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August 19, 2005
Today's sponsor: APSCREEN, Employee Locator

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(Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
Overview: What Are the Most Commonly Forgotten, or Perhaps Overlooked, Top-Heavy Rules?
Excerpt: "The answer may surprise you. Failure to understand top-heavy rules may be quite costly for a client, while a mastery of the rules will enable you to manage client expectations from the earliest stages of the planning process. This article is based on the top-heavy rules for defined contribution plans. All examples in this article are based on the plan year being the calendar year." (McKay Hochman Co.)

Overview: Final 401(k) Regulations-- Part Seven
Excerpt: "This article concludes our analysis of final 401(k) regulation 1.401(k)-1. Topics include additional requirements for 401(k) plans and the effective date of the regulation. [On the target page] are the seven topics of 1.401(k)-1(e) and the general point for each of the seven sections." (McKay Hochman Co.)

Conference Papers from the 7th Annual Conference of the Retirement Research Consortium
The Seventh Annual Conference of the Retirement Research Consortium,'Towards a Secure Retirement System,' was held on August 11-12, 2005, at the National Press Club in Washington, D.C. The papers and presentations from the conference are now available on the Center's website. You can access them [on the target page]. (Center for Retirement Research at Boston College)

Request for IRS Guidance on the Valuing of Life Insurance Contracts within a Qualified Plan
Excerpt: "The American Society of Pension Actuaries (ASPPA) hereby requests that the Internal Revenue Service provide additional guidance concerning Revenue Procedure 2005-25. Revenue Procedure 2005-25 sets forth guidance on the valuation of life insurance contracts, and other contracts providing for life protection, for purposes of Internal Revenue Code §§78, 83 and 402." (American Society of Pension Professionals & Actuaries)

Orlando, Florida Pension Board Revokes Benefits to Bad Officers
Excerpt: "For the first time, Orlando's police pension board has revoked the lifetime benefits of two Orlando Police Department retirees. Both committed felony crimes on the job, WESH 2 News reported. Administrators from the state Division of Retirement also confirmed Wednesday they are cutting off the pension of convicted drug felon and former Orange County Sheriff's Capt. Victor Thomas." (WESH.COM)

Struggling Delta Seeks Pension Settlement Approval in Court
Excerpt: "Delta Air Lines has asked an Atlanta judge to grant final approval of a $16-million settlement of a pension lawsuit filed by retired pilots." (PLANSPONSOR.com: one-time registration required)

Opinion: Colorado's Public Employees' Retirement Association Board Needs Taxpayer Representation
Excerpt: "You might think that those who manage state employees' pension money wouldn't squander their assets by giving themselves amazing perks that aren't available to ordinary state employees. But you would be wrong." (Rocky Mountain News)

Text of Temporary Regulations on Tax Consequences of Converting Non-Roth IRA Annuity to a Roth IRA
Excerpt: "This document contains temporary regulations under section 408A of the Internal Revenue Code (Code). These temporary regulations provide guidance concerning the tax consequences of converting a non-Roth IRA annuity to a Roth IRA." (Internal Revenue Service)

Administrative Costs Hit Small Retirement Plans Hard, According to Study Done for SBA
Excerpt: "The sponsor of a very small 401(k) plan could spend more than 6 times as much per employee on administration than the sponsor of a giant 401(k) plan would spend. Joel Popkin, a researcher in Washington, has quantified the administrative burdens facing 'baby groups' in a report on benefits costs released today by the U.S. Small Business Administration." (National Underwriter Life & Health; free one-time registration or paid subscription required)

City of San Diego Sues Company that Invested Pension Fund
Excerpt: "The San Diego city attorney has sued Callan Associates, the consulting firm that has helped invest the city's pension fund since 1982, saying that Callan's advice had been tainted by undisclosed conflicts of interest, which contributed to losses that will affect the city's finances for years." (The New York Times; one-time registration required)

Retirement Income Anxiety on the Rise, More Workers Will Work in 'Retirement'
Excerpt: "About two-thirds of American workers expect to work full or part time after retiring from their main job, according to a newly conducted survey that found rising anxiety about retirement income." (CNN Money)

Report: Mutual Funds and the U.S. Retirement Market in 2004 (PDF)
8 pages. Excerpt: "Americans' tax-advantaged retirement savings have grown substantially in the past two decades, reaching a record $12.9 trillion at year-end 2004, and retirement savers often turn to mutual funds to manage their assets. By year-end 2004, mutual funds managed $3.1 trillion through individual retirement accounts (IRAs) and employer-sponsored defined contribution plans ... and about 60 percent of the $210 billion ...." (PLANSPONSOR.com: one-time registration required)

Links to Items on Executive Comp, Benefits in General

Special Report: Another Pension System in the Red -- Part 3 -- Retiree Health Care on Chopping Block
Excerpt: "The county's $1.2 billion deficit in its pension fund has forced pension officials to consider withholding the money that would usually pay for retiree health care and using it instead to supplement ballooning taxpayer contributions to the deficit. County leadership maintains that health care has always been an added benefit -- one the county could take away if it needed to." (voice on san diego)

FASB Decides on Freestanding Financial Instruments Originally Granted for Employee Services
Excerpt: "At its Aug.17, 2005 board meeting, the Financial Accounting Standards Board ('FASB' or 'the board') instructed the FASB staff to proceed to drafting a final FASB Staff Position (FSP) on the treatment of freestanding financial instruments originally granted for employee services, with respect to the requirements set forth in FASB Statement of Financial Accounting Standards No. 123R, 'Accounting for Share-Based Payments' (FAS 123R)." (Financial Executives International)

A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure (PDF)
45 pages. Excerpt: "In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace." (John J. Heldrich Center for Workforce Development)

Report: Cost of Employee Benefits in Small and Large Businesses (PDF)
67 pages. Excerpt: "A new report ... released by the Office of Advocacy details the cost of employee benefits by firm size. The report specifically looks at the cost of health insurance, pension plans, paid vacation, and sick leave." (Small Business Administration)

Domestic Partner Pension Bill Heads to California Assembly Vote
Excerpt: "Legislation to allow hundreds of California state workers who retired prior to January 1, 2005 to take advantage of the state's Domestic Partnership law is heading to a full vote in the Assembly." (365G.ay.com)

Call to Duty Won't Affect Benefits of Massachusetts State Employees
Excerpt: "State employees will not lose their salary, pension or health benefits if they are called up for active duty in the military under legislation approved by the House and Senate Thursday. The plan mirrors an existing law that was set to expire on Sept. 11 of this year." (Sentinel & Enterprise)

NCCMP's 'Legislative Scorecard' Page Updated for August 2005
Excerpt: "NCCMP has culled proposed legislation from the current Congressional session. The chart below describes those bills and resolutions that we feel are of interest to our multiemployer pension and health plans. The chart also tracks bill status and gives our comments to the upcoming legislation." (National Coordinating Committee for Multiemployer Plans)

Newly Posted Events

Benefits 2010 -- What is Consumerism and Where is it Taking Us?
Nationwide on September 15, 2005
presented by Employee Benefit News

Benefits Outsourcing: An In-Depth Look at a Maturing Industry
Nationwide on September 14, 2005
presented by Morgan Lewis & Bockius LLP

Newly Posted Press Releases

PBGC Protects Pensions At Westpoint Stevens
(Pension Benefit Guaranty Corporation (PBGC))

Treasury Releases Regulations on Valuation of Annuity Contracts Involved in Roth Conversions
(U.S. Treasury Department and Internal Revenue Service)

MetLife Study Reveals Fortune 100 Employee Benefits Trends
(MetLife)

The Living Will Solution...Online 24/7 and Free
(ad hoc America, Inc.)

HSA Bank Launches National HSA Education Initiative
(HSA Bank)

New Jersey Executive Indicted for Embezzling $500,000 From Pension Plan
(U.S. Department of Labor, Employee Benefits Security Administration)

Snowe: Pass Association Health Plans for Small Businesses; Cites Study Detailing Barriers to Affordable Health Care
(U.S. Small Business Administration (SBA))

Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Defined Contribution Plan Administrator
for Benefit Consulting Group, LLC
in NY

Account Executive
for DailyAccess Corporation
in AL

Employee Benefits Tax (EB) Manager
for Deloitte
in FL

Participant Education Consultant
for The Vanguard Group
in PA

Human Resources Generalist (PEO)
for ADP TotalSource
in NY

Sr. Benefits Administrator
for Buck Consultants an ACS Company
in GA

Senior Director, Employee Benefits
for Oshkosh Truck Corporation
in WI

Retirement Consultant
for Freedom One Financial Group
in MI

Client Relationship Manager
for Great-West Retirement Services
in OH



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