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| May 4, 2007 |
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| The Western Benefits Conference - July 22-25, 2007 |
| Benefits by the Bay, the best of two in one! Jointly sponsored by WP&BC and ASPPA, this conference has been designed with all retirement professionals in mind. Seven industry specific targeted learning tracks, the latest market trends, compliance issues and networking opportunities await. Get early bird registration discounts and learn more at www.asppa.org/wbc or www.westernpension.org |
Retirement Security: Strengthening Pension Protections -- Subcommittee Hearing
Excerpt: "The purpose of this [Health, Employment, Labor, and Pensions Subcommittee] hearing is to review the various requested modifications to the Pension Protection Act (HR 4), which passed Congress last year by a vote of 279-131." (U.S. House Committee on Education and Labor)
Employers Ask for Postponement of PPA Funding Compliance Date at Subcommittee Hearing
Excerpt: "Employer groups and an actuarial group say Congress should fine-tune the Pension Protection Act of 2006 and give them more time to comply with major provisions, such as changes in plan funding formulas." (The National Underwriter Company; free registration or paid subscription required)
Official Summary of the Women's Retirement Security Act, S. 1288 (PDF)
4 pages. Excerpt: "[The bill includes this provision:] Employers that do not sponsor a qualified retirement plan for their employees (other than certain very small employers) would be required to allow employees to contribute a portion of their employees' pay to an IRA." (American Benefits Council)
Bill Would Expand 401(k) to Part-Timers
Excerpt: "Senate legislation that would require employers to allow long-term part-time employees to make contributions to a 401(k) plan was introduced . . ., according to a news release from the office of Sen. John Kerry, D-Mass. The bill, called the Women's Retirement Security Act of 2007, would also require employers that currently do not sponsor a retirement plan to allow employees to contribute a portion of their salary to an IRA." (Pensions & Investments)
ERISA's Anti-Cutback Rule Bars Elimination of 401(k) Put Option
Excerpt: "A federal judge in Hawaii has ruled that a California-based infrastructure design company violated the Employee Retirement Income Security Act's (ERISA) anti-cutback rule when it revoked employees' right to sell their company stock back to the company for cash." (PLANSPONSOR.com; free registration required)
Report Shows Plan Provider Web Sites Not Attracting Participants
Excerpt: "A research report entitled Patterns of Participant Use of Plan Websites published by Spectrem Group that was based on 402 in-depth 401(k) participant telephone interviews found that most plan members stay away from their company's provider Internet page." (PLANSPONSOR.com; free registration required)
Corporate Finance Meets Pension Management: A New Era for Pension Leaders (PDF)
32 pages. Excerpt: "The corporate pension playing field is about to experience [a] significant series of changes -- both in regulations and accounting rules . . . . More stringent funding requirements under the Pension Protection Act of 2006 will increase required contributions and their volatility while SFAS 158 has put pension assets and liabilities on the balance sheet, inextricably linking the health and performance of the plan and its sponsoring corporation." (JPMorgan Asset Management via Treasury & Risk)
Working Paper: The Repeal of the Retirement Earnings Test and the Labor Supply of Older Men (PDF)
33 pages. Excerpt: "This paper examines the impact of the Senior Citizens Freedom to Work Act of 2000, which abolished the Social Security retirement earnings test for those aged 65-69, on the labor supply of older men using data from the 1996-2004 waves of the Health and Retirement Study (HRS)." (Center for Retirement Research at Boston College)
Think Tank: Developing World Might Purchase Boomers' Stocks and Bonds in Their Retirement Accounts
Excerpt: "The developing world may step up to fund boomers' later years by purchasing the stocks and bonds in their retirement accounts, [Jeremy] Siegel says. And [Michael] Milken envisions prosperous, active lives for 80-somethings who feel like they are 60. But this future isn't guaranteed." (Wharton School of University of Pennsylvania)
Opinion: How United Airline Workers' Savings Were Hijacked by ESOPs
Excerpt: "In July 1994, the Air Line Pilots Association (ALPA), the International Association of Machinists (IAM), and non-union employees at United 'purchased' 55 percent of the company in the largest ESOP in history. They gave the company concessions valued at $5 billion over six years, including wage cuts of 12 to 15 percent. The stock itself could not be sold, and workers who quit prior to retirement paid heavy penalties and taxes." (Workers World)
Opinion: Tribune Acquisition and Bust-up Begins; Taxpayers Are Subsidizing It, Due to ESOP
Excerpt: "The tax breaks favor ESOP so that employees can own a share of their own companies; employee ownership was thought to produce long term employee satisfaction and company health. Congress did not anticipate that employees could be the passive partners in a bust-up of their own company. Congress will have to reconsider the tax breaks for ESOPs after this deal." (Business Law Prof Blog)
Kansas Public Employees Retirement System Changes Affect Future Hires
Excerpt: "It wasn't a sexy topic, but one of the major pieces of work in the just-completed legislative session will bring a substantial change to the state's public employee pension system. . . . Senate Bill 362 increases the retirement age and employee contribution rate in the Kansas Public Employees Retirement System for employees hired after July 1, 2009." (The Lawrence Journal-World)
Rolls-Royce Employees Agree on Pension Scheme Changes
Excerpt: "Rolls-Royce PLC [today] said it had secured agreement with employee representatives over changes to its underfunded pension scheme, ending talks that began a year ago, although it is still locked in talks with pension trustees of two of its funds." (MarketWatch.com)
Norway Stops Investment in Some U.S. Companies
Excerpt: "[R]ather than managing their monstrous nest egg simply for the best returns, the reluctant billionaires of Norway are using the money to advance an ambitious ethical code they established in 2004 for their oil reserve, known as the Government Pension Fund." (The New York Times; free registration required)
Social Security Administration's Intl Update on Foreign Public and Private Pensions, April 2007
This update covers Romania, The Americas, South Africa, and Taiwan. (U.S. Social Security Administration)
Links to Items on Executive Comp, Benefits in General
Professional Websites That Offer Legal Information on Insurance and Employee Benefits Issues
Excerpt: "One of the truly great resources provided in this digital age can be found in the enormous quantity of free legal information available on the web." (Health Plan Law blog by Attorney Roy F. Harmon III)
Wal-Mart Outlines $1.1 Bln in Employee Benefits
Excerpt: "Wal-Mart Stores Inc. . . . said [yesterday] it contributed $1.1 billion to U.S. hourly associates through profit sharing and 401(k) accounts, stock purchase plans and merchandise discounts in its last fiscal year." (Reuters via The New York Times; free registration required)
Newly Posted Events
Executive Compensation in Private Companies: Strategies for Attracting, Retaining, and Motivating Top Talent
Nationwide on June 7, 2007
presented by Deloitte
Pension Protection Act: DOL Interpretations of Participant Investment Advice Rules
Nationwide on May 10, 2007
presented by International Foundation of Employee Benefit Plans
Newly Posted Press Releases
ASPPA Calls for Consolidated, Streamlined Plan Participant Disclosure
ASPPA (American Society of Pension Professionals & Actuaries)
Mercer Human Resource Consulting Supports President Bush's Executive Order to Promote Health Care Transparency
Mercer Human Resource Consulting
President Announces Nominees for EBSA, PBGC Leadership
White House
PSCA Commends Representatives Pomeroy, Cole, And Kildee For Introducing HR 2119, The Tribal Government Pension Equality Act Of 2007
Profit Sharing/401(k) Council of America (PSCA)
ERIC Board Member Calls for Pension Act Changes, More Realistic Effective Dates
ERIC (ERISA Industry Committee)
Stock Market Advance Contributed to Improved Funding Status of U.S. Pension Plans in April, According to Mellon Financial
Mellon Financial Corporation
Macey: Modifications to Pension Protection Act Necessary to Avoid Unintended Consequences
American Benefits Council
Groundbreaking Proposals For Increasing Retirement Savings To Be Released By Diverse Coalition Of Experts
Pension Rights Center
Wal-Mart Recognizes Associate Contributions By Giving Back More Than $1.1 Billion in Profit Sharing, 401(k), Stock Purchase and Merchandise Discounts to Hourly Associates in the U.S.
Wal-Mart Stores, Inc.
Newly Posted or Renewed Job Openings
(Post a Job | View All Jobs)
Director, Compensation & Benefits Attorney
for Discover Financial Services
in IN
Sr. Benefits Assistant
for Raley's
in CA
ERISA Compliance Administrator
for Sun Life Retirement Services (U.S.), Inc.
in MA
Benefits Administrator
for The Emering Companies, LLC
in IL
Wellness Programs Manager
for Apple Inc.
in CA
401(k) Retirement Plan Support
for Benefit Strategies, LLC
in NH
Business Development and Client Relationship V.P.
for DR Pension Services, LLC
in NY
Handy Links:
- View Today's Active Message Threads
- Using the Web for Employee Benefits Research (hypertext article)
- Employee Benefits Library
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