| BenefitsLink Retirement Plans Newsletter |   |
December 13, 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: Federal Law Update for Teacher Retirement Plans (PDF)
At pp. 8-69 of 69-page document. (Calhoun Law Group, P.C. and Groom Law Group, via National Council on Teacher Retirement)
To Be or Not To Be a 403(b) -- Proposed Regulations Renew the Question (PDF)
Excerpt: "The proposed regulations recently issued under Section 403(b) contain many new components that employers offering 403(b) programs should consider. This memorandum discusses several of these developments, including ... the requirement that all 403(b) programs be maintained in accordance with a written plan document; ..." (Gardner Carton & Douglas)
DB Plan Sponsors Scrutinize Early Retirement Contracts
Excerpt: "[C]hanging workforce demographics are requiring employers to rethink their benefit plans and their talent management strategies. The number of workers age 50 and older is growing, and the number of younger workers is shrinking." (BenefitNews.com)
How the Final Minimum Distribution Regulations Help Governmental Plans (PDF)
At pp. 3-7 of 69-page document. Excerpt: "As you are aware, final regulations were issued June 14, 2004 regarding minimum distributions for defined benefit plans and annuity contracts ... These final regulations offer a great deal of relief to governmental plans as compared to prior proposed and temporary regulations." (Ice Miller via National Council on Teacher Retirement)
Good Return for the Plan Was No Defense in Prohibited Transactions Case
Excerpt: "Imagine the following scenario: A CPA and owner of a public accounting firm is sole trustee of the firm's 401(K) plan and is responsible for investing, managing, and controlling the plan's assets. Over a span of three years, the CPA decides that the plan can loan money to a number of companies in which the CPA owns a minority interest." (Attorney B. Janell Grenier on BenefitsBlog.com)
How Consultants Can Retire on Your Pension
Excerpt: "As financial services conglomerates have added a wide array of operations in recent years, the possibility of conflicts of interest has also grown. And nowhere are the conflicts more potentially lucrative - and more obscure - than in the management of pension assets." (New York Times; one-time registration required)
Pension Pro Proposes Fiduciary Certification
Excerpt: "A Tigard-based pension plan expert says business operators aren't as well-equipped to oversee employee benefits packages as they might think. Hence Matthew Hutcheson, a fiduciary who helps ensure that 401(k) plans operate responsibly, is co-starting a guild that will offer certification-like status to his financial watchdog brethren." (The [Portland OR] Business Journal via bizjournals.com; one-time registration required)
For Some Government Workers, Public Pension Equals Private Jackpot
Excerpt: "[P]ublic employee pensions have paid off big to those helped by generous retirement rules or, in some cases, political connections, a Free Press investigation found. In other cases, the cost of public pensions has resulted in local tax increases or potential burdens for future taxpayers." (Detroit Free Press)
Text of SEC Semiannual Regulatory Agenda (PDF)
27 pages. (Securities and Exchange Commission)
Text of PBGC Semiannual Regulatory Agenda (PDF)
4 pages. (Pension Benefit Guaranty Corporation)
Chile Official Guides Privatized Pensions
Excerpt: "As a 30-year-old economist, Jose Pinera revolutionized Chile's pension system in 1980 while he was secretary of labor and social security ... [He] is now an internationally-recognized advocate of replacing government 'pay as you go' social security with private pensions where workers bankroll their retirements with investments in mutual funds." (Washington Post; one-time registration required)
Some Find Strong Pulse in Social Security
Excerpt: "President Bush is mounting an aggressive campaign to convince the public of something that many Democrats and economists say is mistaken: that the massive government retirement system is hurtling toward disaster." (Los Angeles Times; one-time registration required)
Opinion: The Flaws of Private Accounts for Social Security
Excerpt: "The problem with this administration is not that it wants private accounts, which have pluses as well as minuses. The problem is that it wants private accounts as an end in themselves, and so may lose sight of the Social Security issues that actually matter." (Sebastian Mallaby in the Washington Post; one-time registration required)
Opinion: Social Security Reform, With One Big Catch
Excerpt: "[M]any analysts contend that it is ... misleading to suggest that people should have complete confidence in their ability to earn above-average returns with no risk whatsoever. Surprisingly, the Social Security Administration actually goes further than that." (New York Times; one-time registration required)
Opinion: Will Social Security Become a Retirement Crapshoot?
Excerpt: "Today, if your 401(k) goes south, at least you still have Social Security. But if Social Security works the same way your k-plan does, what security do you have?" (Albert Crenshaw in the Washington Post; one-time registration required)
Links to Items on Executive Comp, Benefits in General
Year-End Reminders for Benefit Plan Sponsors (PDF)
At pp. 10-11 of 14-page document. (Kutak Rock LLP)
Elaine Chao to Remain as DOL Secretary for Second Bush Term
Excerpt: "[I]t was announced that Labor Secretary Elaine Chao will remain in her post during President Bush's second term." (HR Policy Association)
Newly Posted Press Releases
Employees, CEOs Saw Stock Option Values Decline Sharply Between 2001 and 2003, Watson Wyatt Study Finds
(Watson Wyatt)
Milliman Experts Address Benefits of `True Group Long-Term Care' in New White Paper for Insurers
(Milliman USA)
National Business Coalition On Health And Local Coalitions Launch Bridges To Excellence Initiative
(National Business Coalition on Health)
Newly Posted or Renewed Job Openings
Vice President - Relationship Management
for BISYS Retirement Services
in PA
Division Head Client Services
for TPA company based in PA
in PA
DC Benefits Operations Manager
for Hewitt Associates
in CA
Human Resources - HR Benefits Representative
for Central Virginia Electric Cooperative
in VA
Client Services / Account Manager
for ExpertPlan, Inc.
in NJ
Part Time Actuary
for Howard Simon & Associates, Inc.
in IL
Pension Consultant / Administrator
for White Plains NY Mid-Sized Pension Consulting Firm
in NY
Premier Wealth Plan Implementation Mgr.
for Merrill Lynch
in NJ
Consulting Actuary
for RSM McGladrey, Inc.
in IL
Handy Links:
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- Search BenefitsLink
- Using the Web for Employee Benefits Research
- Employee Benefits Library
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