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July 16, 2004
Today's sponsor: DATAIR Employee Benefit Systems, Inc.

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

DATAIR Pension & Benefits Software Sale
License one DATAIR system and receive another one of equal or lower
price without license fee!*
Regardless if you're just starting out in the business or looking to
expand your services, you can take advantage of this limited time offer.
Choose from:
DC/401(k) System             Retirement Plan Documents
Defined Benefit System       Pension Reporter
Cafeteria Administration     Cafeteria Plan Documents
Client Manager
Contact sales@datair.com or call 1-888-328-2474.
(*Restrictions apply; see website for details.)

(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
New Complaint Against Ex-Prudential Brokers
Excerpt: "Five former Prudential Securities brokers and their manager used fake identities and other tactics to help hedge funds engage in more than $1.3 billion worth of improper mutual fund trades, the Securities and Exchange Commission said in a complaint." (AP via Los Angeles Times; one-time registration required)

Hedge Fund Regulation Proposal Fractures Civility of Republicans
Excerpt: "The head of the Securities and Exchange Commission staked out his independence on Thursday as he came under heavy political assault by Republican members of the Senate Banking Committee for his plan to tighten oversight of the hedge fund industry." (New York Times; one-time registration required)

Text of U.S. Chamber of Commerce Letter on Pressing Issues for Cash Balance, Hybrid Plans (PDF)
Excerpt: "To eliminate the escalating liabilities associated with these plans, plan sponsors need legislation that provides certainty and clarity. In addition to outlining the current situation, we have attached to this letter a position statement that has been approved by the Employee Benefits Committee of the U.S. Chamber of Commerce that outlines legislative issues that should, in our view, be addressed by Congress." (U.S. Chamber of Commerce)

US Airways Arouses Pension Fears
Excerpt: "US Airways must deposit more than $110 million in two union pension funds in September -- a deadline the cash-strapped company will be pressed to meet, according to a local labor leader." (PittsburghLIVE.com)

Digging Out of the Pension Hole
Excerpt: "At the University of Pennsylvania, finance executives learn about their fiduciary responsibilities 'in a field that they never paid much attention to.'" (CFO.com)

Employee Ownership Update for July 15
NCEO Executive Director Corey Rosen discusses how the American Jobs Creation Act of 2004 and the Jumpstart our Business Strength Act would help S corporation ESOPs while also imposing restrictions on the tax treatment of deferred compensation. In other news, an IRS pilot program indicates that stock options and executive equity compensation will be targeted more, and a Mellon Financial survey of 150 high-tech companies shows a decline in stock options and a rise in restricted stock. (National Center for Employee Ownership)

Handling 'Orphan' Retirement Trust Funds
Excerpt: "When participants or service providers determine that a plan has been -- or may have been -- orphaned, they should contact the EBSA through either calling the toll-free number of 1-866-444-EBSA (3272) or by emailing the EBSA at www.askebsa.gov. Alternatively, the director of the local region of the EBSA could be contacted. Contact information is on the DOL's EBSA website at www.dol.gov/ebsa" (Reish Luftman Reicher & Cohen)

Opinion: Undoing the 401(k) Monopoly
Excerpt: "Up until now, the 401(K) market and retirement plans area has been largely dominated by mutual fund companies. Fidelity, Vangaurd [sic], and a host of fund players have made it difficult to offer alternative investment products in these markets. However, the tide is changing." (ETFmarket.com)

Links to Items on Executive Comp, Benefits in General

Hewitt Federal Legislation Quick Guide: July 13, 2004
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 ... to learn more about pending legislation in each area. These files were updated on July 13, 2004. (Hewitt)

Newly Posted Press Releases

MONY Corporate Strategies Group Supports Product Innovation & Sales Efforts with AFS Online Technologies
(Deferral.com, Inc.)

Milliman Survey Foresees a 11% HMO Rate Increase, 12% PPO Rate Increase in 2005
(Milliman USA)

SEC Votes to Propose Requirement that Hedge Fund Advisers Register Under Investment Advisers Act
(U.S. Securities and Exchange Commission)

Three Leading U.S. Business Organizations Call on FASB to Revamp Proposal Mandating Stock Option Expensing
(U.S. Chamber of Commerce)

Deferral.com Introduces Asset-Liability Mapping and Linking for COLI Insurance, Other Assets
(Resources For Living (RFL))

Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Plan Contributions Associate
for ICMA Retirement Corporation
in DC

Employer Support Specialist
for ICMA Retirement Corporation
in DC

Retention Specialist
for ICMA Retirement Corporation
in DC

Investor Services Associates
for ICMA Retirement Corporation
in DC

Regional Group Life Wholesaler
for Fortune 500 Insurance Carrier
in IL

Plan Administrator / Relationship Manager
for Weaver Partners
in ANY STATE

Finance Director
for RSM McGladrey
in MN

Retirement Plan Specialist (PART-TIME)
for Diversified Investment Advisors
in IL, WI

401(k) Trust Accountant/Conversion Specialist
for Advanced Benefits Consulting
in MO

Handy Links:
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Editor and Publisher: David Rhett Baker, J.D.

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