| BenefitsLink Retirement Plans Newsletter |   |
October 27, 2005
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Panel Votes for Higher PBGC Pension Insurance Fees
Excerpt: "The comprehensive bills would raise the PBGC premium to $30 with no provision for additional increases, and it is widely assumed that this would be the operative figure should a comprehensive package pass." (The Washington Post; one-time registration required)
Provision Regarding PBGC Premiums, as Passed by House Education and the Workforce Committee (PDF)
8 pages. Excerpt: "AMENDMENT IN THE NATURE OF A SUBSTITUTE TO THE COMMITTEE PRINT OFFERED BY MR. BOEHNER OF OHIO" (U.S. House of Representatives via American Benefits Council)
House Committee Approves Pension Premium Increase
Excerpt: "Premiums that companies pay to insure employee pensions would rise by $11 per person next year under a plan approved ... by a House committee [yesterday]." (AP via The New York Times; one-time registration required)
Roth 401(k) Minisurvey 2005 Results (PDF)
5 pages. Excerpt: "PSCA collected data on companies' intentions and concerns about adding a Roth 401(k) feature to their existing 401(k) plan once this feature becomes available in 2006. Data was collected from 425401(k) plan sponsors." (Profit Sharing/401(k) Council of America; registration required to access survey)
Nearly One in Five Employers in Survey Say They Intend to Add a Roth Feature to Their Plan
Excerpt: "A news release from PSCA, an industry group, found that 17.4% of employers were going the Roth feature route while 35.1% don't have current plans to do so. Four in 10 aren't sure while the remaining respondents hadn't given the issue any thought either way." (PLANSPONSOR.com: one-time registration required)
Council Letter to Ways and Means Chairman Bill Thomas Regarding DC Reform Initiatives (PDF)
3 pages. Excerpt: "As you finalize your legislation, we want to express our continued support for the following defined contribution plan provisions that were included in legislation introduced by Representative Ben Cardin (H.R. 1961) and former Representative Rob Portman (H.R. 1960):...." (American Benefits Council)
Overview: Wrap-Around 401(k) Plans
Excerpt: "After passage of Code §409A, IRS officials and many practitioners concluded that wrap-around 401(k) plans could no longer operate because they would violate the restriction on accelerating payments. The recently issued proposed 409A regulations provide guidelines under which an employer may link a qualified plan with a nonqualified plan without violating the new nonqualified deferred compensation rules." (SunGard Corbel)
SEC Probes General Motor's Pension Figures
Excerpt: "The SEC probes of GM include: its financial reporting of pension and other retiree benefit programs; transactions between the automaker and Delphi, which GM didn't detail; recovery of recall costs from suppliers and supplier price reductions and credits; and GM's possible obligation to fund pensions and other retiree-benefit costs related to Delphi's Chapter 11 bankrup.tcy filing." (Bloomberg via Detroit Free Press)
Inquiry Into General Motors Accounts by S.E.C.
Excerpt: "The Securities and Exchange Commission is investigating General Motors' accounting in 'various matters,' the automaker disclosed yesterday, including its handling of pensions and some transactions between G.M. and Delphi, the supply giant that was once a division of G.M." (The New York Times; one-time registration required)
Mikulski Releases CBO Letter -- Confirms that Her Efforts Do Not Weaken Pension Reform (PDF)
1 page. Excerpt: "Senator Barbara A. Mikulski (D-MD) publicly released a letter from the Congressional Budget Office October 24, which confirms that changes proposed in her amendment with Senator Mike DeWine (R-OH) to S 1783 would not weaken the bill. The letter puts to rest claims the DeWine-Mikulski amendment would undermine pension reform efforts." (U.S. Congressional Budget Office via The ERISA Industry Committee)
Overview: IRS Relative Values Disclosure Requirements for Qualified Pension Plans Subject to ERISA (PDF)
Excerpt: "The relative values disclosure requirements take effect for pensions commencing on or after February 1, 2006. Because the relative values rules add to the information that must be given to retiring participants before their pensions can start, plan sponsors cannot postpone their compliance preparations. As noted in the/ Bulletin/, plans should aim to adapt their disclosure notices and procedures to meet the new requirements by no later than January 1, 2006." (The Segal Company)
'Dear Colleague' Letter from Boehner and Thomas to Full House Regarding Cash Balance Measures (PDF)
3 pages. Excerpt: "Our ultimate goal is to ensure cash balance plans remain a viable option for employers who want to remain in the defined benefit system and workers who prefer the portable and secure benefit this option provides. This is a balanced proposal that protects the benefits workers have earned and provides the legal certainty needed to encourage employers to continue offering these benefits." (John Boehner and Bill Thomas via American Benefits Council)
Most Global Companies with Multinational Retirement Programs Don't Have Typical Controls in Place
Excerpt: "A Hewitt Associates news release said that its survey of more than 100 large, multinational organizations in Europe and North America found that more than half lack annual goals (64%) or written global strategies (60%) for their retirement plans." (PLANSPONSOR.com: one-time registration required)
Links to Items on Executive Comp, Benefits in General
Overview: Navigating the Code § 409A Transitional Rules
Excerpt: "In Notice 2005-1, the IRS and Treasury first announced transition rules governing the treatment of deferred compensation arrangements under the American Jobs Creation Act of 2004, which enacted new Code § 409A. A recently proposed Treasury regulation furnished additional guidance expanding some but not all of the Notice 2005-1 transition rules. This Advisory explains the Code § 409A transition rules as embodied in both Notice 2005-1 and the proposed rule." (Mintz Levin Cohn Ferris Glovsky and Popeo P.C.)
Researchers Rank the Most Employee-Friendly States
Excerpt: "Delaware, New Hampshire, and Minnesota are the most employee-friendly states in the country, according to a ranking by researchers from the Political Economy Research Institute ... at the University of Massachusetts. The researchers looked at the working environments in all 50 states and Washington, D.C., analyzing data on average pay, employment opportunities, employee benefits, percentage of low-income workers, fair treatment between genders, and ability for employees to unionize." (Business & Legal Reports, Inc.)
Newly Posted Events
Distributions and Taxation Workshop
in Michigan on December 6, 2005
presented by SunGard Corbel
Distributions and Taxation Workshop
in North Carolina on December 6, 2005
presented by SunGard Corbel
Distributions and Taxation Workshop
in Illinois on December 7, 2005
presented by SunGard Corbel
Distributions and Taxation Workshop
in Texas on December 7, 2005
presented by SunGard Corbel
Distributions and Taxation Workshop
in Wisconsin on December 7, 2005
presented by SunGard Corbel
Distributions and Taxation Workshop
in Kansas on December 8, 2005
presented by SunGard Corbel
Distributions and Taxation Workshop
in Minnesota on December 8, 2005
presented by SunGard Corbel
Distributions and Taxation Workshop
in Georgia on December 6, 2005
presented by SunGard Corbel
Introduction: Plan Sponsor Podcast
Nationwide on October 27, 2005
presented by Ameriprise Retirement Services
Ready for Roth?
in Michigan on December 6, 2005
presented by SunGard Corbel
Ready for Roth?
in Illinois on December 7, 2005
presented by SunGard Corbel
Ready for Roth?
in Texas on December 7, 2005
presented by SunGard Corbel
Ready for Roth?
in Wisconsin on December 7, 2005
presented by SunGard Corbel
Ready for Roth?
in Kansas on December 8, 2005
presented by SunGard Corbel
Ready for Roth?
in Minnesota on December 8, 2005
presented by SunGard Corbel
Trends Impacting Our Culture and Connections to Retirement Plans Podcast
Nationwide on October 27, 2005
presented by Ameriprise Retirement Services
Newly Posted Press Releases
WageWorks Ranks No. 24 on Inc. Magazine's List of America's 500 Fastest-Growing Private Companies; Consumer Health Spending Management Firm Records Three-Year Growth of 2,117%
(WageWorks Inc.)
Newly Posted or Renewed Job Openings
Supervisor, Service
for BISYS Retirement Services
in PA
Defined Contribution Conversion Specialist
for New York Life Investment Management LLC
in MA
Employee Benefit Administrator
for Premier Recruiters & Associates
in KY
Marketing Associate
for Howard Simon & Associates, Inc.
in IL
Manager, Retirement Plans & Compliance
for BISYS Group, Inc.
in OH
Claims Manager
for Hewitt Associates
in FL
Health and Welfare Associate
for Employee Benefits Firm
in PA
Disbursement Services Associate
for ICMA - RC
in DC
Disbursement Services Specialist
for ICMA - RC
in DC
Defined Benefit or Defined Contribution Administrator
for Associates in Excellence
in CA
Actuarial Analyst
for New York Life Investment Management LLC
in MA
Relationship Manager
for Midsouth Pension Consultants, LLC
in TN
Compliance Analyst
for Great-West Retirement Services
in WI
Implementation Analysts
for Staffing Agency
in MA
Pension Manager
for Hogan & Hartson L.L.P.
in DC
Assistant Director - Provider Relations
for 1199SEIU National Benefit and Pension Fund
in NY
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