Today's News from BenefitsLink

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The BenefitsLink Newsletter -
Retirement Plans Edition

September 27, 2001 - 12,175 subscribers

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(Help BenefitsLink to provide this newsletter at no charge to you -- our sponsors pay our way. Remember to visit them periodically; we try to make sure their products and services will be of interest to you. Thanks! --Editor)

Guide to GUST Retirement Plan Amendments (PDF)
Originally published June 30, 2000. Brief checklist of required and optional amendments. (Milliman USA)

Analysis: Court Strikes Down Xerox's Cash Balance Lump Sum Calculations
Excerpt: "The Xerox case is now the third in a line of cases in which cash balance plan participants have challenged their plan's method for calculating pre-retirement lump sum distributions. So far, cash balance plan sponsors have been on the losing side in all three cases." (Thompson Publishing Group)

GAO Analyzes Effects of Increasing Defined Contribution Limits and Coverage
Increasing defined contribution plan limits and allowing certain defined contribution plan catch-up contributions can help up to 11% of all eligible participants, according to a September 17 report prepared by the General Accounting Office for the House Ways and Means Committee. 'Private Pensions, Issues Of Coverage And Increasing Contribution Limits For Defined Contribution Plans,' is report numbered GAO-01-846. (Spencernet)

Analysis: CalPERS Posts Fund's Record on Web Site; Money Managers Aghast
Excerpt: "It's a report card that has rocked the secretive venture capital world, and one that even the 'A' students didn't care to see displayed on the refrigerator. CalPERS, the giant California pension fund that sets trends for many large investors, has posted on its Web site the performance of every venture or buyout fund in which it's invested for the past decade." (Texas Association of Public Employee Retirement Systems)

Michigan Pension Funds Snap Up Stocks
Excerpt: "The state's pension fund managers snapped up stocks when the market dropped in the wake of the terrorist attacks. Pension fund managers bought about $150 million in stocks in the past week and sold no holdings." (The Detroit News)

Cost & Small-Business Technology Would Be Major Factors in Social Security Individual Accounts
Press release. Excerpt: "The viability of any system of Social Security individual accounts would depend largely on how well their operation, administrative feasibility, and costs are addressed before a political decision is made to adopt them, according to a new report by the nonpartisan Employee Benefit Research Institute (EBRI)." (PR Newswire via Excite News)

(Following items are in both editions of the BenefitsLink Newsletter)

IRS Extends Through 2002 Relief From Reporting of Nonstatutory Stock Options
In Announcement 2001-92, the Internal Revenue Service extends through the year 2002 the relief from mandatory reporting of compensation resulting from employer-provided nonstatutory stock options on Form W-2. Specifically, the announcement provides that, with respect to W-2 forms issued for the year 2002, the use of Code V-Income from the exercise of nonstatutory stock options, is optional. (Spencernet)

IRS Sets Up E-Mail Address For Businesses With Questions Related To Terrorist Attacks
The Internal Revenue Service has announced that it has activated an electronic mailbox to provide assistance and answers to business taxpayers affected by the September 11 terrorist attacks. Businesses can send their questions to the following e-mail address: corp.disaster.relief@irs.gov. (Spencernet)

Newly Posted or Renewed Job Openings ( Post Yours! )

Retirement Plans Analyst

for M&M/MARS
in NJ

Retirement Plan Services Operations Manager--Cleveland, OH

for KeyCorp
in OH

Implementation Services - Project Manager

for CitiStreet - A State Street and Citigroup company
in MA

Communications Consultant

for New York Life Benefit Services, LLC
in MA

Director, Plan Administration & Sponsored Programs

for United Way
in IL

Pension Administrator / Consultant

for Accrued Benefit Administrators, Inc. - Santa Barbara
in CA

Pension Enrollment Manager

for Diversified Investment Advisors
in MI

Newly Posted Conferences ( Post Yours! )

What's Washington Doing to Your Benefit Plans?

in MA on October 30, 2001
presented by WEB Massachusetts Metrowest (Worldwide Employee Benefits Network)