BenefitsLink
Retirement Plans
Newsletter		To BenefitsLink home page Fill your job openings fast by advertising on BenefitsLink

July 21, 2004
Today's sponsor: The International Foundation

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

Did someone say celebrate?
The International Foundation is having an anniversary party, and
you're invited. Join us in the grand style of New Orleans as we
celebrate 50 years of education with 6,000 of our friends. Each
year, thousands of employee benefit decision makers return for
the best in education featuring comprehensive support materials,
problem-solving forums and an impressive exhibit hall.
Click above to find out what you're missing.

(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Bulletin for Retirement Plan Practitioners: Please Complete Online Survey for IRS Employee Plans
Representatives from the retirement plan practitioner community have been working with the Director of Employee Plans Determinations Redesign (Paul Shultz) and other representatives of the office of Employee Plans to consider the redesign of the determination letter program. THE IRS HAS ASKED FOR COMMENTS to be submitted by August 2 on a draft Revenue Procedure, as well as any other aspect of the determination letter program. Please complete the online survey at your earliest convenience. (Internal Revenue Service and BenefitsLink.com)

Text of Final Regs on 'Deemed IRAs' In Qualified Retirement Plans (PDF)
25 pages. Excerpt: "This document contains final regulations providing guidance under section 408(q) regarding accounts or annuities that are part of qualified employer plans but are to be treated as individual retirement plans.... This document also contains temporary regulations under section 408(a) providing a special rule for governmental units seeking approval to serve as nonbank trustees of individual retirement accounts for purposes of section 408(q)." (Internal Revenue Service)

Text of Proposed Regs Permitting Governmental Units to Serve as Non-Bank Deemed IRA Trustees (PDF)
4 pages. Excerpt: "The temporary regulations set forth special rules for a governmental unit that maintains a plan qualified under section 401(a), 403(a), 403(b) or 457 to qualify as a nonbank trustee for deemed IRAs under section 408(q). The text of those regulations also serves as the text of these proposed regulations." (Internal Revenue Service)

Using the Web to Plan Your Retirement Investments
Excerpt: "No, I am not going to tell you how to pick dot-com stocks. Rather, my goal is to guide you through the Web's treasure trove of free financial calculators, so you can quickly and easily plan your retirement." (Wall Street Journal via SFGate.com)

Generous New York State Pensions Are Costly
Excerpt: "Career government employees in New York can earn more in retirement than they did when they were working." (Syracuse.com)

Annuity Tax Break Introduced on Capitol Hill
Excerpt: "A bipartisan group of US lawmakers has introduced a Congressional measure that would give Americans a tax break for investing in annuities that provide guaranteed lifetime income." (PLANSPONSOR.com; one-time registration required)

Lifecycle Funds Adjust As the Years Go By
Excerpt: "Study after study shows that most people fail to properly monitor, diversify, and rebalance their portfolios. Sure, with a hefty six-figure account you could hire someone to do all that for you -- and pay that person 1% or 2% a year or more. But if you're younger, with a lower balance -- or you'd rather keep that fee yourself -- there is an alternative: a breed of mutual funds called 'lifecycle' funds." (BusinessWeek)

The Solemn Obligations of a Fiduciary
Excerpt: "All fiduciaries involved in different fields of investing--including ERISA fiduciaries, fiduciaries of public employee retirement plans, fiduciaries of foundations and endowments, or fiduciaries of private family trusts--have one thing in common. They are required to live up to the standard of trust law because the assets they are responsible for are held in trust. The standard of trust law is the highest known in law." (Morningstar)

Links to Items on Executive Comp, Benefits in General

Chart of Proposed Deferred Compensation Changes (PDF)
8 pages; July 19, 2004. Excerpt: "Attached is a side-by-side comparison of the deferred compensation legislation being considered in Congress." (Dow Lohnes & Albertson PLLC)

Executive Compensation Audits - Planning Now to Avoid Trouble Later
Excerpt: "Discussed within this article is the major initiative recently undertaken by the IRS to examine the practices of employers with regard to their executive compensation, fringe benefits and perquisites. This initiative comes as a result of recent disclosures involving executives at companies such as Enron, WorldCom and others. This article appeared in the May 7, 2004 issue of the Tax Management Compensation Planning Journal." (Aon)

House Votes To Limit Stock Options Rule
Excerpt: "Voting across party lines, the House yesterday soundly approved a measure that would override accounting standards-setters and require companies to expense stock options only for their five top executives." (Washington Post; one-time registration required)

House Votes to Block Options Expensing; FASB Says Delay Possible
In his Employee Ownership Update for July 20, NCEO Executive Director Corey Rosen discusses the latest news on option expensing. The House has just passed H.R. 3574, 'The Stock Options Accounting Reform Act,' which would limit proposed options accounting reforms in several ways. At the same time, a member of FASB's board says that FASB will consider requests for a delay in the implementation of the new options accounting rules. (National Center for Employee Ownership)

Newly Posted Press Releases

Treasury and the IRS Finalize 'Deemed IRA' Rules
(Internal Revenue Service (IRS))

The Principal Financial Group Launches TRS to Help Fill Retirement Savings Gap
(Principal Financial Group)

ICC Plan Solutions Continues to Roll - New Features Added to Enrollment Kits
(Metrics Partners)

U.S. Secretary of Labor Elaine L. Chao Announces Settlements for Global Crossing Retirement Plans
(U.S. Department of Labor, Office of Public Affairs, Washington, D.C.)

Treasury Issues Guidance on the Application of Golden Parachute Rules in Bankruptcy
(U.S. Department of Treasury)

ADP Launches TPASelect Retirement Services Program; Partnership with Third Party Administrators Offers Local Support and Custom Retirement Plans to Small Businesses
(ADP Retirement Services)

Boston University School of Dental Medicine to Hold Elders’Oral Health Summit
(Boston University School of Dental Medicine)

Be Willing To Bend - Thirty Percent of Executives Say Flexible Schedules are Most Valued Employee Benefit
(Accountemps)
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Defined Benefit Calculation Specialists
for Constantin Control Associates
in IL, NC, NJ, NY, PA

Retirement Planning Specialist
for 1st Global, Inc.
in TX

Retirement Plan Case Manager
for TPA Firm
in NJ

Retirement Plan Sales Associate
for Manulife Financial
in IL

Employee Benefits Account Manager
for The Protector Group Insurance Agency, Inc.
in MA

Pension Administrator
for Chicago Consulting Actuaries
in IL

Compensation Manager
for APAC Customer Services, Inc.
in IL

Handy Links:
Copyright 2004 BenefitsLink.com, Inc.; except that you can reprint this newsletter in full (including this boilerplate part) without obtaining our permission.

Published by:

BenefitsLink.com, Inc.
https://benefitslink.com/about.html
1298 Minnesota Avenue, Suite H
Winter Park FL 32789
(407) 644-4146
Fax: (407) 644-2151

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

Housekeeping: