An online, clickable version of this newsletter is available at: http://benefitslink.com/2004/2004_10_01_retirement.html
=========================================================== BenefitsLink Retirement Plans Newsletter (Plain Text Format) October 1, 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_10_01_retirement> http://benefitslink.com/cgi/a_d.cgi?a_d=2004_10_01_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 Field Assistance Bulletin 2004-02 on Missing Participants in Terminated DC Plans <URL:http://www.dol.gov/ebsa/regs/fab_2004-2.html> http://www.dol.gov/ebsa/regs/fab_2004-2.html Field Assistance Bulletin 2004-02 provides fiduciaries details on the search steps they should take and how to distribute the assets of missing participants when the efforts to locate them are unsuccessful. (U.S. Department of Labor, Employee Benefits Security Administration) ---------------------------------------------------------- EEOC Sues Lucent; Charges Pension Discrimination Against Women Who Took Pregnancy Leave <URL:http://money.cnn.com/2004/10/01/technology/lucent.reut/> http://money.cnn.com/2004/10/01/technology/lucent.reut/ Excerpt: "A federal civil rights agency sued Lucent Technologies Inc., charging the telecom equipment manufacturer had discriminated in its pension policy against female workers who took pregnancy leave. The Equal Employment Opportunity Commission said it filed its lawsuit Thursday against Lucent because it gave women who took pregnancy leave less credit toward calculating their pensions compared with employees who took disability leave for reasons other than pregnancy." (Reuters via CNN Money) ---------------------------------------------------------- 401(k) Participants Maintain Balances, Keep Few Investments in 2003 Says Building Futures Study <URL:http://www.benefitnews.com/retire/detail.cfm?id=6576> http://www.benefitnews.com/retire/detail.cfm?id=6576 Excerpt: "Participants in 401(k) plans are maintaining healthy account balances, but many appear to need some help with asset allocation. Fidelity Investments notes in its annual Building Futures study that average 401(k) account balances last year increased by 25% from the year before, bringing account totals to $55,000. While the average deferral rate remained steady at 7%, more than 10% of the 8.2 million participants surveyed contributed the maximum $12,000 contribution limit in 2003." (The Adviser) ---------------------------------------------------------- ASPA Files Comments with JBEA on Actuarial Services Performance <URL:http://www.aspa.org/archivepages/gac/2004/2004-09-28-jbeacomm.htm> http://www.aspa.org/archivepages/gac/2004/2004-09-28-jbeacomm.htm Excerpt: "The American Society of Pension Actuaries (ASPA) offers these comments in response to the Solicitation for Comments on the Regulations Governing the Performance of Actuarial Services under the Employee Retirement Income Security Act of 1974 by the Joint Board for the Enrollment of Actuaries (JBEA)." (American Society of Pension Actuaries) ---------------------------------------------------------- Alabama Pension Fund Gets $111 Million Over WorldCom Suit <URL:http://www.wkrn.com/Global/story.asp?S=2371842> http://www.wkrn.com/Global/story.asp?S=2371842 Excerpt: "Alabama's pension fund received 111 (m) million dollars today from three securities firms and an accounting firm to settle claims over the WorldCom bankrup.tcy. The settlement resolves the Retirement Systems of Alabama's claims against J-P Morgan Securities, Citigroup Global Markets, Banc of America Securities, and Arthur Andersen." (AP via WorldNow and WKRN) ---------------------------------------------------------- Issue Brief: The Truth About Public Pension Funds' Involvement in Terrorism Allegation (PDF) <URL:http://www.ncpers.org/artman/uploads/fact_sheet_on_terrorism_study.pdf> http://www.ncpers.org/artman/uploads/fact_sheet_on_terrorism_study.pdf Excerpt: "To keep you informed about this issue, NCPERS has developed a fact sheet on terrorism to counter the claims made by the Center for Security Policy. This so-called think tank claims that the investments of public pension funds are 'aiding and abetting' terrorists by their investments. The claim is false and the Center is also 'hawking' a computer software program that funds can buy for thousands of dollars. DO NOT be fooled by this group and learn the facts." (National Conference on Public Employee Retirement Systems) ---------------------------------------------------------- Employee Ownership Update for October 1, 2004 <URL:http://www.nceo.org/columns/cr168.html> http://www.nceo.org/columns/cr168.html NCEO Executive Director Corey Rosen discusses a proposal from the Government Accountability Office (GAO) for Congress and the Department of Labor to tighten rules for proxy voting in defined contribution and defined benefit retirement plans. In other news, two bills to amend the treatment of U.S. corporate income earned overseas that have significant provisions affecting ESOPs and equity compensation continue to face an uncertain fate. (National Center for Employee Ownership) ---------------------------------------------------------- Analysis: Phased Retirements May Become Commonplace (PDF) <URL:http://www.benistar.com/Publications/rpt_v47n8.pdf> http://www.benistar.com/Publications/rpt_v47n8.pdf 4 pages. Excerpt: "Given the demographics of today's workforce and employee expectations about retirement, the concept of 'phased retirement'--or older workers continuing to work with their employers on a part-time basis--could become commonplace in coming years." (Benistar Retirement Plan Trends) ---------------------------------------------------------- How Not to Outlive Your Savings for Retirement: Annuities <URL:http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/09/30/financial0935EDT0045.DTL> http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/09/30/financial0935EDT0045.DTL Excerpt: "Although not enough Americans take advantage of it, there is in fact a way to buy some low-cost insurance, to assure ourselves that we won't outlive our savings or see them eroded by inflation, just as we buy life insurance to protect our families should we die young. And it wasn't invented by some Wall Street whiz. Ancient Romans sold something called an annua that promised a stream of cash in return for an upfront payment." (Wall Street Journal via SFGate.com) ---------------------------------------------------------- Is Pension Benefit Guaranty Corporation Defined Benefit Pension Plan Insurance System a Liability? <URL:http://www.dallasfed.org/research/swe/2004/swe0405b.html> http://www.dallasfed.org/research/swe/2004/swe0405b.html Excerpt: "The press coverage afforded companies whose pension plans are at risk, such as United, combined with the mounting deficits at the PBGC, has caused many to doubt the viability of the private pension system. However, the system's prospects are looking up. The economic rebound and temporary legislative relief will help all but the most troubled pensions revive, and this bodes well for the PBGC's long-term survival." (Federal Reserve Bank of Dallas) ---------------------------------------------------------- Opinion: PBGC's Fees Do Not Relate to the Pension Fund Investments It Covers <URL:http://www.nytimes.com/2004/10/01/opinion/01goolsbee.html?ex=1254369600&en=cf41becd9f412c0d&ei=5090&partner=rssuserland> http://www.nytimes.com/2004/10/01/opinion/01goolsbee.html?ex=1254369600&en=cf41becd9f412c0d&ei=5090&partner=rssuserland Excerpt: "The agency's fees are unrelated to investment risk. It charges a fixed amount per corporation and an additional fee based on the amount its pension fund is underfinanced. United had about two-thirds of its pension fund in risky investments, including junk bonds and a Ghanaian gold-mining company. Yet if United had invested every dollar in United States Treasury bonds, it would have paid exactly the same premium to the pension agency." (The New York Times; one-time registration required) ---------------------------------------------------------- Backgrounder: the Top 10 Myths about Social Security Reform <URL:http://www.heritage.org/Research/SocialSecurity/bg1802.cfm> http://www.heritage.org/Research/SocialSecurity/bg1802.cfm Excerpt: "Arguments against Social Security personal retirement accounts (PRAs) rest on a great deal of incorrect and misleading information. These myths have spread and taken on a life of their own, despite the absence of any factual foundation." (The Heritage Foundation) ========================================================== Links To Items on Executive Comp, Benefits In General ---------------------------------------------------------- US Airways, Pilots Union Near Cost-Cutting Accord; Contract Would Reduce Pay by 17.5% <URL:http://www.washingtonpost.com/wp-dyn/articles/A63499-2004Sep30.html> http://www.washingtonpost.com/wp-dyn/articles/A63499-2004Sep30.html Excerpt: "US Airways and its pilots union are close to reaching a $300 million cost-cutting agreement, a key part of a restructuring plan that the airline says it needs to help it emerge from bankrup.tcy." (The Washington Post; one-time registration required) ---------------------------------------------------------- G.ay Advocates Praise Firms: Summit Finds More Partner Benefits Available Now <URL:http://www.azcentral.com/arizonarepublic/business/articles/1001outampequal01.html> http://www.azcentral.com/arizonarepublic/business/articles/1001outampequal01.html Excerpt: "Corporations' moves to extend domestic-partner benefits were widely praised Thursday at a national meeting of g.ay and les.bian advocates. The 14th-annual Out & Equal Workplace Summit is being held through Saturday at the Wyndham Buttes Resort in Tempe. A sold-out crowd of 750 has signed up to hear about how federal controversies over same-sex marriage could affect workplace policies." (The Arizona Republic; registration required) ---------------------------------------------------------- Same-Sex Marriage Amendment Defeated in House <URL:http://www.washingtonpost.com/wp-dyn/articles/A63122-2004Sep30.html> http://www.washingtonpost.com/wp-dyn/articles/A63122-2004Sep30.html Excerpt: "The House joined the Senate yesterday in refusing to approve a constitutional amendment to bar same-sex marriage, described by Republican supporters as a vital protection for traditional families but denounced by Democratic foes as a divisive pre-election ploy to inflame prejudice." (The Washington Post; one-time registration required) ---------------------------------------------------------- Employee Benefits Offer Myriad Financial Advantages to the Employee <URL:http://www.cfp.net/learn/situation.asp?id=7> http://www.cfp.net/learn/situation.asp?id=7 Excerpt: "While the type and range of employee benefits vary by company, even the smallest organizations may offer plans that can mean significant tax breaks and savings for workers. Familiarizing yourself with programs and taking full advantage of available options can help you lay the groundwork for a solid financial future." (Certified Financial Planner Board of Standards) ========================================================== Newly Posted Press Releases Employee Benefits Security Administration Releases Guidance on Missing Participants (U.S. Department of Labor, Employee Benefits Security Administration (EBSA)) http://benefitslink.com/pr/detail.php?id=38349 IBM Pays Out $320 Million In Partial Settlement (Pension Rights Center) http://benefitslink.com/pr/detail.php?id=38354 Assistant Secretary Ann L. Combs Calls For Reforms To Strengthen Workers' Retirement Security (U.S. Department of Labor, Office of Public Affairs, Washington, D.C.) http://benefitslink.com/pr/detail.php?id=38352 Labor Department Extends Annual Report Deadlines After Hurricane Ivan Hits Gulf Coast (U.S. Department of Labor, Office of Public Affairs, Washington, D.C.) http://benefitslink.com/pr/detail.php?id=38353 Inaugural Issue of Patient Safety and Quality Healthcare (PSQH) Released (Lionheart Publishing) http://benefitslink.com/pr/detail.php?id=38350 Two-Thirds of Middle Americans Do Not Have a Plan for "Paying Themselves" and Do Not Know What Their Monthly Budget Should be in Retirement, According to a Study Released by ING US Financial Services (ING Group) http://benefitslink.com/pr/detail.php?id=38355 Post yours! http://benefitslink.com/pr/maint.php ========================================================== Movers and Shakers: Newly Posted Announcements of Promotions and New Personnel Celia McClelland (ABC Payroll) http://benefitslink.com/cgi/show_moversandshakers.cgi?database_id=40625 Post Yours! http://benefitslink.com/moversandshakers.html ========================================================== Newly Posted or Renewed Job Openings Retirement Account Manager for Charles W. Cammack Associates, Inc. in NJ, NY http://benefitslink.com/modperl/show_a_job.cgi?database_id=H39355 Plan Implementation Administrator for Phase II Systems PARS Trust Administrator in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40661 Project Manager for The Paragon Consulting Group, Inc. in CA http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40662 Pension Plan Manager for Dean Pension Consultants, a division of CH Dean & Associates, Inc. in OH http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40663 Health & Welfare Specialist for Long Island Employee Benefits Group, Ltd. in NY http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40664 Comp/Benefits/HRIS Manager for Blackbaud in SC http://benefitslink.com/modperl/show_a_job.cgi?database_id=H40666 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. Anyone can receive this newsletter; just use this Web page: <URL:http://benefitslink.com/newsletter/> http://benefitslink.com/newsletter/ Your company can sponsor an issue; for details, please see: <URL:http://benefitslink.com/newslettersponsor.html> http://benefitslink.com/newslettersponsor.html We're proud of our Privacy Policy: <URL:http://benefitslink.com/privacypolicy.html> http://benefitslink.com/privacypolicy.html To view earlier issues: <URL:http://benefitslink.com/newsletters/> http://benefitslink.com/newsletters/ Published by: BenefitsLink.com, Inc. http://benefitslink.com/about.html 1298 Minnesota Avenue, Suite H Winter Park FL 32789 (407) 644-4146 Fax: (407) 644-2151 Editor and Publisher: David Rhett Baker, J.D. [EMAIL PROTECTED] =========================================================== If you'd like to STOP this newsletter, just click on this link (or copy and paste it into your web browser): <URL:http://benefitslink.com/cgi/subme/[EMAIL PROTECTED]&l=10%20&subscribe=unsubscribe> http://benefitslink.com/cgi/subme/[EMAIL PROTECTED]&l=10%20&subscribe=unsubscribe If that doesn't work for you, please use this Web page: <URL:http://benefitslink.com/newsletter/> http://benefitslink.com/newsletter/ On that Web page enter the following email address: [EMAIL PROTECTED] (That's the exact address under which you are subscribed.)
