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July 23, 2004
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)
Overview: IRS Revises Portion of Minimum Distribution Rules for DC Plans (PDF)
Excerpt: "In 2002, the IRS published final rules relating to Minimum Required Distributions (MRDs) from qualified defined contribution plans and 403(b) programs. These rules contain a special provision for calculating death benefit MRDs when a participant has designated multiple beneficiaries. The IRS has now revised this rule, to ease plan administration." (Prudential Retirement's Pension Analyst)

Working Group on Plan Fees and Reporting on Form 5500 to Meet August 4
Excerpt: "The working group will study plan fees as reported on the Form 5500 to assess plan sponsors' understanding of the fees they are paying and the reporting requirements.... The purpose of the meeting, which will begin at 11 a.m. and end at approximately 4 p.m. with a one-hour lunch break at 12:30 p.m., is for the working group to hear from select witnesses on the issue." (U.S. Department of Labor, Employee Benefit Security Administration, Advisory Council on Employee Welfare and Pension Benefit Plans)

Law Lets Oregon State Employees Cash Out of Pension Plan
Excerpt: "Thousands of Oregonians who left public-sector jobs can 'cash out' their state pension accounts before retirement age, under a little-publicized law that went into effect July 1.... law enacted by the 2003 Legislature allows people who left PERS-covered jobs before 2000 to pull out their accounts, and get a 50 percent bonus." ([Salem OR] Statesman-Journal)

Working Group on Fee and Related Disclosures to Participants to Meet August 5
Excerpt: "The working group will study fee and related disclosures to participants in defined contribution plans that relate to investment decisions and retirement savings in order to help participants manage their retirement savings more effectively.... The purpose of the meeting, which will begin at 9 a.m. and end at approximately 3:30 p.m. with a one-hour lunch break at noon, is for the working group to hear from select witnesses on the issue." (U.S. Department of Labor, Employee Benefit Security Administration, Advisory Council on Employee Welfare and Pension Benefit Plans)

Mutual Fund Math Shines Up Investment Returns
Excerpt: "The track records of mutual funds that are either merged into other funds or liquidated are erased from the databases that fund companies and the media generally use to measure performance. Like a kid's unwanted drawing on an Etch A Sketch, they vanish, leaving only the records of so-called survivor funds, usually those with better returns, more assets and lower expenses." (Wall Street Journal via SFGate.com)

Links to Items on Executive Comp, Benefits in General

Same Sex Marriages Present Challenges to Retirement Plan Sponsors (PDF)
4 pages. Excerpt: "This conflict between federal law and some state and local laws creates concerns for sponsors of retirement plans that are generally subject to federal law. For example, to what extent must they, or may they, recognize same-sex marriages when applying survivor benefit and spousal consent rules?" (Prudential Retirement's Pension Analyst)

Couple Files Suit in Florida for Recognition of Massachusetts Same-Sex Marriage
Excerpt: "They filed a lawsuit this week in U.S. District Court in Tampa to challenge the federal Defense of Marriage Act, which says states don't have to recognize one another's same-sex unions, and a Florida law that defines marriage as the union of one man and one woman." (Washington Times)

Marriage Protection Act Passes House
Excerpt: "The House approved a bill yesterday to strip the federal courts of jurisdiction over same-sex marriage cases, despite warnings by opponents that the measure is unconstitutional and would open the floodgates for efforts to prevent judges from ruling on other issues, from gun control to abortion." (Washington Post; one-time registration required)

Statement of Administration Policy on H.R. 3313 - Marriage Protection Act of 2004 (PDF)
1 page. Excerpt: "The Administration supports House passage of H.R. 3313, which would ensure that Federal courts could not invalidate the Defense of Marriage Act (DOMA)." (White House)

Corporate Reforms Reassessed
Excerpt: "Also under attack is a provision that prohibits companies from making loans to top executives -- an idea that picked up momentum after disclosures that WorldCom Inc. chief executive Bernard J. Ebbers accepted $408 million in loans when the company's earnings were being misrepresented. Business executives now complain that the law went too far by prohibiting relocation loans and insurance payments that are common in business." (Washington Post; one-time registration required)

Tech Industry Learns Give-and-Take in Stock Options Bill
Excerpt: "Silicon Valley is as close as it's ever been to seeing its position on stock options enacted into law, thanks to a little political compromise." (eWeek)

Opinion: When Politicians Write Accounting Rules, Reality Can Be Forgotten
Excerpt: "[T]he House of Representatives voted 312 to 111 in favor of a bill that Warren Buffett has called 'lunacy' but that the sponsors called the Stock Option Accounting Reform Act. The bill would overrule the Financial Accounting Standards Board and let companies go on ignoring the value of options they give out." (Floyd Norris in the New York Times; one-time registration required)

ERISA Advisory Council on Employee Welfare and Pension Benefit Plans to Meet August 4
Excerpt: "The purpose of the meeting, which will begin at 9 a.m. and end at approximately 10:30 a.m., is for the chairpersons of the Council's working groups to provide progress reports; for Council members to discuss suggestions for the next National Summit on Retirement Savings; and to receive an update on the activities of the [EBSA]. Organizations or members of the public wishing to submit a written statement pertaining to any topics under consideration by the Advisory Council may do so ..." (U.S. Department of Labor, Employee Benefit Security Administration, Advisory Council on Employee Welfare and Pension Benefit Plans)

Newly Posted Events

Hearing on Genetic Non-Discrimination: Examining the Implications for Workers and Employers
Nationwide on July 22, 2004
presented by U.S. House Education and the Workforce Committee, Employer-Employee Relations Subcommittee

Looking Under the Hood of Prescription Drug Importation
Nationwide on July 22, 2004
presented by Kaiser Family Foundation

Plan Terminations, Mergers, and the 204(h) Notice Web Seminar
Nationwide on August 24, 2004
presented by SunGard Corbel
Newly Posted Press Releases

Treasury Issues Comprehensive Health Savings Account Guidance
(U.S. Department of Treasury)

ARAG Adds Caregiving Services To Its Legal Plan To Meet Growing Need Of Today’s Workforce
(ARAG North America)
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Regional Benefits Services Manager
for HEREIU Welfare-Pension Funds
in IL

Enrollment Coordinator (Rochester, NY and Tampa, FL)
for Manulife Financial
in FL, NY

Chief Executive Officer, SamCERA
for County of San Mateo
in CA

Pension Analyst
for REPTECH
in CO

Claims Auditor
for Lindquist LLP
in CA, WA

Business Development Consultant, MFG
for KeyBank
in OH

Sales Assistant
for Great-West Healthcare
in CA

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