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=========================================================== BenefitsLink Retirement Plans Newsletter (Plain Text Format) August 19, 2004 =========================================================== We thank and invite your attention to today's sponsor: BeneCom Associates, LLC =========================================================== BeneCom Associates, LLC, for one-stop benefit communications (Advert.) <URL:http://benefitslink.com/cgi/a_d.cgi?a_d=2004_08_19_retirement> http://benefitslink.com/cgi/a_d.cgi?a_d=2004_08_19_retirement (Click on above address, or copy and paste it into your web browser, to learn more.) Since 1992, BeneCom has produced benefit communications, including enrollment materials, SPDs, benefit statements, newsletters and more, for companies large and small, nationwide. So if you've been looking for an independent benefit communications specialist, look no further. Click above for more information, or give us a call at (860) 674-2626, Ext. 11, or (770) 461-5559. We're here to help. (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) ---------------------------------------------------------- Applicable Federal Rates for September 2004 (PDF) <URL:http://benefitslink.com/IRS/revrul2004-69.pdf> http://benefitslink.com/IRS/revrul2004-69.pdf 3 pages. Excerpt: "Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR) for the current month for purposes of section 1274(d) of the Internal Revenue Code." (Internal Revenue Service) ---------------------------------------------------------- IRS Describes Amendment Restrictions After Election of Alternative Deficit Reduction Contribution (PDF) <URL:http://benefitslink.com/IRS/notice2004-59.pdf> http://benefitslink.com/IRS/notice2004-59.pdf 7 pages. Excerpt: "This notice provides guidance on the restrictions that are placed on plan amendments following an employer's election of the alternative deficit reduction contribution under � 412(l)(12) of the Internal Revenue Code (the 'Code') and section 302(d)(12) of the Employee Retirement Income Security Act of 1974 ('ERISA'), as added by section 102 of the Pension Funding Equity Act of 2004, Pub. L. 108-218 ('PFEA '04')." (Internal Revenue Service) ---------------------------------------------------------- SEC Votes to Bar Directed Brokerage <URL:http://www.plansponsor.com/pi_type10/?RECORD_ID=26460> http://www.plansponsor.com/pi_type10/?RECORD_ID=26460 Excerpt: "Voting 5-0 to end the practice, the Commission said directed brokerage arrangements created a conflict of interest that ultimately could raise the fees mutual fund investors pay, Reuters is reporting. Under directed brokerage arrangements, mutual funds would funnel a portion of their brokerage commissions toward Wall Street firms based on their promotion of the funds' shares." (PLANSPONSOR.com; one-time registration required) ---------------------------------------------------------- Mercer Releases Projected 2005 IRS Figures <URL:http://www.plansponsor.com/pi_type10/?RECORD_ID=26465> http://www.plansponsor.com/pi_type10/?RECORD_ID=26465 Excerpt: "Although the Internal Revenue Service (IRS) figures have yet to be released, Mercer Human Resources Consulting has issued estimates for qualified retirement plans for the year 2005." (PLANSPONSOR.com; one-time registration required) ---------------------------------------------------------- United 'Likely' to Terminate Pension Plans <URL:http://www.latimes.com/business/la-081904united_wr,1,2339770.story?coll=la-home-headlines> http://www.latimes.com/business/la-081904united_wr,1,2339770.story?coll=la-home-headlines Excerpt: "Cash-strapped United Airlines said in a bankrup.tcy court filing [on Thursday] that it 'likely' will be necessary to terminate and replace its employee pension plans." (AP via Los Angeles Times; one-time registration required) ---------------------------------------------------------- US Airways' Grim Warning: Chairman Foresees No Rescue From Another Bankrup.tcy <URL:http://www.washingtonpost.com/wp-dyn/articles/A13421-2004Aug18.html> http://www.washingtonpost.com/wp-dyn/articles/A13421-2004Aug18.html Excerpt: "If US Airways files for bankrup.tcy a second time, its chairman says, there will be no outside investor, other airline or government aid to rescue it.' (Washington Post; one-time registration required) ---------------------------------------------------------- Los Angeles Behind In Its Pension Contributions <URL:http://www.dailynews.com/Stories/0,1413,200~20954~2343579,00.html> http://www.dailynews.com/Stories/0,1413,200~20954~2343579,00.html Excerpt: "Officials blamed the underpayment on a pension actuary and said they might need to pay $3 million a year for the next 15 years to compensate for shortchanging the Los Angeles City Employees Retirement System. Employee pensions will not be affected, officials said." (Los Angeles Daily News) ---------------------------------------------------------- Overview: Cash Balance Plan Developments <URL:http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=13403&Component=The+Insider> http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=13403&Component=The+Insider Excerpt: "The controversy surrounding cash balance and other hybrid pension plans shows no signs of letting up." (Watson Wyatt Worldwide) ---------------------------------------------------------- Putting the Pinch on Pensions: YWCA Worries That Court Ruling Could Jeopardize Its Mission <URL:http://www.washingtonpost.com/wp-dyn/articles/A13841-2004Aug18.html> http://www.washingtonpost.com/wp-dyn/articles/A13841-2004Aug18.html Excerpt: "The problem is that a federal judge in Illinois has ruled that retirement plans such as the YWCA's, known as cash-balance plans, violate age-discrimination laws." (Washington Post; one-time registration required) ---------------------------------------------------------- Employee Ownership Update for August 19, 2004 <URL:http://www.nceo.org/columns/cr165.html> http://www.nceo.org/columns/cr165.html NCEO Executive Director Corey Rosen discusses a new Mellon study of how companies are responding to the possibility of mandatory stock option expensing, a new book on 'Democratic Capitalism' by the founder of security company ADT, final incentive stock option rules from the IRS, a new academic program for executives at employee ownership companies, and the dismissal of claims in the Amsted Industries ESOP lawsuit. (National Center for Employee Ownership) ---------------------------------------------------------- Overview: Supreme Court Rules ERISA Prohibits Retroactive Changes to Plan Benefit Suspension Provisions <URL:http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=13404&Component=The+Insider> http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=13404&Component=The+Insider Excerpt: "In Central Laborers' Pension Fund v. Heinz, the Supreme Court ruled that ERISA's anticutback rule prohibits changes to a pernsion plan's suspension-of-benefits rules that would reduce benefits for employees who continue working after retirement." (Watson Wyatt Worldwide) ---------------------------------------------------------- Are Firms or Workers Behind the Shift Away from DB Pension Plans? (PDF) <URL:http://www.dol.gov/ebsa/pdf/aaronsoncoronado.pdf> http://www.dol.gov/ebsa/pdf/aaronsoncoronado.pdf Paper-in-Progress from the EBSA Research Conference. Excerpt: "In this study we estimate the contribution of changes in workforce characteristics and production environments to the shift in pension coverage." (Aaronson and Coronado, U.S. Department of Labor, Employee Benefits Security Administration) ========================================================== Links To Items on Executive Comp, Benefits In General ---------------------------------------------------------- FASB: Options Are Equity <URL:http://www.plansponsor.com/pi_type10/?RECORD_ID=26461> http://www.plansponsor.com/pi_type10/?RECORD_ID=26461 Excerpt: "The Financial Accounting Standards Board (FASB) has reaffirmed its basis that stock option awards should be treated as equity and not a liability. With the decision, the Norwalk, Connecticut-based accounting standards board has effectively ruled out the possibility that companies would be allowed to adjust options expense to reflect how much employees actually get." (PLANSPONSOR.com; one-time registration required) ---------------------------------------------------------- Overview: Nonqualified Deferred Compensation Legislation Has Broad Implications <URL:http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=13405&Component=The+Insider> http://www.watsonwyatt.com/us/pubs/insider/showarticle.asp?ArticleID=13405&Component=The+Insider Excerpt: "On June 17, the House approved the American Jobs Creation Act (H.R. 4520) which would make several significant changes to the rules on nonqualified deferred compensation (NQDC)." (Watson Wyatt Worldwide) ---------------------------------------------------------- Hewitt Federal Legislation Quick Guide [updated on August 17, 2004] <URL:http://was4.hewitt.com/hewitt/resource/legislative_updates/index.htm> http://was4.hewitt.com/hewitt/resource/legislative_updates/index.htm Excerpt: "Hewitt's Federal Legislation Quick Guide provides short updates on federal legislation that is currently under active consideration by Congress or has recently been enacted into law regarding health and welfare benefit plans, retirement plans, and human resources and employment law." (Hewitt) ========================================================== Newly Posted Events Pathfinder Demo - for Advisors Nationwide on August 31, 2004 presented by PLANSPONSOR <URL:http://benefitslink.com/events/detail.php?id=38647> http://benefitslink.com/events/detail.php?id=38647 SPARK Accredited Retirement Plan Consultant (ARPC) Training and Designation Program in Pennsylvania on September 21, 2004 presented by Society of Professional Administrators and Recordkeepers (SPARK) <URL:http://benefitslink.com/events/detail.php?id=38649> http://benefitslink.com/events/detail.php?id=38649 SPARK Accredited Retirement Plan Specialist (ARPS) Training and Designation Program in Pennsylvania on September 22, 2004 presented by Society of Professional Administrators and Recordkeepers (SPARK) <URL:http://benefitslink.com/events/detail.php?id=38648> http://benefitslink.com/events/detail.php?id=38648 Post yours! http://benefitslink.com/events/eventmaint.php ========================================================== Newly Posted Press Releases Health Insurance Coverage Dropped for Workers at Large Firms in 1987-2002 Period (Employee Benefit Research Institute (EBRI)) http://benefitslink.com/pr/detail.php?id=38236 Invesmart Urges Department of Labor to Mandate Fee Transparency in Retirement Plans (Invesmart, Inc.) http://benefitslink.com/pr/detail.php?id=38237 Effective Claim Denials Management (Health Resources Online) http://benefitslink.com/pr/detail.php?id=38239 Treasury Issues Guidance On Funding Requirements For Employers Who Elected Funding Relief (U.S. Department of Treasury) http://benefitslink.com/pr/detail.php?id=38240 Large Financial Institutions Widely Use Supplemental Retirement Plans (Todd Organization) http://benefitslink.com/pr/detail.php?id=38238 UnitedHealth Group Reports Marked Increase In HSA Activity Among Both Employer Groups and Individuals (UnitedHealth Group) http://benefitslink.com/pr/detail.php?id=38241 Post yours! http://benefitslink.com/pr/maint.php ========================================================== Newly Posted or Renewed Job Openings Senior Pension/ 401 (k) Administrator - Takeover for Polycomp Administrative Services, Inc. in http://benefitslink.com/modperl/show_a_job.cgi?database_id=H39482 Senior Compensation & Benefits Analyst for Providence Health System in WA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40286 System Benefits Manager for Providence Health System in WA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40287 Institutional Investment Group Sales/Client Sales Support RFP for PNC Advisors in PA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40289 TPA Specialist - Western Region for Transamerica in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40290 Retirement Plan Actuary/Consultant for Charles Schwab in OH http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40291 Retirement Services Implementation Specialist (So.California) Bi-lingual / Spanish for ADP Retirement Services in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40292 Retirement Services Implementation Manager - Baltimore / Atlanta area for ADP Retirement Services in GA, MD http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40293 Benefits Delivery Project Manager for Hewitt Associates in TX http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40294 Health & Group Benefits Manager for Hewitt Associates in FL http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40295 Communications Manager for BISYS Retirement Services in MN http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40298 Benefits Administrator for Employee Benefits Firm for Ganim Group, Inc. in CT http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40300 Financial Services Specialist for Nationwide Insurance in OH http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40302 Post yours! http://benefitslink.com/jobs/post_help_wanted.html =========================================================== Subscribe to the BenefitsLink Welfare Plans Newsletter, Too Sign-up form is at: <URL:http://benefitslink.com/newsletter/> http://benefitslink.com/newsletter =========================================================== Copyright 2004 BenefitsLink.com, Inc.; except that you can forward this email in full (if you also include this boilerplate part) or otherwise reprint this email in full (if you include this boilerplate part) without obtaining our permission. 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