
for Verrill & Dana, LLP
in ME

Retirement Plan Bilingual (Spanish-English) Enroller (Part-Time)
for Standard Insurance Company - Retirement Plans Division
in CA, NV

Sales Assistant
for Great-West Healthcare
in NJ

401K Administrator
for Pulte Homes
in MI

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