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August 9, 2004
Today's sponsor: IBF

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

7th Annual Pensions&Investments Defined Contribution West Coast Conference
The 7th Annual Pensions&Investments Defined Contribution West Coast
Conference will be held October 24-26, 2004 at the Fairmont Hotel in
San Francisco, CA.  With increased liability exposure and reform
initiatives, plan sponsors need solutions. This program is dedicated
entirely to educating and training plan sponsors to incorporate
superior risk management and control practices into their existing
DC plan programs.
To register or for more information click above or call 516-765-9005.

(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Selecting the Right Financial Education Provider
Excerpt: "The Society of Human Resource Management this year started tracking employers who provide financial planning services to their employees. The organization found that about 23% of its members offer such services." (BenefitNews.com)

Proposal to Increase County Employees' Pensions Draws Ire of Younger Workers
Excerpt: "At issue is a portion of a proposed three-year labor contract that would allow some veteran employees to retire next year with significantly higher pensions at the expense of younger workers, who will pick up the increased costs through larger contributions to the [Orange county, California] pension system." (Los Angeles Times; one-time registration required)

DOL Comments on Blackout Periods, ERISA 404(c) Protection for KSOPs, and More
Excerpt: "The Joint Committee on Employee Benefits (JCEB) of the American Bar Association (ABA) has posted on its website transcripts of informal discussions between JCEB representatives and officials from the DOL in April 2004." (Employee Benefits Institute of America Inc. (EBIA))

Opinion: Time to Loosen the DB Funding Restrictions
Excerpt: "[L]awmakers should allow companies to overfund their pensions to build a cushion for hard times. Currently, Congress restricts overfunding, ostensibly to prevent companies from stashing excess cash in tax-sheltered pensions." (New York Times; one-time registration required)

Text of DOL Brief in N.D.N.Y. Case on Duties of Corporate Directors as Pension Plan Fiduciaries
Agway Inc. Employees' 401(k) Thrift Investment Plan v. Magnuson (June 18, 2004). Excerpt: "[T]he Plan divides the fiduciary obligations among the named fiduciaries: the Investment Committee has responsibility for managing the assets of the Plan, the Administration Committee has responsibility for all other aspects of the administration of the Plan, and the Director Defendants appoint the Committees and the trustee." (U.S. Department of Labor, Office of the Solicitor)

Opinion: Four Questions to Ask Your 401(k) Plan Administration Committee
Excerpt: "Ideally, the list of expenses for your retirement program should resemble a closing statement on a home with all costs broken out. They aren't, and you'll have to ask your employer for specific items. The best part of doing that is excessive charges in your retirement plan can be identified, reduced and often rebated to your account." (John Wasik on Bloomberg.com)

Opinion: How Would You Fix Social Security, Mr. Kerry?
Excerpt: "The Democratic Party [says, in] its party platform: 'Democrats believe in the progressive, guaranteed benefit that has ensured that seniors and people with disabilities receive a benefit not subject to the whims of the market or the economy. We oppose privatizing Social Security or raising the retirement age.' It is a clear, resounding message...that says absolutely nothing about what Sen. Kerry or the Democrats would do to solve Social Security's looming financial crisis." (The Cato Institute)

Welcome to new BenefitsLink advertiser Pension & Actuarial Services
Excerpt: "Pension & Actuarial Services is in the business of providing pension plan actuarial and administration services to professional firms such as third party pension administration firms, CPA firms and financial institutions as well as to individual plan sponsors. Pension & Actuarial Services is an independent consulting firm owned and operated by a licensed actuary." (Pension & Actuarial Services)

Links to Items on Executive Comp, Benefits in General

Efforts To Toughen Deferred Comp Plan Laws Create Compliance Concerns for Employers
Excerpt: "Both the House and Senate have passed bills that would impose new restrictions on NQDC plans and, at press time, were expected to try to hash out their differences in a conference committee. Observers predict some version of the legislation, including the deferred compensation provisions, will be signed into law." (BenefitNews.com)

Overview: IRS Issues Final Incentive Stock Option Regulations
Excerpt: "The IRS has issued final regulations on incentive stock options (ISOs) that revise proposed rules that were issued in June 2003. The changes are described by the Treasury Department as 'modest' and include revisions to the rules regarding the maximum aggregate number of shares in an ISO plan, substitution and assumption of ISOs, and modifications of ISOs." (CCH News & Information Library)

Newly Posted Events

2005 Joint Conference: ASPA Summer Conference and Western Pension & Benefits Annual Conference
in California on July 24, 2005
presented by ASPA and WP&BC
Newly Posted Press Releases

Statement of PBGC Executive Director Bradley D. Belt on Enron
(Pension Benefit Guaranty Corporation (PBGC))
Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Defined Contribution Administrative Support
for Employee Benefits Consultants and Recordkeepers
in PA

Trust Sales Administrator
for Regions Financial Corporation
in TN

Manager, Benefit and Retirement Plans
for Cintas
in OH

Director of Operations
for Mellon, Human Resources & Investor Solutions
in NJ

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

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