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=========================================================== BenefitsLink Retirement Plans Newsletter (Plain Text Format) September 15, 2004 =========================================================== We thank and invite your attention to today's sponsor: IBF =========================================================== 7th Annual Pensions&Investments Defined Contribution West Coast Conference (Advert.) <URL:http://benefitslink.com/cgi/a_d.cgi?a_d=2004_09_15_retirement> http://benefitslink.com/cgi/a_d.cgi?a_d=2004_09_15_retirement (Click on above address, or copy and paste it into your web browser, to learn more.) The 7th Annual Pensions&Investments Defined Contribution West Coast Conference will be held October 24-26, 2004 at the Fairmont Hotel in San Francisco, CA. With increased liability exposure and reform initiatives, plan sponsors need solutions. This program is dedicated entirely to educating and training plan sponsors to incorporate superior risk management and control practices into their existing DC plan programs. To register or for more information click above or call 516-765-9005. (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor) ---------------------------------------------------------- Pension Agency Seeks More Power: Federal Insurer Wants to Put Liens on Companies in Bankrup.tcy <URL:http://www.washingtonpost.com/wp-dyn/articles/A21494-2004Sep14.html> http://www.washingtonpost.com/wp-dyn/articles/A21494-2004Sep14.html Excerpt: "The government's pension insurer said yesterday that it wants the authority to place liens on the assets of companies in bankrup.tcy such as US Airways when those companies do not make required payments to their pension plans." (The Washington Post; one-time registration required) ---------------------------------------------------------- As Investment Returns Sag, Employers Turn Up Heat on 401(k) Fees <URL:http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/09/14/financial0921EDT0042.DTL> http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/09/14/financial0921EDT0042.DTL Excerpt: "Earlier this year New York law firm Schulte Roth & Zabel LLP did something unexpected for its employees. It persuaded Wachovia Corp. to slash the fees charged by the bank to run Schulte Roth's retirement plan." (Wall Street Journal via SFGate.com) ---------------------------------------------------------- International Association of Machinists Union Touts United Airlines Pension Options <URL:http://www.denverpost.com/Stories/0,1413,36~33~2401786,00.html> http://www.denverpost.com/Stories/0,1413,36~33~2401786,00.html Excerpt: "A United Airlines union wants the carrier to consider putting assets, such as stock, into the company's underfunded pension plans instead of terminating them." (The Denver Post) ---------------------------------------------------------- News Analysis: The Coming Pensions Crunch <URL:http://www.businessweek.com/bwdaily/dnflash/sep2004/nf20040915_8863.htm> http://www.businessweek.com/bwdaily/dnflash/sep2004/nf20040915_8863.htm Excerpt: "US Airways' bankrup.tcy points to a wider problem: Corporate America hasn't been meeting pension-fund obligations." (Nanette Byrnes on BusinessWeek online) ---------------------------------------------------------- Costs Must Be Reduced Soon, US Airways Says or Carrier May Not Survive <URL:http://www.washingtonpost.com/wp-dyn/articles/A21990-2004Sep14.html> http://www.washingtonpost.com/wp-dyn/articles/A21990-2004Sep14.html Excerpt: "The head of US Airways Group Inc. set a timetable yesterday for reducing the airline's costs, telling two Republican senators that failure to do so by January could imperil the carrier's chances of emerging from Chapter 11 protection." (The Washington Post; one-time registration required) ---------------------------------------------------------- Text of Sanders Cash Balance Pension Plan Amendments to Appropriations Bill (H.R. 5025) (PDF) <URL:http://www.americanbenefitscouncil.org/documents/sandersamdts.pdf> http://www.americanbenefitscouncil.org/documents/sandersamdts.pdf 2 pages. See highlighted portions of the Federal Register, September 13, 2004, pp. 7073-7074. (American Benefits Council) ---------------------------------------------------------- Talking Points on the Sanders/Gutknecht Cash Balance Pension Amendment to H.R. 5025 <URL:http://www.americanbenefitscouncil.org/documents/sanderscashbalance.htm> http://www.americanbenefitscouncil.org/documents/sanderscashbalance.htm Excerpt: "The Sanders Amendment would deny funding to the Treasury Department and IRS to assist in overturning an isolated and ill-founded federal district court case holding hybrid pension plans (such as cash balance and pension equity) to be age discriminatory. This amendment is constitutionally flawed and based on misleading assertions regarding age discrimination." (American Benefits Council) ---------------------------------------------------------- Court Opinion: ESOP Trustee Mishandled Stock Purchase in Henry v. Champlain Enterprises Inc. (PDF) <URL:http://www.nysd.uscourts.gov/courtweb/pdf/D02NYNC/04-06268.PDF> http://www.nysd.uscourts.gov/courtweb/pdf/D02NYNC/04-06268.PDF 40 pages; Employee Stock Ownership Plan participants were awarded damages in the amount of $7.75 million. (US District Court, Northern District of New York) ---------------------------------------------------------- Officials Weigh Mandatory Retirement Age for Public Safety Officials and Other Affected Workers <URL:http://govexec.com/dailyfed/0904/091404d1.htm> http://govexec.com/dailyfed/0904/091404d1.htm Excerpt: "A senior lawmaker called for a review Tuesday of the nation's mandatory retirement age for pilots, air traffic controllers and other public safety officials." (David McGlinchey on govexec.com) ---------------------------------------------------------- Overview: 'Deemed IRA' Flaw Will Not Always Disqualify Retirement Plan According to IRS Final Regs (PDF) <URL:http://www.milliman.com/eb/publications/client_action_bulletin/0418_DeemedIRA.pdf> http://www.milliman.com/eb/publications/client_action_bulletin/0418_DeemedIRA.pdf 2 pages. Excerpt: "An employer may establish a 'deemed IRA' alongside a tax-qualified retirement plan and not risk plan disqualification if the deemed individual retirement account fails to satisfy the IRA rules, according to the IRS's final regulations." (Milliman) ---------------------------------------------------------- Honoring Federal Court Garnishments Will Not Lead to Retirement Plan Disqualification <URL:http://hr.cch.com/news/pen-ben/stories/091504a.asp> http://hr.cch.com/news/pen-ben/stories/091504a.asp Excerpt: "Honoring federal court garnishments stemming from the imposition of criminal fines and orders of restitution will not lead to plan disqualification, the IRS has privately ruled." (hr.cch.com) ---------------------------------------------------------- Retirement Income Adequacy: Traditional Replacement Ratios, Results for Large Company Workers <URL:http://www.ebri.org/notesx/0904note.htm> http://www.ebri.org/notesx/0904note.htm Executive Summary. Excerpt: "This article is the first of a two-part series intended to sort through some of the issues and variations in determining whether the post-World War II baby boom generation is likely to achieve an 'acceptable' standard of living in retirement." (Employee Benefit Research Institute) ---------------------------------------------------------- Retirement Security for U.S. Workers: Six Principles for Fixing America's Outdated Pension Laws <URL:http://edworkforce.house.gov/issues/108th/workforce/pension/factsheet6principles.htm> http://edworkforce.house.gov/issues/108th/workforce/pension/factsheet6principles.htm Fact Sheet. Excerpt: "Financial troubles are forcing some of the nation's largest airlines to consider freezing their worker pension plans, threatening American taxpayers with the prospect of a multi-billion dollar bailout. At the heart of this potential crisis are outdated federal laws that govern so-called 'defined benefit' pension plans and sometimes make it difficult to ensure worker retirement plans are adequately funded." (House Committee on Education and the Workforce) ---------------------------------------------------------- Airline Pension Troubles, Six Principles to Reform & Strengthen the Defined Benefit Pension System <URL:http://edworkforce.house.gov/issues/108th/workforce/pension/speech091404.htm> http://edworkforce.house.gov/issues/108th/workforce/pension/speech091404.htm John Boehner Speech. Excerpt: "I don't have to tell you that this issue has wide-ranging implications on retirees, employers, workers, and the government. If Congress does not act with real reforms to the defined benefit system, the impact on worker retirement security could be devastating." (House Committee on Education and the Workforce) ---------------------------------------------------------- Opinion: How the 401(k) System Fails Most People <URL:http://moneycentral.msn.com/content/RetirementandWills/P90046.asp> http://moneycentral.msn.com/content/RetirementandWills/P90046.asp Excerpt: "OK, so you actually have a 401(k). But what does that really say about the security of your retirement? Not much, according to one expert. Here are 3 big problems with the system." (Scott Burns on MSN.Money) ========================================================== Links To Items on Executive Comp, Benefits In General ---------------------------------------------------------- Technology Companies Unveil Options-Expensing Plan <URL:http://www.washingtonpost.com/wp-dyn/articles/A20901-2004Sep14.html> http://www.washingtonpost.com/wp-dyn/articles/A20901-2004Sep14.html Excerpt: "A group of technology companies Tuesday renewed pressure on accounting rule makers to drop a stock-options expensing rule, unveiling an alternative that they say is easier and less expensive to adopt." (AP via The Washington Post; one-time registration required) ---------------------------------------------------------- Employee Benefit News/Forrester Survey Will Examine Benefits Technology Use <URL:http://www.benefitnews.com/tech/detail.cfm?id=6492> http://www.benefitnews.com/tech/detail.cfm?id=6492 Excerpt: "Want to know where your organization stands when it comes to utilizing HR technology? Take a moment to complete the survey at http://www.securesurveysite.com/ebn904/ebnfr0904.htm on benefits and technology being conducted by Employee Benefit News and Forrester Research." (BenefitNews Connect) ---------------------------------------------------------- Money Alone Won't Woo Workers Presented with Multiple Job Offers <URL:http://www.hrhub.com/content/news/article.asp?DocID={B6BA4CE2-9CB7-416E-AEB8-EADE4F8C96AC}&Bucket=Current+Headlines> http://www.hrhub.com/content/news/article.asp?DocID={B6BA4CE2-9CB7-416E-AEB8-EADE4F8C96AC}&Bucket=Current+Headlines Excerpt: "As the job engine heats up, workers say an offer of more money won't be enough to make them choose one employer over another, according a survey by global career management services company Lee Hecht Harrison." (HR Hub.com) ---------------------------------------------------------- IRS/Treasury Officials Review Results of 2003-2004 Published Guidance; Set 2004-2005 Priorities <URL:http://tax.cchgroup.com/news/headlines/2004/nws91404.htm> http://tax.cchgroup.com/news/headlines/2004/nws91404.htm Excerpt: "Treasury Deputy Assistant Secretary Eric Solomon and IRS Deputy Chief Counsel Nicholas DeNovio delivered a Joint Statement on the IRS's Priority Guidance Plan during a press briefing held on September 13 at IRS national headquarters." (CCH Tax News) ========================================================== Newly Posted Events ERISA Workshop in New Mexico on December 1, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38720> http://benefitslink.com/events/detail.php?id=38720 ERISA Workshop in Pennsylvania on December 2, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38721> http://benefitslink.com/events/detail.php?id=38721 ERISA Workshop in Washington on December 2, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38722> http://benefitslink.com/events/detail.php?id=38722 ERISA Workshop in Massachusetts on December 3, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38723> http://benefitslink.com/events/detail.php?id=38723 ERISA Workshop in Michigan on December 3, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38724> http://benefitslink.com/events/detail.php?id=38724 ERISA Workshop in California on December 3, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38725> http://benefitslink.com/events/detail.php?id=38725 ERISA Workshop in Ohio on December 8, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38726> http://benefitslink.com/events/detail.php?id=38726 ERISA Workshop in Pennsylvania on December 8, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38727> http://benefitslink.com/events/detail.php?id=38727 ERISA Workshop in North Carolina on December 9, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38728> http://benefitslink.com/events/detail.php?id=38728 ERISA Workshop in Iowa on December 9, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38729> http://benefitslink.com/events/detail.php?id=38729 ERISA Workshop in New York on December 10, 2004 presented by SunGard Corbel <URL:http://benefitslink.com/events/detail.php?id=38730> http://benefitslink.com/events/detail.php?id=38730 Post yours! http://benefitslink.com/events/eventmaint.php ========================================================== Newly Posted Press Releases PBGC Calls For Pension Protections (Pension Benefit Guaranty Corporation (PBGC)) http://benefitslink.com/pr/detail.php?id=38297 Newport Expands Western Presence with New Regional Director (The Newport Group) http://benefitslink.com/pr/detail.php?id=38298 Annual Employee Benefits Conference Canceled Due to Effects of Hurricane Ivan (International Foundation of Employee Benefit Plans) http://benefitslink.com/pr/detail.php?id=38301 SCICOM Data Services, Ltd and Arnerich Massena Education, Inc Announce Partnership to Launch Retirement (K)nowHow� Line of Service Offerings (SCICOM Data Services) http://benefitslink.com/pr/detail.php?id=38296 NAUS Offers ARAG Legal Plan to its Membership (ARAG) http://benefitslink.com/pr/detail.php?id=38299 Work At Home Grows In Past Year By 7.5% In U.S.-- Use Of Broadband For Work At Home Grows By 84% (International Telework Association and Council (ITAC)) http://benefitslink.com/pr/detail.php?id=38300 Post yours! http://benefitslink.com/pr/maint.php ========================================================== Movers and Shakers: Newly Posted Announcements of Promotions and New Personnel Paul Brotea (MEMS USA) http://benefitslink.com/cgi/show_moversandshakers.cgi?database_id=40517 Post Yours! http://benefitslink.com/moversandshakers.html ========================================================== Newly Posted or Renewed Job Openings New Product Development Specialist for Wellpoint in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40506 Clinical Program Specialist for NRECA in VA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40507 Salesperson for Louis Kravitz & Associates, Inc. in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40509 Health & Group Benefit Project Manager for Hewitt Associates in FL http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40510 Pension Plan Administrator for The ANGELL Pension Group, Inc. in RI http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40512 Regional Director, ES-1801 for U.S. Department of Labor, Employee Benefits Security Administration in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40513 Counsel for Abbott Laboratories in IL http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40514 Junior Administrator for Campbells Administration Inc. in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40515 Pension Specialist for PFS in GA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40518 Pension Administrator for Sheffler & Martin, Inc. in San Diego in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40519 Post yours! 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