| BenefitsLink Retirement Plans Newsletter |   |
April 20, 2005
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Set of Charts Showing Use of Lifestyle Funds, Including Breakdowns by Age, Gender, Salary and Tenure (PDF)
11 pages. Excerpt: "Thirty-eight percent of plans in the universe offered lifestyle funds, or diversified premixed portfolios, in 2003. A key reason that plan sponsors offer lifestyle funds in defined contribution plans is to afford participants a simple way to achieve a well-diversified portfolio with their plan balances. [The charts are from Hewitt's Universe Benchmarks study.]" (Hewitt Associates via Workforce Management; one-time registration required)
Federal Update: Bankrup.tcy Bill Has Expanded Protections for Pensions (PDF)
1 page. Excerpt: "[T]he House passed bankrup.tcy reform legislation (S. 256) on April 14. Section 224 of the bill amends the Bankrup.tcy Code so as to provide a broad additional exemption allowing individuals in bankrup.tcy to exempt from creditors' claims interests in tax-favored retirement plans and arrangements established under sections 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code." (National Council on Teacher Retirement)
State of Iowa Refunds $14.6 Million in Pension Payments to Former Employees
Excerpt: "Thousands of former government workers in Iowa are in for a check from the state's pension fund. Officials say nearly 15 (m) million dollars is being returned to 45-thousand former workers with inactive pension accounts that are being closed by the Iowa Public Employees Retirement System, or IPERS." (AP via WorldNow and KWQC)
U.S. Supreme Court Rebuffs Cash Balance Challenge Appeal of 6th Circuit Court Decision
Excerpt: "The nation's high court has refused to get involved in the appeal of a lower court ruling that a cash balance plan participant was not entitled to a pension 'refund.' The case turned away by the US Supreme Court concerned plaintiff Frank Crosby's appeal of a September 2004 decision by the US 6th Circuit Court of Appeals that he was not entitled to the extra pension money to compensate him for what his lump-sum benefits distribution would have been if the plan administrator had ...." (PLANSPONSOR.com; one-time registration required)
Paper: United Kingdom General Election Pensions Reform Briefing -- 2 Parties' & Gov't Proposals (PDF)
24 pages. Excerpt: "The main political parties each have very different proposals for reform of the pension system. This Briefing Paper is intended to put the facts on each set of pension proposals into the public arena in a convenient form." (Pensions Policy Institute)
UK Pension Trends Survey Report 1: Views on Pensions Policy and the 2004 Pensions Act (PDF)
6 pages. Excerpt: "The Association of Consulting Actuaries (ACA) latest Pension Trends Survey 2005 was conducted in January and February this year. Over 390 schemes, with assets exceeding £131 billion and over 2.8 million members, responded to a wide range of topical pension questions. This first report focuses on their views on current pension policies, the 2004 Pensions Act and responses to ideas posed by the Pensions Commission in its initial report." (Association of Consulting Actuaries)
Links to Items on Executive Comp, Benefits in General
Submission to IRS/Treasury: Recommendations for Guidance Under 409A
Excerpt: "The ERISA Industry Committee (ERIC) and the HR Policy Association today filed a joint submission with the Treasury Department and the Internal Revenue Service recommending additional guidance under the recently-enacted legislation governing deferred compensation plans." (The ERISA Industry Committee)
Overview: EBSA Voluntary Fiduciary Correction Program Updated
Excerpt: "An expanded and simplified VFC Program was published in the April 6, 2005 Federal Register. In a move towards expediting the availability of these enhancements, the updated program is effective immediately and will be available during the comment period." (McKay Hochman Co., Inc.)
Temporary North Carolina State Workers Sue for Benefits
Excerpt: "Two former temporary state employees who argue they deserved the benefits of permanent workers after being on the job for 12 months have sued the state of North Carolina. The lawsuit asks a judge to grant it class-action status, demanding that all such employees be given credit for pensions and vacation, and health insurance reimbursements." (NBC17.com)
The Effect of Health Savings Accounts on Health Insurance Coverage
Excerpt: "The authors investigate the potential of Health Savings Accounts (HSAs) to expand health insurance coverage. They examine how many currently uninsured people might be encouraged to buy coverage through HSAs, and what the impacts of such actions might be on the group and nongroup health insurance markets. [The 8 page full report is at http://www.cmwf.org/usr_doc/811_Glied_effect_hlt_savings_accounts_coverage.pdf.]" (The Commonwealth Fund)
No Application for Benefits, No Exhaustion of Administrative Remedies -- Court Rules for Employer
Excerpt: "A participant in a severance plan who only learned about his ineligibility for benefits through an informal conversation with a human resources executive but did not apply for those benefits failed to exhaust his administrative remedies, according to a federal court." (PLANSPONSOR.com; one-time registration required)
Newly Posted Events
ABA Retirement Services Conference
in District of Columbia on June 26, 2005
presented by ABA
Newly Posted Press Releases
ERIC Recommends Additional Guidance For Employers Under American Jobs Creation Act
(ERIC (ERISA Industry Committee))
Before House Financial Services Panel: Social Security Debate Shows Growing Need for Financial Literacy, EBRI’s Salisbury Testifies
(ERIC (ERISA Industry Committee))
Organizations Endorse Simple Cafeteria Plan Legislation
(Small Business Council of America (SBCA))
MCOL Honors 10th Anniversary As Premiere Managed Care Web Destination With Launch Of The Managed Care Museum
(MCOL)
MVP Plan Administrators, Inc. selects ICC Plan Solutions as enrollment kit provider.
(Metrics Partners)
Ottawa Legislative Update
(International Foundation of Employee Benefit Plans)
Washington Legislative Update
(International Foundation of Employee Benefit Plans)
ERISA Advisory Council to Hold First Meeting of 2005
(U.S. Department of Labor, Office of Public Affairs, Washington, D.C.)
Newly Posted or Renewed Job Openings
Trusco Marketing Specialist I
for SunTrust Bank
in FL
Internal Sales Specialist
for Principal Financial Group
in CA
Installation Administrator
for Transamerica
in CA
ERISA Technical Consultant
for SunTrust Bank
in GA
Paralegal
for NRECA
in VA
Benefits Analyst, Sr.
for Sun Chemical Corporation
in NJ
Pension Actuary
for Nyhart
in IN
Pension Analyst
for Benetrends, Inc.
in CA
Implementation Consultant
for Administaff
in TX
Conversion Team Leader
for Administaff
in TX
Associate Manager: Regulatory Policy and Contracts
for Great-West Financial Services
in CO
Pension Paralegal/Administrator
for Actuarial Consulting and Administration Firm
in NY
Pension Administrator
for Jackson Kelly PLLC
in WV
Retirement Plan Administrator
for Retirement Plan Services, Inc.
in NC
Health and Welfare
for Recruiting firm
in MA
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