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June 2, 2004 - 13598 subscribers
Today's sponsor: Actuarial Systems Corporation

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

ASC - QUALITY SOFTWARE FOR THE PENSION INDUSTRY FOR OVER 20 YEARS
ASC provides complete automation for the pension office, including:
DC/401(k) and DB administration and valuation systems, sophisticated
Compliance Testing, DV Direct Daily Valuation, Advanced Information
Manager Database (AIM), and Single-Step Processing. All ASC Technical
Support Members were experienced Pension Administrators or Actuaries
before joining ASC -- and most have been with ASC for over 10 years.

(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Actuaries Under Scrutiny on Pension Fund Pacts
Excerpt: "The Department of Justice has asked several big actuarial firms for information about the terms of their client agreements, in what appears to be an effort to learn whether certain provisions violate antitrust laws.... As most pension funds continued to weaken in 2002, some actuarial firms began asking their clients to accept limits on their ability to sue." (New York Times; one-time registration required)

Does Your 401(k) Cost Too Much?
Excerpt: "The Securities & Exchange Commission is investigating the disclosure of conflicts of interest in 401(k) fund selection. The U.S. Labor Dept., too, is looking into such issues as whether service providers who have a fiduciary obligation to keep plan costs reasonable are accepting improper payments from funds." (BusinessWeek Online)

Pension Expert Advocates Reform of Flawed 401(k)
Excerpt: "Theoretically, economists say, 401(k) plans are fabulous wealth-generating vehicles, surpassing traditional defined benefit plans' power to secure a comfortable retirement for employees. But in the pages of their new book, Coming Up Short: The Challenge of 401(k) Plans, pension experts Alicia Munnell and Annika Sunden tell a tale of unfulfilled promise." (BenefitNews.com)

State Retirement Funds Refute Latest Wilshire Report (PDF)
Originally published April 2, 2004. Excerpt: "NASRA members are the directors and administrators of the nation's State employee retirement plans and most of the largest statewide public retirement systems, which together provide pension coverage for more than 15 million working and retired public employees, and oversee assets exceeding $1.5 trillion." (National Association of State Retirement Administrators)

In Just a Year, Cash-Balance Plans Go From Panacea to Pariah
Excerpt: "In the wake of a court ruling and a lack of legislation, companies are bypassing cash-balance plans, once seen as an answer to traditional pensions." (Workforce.com)

Massive Contributions, Rebounding Stocks Lift Pension Plans
Excerpt: "Surging investment returns and a flood of new cash lifted the fortunes of the nation's 100 largest corporate pension plans last year, pushing the ratio of assets to liabilities in the average plan up to 88.5%, according to analysis by Milliman USA." (BenefitNews.com)

Averting the Next Pension Crisis: a Look at the Pension Funding Rules (PDF)
11 pages; May 14, 2004. Excerpt: "In this paper we explore ways of reducing this volatility by raising current contribution limits." (American Academy of Actuaries)

Overview: New Regs Permit Retroactive Payments by Defined Benefit Plans
Excerpt: "Under these rules, a defined benefit plan may permit pensions to commence retroactive to a date before the participant applied for benefits. These Retroactive Annuity Start Dates (RASDs) are offered as an accommodation for participants who have delayed applying for their pensions. They enable the retiree to receive retroactive cash payments to make up for benefits that were missed during the period of delay." (BenefitNews.com)

Overview: No 'Offset' for Teachers Covered by Social Security
Excerpt: "The school year is nearly over, and most teachers I know are busy planning their summer, which for many will include a second job. I am often asked by my teacher friends about a so-called Social Security 'teacher's offset' on the retirement benefits they earn when working outside the classroom." (TCPalm.com)

Links to Items on Executive Comp, Benefits in General

The Empty Cradle and Shrinking Birth Rates
Excerpt: "The population explosion is overdue for an update. A new book argues that too few -- not too many -- babies pose an unexamined threat to everything from American productivity to your retirement. Join NPR's Neal Conan and his guests for a look at the long-term effects of the empty cradle." (National Public Radio)

Tenth Circuit Issues Opinion in Millsap v. McDonnell Douglas Corporation
Excerpt: "The case is notable due to the fact that it represents one of the few ERISA section 510 plant closing cases where employees have prevailed. The 510 claims were brought by former employees in a class action suit against their employer, alleging that the employer closed one of its plants for purposes of preventing employees from attaining eligibility for benefits under their pension and health care plans." (Attorney B. Janell Grier on BenefitsBlog)

Hewitt Federal Legislation Quick Guide: June 1, 2004
Excerpt: "Hewitt's Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law, regarding health and welfare benefit plans, retirement plans, and human resources and employment law. Click on the links ... to learn more about pending legislation in each area. These files were updated on June 1, 2004." (Hewitt)

Newly Posted Events

COBRA's Notice Requirements: How the May 2004 Final Regs Change the Rules
Nationwide on June 17, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)

Late Deposits: Deferrals, Repayments, and Welfare Funds Web Seminar
Nationwide on June 22, 2004
presented by SunGard Corbel

The 2004 Communicating Employee Benefits Seminars
in New York on June 17, 2004
presented by The Conference Board

The 2004 Conference on Retirement
in New York on November 18, 2004
presented by The Conference Board

The 2004 Employee Benefits Seminar
in New York on June 23, 2004
presented by The Conference Board

The 2004 Executive Compensation Seminar
in New York on June 24, 2004
presented by The Conference Board

Webcast: The New Final COBRA Notice Requirements
Nationwide on June 10, 2004
presented by HRTrainingCenter.com

Webcast: The New Overtime Requirements
Nationwide on June 9, 2004
presented by HRTrainingCenter.com
Newly Posted Press Releases

Spectrum Pension Consulting: a Registered Investment Advisory Firm Specializing in Providing Investment Advisory Services to Retirement Plan Sponsors and Participants.
(Spectrum Pension Consulting)

Mortgage Benefits Corp. Introduces No-cost Group Mortgage Benefit for Employees
(Mortgage Benefits Corporation)
Movers and Shakers: Newly Posted Announcements of Promotions and New Personnel
(Post Yours!)

Craig Mazzini (Matrix Settlement & Clearance Services)

Michael T. Anderson michael.anderson@raymondjames.com (REACH FINANCIAL GROUP, LLC)
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Account Executive
for Transamerica
in DC

Employee Benefits Specialist/Benefits Consultant
for Davis Graham & Stubbs LLP
in CO

Product Manager
for New York Life Investment Management LLC
in NJ

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

Retirement Plan Client Service Manager
for Fleet Insurance Services
in NJ

Retirement Plan Client Service Manager (CSM)
for TRI-AD
in CA

Financial Services Specialist
for Nationwide Insurance
in OH

Supervisor, Benefits
for Allied Waste Industries, Inc.
in AZ

Benefits Supervisor
for Virginia Tech
in VA

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