| BenefitsLink Retirement Plans Newsletter |   |
September 16, 2005
Today's sponsor: DATAIR Employee Benefit Systems, Inc.
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Text of Announcement 2005-70: Special Loan and Hardship Rules for Katrina Victims (PDF)
1 page. Excerpt: "A qualified employer plan will not be treated as failing to satisfy any requirement under the Code or regulations merely because the plan makes a loan, or a hardship distribution for a need arising from ... Katrina, to an employee or former employee whose principal residence on August 29, 2005, was located in one of the counties ... in Louisiana, Mississippi or Alabama that have been or are later designated as disaster areas eligible for Individual Assistance by [FEMA] ..." (Internal Revenue Service)
Chart: Comparison of Significant Pension Reform Proposals
The 32 page chart compares the administration's proposal, ERIC's proposal, H.R. 2830, and NESTEG. (Deloitte Consulting LLP via The ERISA Industry Committee)
Delta Air Lines Pension Termination Could Be Largest Ever for PBGC
Excerpt: "Even if Congress approves legislation giving commercial airlines pension funding relief, Delta Air Lines Inc. may terminate its pension plans, resulting in a multibillion dollar loss that could be the biggest ever for the federal pension insurance agency. In a long-expected move, Delta on Wednesday filed for Chapter 11 bankrup.tcy and will not make its next required contribution to its pension plans." (Business Insurance)
PBGC Tells Airlines that Pension Fund Contributions Are Still Required
Excerpt: "In a statement, Bradley Belt, executive director of the Pension Benefit Guaranty Corp. (PBGC), cautioned Northwest Airlines and Delta Airlines that their bankrup.tcy filings did not absolve them of their pension responsibilities." (PLANSPONSOR.com: one-time registration required)
CBO Report: The Risk Exposure of the Pension Benefit Guaranty Corporation (PDF)
44 pages. Excerpt: "House Budget Committee Chairman Jim Nussle has asked the Congressional Budget Office (CBO) to evaluate the current budgetary treatment of PBGC and identify changes in accounting that would increase the accuracy, relevance, and reliability of budget estimates for insurance and related federal programs. This paper is a partial response to the Chairman's request. It estimates the market value of federal pension insurance, analyzes options for reducing future shortfalls, ...." (U.S. Congressional Budget Office)
Delta Air Lines Seeks to Stop Paying Supplemental Retirement Benefits
Excerpt: "In a move that sparked an outcry from retired pilots and executives ... Delta asked to stop paying retirement benefits that exceed the limits of the company's basic pensions. Delta is trying to 'choose the benefits that it wants to pay,' said John Christy, an Atlanta attorney for DP3, a group that says it represents about a third of Delta's 4,500 retired pilots, who have supplemental pension benefits. 'Those people have claims that are well in excess of $500 million.'" (The Atlanta Journal-Constitution; one-time registration required)
Delta Air Lines Says Can't Pay Pensions in Letter to Retired Pilots
Excerpt: "Delta Air Lines Inc. (DAL.N) will send a letter to some 3,500 retired pilots informing them of its inability to make their October pension payments, Delta lawyer Marshall Huebner said in a hearing on Thursday." (Reuters via The New York Times; one-time registration required)
Posthumous QDRO Is Found to Be Valid by a U.S. District Court
Excerpt: "A West Virginia federal judge has awarded a dead participant's ex-wife benefits even though the couple's qualified domestic relations order (QDRO) was not approved by a state judge until after the participant passed away." (PLANSPONSOR.com: one-time registration required)
American Airlines Plan in the Clear for Recouping $118,000 in Pension Overpayments
Excerpt: "A federal judge has rejected arguments from a retired American Airlines pilot that it wasn't fair for the company to partially suspend his retirement benefits as a way of getting back $118,000 already mistakenly paid to him." (PLANSPONSOR.com: one-time registration required)
GAO Testimony: Social Security Numbers: Federal and State Laws Restrict Use of SSNs, Gaps Remain
36 pages. Excerpt: "[T]his testimony focuses on describing (1) the public use of SSNs (2) the use of SSNs by certain private sector entities, and (3) certain federal and state laws regulating the use of SSNs and identity theft. [Highlights are at http://www.gao.gov/highlights/d051016thigh.pdf.]" (U.S. Government Accountability Office)
Links to Items on Executive Comp, Benefits in General
Free, Important Webcast by ABA Joint Committee on Employee Benefits: What to Do After Katrina
Excerpt: "This teleconference will explore the latest information about Hurricane Katrina disaster relief and issues being faced by employers and employee benefits plans, including the following topics: Hiring Displaced Workers; Elections, Loans and Hardship Withdrawals; Providing Meals, Housing and Other Disaster Assistance to Employees; Benefits Relief from IRS, DOL, CMS & PBGC; Dealing With Addresses and Banks That No Longer Exist; Converting Unused Vacation into Charitable Donations." (ABA Joint Committee on Employee Benefits)
Text: Technical Explanation of H.R. 3786, The Katrina Emergency Tax Relief Act of 2005 (PDF)
30 pages. Excerpt: "This document, prepared by the staff of the Joint Committee on Taxation, provides a Technical Explanation of H.R. 3786, the Katrina Emergency Tax Relief Act of 2005." (Joint Committee on Taxation via American Benefits Council)
Resources on H.R. 3768, Katrina Emergency Tax Relief Act of 2005 (KETRA)
The target page has links to the following: Summary of the Katrina Emergency Tax Relief Act; Bill Text of H.R. 3768; Revenue Estimate for H.R. 3768 (Joint Committee on Taxation); and, Technical Description of H.R. 3768 (Joint Committee on Taxation). (U.S. House Committee on Ways and Means)
U.S. Senate Bill Would Help with Katrina Victim Health Insurance Coverage
Excerpt: "The federal government would subsidize group health insurance premiums of plans sponsored by employers in areas affected by Hurricane Katrina under a measure unveiled Wednesday by two US senators." (PLANSPONSOR.com: one-time registration required)
FASB to Clear Up Stock Option Grant Award Date Conflict
Excerpt: "The Financial Accounting Standards Board (FASB) is issuing additional guidance on the definition of grant date when awarding employee stock options. The concern has arisen since the issuance of FAS123 requiring companies to list employee stock option awards as expenses on their financial statements." (PLANSPONSOR.com: one-time registration required)
SEC Emergency Order Provides Hurricane Katrina Relief (PDF)
8 pages. On Sept. 15, 2005, SEC announced the approval of an order providing emergency regulatory relief for those affected by Hurricane Katrina, including extensions of certain filing deadlines for affected parties." (U.S. Securities and Exchange Commission)
Non-Profit and Tax Exempt Newsletter, Summer 2005 Edition (PDF)
8 pages. This edition includes articles titled: Now is the time to act: review bonus, severance, and deferred compensation arrangements for compliance with section 409A; IRS to audit 501(c)(3) bonds; The panel on the nonprofit sector makes final recommendations; and, IRS audits executive compensation. (Dorsey & Whitney LLP)
Overview: What's on the Agenda of Your Compensation Committee?
Excerpt: "Directors serving on compensation committees have a full plate these days. While committee members have always played an important role, it has increased with the growing scrutiny of compensation, benefits and employment contracts for executives, as well as the process used to establish pay packages. [H]ere, in no particular order, is [Towers Perrin's] 'Top 10' list of the most pressing issues concerning compensation committees today." (Towers Perrin)
Newly Posted Events
Advanced IRAs: The Ever-Changing IRA
in California on November 2, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Oklahoma on November 2, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Mississippi on November 2, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Kansas on November 4, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Kentucky on November 4, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in California on November 4, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Texas on November 9, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Ohio on November 9, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Massachusetts on November 9, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in Pennsylvania on November 11, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-Changing IRA
in New Jersey on November 11, 2005
presented by BISYS Retirement Services
Advanced IRAs: The Ever-changing IRA
in Alabama on November 30, 2005
presented by BISYS Retirement Services
Annual Fall Employee Benefits Law and Practice Update
Nationwide on November 17, 2005
presented by ALI-ABA (American Law Institute-American Bar Association)
Basic IRAs
in California on November 1, 2005
presented by BISYS Retirement Services
Basic IRAs
in Oklahoma on November 1, 2005
presented by BISYS Retirement Services
Basic IRAs
in Mississippi on November 1, 2005
presented by BISYS Retirement Services
Basic IRAs
in Kentucky on November 3, 2005
presented by BISYS Retirement Services
Basic IRAs
in California on November 3, 2005
presented by BISYS Retirement Services
Basic IRAs
in Kansas on November 3, 2005
presented by BISYS Retirement Services
Basic IRAs
in Texas on November 8, 2005
presented by BISYS Retirement Services
Basic IRAs
in Ohio on November 8, 2005
presented by BISYS Retirement Services
Basic IRAs
in Massachusetts on November 8, 2005
presented by BISYS Retirement Services
Basic IRAs
in New Jersey on November 10, 2005
presented by BISYS Retirement Services
Basic IRAs
in Pennsylvania on November 10, 2005
presented by BISYS Retirement Services
Basic IRAs
in Alabama on November 29, 2005
presented by BISYS Retirement Services
Establishing IRAs and IRA Amendments Telephone Seminar
Nationwide on November 10, 2005
presented by BISYS Retirement Services
Fall Forum
in Georgia on September 26, 2005
presented by BISYS Retirement Services
Fall Forum
in Minnesota on October 10, 2005
presented by BISYS Retirement Services
Fall Forum
in Massachusetts on October 24, 2005
presented by BISYS Retirement Services
Fall Forum
in California on November 14, 2005
presented by BISYS Retirement Services
IRA Beneficiary Distributions Web/Telephone Seminar
Nationwide on November 17, 2005
presented by BISYS Retirement Services
IRA Required Minimum Distributions Web/Telephone Seminar
Nationwide on November 15, 2005
presented by BISYS Retirement Services
IRA Required Reporting Web/Telephone Seminar
Nationwide on November 29, 2005
presented by BISYS Retirement Services
IRA Update Web/Telephone Seminar
Nationwide on November 2, 2005
presented by BISYS Retirement Services
Roth IRA Distributions Web/Telephone Seminar
Nationwide on November 3, 2005
presented by BISYS Retirement Services
Newly Posted Press Releases
EDSA Announces Sarbanes-Oxley's Impact on Retirement Plans
(EDSA Group, Inc.)
Statement Of PBGC Executive Director Bradley Belt On Airline Bankruptcy Filings
(Pension Benefit Guaranty Corporation (PBGC))
Retirement Plans Can Make Loans, Hardship Distributions to Katrina Victims
(Internal Revenue Service (IRS))
Press Release - ICC Plan Solutions Offers New Square Bound Enrollment Kits
(Metrics Partners)
U. S. Labor Department Action Helps Hurricane Victims Access 401(k) Plans
(U.S. Department of Labor, Employee Benefits Security Administration)
Newly Posted or Renewed Job Openings
Defined Contribution Plan Administrator
for CBIZ Actuarial & Benefit Consultants
in AZ
Retirement Plan Services
for Professional Staffing of St. Louis
in ANY STATE
Senior DC Tiered Plan Administrator
for The Pension Group, Inc.
in CA
Operations Manager
for Employee Benefits Consulting Firm
in NC
Retirement Specialist
for Administaff
in TX
Technical Support Retirement Services Manager
for RSM McGladrey Retirement Resources
in NC
Client Services Team Lead - Project Manager
for Mercer HR Services
in IL
Call Center Supervisor
for Mercer HR Services
in IL
Operations Supervisor (Health Claims/Customer Service)
for Zenith Administrators
in AZ
Senior Marketing Analyst
for Keenan & Associates
in CA
Client Manager - Health and Welfare Group Practice
for Alliance Benefit Group
in MN
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Copyright 2005 BenefitsLink.com, Inc.; except that you may reprint this newsletter in full (including this sentence) without obtaining our permission.
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