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June 15, 2004 - 13564 subscribers
Today's sponsor: DATAIR Employee Benefit Systems, Inc.

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(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Text of IRS Announcement Pulling Proposed Cash Balance Plan Regulations (PDF)
2 pages. Excerpt: "Congress [will have] an opportunity to review and consider the Administration's legislative proposal and to address cash balance and other hybrid plan issues through legislation. Treasury and the IRS do not intend to issue guidance on compliance with the age-discrimination rules of §§ 411(b)(1)(H) and 411(b)(2) of the Code for cash balance plans, cash balance conversions, or other hybrid plans or hybrid plan conversions while these issues are under consideration by Congress." (Internal Revenue Service)

CBO Report: the Outlook for Social Security (PDF)
49 pages. Excerpt: "This updated study presents more-detailed 100-year projections for Social Security under current law, as a prelude to evaluating any legislation affecting that program. The report focuses on the resource demands of the Social Security system, the program's finances, and projections of the benefits received by individuals in different age and income groups." (Congressional Budget Office)

Overview: PBGC Authorizes Continued Use of 30-year Treasury Rate for Certain Benefit Valuations
Excerpt: "The PBGC has issued guidance governing the transition from the 30-year Treasury yield to the corporate bond index, implemented by the Pension Funding Equity Act of 2004 (PFEA), for purposes of PBGC reporting and disclosure requirements related to the calculation of the variable rate premium." (CCH News & Information Library)

Court's Interpretation of New York Disability Law for Public Safety Workers Means More Costs
Excerpt: "[L]awyers agree that the decision means that more firefighters, who are covered by a similar but more lucrative pension plan, will be eligible for the supplemental benefits. Disabled firefighters get full pay, tax-free. When the salaries of working firefighters go up, so do their pension payments. They also get taxpayer-financed medical benefits." (The Journal News)

WorldCom Tentatively Settles ERISA Suit
Excerpt: "Former WorldCom Inc. directors including ex-Chief Executive Bernard Ebbers agreed to a partial settlement of a lawsuit filed by employees who lost billions of dollars in retirement funds during the phone company's collapse. U.S. District Judge Denise Cote in Manhattan disclosed the tentative accord [Monday, June 14] in an order that didn't reveal any terms." (Bloomberg News via Dallas Morning News; one-time registration required)

Overview: Final Required Minimum Distribution Regulations Under Code Sec. 401(a)(9)
Excerpt: "Concerns were raised about the difficulty in establishing separate accounts by the end of the year, for employees who die late in the calendar year, in order to use the accounts to determine required minimum distributions for the year after death. In response, the IRS has modified Reg. §1.401(a)(9)-8 to provide that ..." (CCH News & Information Library)

California Public Safety Pension Bill in Limbo
Excerpt: "Assembly Democrats on Monday derailed for now an attempt to overturn a 2002 law that granted more lucrative public safety pensions to 3,200 state workers, from California Highway Patrol dispatchers to conservationists. The Assembly voted 42-28, along party lines, to return the bill to the Senate ..." (Sacramento Bee)

Links to Items on Executive Comp, Benefits in General

Rev. Rul. 2004-65: Significant Reduction In Retiree Health Coverage During Cost Maintenance Period (PDF)
3 pages. Excerpt: "Issue: Has an employer reduced retiree health coverage, within the meaning of § 420(c)(3)(E) of the Internal Revenue Code, if an individual who has coverage for retiree health benefits ('covered individual') accepts an offer from the employer to waive such coverage in exchange for enhanced pension benefits?" (Internal Revenue Service)

Newly Posted Events

Employee Benefits Security Administration Compliance Update
in Massachusetts on August 5, 2004
presented by International Society of CEBS - Greater Boston Chapter

Evaluating Proposals to Expand Health Insurance
Nationwide on June 14, 2004
presented by Kaiser Family Foundation
Newly Posted Press Releases

Treasury and IRS Withdraw Proposed Cash Balance Regulations
(Internal Revenue Service (IRS))
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Oracle Database Analyst
for Pension Specialists, Inc.
in CA

Retirement Services District Manager (Sales) St. Louis
for ADP Retirement Services
in MO

Technician, Settlements Department
for Transamerica
in CA

Team Manager - Client Services
for BISYS Retirement Services
in PA

Tax Manager-Employee Benefits Tax Services
for Deloitte-Cleveland
in OH

Benefits Administrator
for WT Benefits, L.L.C.
in TX

Pension Administrator
for Block Consulting Actuaries, Inc.
in CA

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