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The BenefitsLink Newsletter - Retirement Plans Edition
Hewitt-Harvard-Wharton Study: Internet Access Increases 401(k) Saving and Trading Excerpt: "Internet access makes it easier for 401(k) participants to invest and save for retirement, but it can also lead to increased portfolio turnover (the fraction of total portfolio value traded), according to a new study by Hewitt Associates, in conjunction with faculty and researchers from Harvard University and the Wharton School of the University of Pennsylvania." (Business Wire, via Yahoo! Finance)
Controlling 401(k) Assets Excerpt: "Theodore Benna says he found divine inspiration in the Tax Reform Act of 1978. He is not kidding.... Mr. Benna believed a new passage in the tax code-- Section 401, Paragraph K-- could be used as the foundation of a new kind of savings plan that would benefit everyone." (New York Times; free registration required)
Standard & Poor's Retirement Services and PricewaterhouseCoopers' Unifi Network Announce First Tool Excerpt: "Standard & Poor's and PricewaterhouseCoopers' Unifi Network today announced the first results of their alliance aimed at providing financial planning tools for participants in employer-sponsored retirement plans: a one-stop retirement planning Web site for associates enrolled in Bank of America's plans." (PRNewswire, via Excite! News)
Partial Termination May Occur Over Multiple Plan Years, Court Affirms Excerpt: "The question of whether a partial plan termination occurred may take into account events in multiple plan years, according to a recent decision of the 7th U.S. Circuit Court of Appeals. The court's findings in Matz v. Household International Tax Reduction Investment Plan ... affirm the earlier district court ruling." (Thompson Publishing Group)
Opinion: Police and Firefighters Ought to Be Satisfied With 107%-of-Final-Pay Pension Formula Excerpt: "The proposed pension plan for the City of Savannah's employees, which city officials are expected to discuss today, would enable new police officers and firefighters to retire with up to 107 percent of their final salary. New general employees could get a maximum of 85 percent of their pay. This is a generous plan that deserves City Council's approval." (Savannah [Ga.] Morning News)
Pennsylvania State Employees Pension Boost in Works Excerpt: "A bill unveiled just days after last week's election would increase lawmakers' pensions by 25 percent and spread the largess to all state employees." (Post-Gazette.com)
Nation's Largest Public Pension Fund Makes Investment Decisions for Coming Year Excerpt: "Managers will be selected based on their ability to invest in emerging markets and adherence to the Global Sullivan Principles and the International Labor Organization's Declaration on Fundamental Principles and Rights at Work. Managers will also be allowed to apply strategic factors to investments. Strategic factors, such as political risk and investor rights, are preferable to screens that could rule out a country for consideration... " (California Public Employees Retirement System)
Personalized Mutual Funds Gaining Attention Excerpt: "A key trend for 401(k) sponsors to monitor: the growing availability of build-your-own mutual funds touting lower fees and greater investor control than conventional funds run by money managers." (Employee Benefit News)
Japan Cabinet Approves 401(k) Pension Bill Excerpt: "Japan's cabinet on Tuesday approved a long-awaited bill to introduce a U.S.-style contribution-based pension scheme, but the legislation may face a delay in parliament that could push the start-up date well into next year." (Reuters via Excite! News)
Slow Start Seen For Ethical Investing In Asia Excerpt: "Socially responsible stock investing hasn't taken firm hold in Asia, where investors are wary of being screened out of potentially lucrative opportunities, fund managers say. The concept of using ethical guidelines to pick stocks has taken on prominence with the decision this week by CalPERS, the largest U.S. pension fund, to actively manage its investments in developing countries." (Reuters via Excite! News)
Pension Fund Tightens Foreign Stock Rules; CalPERS Board Gives Weight To Human Rights Excerpt: "In a potentially far-reaching step to link social concerns and the financial markets, the nation's largest public pension fund decided yesterday to attach tough human-rights standards to its investments in developing nations." (San Francisco Chronicle)
(Following also appears in Welfare Plans Edition)
Introducing BenefitsWiki! Collaboration Tool for Plan Sponsors, Service-Providers and Participants Excerpt: "BenefitsWiki is a free, online tool-- called a "wiki"-- for collaboration among employee benefits practitioners and others who are interested in employee benefits compliance, policy or management. It enables you to easily create your own pages using any Web browser, or actually contribute content to existing pages on the site. Who knows what we'll come up with! Checklists, procedures, forms, you name it-- in fact, you draft it, too!" (BenefitsLink)
Welcome to new BenefitsLink advertiser Benefit Insights, Inc. Benefit Insights, Inc.has introduced TPAsites, a personalized web site design, hosting and maintenance package developed specifically for third party administrators. It is now fast, easy and affordable for even the smallest TPA firm to be on the web. For additional information and to see samples of TPAsites, the online (HTML) or printed Benefit Insights newsletters, and the Recordkeeping Handbook, please visit theBenefit Insights, Inc.atwww.benefit-insights.com
Graef Crystal: Honeywell's Bonsignore Gets Paid Well to Leave Excerpt: "Instead of waiting for the board to fire him -- and the stock's poor performance during his tenure surely pointed in that direction -- Bonsignore agreed to sell his company for the second time in a year. The decision will enable him to collect much more than he would have received in severance pay." (Graef Crystal, on Bloomberg.com)
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