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November 10, 2005
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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)
House Ways and Means Committee Passes Pension Bill
Excerpt: "The panel's action clears the measure for the floor action -- the Committee on Education and the Workforce, which has jurisdiction over many aspects of pension law, approved its part of the measure last summer, but the overall prospects for pension reform remain uncertain because of a deadlock in the Senate." (The Washington Post; one-time registration required)

House Panel Backs Delay on New Pension Rules
Excerpt: "A House panel approved legislation on Wednesday that would give companies another year, until 2007, to start following stricter pension funding rules. The House Ways and Means Committee approved the bill, 23 to 17. It seeks to remedy the underfunding of traditional pensions and avoid a possible taxpayer bailout of the federal agency that insures pensions, the Pension Benefit Guaranty Corporation." (The New York Times; one-time registration required)

Current Legislative Outlook on Defined Benefit Pension Plan Funding, November 2005
Excerpt: "After more than two years of proposals and negotiations over DB funding reform and the current temporary 'fix' set to expire at year end, what is Congress going to do? In this article we review year end alternative solutions to the DB funding 'crisis.'" (CCA Strategies, LLC)

Ways and Means Committee Chairman's Amendment Summary of the Pension Protection Act, H.R. 2830 (PDF)
11 pages. (House Ways and Means Committee via American Benefits Council)

Self-Directed Teachers' Investment Plans Flunk
Excerpt: "403(b) plans could hardly be worse: fees are outrageous, there's no match and there's no oversight." (MSN Money)

FASB to Mull Changes to Pension Accounting
Excerpt: "The Financial Accounting Standards Board is expected [today] to add a pension-reform project to its agenda, opening the door for a vast overhaul of the way companies account for the benefits and changes that could affect corporate earnings." (MarketWatch)

FASB Set to Consider Sweeping Pension Reporting Changes
Excerpt: "The Financial Accounting Standards Board (FASB) is moving closer to its goal of revamping current reporting rules for pensions and other post-retirement benefits with a staff recommendation that companies be required to account for pension plan funding in calculating net worth." (PLANSPONSOR.com: one-time registration required)

Council Comment Letter to IRS Re: Proposed 411(d)(6) Regulations (PDF)
5 pages. Excerpt: "In conclusion, the Council requests that the IRS reconsider the proposed regulation and, at the very least, narrow the regulatory interpretation of the Heinz decision so that it is limited to the type of fact pattern involved in Heinz. This action will eliminate apparent contradictions with other regulatory and statutory provisions and ease plan administration." (American Benefits Council)

Introduction to 'Protecting Retirees' Money' by Cynthia L. Moore, 5th Edition, 2005 (PDF)
7 pages. Excerpt: "The National Council on Teacher Retirement (NCTR) is pleased to issue this fifth edition of Protecting Retirees' Money, a survey of the 50 statewide retirement systems that include kindergarten through grade 12 teachers ('K-12 teachers') and other public employees." (National Council on Teacher Retirement)

Pension Plans 'Inequitable,' Professor Says
Excerpt: "Have you ever thought of retirement plans and the tax incentives that support them as discriminatory? Sonya Michel has. The University of Maryland professor, speaking in Mesa on Tuesday, said the current system has tended to make things tougher for women, some minority groups and g.ay couples." (The Arizona Republic)

Executive Summary: Fifth Annual Allstate 'Retirement Reality Check' (PDF)
9 pages. Excerpt: "Allstate's 'Retirement Reality Check' survey is an annual review of Americans' attitudes about, and savings for, retirement. .... [The target page presents] the survey questions and responses ...." (Allstate)

Issue in Brief: How Much Pre-Retirement Income Does Social Security Replace? (PDF)
Excerpt: "This brief addresses the question of how much pre-retirement income Social Security replaces for current recipients. Subsequent briefs will provide a more comprehensive evaluation of replacement rates by including income from employer-sponsored pensions, other savings, and housing equity, as well as Social Security." (Center for Retirement Research at Boston College)

Links to Items on Executive Comp, Benefits in General

Overview: IRS Proposed Regulations on Nonqualified Deferred Compensation (PDF)
10 pages. Excerpt: "Section 409A was added to the Internal Revenue Code by the American Jobs Creation Act of 2004. [T]his new section governs the tax treatment of various nonqualified deferred compensation (NQDC) arrangements, including traditional nonqualified salary deferral arrangements, 'mirror' and 'excess' 401(k) plans, supplemental executive retirement plans, 457(f) plans, severance arrangements, and many forms of incentive pay (including equity-based compensation arrangements)." (Buck Consultants)

Executive Compensation Accounting and the Boardroom Dilemma
Excerpt: "Past CEO packages have had a heavier focus on the retirement end, says Jones. 'But now we're seeing a shift in the mix, with more emphasis on long-term incentives, rather than retirement. It's not just about longevity anymore. It's about performance.'" (U.S. Banker)

Rabbi Trusts-- The Basics and Beyond (PDF)
10 pages. Excerpt: "In this article, [Groom Law Group reviews] the basics of rabbi trusts, address[es] some of the unique issues that can arise in connection with their use, and explain[s] the heightened interest in rabbi trusts on Capitol Hill and elsewhere. .... [Originally Published December 2004 in the BNA Benefits Practice Library]" (Groom Law Group)

Newly Posted Events

Form 1099-R Still Not As Simple As It Looks
Nationwide on December 20, 2005
presented by SunGard Corbel

Information Session for Graduate Degrees in Employee Benefits Law
in Illinois on November 15, 2005
presented by John Marshall Law School, The

Katrina Relief and What it Means to Me
Nationwide on December 13, 2005
presented by SunGard Corbel

Newly Posted Press Releases

The Principal Financial Group Launches National Benefit Strategy Network for Plan Sponsors and Financial Professionals; Principal Benefits Exchange Program Gives Industry Partners An Edge in Improving Employee Benefits
(Principal Financial Group)

Council Commends Continued Work On Pension Reform Legislation, More Improvements Still Necessary
(American Benefits Council)

Standard Insurance Company Appoints Thomas Blanchar as Product Manager of 403(b) and 457 Markets
(Standard Insurance Company)

MetLife Rolls Out California Partnership Program to Small- and Mid-Size Businesses Across the State; New Statewide Program is First to Deliver CPLTC-Certified Long-Term Care Policies Through the Workplace
(MetLife)

ARAG Names Robert M. Fishman President and CEO
(ARAG)

New White Paper and Podcast by Fred Reish Explores Emerging Fiduciary Responsibilities and Challenges
(Ameriprise Retirement Services)

Newly Posted or Renewed Job Openings
Post a Help Wanted Ad

Pension Professionals
for Primark Benefits
in CA

Pension Administrator
for The Benefits Consulting Group, Inc.
in IL

Consultant Relations Manager
for Mercer HR Services
in MA

Pension Firm management
for Primark Benefits
in CA

Pension Administrator
for Primark Benefits
in CA

401(k) Enroller/ Investment Administrator
for Tycor Benefit Administrators, Inc.
in PA

Quality Assurance Specialist - Dental Claims Department
for Major Midtown Union Health Plan
in NY

Telephone Representative
for Major Midtown Union Health Plan
in NY

Senior Product Manager
for ING U. S. Financial Services
in CT

Benefits Specialist
for Safeco Corporation
in WA



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