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March 24, 2005
Today's sponsor: ASPPA • Working for America's Retirement™
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Immerse Yourself in ERISA Title 1 Issues April 25 - 26, 2005 * Washington, DC Get the latest regulatory and legislative updates on ERISA at "The DOL Speaks 2005 Employee Benefits Conference." Every session will feature both public and private sector speakers presenting their unique perspective on Title 1 issues. Featured Speaker: U.S. Secretary of Labor Elaine L. Chao
(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Full Text of Spring 2005 Issue of Employee Plan News Published by IRS (PDF)
17 pages. Articles include: EP Connections: Interview with Michael Julianelle; New - and Improved - EP Exam Products; Starting Examinations ASAP after Filing; Phase Value; The Listing of Required Modifications are available; Determination Letters; PBGC Insights on Terminations; Pension Funding Summit; Small Business Week 2005; Web Spins - The Retirement Plans Site; Can We Talk?; 2005 IRS Nationwide Tax Forums; 2005 Mid-Atlantic Benefits Conference. (Internal Revenue Service)
Standard & Poor Report Applauds Greater Pension Transparency of Reform Suggestions
Excerpt: "President Bush's defined benefit reform proposals would hurt employers with significantly underfunded plans, according to a new report. A Standard & Poor's news release said the research report by the company's Rating Services asserted that the reform suggestions ... would enhance regulatory disclosure and accountability for plans as well." (PLANSPONSOR.com; one-time registration required)
Excess IRA Contributions: Part One on Consequences and Corrections
Excerpt: "Internal Revenue Code (IRC) Section 4973 imposes a 6 percent penalty tax on certain excess contributions to a traditional individual retirement account (IRA) or a Roth IRA. What causes an excess IRA contribution? How does an IRA owner pay the penalty tax? How can an IRA owner correct an excess contribution and avoid the penalty tax? This two-part article answers these questions and more by reviewing the common reasons for excess IRA contributions and the resulting ...." (Bankers Systems, Inc.)
2005 Annual Report of the Social Security Board of Trustees
Excerpt: "The report presents the current and projected future financial status of the trust funds." (Social Security Administration)
Fourth Quarter 2004 Results for Defined Benefit Pension Plans in Major Retirement Markets Worldwide (PDF)
12 pages. Excerpt: "Comments in this Update are based on a benchmark defined benefit pension plan in each country. The actual impact on an individual company's consolidated pension reporting will depend on a number of company-specific factors – including (but not limited to): plan provisions, contribution strategy, asset allocation, demographic mix, and reporting currency." (Towers Perrin)
Is that Retirement Plan Really Safe? Protect Clients' Assets from Creditors
Excerpt: "Could your retirement fund be at risk? Could a simple adjustment or two shield it? A landmark ruling by the Supreme Court in 2004 and decisions by lower courts and the IRS have changed the protection offered to taxpayers on assets they hold in tax-qualified retirement plans." (Journal of Accountancy)
Editorial: Social Security Projection of Shortfall Over Infinity, Rather than 75-Year Time Frame
Excerpt: "The Social Security trustees issued their annual report yesterday and said that by one measure, the shortfall in Social Security's finances jumped from $10.4 trillion last year to about $11 trillion this year. Eleven trillion dollars! The trustees, in service to President Bush's alarmist warnings about the need to do something drastic about Social Security, are dishing up some misleading numbers." (The New York Times; one-time registration required)
Towers Perrin U.S. Legislative Tracking Charts — Retirement -- Updated March 21, 2005 (PDF)
7 pages. Excerpt: "These charts summarize selected federal legislation that would affect employee benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
2005 Social Security Trustees Report: System Goes Bust in 2041
Excerpt: "[Yesterday's] release of the 2005 Social Security Trustees Report was mostly full of bad news. According to a news release, the document shows little change in the fiscally strapped system's financial future with the system now expected to run out of money in 2041 - a year earlier than first predicted." (PLANSPONSOR.com; one-time registration required)
Links to Items on Executive Comp, Benefits in General
Financial Reporting: FASB Mandates How Companies Should Account for Share-Based Compensation
Excerpt: "Companies this year must use the fair value method to value options and other share-based compensation. This article will explain the financial statement changes and offer a firsthand account from a CPA and CFO who began expensing options in 2003." (Journal of Accountancy)
Appeals Court Rules No Workers Compensation Death Benefits for NY State Domestic Partners
Excerpt: "A workers compensation law that excludes death benefits for domestic partners passes constitutional muster, a New York appeals court ruled last week. The claimant in Valentine vs. American Airlines was a New York City-registered domestic partner for 21 years with a man who died in November 2001 while working as a flight attendant. The two owned a home together, jointly held bank accounts and designated each other as executors and beneficiaries in legal documents, court records show." (Business Insurance)
Towers Perrin U.S. Legislative Tracking Charts — Human Resources -- Updated March 21, 2005 (PDF)
5 pages. Excerpt: "These charts summarize selected federal legislation that would affect employee benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
Hewitt Federal Legislation Quick Guide Updated as of March 22, 2005
Excerpt: "Hewitt's Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding health and welfare benefit plans, retirement plans, and human resources and employment law." (Hewitt Associates)
Medicare Report Emphasizes Shortfall: Medicare's Financial Outlook Has Deteriorated on All Fronts
Excerpt: "The two independent trustees overseeing Social Security and Medicare broke with the Bush administration's trustees yesterday, saying Medicare's financial problems far exceed Social Security's and are in urgent need of attention." (The Washington Post; one-time registration required)
Newly Posted Events
401(k) Plans
in Massachusetts on May 17, 2005
presented by Employee Benefits Institute of America Inc. (EBIA)
401(k) Symposium
in Massachusetts on June 23, 2005
presented by SunGard Corbel
Cafeteria Plans
in Massachusetts on May 18, 2005
presented by Employee Benefits Institute of America Inc. (EBIA)
COBRA Compliance for Group Health Plans
in Massachusetts on May 20, 2005
presented by Employee Benefits Institute of America Inc. (EBIA)
Designing Retirement Plans: 2006 and Later
in Illinois on June 9, 2005
presented by ASPPA Benefits Council of Chicago
ERISA Compliance for Health & Welfare Plans
in Massachusetts on May 19, 2005
presented by Employee Benefits Institute of America Inc. (EBIA)
HIPAA Portability, Privacy & Security
in Minnesota on May 13, 2005
presented by Employee Benefits Institute of America Inc. (EBIA)
HIPAA Portability, Privacy & Security
in Massachusetts on May 20, 2005
presented by Employee Benefits Institute of America Inc. (EBIA)
HSAs, HRAs, & Consumer-Driven Health Care
in Massachusetts on May 19, 2005
presented by Employee Benefits Institute of America Inc. (EBIA)
Sexual Harassment? 401(k) Plan Headaches? Payroll Tax Problems? -- A Compliance Seminar for HR Professionals
in District of Columbia on April 5, 2005
presented by Swidler Berlin LLP
Newly Posted Press Releases
Sun Life Financial Expands Partnership with Assist America to offer SecurAssist® Services to Group Life Customers
(Assist America, Inc.)
Digital Documents, LLC Releases Their Latest Document Scanning Services Vendor Evaluation Matrix to Assist Organizations in Selecting a Document Scanning and Imaging Services Vendor.
(Digital Documents, LLC--The Leader in Document Scanning and Imaging Services)
Movers and Shakers: Newly Posted Announcements of Promotions and New Personnel
(Post Yours!)
Mullin Consulting Appoints Matthew Andersen as Senior Managing Consultant
(Mullin Consulting, Inc)
James C. Paul
(Downey Brand LLP)
Newly Posted or Renewed Job Openings
401k Account Executive
for BISYS Retirement Services
in PA
Actuarial Associate- Retirement
for Towers Perrin
in CT, DC, GA, MA, NJ, NY, PA
ERISA Attorney/ Consultant
for Towers Perrin
in MA
Pension Plan Coordinator
for Transamerica
in GA
Compliance Analyst
for Great-West Corporate
in WI
Defined Benefit Administrator
for Great-West Corporate
in WI
DB Implementation Analyst
for Milliman
in TX
Pension Specialist
for Milliman
in TX
Installation Administrator
for Transamerica
in CA
Compliance Analyst
for Great-West
in CO
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