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=========================================================== BenefitsLink Retirement Plans Newsletter (Plain Text Format) September 14, 2004 =========================================================== We thank and invite your attention to today's sponsor: Actuarial Systems Corporation =========================================================== ASC - QUALITY SOFTWARE FOR THE PENSION INDUSTRY FOR OVER 20 YEARS (Advert.) <URL:http://benefitslink.com/cgi/a_d.cgi?a_d=2004_09_14_retirement> http://benefitslink.com/cgi/a_d.cgi?a_d=2004_09_14_retirement (Click on above address, or copy and paste it into your web browser, to learn more.) ASC provides complete automation for the pension office, including: DC/401(k) and DB administration and valuation systems, sophisticated Compliance Testing, DV Direct Daily Valuation, Advanced Information Manager Database (AIM), and Single-Step Processing. All ASC Technical Support Members were experienced Pension Administrators or Actuaries before joining ASC-- and most have been with ASC for over 10 years. (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) ---------------------------------------------------------- Text of Draft Revenue Ruling Allowing Staggered Remedial Amendment Periods (PDF) <URL:http://benefitslink.com/IRS/ann2004-71.pdf> http://benefitslink.com/IRS/ann2004-71.pdf 22 pages. Excerpt: "In general, a plan's five-year remedial amendment cycle would be determined with reference to the taxpayer identification number (TIN) of the employer that maintains the plan.... This revenue procedure would provide that on February 1, 2006, the Service will begin to accept applications for determination letters for individually designed plans that take into account the requirements of [EGTRRA]." (Internal Revenue Service) ---------------------------------------------------------- Making 401(k) Hard to Resist Is Seen As Secret to Saving <URL:http://www.latimes.com/business/investing/bal-bz.ambrose12sep12,1,7692208.column?coll=la-utilities-business-money> http://www.latimes.com/business/investing/bal-bz.ambrose12sep12,1,7692208.column?coll=la-utilities-business-money Excerpt: "Instead of leaving it up to workers to make all the decisions - whether to enroll, how much to save and where to invest - employers should adopt a 401(k) that automatically makes those choices for employees, experts recommend. Additionally, as workers get pay raises, their contributions to the 401(k) should automatically be bumped up, too." (Eileen Ambrose in the Baltimore Sun via Los Angeles Times; one-time registration required) ---------------------------------------------------------- Judge Lets US Airways Use Government Loan <URL:http://www.washingtonpost.com/wp-dyn/articles/A18147-2004Sep13.html> http://www.washingtonpost.com/wp-dyn/articles/A18147-2004Sep13.html Excerpt: "A bankrup.tcy judge gave US Airways Group Inc. temporary permission Monday to use a government loan to fund daily operations - a move expected to allow the airline more time to find alternative financing." (AP via The Washington Post; one-time registration required) ---------------------------------------------------------- US Airways Asks to Skip Pension Payment Due Tomorrow <URL:http://www.nytimes.com/2004/09/14/business/14air.html> http://www.nytimes.com/2004/09/14/business/14air.html Excerpt: "US Airways started out on its second bankrup.tcy by asking a federal judge yesterday for permission to skip a $110 million contribution to its employee pension plans that is due tomorrow." (The New York Times; one-time registration required) ---------------------------------------------------------- Sorting Out the Winners if US Airways Doesn't Survive <URL:http://www.nytimes.com/2004/09/14/business/14impact.html?ex=1252900800&en=bfea4ff5e1167cf0&ei=5090&partner=rssuserland> http://www.nytimes.com/2004/09/14/business/14impact.html?ex=1252900800&en=bfea4ff5e1167cf0&ei=5090&partner=rssuserland Excerpt: "US Airways' second trip to bankrup.tcy court holds both promise and peril for the nation's other major airlines. US Airways' decision to seek Chapter 11 protection on Sunday could jolt unions at Delta, Continental and Northwest to make wage and benefits concessions, executives at the carriers said yesterday." (The New York Times; one-time registration required) ---------------------------------------------------------- Delta Explores Bankrup.tcy Options, But Is Hopeful Agreement Will Be Reached with Pilots <URL:http://www.nytimes.com/reuters/business/business-airlines-delta.html?ex=1384059600&en=3c36df0c0239c973&ei=5007&partner=USERLAND> http://www.nytimes.com/reuters/business/business-airlines-delta.html?ex=1384059600&en=3c36df0c0239c973&ei=5007&partner=USERLAND Excerpt: "Delta Air Lines Inc. ... said on Monday it is meeting with bankrup.tcy lawyers to prepare in case the carrier needs to file for bankrup.tcy protection, but added that recent talks with pilots make it hopeful a pilot agreement can be reached later this week." (Reuters via The New York Times; one-time registration required) ---------------------------------------------------------- Enron to Put $321 Million in Escrow Account Toward Pension Plans <URL:http://www.washingtonpost.com/wp-dyn/articles/A19386-2004Sep14.html> http://www.washingtonpost.com/wp-dyn/articles/A19386-2004Sep14.html Excerpt: "About 17,000 participants in four underfunded Enron Corp. retirement plans should receive their benefit payments under a new agreement reached by the former energy giant." (AP via The Washington Post; one-time registration required) ---------------------------------------------------------- Indianapolis Power Employees Cry Foul Over Company Stock Plummet <URL:http://www.plansponsor.com/pi_type10/?RECORD_ID=26656> http://www.plansponsor.com/pi_type10/?RECORD_ID=26656 Excerpt: "Lawyers representing nearly 2,400 current and former IPALCO employees are asking that the power company workers be compensated for million of dollars in losses from company stock held in their retirement plan." (PLANSPONSOR.com; one-time registration required) ---------------------------------------------------------- IRS Says Hope on the Horizon for 457 Plans Regarding Vacation and Sick Pay Deferrals <URL:http://www.plansponsor.com/pi_type10/?RECORD_ID=26657> http://www.plansponsor.com/pi_type10/?RECORD_ID=26657 Excerpt: "There's no relief at hand for a major sticking point for Section 457 governmental plan sponsors, but there may be hope for some future relief. ...at the annual meeting of the National Association of Government Defined Contribution Administrators, Inc...., Cheryl Press, Senior Counsel at the Internal Revenue Service, ..., acknowledged that the issue of ... vacation and sick pay deferrals were 'probably the biggest issue' for NAGDCA members,....'" (PLANSPONSOR.com; one-time registration required) ---------------------------------------------------------- FASB to Reconsider Cash Balance Accounting Project in Mid-October <URL:http://wrg.wmmercer.com/showarticle.asp?ppc=&pc=ret&blurb_id=46376&ar=1> http://wrg.wmmercer.com/showarticle.asp?ppc=&pc=ret&blurb_id=46376&ar=1 Excerpt: "FASB staff has indicated the Board will discuss in mid-October whether to continue, change, delay, or drop its cash balance accounting project. FASB has been considering a controversial new interpretation of FAS 87 for cash balance plans with variable interest crediting rates that could affect employers' balance sheets and pension costs . .... Whatever the Board decides, employers' 2004 accounting for cash balance plans will not be affected." (Mercer Human Resource Consulting) ---------------------------------------------------------- Congressman John A. Boehner to Push for Tougher Pension Rules <URL:http://www.washingtonpost.com/wp-dyn/articles/A18829-2004Sep13.html> http://www.washingtonpost.com/wp-dyn/articles/A18829-2004Sep13.html Excerpt: "In what he calls an effort to preserve the nation's traditional pension system, a leading House Republican plans to push for legislation that requires companies to keep their pension plans fully funded, encourages them to put in more money, even in boom times, and removes the legal uncertainty surrounding cash balance plans." (The Washington Post; one-time registration required) ---------------------------------------------------------- The U.S. Piggy Bank Going Hungry: a Low Savings Rate Threatens Boomers' Retirement <URL:http://businessweek.com/magazine/content/04_38/b3900042_mz010.htm> http://businessweek.com/magazine/content/04_38/b3900042_mz010.htm Excerpt: "Americans don't save enough. You hear this warning all the time. In July, the savings rate of households fell to 0.6% of aftertax income, very close to an all-time low. But while most of the concern tends to focus on the short-term problem that skimpy savings could create for the sustainability of economic growth, it's the long-term problem that's potentially the most alarming." (James C. Cooper and Kathleen Madigan in BusinessWeek) ---------------------------------------------------------- How Mutual Fund Scandals Have Affected Investor Confidence: Survey of Mutual Fund Confidence (PDF) <URL:http://www.401khelpcenter.com/pdf/Mutual_Fund_Confidence_Overview.pdf> http://www.401khelpcenter.com/pdf/Mutual_Fund_Confidence_Overview.pdf 6 pages. Excerpt: "The mutual fund scandals of the last 12 months ... have taken a much greater toll on the confidence of investors. In the � study, DALBAR quantifies the severe impact these scandals have had on investors � and what this means for the mutual fund industry." (DALBAR via 401khelpcenter.com) ---------------------------------------------------------- Douglas J. Elliott Suggests a Grim Prognosis for the Pension Benefit Guaranty Corporation <URL:http://www.nytimes.com/2004/09/14/business/14pension.html?ex=1252900800&en=c146cba400ad151f&ei=5090&partner=rssuserland> http://www.nytimes.com/2004/09/14/business/14pension.html?ex=1252900800&en=c146cba400ad151f&ei=5090&partner=rssuserland Excerpt: "It has been a struggle for some, but most big companies are coming up with enough cash to keep their pension funds legally sound, after three years of extraordinary losses. Not so their government backstop. Slowly but surely, the federal agency that insures pensions is running out of money." (The New York Times; one-time registration required) ---------------------------------------------------------- 'Shooting from the Hip' on Social Security Reform <URL:http://www.cato.org/dailys/09-14-04-2.html> http://www.cato.org/dailys/09-14-04-2.html Excerpt: "National newspapers have reported that President Bush's Social Security plan would involve a 'huge cost-up to $2 trillion.' Those claims need careful scrutiny. In the first place, President Bush has not offered a detailed plan but has only outlined the principles he would follow in designing one. How can anyone cost out a plan whose details aren't even specified?" (Jagadeesh Gokhale at the Cato Institute) ========================================================== Links To Items on Executive Comp, Benefits In General ---------------------------------------------------------- Commentary: CPI Doesn't Measure YOUR Cost of Living <URL:http://www.commonfund.org/CBSMarketWatchCom.aspx?column=irwin> http://www.commonfund.org/CBSMarketWatchCom.aspx?column=irwin Excerpt: "Your cost of living may not be as steady as the consumer price index would lead you to think it is. This week, all eyes will be on the CPI, as they are every month around this time. The reason, of course, is to find out how fast prices are rising, thus adding to everyone's cost of living." (CBS MarketWatch.com via Commonfund) ========================================================== Newly Posted Events ASPA Benefits Council September Breakfast Meeting in Ohio on September 28, 2004 presented by ASPA <URL:http://benefitslink.com/events/detail.php?id=38717> http://benefitslink.com/events/detail.php?id=38717 COBRA for Beginners Nationwide on September 30, 2004 presented by Employee Benefits Institute of America Inc. (EBIA) <URL:http://benefitslink.com/events/detail.php?id=38719> http://benefitslink.com/events/detail.php?id=38719 ERISA Workshop in Texas on November 17, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38712> http://benefitslink.com/events/detail.php?id=38712 ERISA Workshop in Kansas on November 17, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38713> http://benefitslink.com/events/detail.php?id=38713 ERISA Workshop in Illinois on November 18, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38714> http://benefitslink.com/events/detail.php?id=38714 ERISA Workshop in Georgia on November 19, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38715> http://benefitslink.com/events/detail.php?id=38715 ERISA Workshop in Minnesota on November 19, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38716> http://benefitslink.com/events/detail.php?id=38716 New Medicare Prescription Drug Rules: Critical Issues for Retiree Health Plan Sponsors Nationwide on September 13, 2004 presented by Mercer Human Resource Consulting <URL:http://benefitslink.com/events/detail.php?id=38718> http://benefitslink.com/events/detail.php?id=38718 Post yours! http://benefitslink.com/events/eventmaint.php ========================================================== Newly Posted Press Releases ICC Plan Solutions announces giveaway with live demonstration. (Metrics Partners) http://benefitslink.com/pr/detail.php?id=38295 MetLife Leverages Expertise To Address Beneficiaries' Needs (MetLife) http://benefitslink.com/pr/detail.php?id=38292 New American Express Retirement Plan Distribution Education Program Phones Home - American Express Expands Personal Contact to Participants in Transition to Help Them Properly Manage Retirement Accounts (American Express Retirement Services) http://benefitslink.com/pr/detail.php?id=38291 WEDI Announces New HIPAA Security Rule White Papers (WEDI (Workgroup for Electronic Data Interchange)) http://benefitslink.com/pr/detail.php?id=38293 First Trust, Lincoln Trust, Resources Trust, Retirement Accounts Now Have 1 Location, 1 Name -- Fiserv Investment Support Services (Fiserv, Inc.) http://benefitslink.com/pr/detail.php?id=38294 Post yours! http://benefitslink.com/pr/maint.php ========================================================== Newly Posted or Renewed Job Openings Retirement Planning Specialist for 1st Global, Inc. in TX http://benefitslink.com/modperl/show_a_job.cgi?database_id=H39691 Enrollment Coordinator (Rochester & Syracuse, NY and Tampa, FL, and New York City, NY) for Manulife Financial in FL, NY http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40005 Pension Administrator (Defined Contribution) for Compliance/Administration Company in Secaucus, NJ in NJ http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40495 Account Executive - Retirement Services for Principal Financial Group in NC http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40499 Client Service Rep. - Defined Contribution Plans (401(k)/Profit Sharing) for Decimal, Inc. (www.theonline401k.com) in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H39626 Pension Plan Administrator for Elliott Davis, LLC in SC http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40502 Supervisor, New Business for BISYS Retirement Services in PA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40504 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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