| BenefitsLink Retirement Plans Newsletter |   |
October 29, 2004
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Discussion: Is Market-Timing Activity Protected under ERISA? It depends. . .
Excerpt: "Suppose an employer discovers that some of its employees are market-timing* in the employer's 401(k) plan and rightly decides that such practices are detrimental to the rest of the participants. Suppose the employer asks the employees to cease the market-timing and all employees heed the request, except one. Could the employer terminate the rebellious employee who fails to comply with its request? .... Does an employee have a right to engage in market-timing in a 401(k) plan?" (Attorney B. Janell Grenier via BenefitsBlog.com)
SEC Chose Companies in Pension Accounting Probe by Fund Size, Sources Close to Case Say
Excerpt: "The U.S. Securities and Exchange Commission chose the six companies targeted in its probe of pension fund accounting based on their pension funds' large size only, sources ... said .... The SEC has no evidence of any wrongdoing by the six companies and, at least for now, no other companies are involved in the SEC inquiry .... The SEC is concerned generally about the possibility of over-aggressive pension and health-care bookkeeping being used as a way to boost corporate profits...." (Reuters)
Hay Benefits Reference Guide: Historical Limits and Other Numbers Affecting Retirement Plans (PDF)
3 pages. Excerpt: "Plan administrators must concern themselves with a broad array of annual limits that affect participants' retirement benefits. This Reference Guide consolidates these limits to give plan administrators quick access to this information. [It] covers updated figures needed to determine Social Security benefits and contributions, ... provides current and historical data for a broad range of maximum annual limits applicable to retirement plans ...." (The Hay Group; registration required)
Advisors Can Play a Key Role in Helping Employers Understand and Deal With Fiduciary Obligations
Excerpt: "While the mutual fund issues of late trading and market timing caused a bit of industry discussion and lead many plan sponsors to review their plans, not much has substantively changed regarding the 401k landscape. In addition, the market declines of 2000 - 2002 lead to a brief marketplace 'pause,' but still much is the same on the investment front. With all of this 'noise,' there is opportunity. Specifically, opportunity for the retirement plan advisor." (Daniel J. McGee via 401khelpcenter.com)
Opinion: Donkeys & Dumbos – Pension Policy & Politics - An Expert's View of the Coming Election
Excerpt: "As we go through the convention season, we thought it would be interesting to review generally the positions of the two parties on pension issues. And, since they met first, we're beginning with the Democrats. Let's start with some disclaimers. First, these are obviously sensitive issues. We have no position on who you should vote for, and we've tried to keep the following analysis as value-neutral as possible." (Plan Advisory Services Group via The McHenry Group)
Links to Items on Executive Comp, Benefits in General
D.C. Bill Boosts City's Anti-Discrimination Protections, Not Provide Access to Marriage or Benefits
Excerpt: "A bill introduced this month by D.C. Councilmember Jim Graham (D-Ward 1) to protect domestic partners from discrimination is not expected to provide marriage-related rights or benefits to same-sex couples, the city's human rights director and a g.ay rights attorney told a Council subcommittee." (Washington Blade)
Overview: President Bush Signs Into Law the American Jobs Creation Act of 2004 on October 22, 2004 (PDF)
3 pages. Excerpt: "This is the second in a series of Client Alerts entitled Don't Defer: Immediate Action Required. The series is intended to keep clients and friends of Mintz Levin informed about the far-reaching reforms to non-qualified deferred compensation pursuant to the 'American Jobs Creation Act of 2004.'" (Mintz Levin Cohn Ferris Glovsky and Popeo P.C.)
Overview: New Legal Requirements for Nonqualified Deferred Compensation Arrangements (PDF)
4 pages. Excerpt: "The new rules will impact a broad array of common compensation plans and arrangements, including nonqualified elective deferral arrangements for employees and directors, supplemental executive retirement plans, stock appreciation rights, restricted stock unit programs and option stock deferral arrangements. This Alert contains a summary of the key provisions of the Act and offers suggestions for immediate action by companies ...." (Kirkpatrick & Lockhart)
Washington Legislative Wrap Up, 108th Congress (2003-2004) As of October 26, 2004 (PDF)
6 pages. The chart of federal legislative and regulatory proposals concerning employee benefits of interest to NCTR members has been updated to be current as of October 26, 2004. The federal updates referenced in the chart are available at http://www.nctr.org/federal/index.html. (National Council on Teacher Retirement)
PricewaterhouseCoopers/Saratoga study -- Key Trends in Human Capital: a Global Perspective (PDF)
24 pages. Excerpt: "It is not just within organizations that human capital measurement and reporting has relevance. Recent corporate misdemeanors have led to the Sarbanes-Oxley Act in the US and to a growing recognition in much of the rest of the world of the need for higher and more effective corporate governance." (PricewaterhouseCoopers/Saratoga Institute)
Financial Market Reaction a Scary Variable If Companies Flunk Section 404 of Sarbanes-Oxley Act
Excerpt: "[T]he financial markets may have an even bigger explosion with which to contend: The first set of annual reports detailing the state of companies' internal controls on financial reporting are coming due and early word is that they won't look particularly good. As the deadline approaches for implementing the internal control rules in Section 404 of the Sarbanes-Oxley Act ... many companies may reveal ... that they have fallen short of the law's requirements." (Treasury & Risk Management)
Newly Posted Events
401(a)(9) - Knowing What's Really Required
Nationwide on November 30, 2004
presented by SunGard Corbel
HIPAA and Other Health Laws: Compliance Assistance Seminar
in Louisiana on December 8, 2004
presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)
New Deferred Compensation Rules - Effective January 1, 2005
Nationwide on November 11, 2004
presented by International Foundation of Employee Benefit Plans
Newly Posted Press Releases
American Express National Survey Finds Workers Digging Into Retirement Savings To Offset Health Care Cost Increases
(American Express Retirement Services)
American Express 401(k) Participant Survey Reveals Plan Communication and Education are drivers of Investment Satisfaction with Performance and Choice
(American Express Retirement Services)
'Risk Management For Pensions, Endowments And Foundations' Released Today
(Jessica Bram Communications)
Newly Posted or Renewed Job Openings
Controller
for Directors Guild of America - Producer Pension and Health Plans
in CA
Sales Assistant
for Great-West Healthcare
in VA
Defined Benefit / Defined Contribution Pension Plan Administrator
for Howard Simon & Associates, Inc.
in IL
Account Manager - Greensboro, NC
for Professional Benefits Associates, LLC
in NC
Handy Links:
- View Today's Active Message Threads
- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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