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June 10, 2004 - 13543 subscribers
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Trade Group Pushes Hard Close Alternative
Excerpt: "Members of the SPARK Institute are advocating a plan under which intermediaries, including plan recordkeepers and administrators, could submit mutual fund orders after 4 p.m., subject to 'stringent' protections against late trading. It requires intermediaries to detect late trading on a real time basis so that any improprieties can be dealt with immediately." (PLANSPONSOR.com; one-time registration required)
Regulators Find Risky Annuities Sales
Excerpt: "Brokers improperly urged some seniors and others who couldn't afford it without mortgaging their homes to invest in variable annuities, securities regulators found in an inspection of brokerage firms' sales of the popular long-term investments." (AP via Washington Post; one-time registration required)
"Pay to Play" Scrutiny Has Consultants Rethinking Business Structures
In early March, Watson Wyatt Worldwide sponsored their annual Global Asset Study (GAS) meeting in the U.S. as it has been doing for approximately four years. But attendance at this session would be anything but business as usual. (PLANSPONSOR; one-time free registration required)
Study: Individual K Plans Booming
Individual 401(k) plans were hot during 2003 – red hot, according to a new research report. (PLANSPONSOR; one-time free registration required)
Declining Birthrate Puts Public Pensions at Risk in Japan
Excerpt: "A report showing Japan's fertility rate at an all-time low throws into doubt the country's ability to sustain a pension plan to support its aging population." (UPI via Washington Times)
Analysis of Texas Property Code sec. 42.0021 Exempting Certain Retirement Plans (PDF)
30 pages. Excerpt: "Texas has several statutes that exempt retirement plan benefits, including IRAs. The statutes are very broad, but not unlimited. The primary statute is Tex. Prop. Code §42.0021, but there are others, exempting insurance and annuities, which can apply to Individual Retirement Annuities, and nonqualified plans with annuity payment options." (Attorney Noel C. Ice of Cantey & Hanger LLP)
Some Are Uninformed on Payment Timing Options from Former Employers' Defined Benefit Plans
Excerpt: "Millions of Americans have changed jobs at least once in their careers, and many have left behind pensions that can help support them in retirement. Most of these pensions are held by their former employers - or trustees for the companies - until the retiree collects them." (AP via Washington Post; one-time registration required)
Helping Retired Baby Boomers Manage Income and Expenses
Excerpt: "Fidelity Investments, the nation's largest manager of 401(k) assets, announced a new service yesterday intended to help individuals handle their money after they retire." (New York Times; one-time registration required)
Fidelity Launches Retirees' Program
Excerpt: "The nation's largest mutual fund company yesterday rolled out the Fidelity Retirement Income Advantage, a series of planning and money-management tools, accounts, and investment services designed to help retirees more precisely estimate life expectancy, budget the correct amount of money they will need, and more efficiently spend the savings from their various retirement vehicles." (Boston Globe)
Written Investment Policy Statement, Yes or No?
Excerpt: "PSCA believes that adoption of a formal written investment policy process, and following and documenting that process, will assist sponsors in the prudent management of their defined-contribution plan assets and will help them avoid fiduciary liability." (Profit Sharing/401(k) Council of America; one-time registration required)
Century Foundation's 'Policy for a Secure Retirement' (PDF)
13 pages. Excerpt: "The stocks, bonds, pension rights, and Social Security payments that retirees on for income constitute a web of claims and promises on the future output of the economy, and so, ultimately, it is workers that produce the income that supports retirees. The most important goal of creating a policy for a secure retirement is to put in place a set of claims and promises that guarantee that this flow of income is sufficient and secure." (The Century Foundation)
Links to Items on Executive Comp, Benefits in General
Business Group Has Poor Prognosis for Employee Health, Retirement Benefits
Excerpt: "U.S. workers' health and retirement benefits will shrink even if their pay rises in the next 10 years as more companies cut costs, according to a report from the American Benefits Council, which lobbies Congress on behalf of Fortune 500 companies." (Philadelphia Inquirer)
Opinion: Stock Option Reform Bill Threatened Again
Excerpt: "A stock option is a stock option, whether it's granted to the CEO or a mail room clerk. It's a seemingly inescapable bit of logic that nevertheless seems to have escaped the backers of a proposed law gaining momentum in Congress which would govern when and how to treat options as an expense." (Bruce Meyerson on AP via Washington Post; one-time registration required)
Newly Posted Events
Annual Fall Employee Benefits Law and Practice Update
Nationwide on November 10, 2004
presented by ALI-ABA (American Law Institute-American Bar Association)
The Proposed Nonqualified Plan Rules: How Should Employers Respond?
Nationwide on June 10, 2004
presented by Hewitt Associates LLC
Newly Posted Press Releases
The412iCompany to work with Principal Financial Group to provide 412i plans and 401(k) plans.
(The 412(i) Company)
ACLI President & CEO Frank Keating Issues the Following Statement in Response to the Joint SEC/NASD Report on Broker-Dealer Sales of Variable Insurance Products
(American Council of Life Insurers)
The Principal Financial Group Introduces Easy Online Advisor Tool for Popular Retirement Program; Advisors Save Time and Gain Convenience
(The Principal Financial Group)
CIGNA Health Advisors' Personalized Coach Approach Helps Members Make Better Use of Health Care and Benefit Programs
(CIGNA HealthCare)
Newly Posted or Renewed Job Openings
Account Service Representative, Employee Benefits
for Fred C. Church Insurance
in MA
Pension Consultants/Administrators
for Northern NJ Mid-Size Pension Consulting Firm
in NJ
Client Service Representative
for TPA Firm in Southeastern MI
in MI
Trust Accounting Administrator
for Associated Pension Consultants
in CA
401(k) Plan Administrator
for Northeast Planning Services, Inc.
in MA
Retirement Services District Manager (Sales) Texas
for ADP Retirement Services
in TX
Regional Vice President - Houston, TX
for BISYS Retirement Services
in TX
Inside Sales Representative
for BISYS Retirement Services
in PA
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