| BenefitsLink Retirement Plans Newsletter |   |
September 22, 2004
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PBGC Disaster Relief Announcement updated September 20, 2004
Excerpt: "The Pension Benefit Guaranty Corporation is waiving certain penalties and extending certain deadlines in response to the major disaster declared by the President of the United States on account of damages from Tropical Storm Bonnie and Hurricane Charley during the period August 11-30, 2004, in Florida." (Pension Benefit Guaranty Corporation)
Overview: ERISA for Securities Professionals (PDF)
30 pages. Excerpt: "The ...[article] is an overview of how the Employee Retirement Income Security Act of 1974, as amended ('ERISA'), applies to securities professionals such as registered investment advisers ('RIAs') and registered broker-dealers who advise, manage, or trade for investment portfolios of employee benefit plans subject to ERISA." (Richard K. Matta at Groom Law Group)
Proposal to Reinvent Retirement Income in America with the American Freedom 401(k) Plan
Excerpt: "[W]e propose a new type of 401(k) plan, which we call the American Freedom 401(k). Employees now in a 401(k) plan should have a choice of remaining there or moving to the American Freedom 401(k) plan." (National Center for Policy Analysis)
ICI Statement on Disclosure to Plan Sponsors and Participants before the ERISA Advisory Council
Excerpt: "Electronic media should be fully utilized and encouraged in providing disclosures under ERISA. Given advances in technology and the accessibility of information via the Internet, the Council should evaluate and strongly encourage the effective use of electronic media with regard to its disclosure initiatives." (Investment Company Institute (ICI))
Overview: Tax Planning for Servants of God: Unique Tax Rules Apply to Members of the Clergy
Excerpt: "Special tax rules apply to members of the clergy. This article discusses what CPAs need to know about the unique housing allowance, tax status and retirement plan options available for this special group of clients." (American Institute of Certified Public Accountants)
DOD Needs More Data Before Making Costly Changes to the Military Reserve Retirement System (PDF)
61 pages. Excerpt: "Currently, five legislative proposals exist that would lower the age when eligible reservists can receive their annuities." (U.S. Government Accountability Office)
Question and Answer Session with Kevin Hassett on Public Pension Fund Proxy Voting Issues
Excerpt: "After several years of complacency, public pension funds vocally called for corporate governance reforms in the 2004 proxy season.... Another critic is Kevin Hassett, director of economic policy studies at the American Enterprise Institute for Public Policy Research. .... Hassett gave PLANSPONSOR his views as to why he believes rules regarding public pension funds' proxy voting should be changed." (PLANSPONSOR.com; one-time registration required)
Lack of CSRS Legislation for the USPS Could Mean Big Pension Payments and Higher Mailing Costs
Excerpt: "Without legislative relief, the U.S. Postal Service will have to pay Civil Service Retirement System pension benefits related to the military service of postal retirees -- a $27 billion obligation -- to the Treasury Department. No other federal agency has to make this payment." (DM News)
N.C. Candidate, Republican Jim Snyder, Unveils Retirement Plan for North Carolina Children
Excerpt: "A candidate for lieutenant governor wants North Carolina to make an investment in its children, literally: $700 to every baby born in the state, to be plowed into mutual funds." (AP via Tallahassee Democrat)
Kerry Vowing to Shield Government-Provided Retirement Benefits
Excerpt: "John Kerry is reassuring voters, in a state rich in retirees, that a Democratic administration would protect the two pillars of retirement benefits, Social Security and Medicare." (AP via The New York Times; one-time registration required)
The Politics of Social Security: Kerry to Use Study to Call Bush Plan a Wall Street Windfall
Excerpt: "President Bush's push to create individual investment accounts in the Social Security system would hand financial services firms a windfall totaling $940 billion over 75 years, according to a University of Chicago study to be released today. Sen. John F. Kerry plans to use the paper, by economist Austan Goolsbee, as he campaigns in Florida today, hoping to open a new line of attack against Bush." (The Washington Post; one-time registration required)
Links to Items on Executive Comp, Benefits in General
Discussion on the Application of the QDRO Rules to Nonqualified Deferred Compensation Arrangements
Transcript. Excerpt: "The topic centers on the application of the qualified domestic relations order (QDRO) rules to nonqualified deferred compensation arrangements (e.g., 'top-hat' plans), and the tax implications that result from the division and the transfer of a portion of a participant's nonqualified deferred compensation to a former spouse in connection with divorce." (BNA Tax Management)
US Airways Pilot Pay Would Be Cut 20% Under Newest Management Proposal
Excerpt: "US Airways pilots would take pay cuts totaling 19.5 percent and senior officers could lose job protections under a new proposal advanced by the cash-strapped company, which is now flying under bankrup.tcy protection." (AP via The New York Times; one-time registration required)
US Airways Tightens Salary Screws on Unions
Excerpt: "Bankrupt US Airways is seeking bigger employee givebacks in new concession proposals it is presenting to its four major unions. Labor leaders said the company will seek to impose the new terms on workers when it asks a federal judge to terminate labor contracts." (Pittsburgh Tribune-Review)
Overview of DOL's Draft USERRA Regulations
Excerpt: "The Department of Labor (DOL) announced that it has published draft regulations that interpret the Uniformed Services Employment and Reemployment Act of 1994 (USERRA). The regulations are in Question and Answer format.' This blog notes the Health Plan Coverage and Pension plan benefit issues covered in the draft regulations. (Attorney B. Janell Grenier on BenefitsBlog.com)
DOL Proposes Rules to Clarify Job Protections for Reservists Under USERRA
Excerpt: "The Bush administration proposed new regulations yesterday aimed at clarifying employment protections for veterans and reservists returning from active duty." (AP via The Philadelphia Inquirer; one-time registration required)
Overview: Section 404 Compliance in the Annual Reports of Publicly Traded Companies
Excerpt: "Under Sarbanes-Oxley there are new requirements for including information on internal controls in a publicly traded company's annual report. The rules say management must be able to identify in these reports any control issues that exist." (American Institute of Certified Public Accountants)
Telecommuting Rises Among the Executive Ranks
Excerpt: "Telecommuting, once primarily the domain of lower-level and technical employees, increasingly is moving into the senior management ranks. The reasons driving the trend are diverse: Faster broadband Internet connections between home and office; the Sept. 11, 2001 terror attacks, which made companies recognize the value of placing executives apart geographically to help reduce disruptions; and managers' increasing comfort with the idea of working remotely." (Wall Street Journal via SFGate.com)
Newly Posted Events
401(k) Plan Best Practices for Decision Makers
Nationwide on September 30, 2004
presented by PLANSPONSOR
401(k) Plans
in Washington on September 28, 2004
presented by Employee Benefits Institute of America Inc. (EBIA)
ERISA Update Seminar : “Hot” Pension Topics, Plan Design, Current Events and Mergers & Acquisitions
in Florida on November 12, 2004
presented by GrayRobinson, P.A.
Fiduciary Liability, The Line in the Sand - A Workbook Session to Create & Update Your Investment Policy Statement.
Nationwide on September 23, 2004
presented by PLANSPONSOR
How to Determine & Lower Your 401(k) Plan Fees
Nationwide on October 7, 2004
presented by PLANSPONSOR
PLANSPONSOR Pathfinder Demo - for Advisors
Nationwide on September 22, 2004
presented by PLANSPONSOR
PLANSPONSOR Pathfinder Demo - for Plan Sponsors
Nationwide on September 28, 2004
presented by PLANSPONSOR
Newly Posted Press Releases
McKay Hochman Cafeteria Plan Documents Now Available Online
(McKay Hochman Co., Inc.)
2004 Participant Notice
(Pension Benefit Guaranty Corporation (PBGC))
PBGC Promotes Premium E-Filing
(Pension Benefit Guaranty Corporation (PBGC))
IRS Grants Tax Relief for Hurricane Ivan Victims
(Internal Revenue Service (IRS))
ICI Testifies in Support of Improvements to Retirement Plan Disclosure
(Investment Company Institute)
ERISA Advisory Council to Hold September 2004 Meetings
(U.S. Department of Labor, Office of Public Affairs, Washington, D.C.)
Moms Go to the Office to Reduce Stress; Working Mother Names 2004 List of 100 Best Companies for Working Mothers; Trends Include Increased Attention To Health and Wellness Programs
(Working Mother Media)
DataDeed Now Offered As An Employee Benefit
(ad hoc America, Inc.)
Newly Posted or Renewed Job Openings
Retirement Consultant
for Towers Perrin
in CT, DC, GA, MA, NC, NJ, NY, PA
Benefit Specialist
for ProView
in CA
Retirement Consulting Actuary
for Hand Benefits & Trust
in TX
Actuarial Assistant
for Hand Benefits & Trust
in TX
Enrolled Actuary
for Actuarial Consultants, Inc.
in CA
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