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    September 4, 2003 - 13,400 subscribers
    Today's sponsor: Thompson Publishing Group, Inc.

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      ?Preventing Workplace Violence? Audio Conference for Employers 
 
A 90-Minute Interactive Audio Conference ? Monday, September 15, 2003 *
2:00 p.m. Eastern Time

During this 90-minute interactive presentation, clinical psychologist
James N. Madero, Ph.D. and Michael Lotito, a partner at the law firm of
Jackson Lewis, will describe best practices to prevent workplace violence,
and doing so in the most efficient and non-intrusive means to the employee.
Prepare your organization and register today!

    (Please visit our sponsors. We try to make sure their products and services will be of interest to you. Thanks! --Editor)
    Court Refuses to Dismiss ERISA Fiduciary Breach Claims Regarding Plan Investment in Employer Stock
    Rankin v. Rots (E.D. Mich. 2003). Excerpt: "In this decision, the court refused to dismiss claims made by a participant after the employer stock held in the employer's 401(k)-ESOP became worthless. The plan provided for matching contributions, which were made in employer stock, and it restricted transfer of the employer stock to other investments until age fifty-five and five years of service." (EBIA Weekly)

    IRS Requests Comments on Mortality Tables Used In Determining Current Liability
    Excerpt: "[A]ny updated mortality tables the Secretary issues are to reflect projected trends in mortality experience. In that regard, the Service and Treasury request the submission of studies regarding trends in mortality experience, whether or not the studies are limited to individuals covered by pension plans." (Internal Revenue Service)

    Actuaries Comment on 'Unreasonable' Funding Methods Described in Rev. Rul. 2003-83 (PDF)
    2 pages. Excerpt: "Members of the Pension Committee of the American Academy of Actuaries appreciate the opportunity to comment on the Internal Revenue Service's recently released Revenue Ruling (Rev. Rul.) 2003-83 regarding two versions of the aggregate entry age normal funding method that have been ruled unreasonable funding methods for the purpose of section 412(c)(3)." (American Academy of Actuaries)

    Proposed Payment to Plan of Bankrupt Employer Is 'Restorative Payment'
    Priv. Ltr. Rul. 200334041 (May 28, 2003). Excerpt: "In this Private Letter Ruling, the IRS has ruled that a fiduciary's proposed payment to a defined contribution plan, intended to reimburse participants for the losses they suffered when their employer's stock became worthless, will constitute a restorative payment and not a plan contribution.... [I]t was clear from the statement of facts that there were multiple lawsuits alleging fiduciary breach." (EBIA Weekly)

    Opinion: Three Words Holding the Episcopal Church Together-- They're Not 'Father, Son, Holy Spirit'
    Excerpt: "Cynically-- and people really hate me when I say this-- there are three words that often hold us together as a church. It is not Father, Son and Holy Spirit. It is not anything that you would think of. It is 'the pension fund.'" (The Rev. Dr. Sandra A. Wilson in the Minnesota Spokesman-Recorder)

    House Passes Bill to Change Investment Rules for Church Pension Funds
    Excerpt: " The House moved on Wednesday to change pre-World War II securities laws to allow church pension programs to pool their assets with private and government pension plans as a means of increasing retirement savings. The legislation, passed 397-0, amends current law so that church pension plans can participate in 'collective trusts' ..." (AP New York Times; one-time registration required)

    Text of DOL Amicus Brief on Claim Against Directors for Failing to Oversee Investment Committee
    Excerpt: "The Complaint in this case alleges that the members of the Williams Company Board of Directors, who admittedly were charged with the duty to appoint, retain and remove members of the Benefits Committee, breached their fiduciary duties under ERISA by failing to monitor the Committee members and failing to provide them with the information that they needed to carry out their investment responsibilities." (U.S. Department of Labor, Office of the Solicitor)

    Anticipating Defined Contribution Plan QDRO Post-Marital Property Cut-Off Date Problems
    Excerpt: "Last month we discussed valuing the Defined Contribution Plan. This is usually targeted to the marital property cut-off date. But the actual property distribution is usually made some period after the marital property cut-off date unless you practice in a state that uses the divorce date as the marital property cut-off date. More and more this is becoming a problem for family law practitioners." (Paul R. Commerford on DivorceNet.com)

    Overview: IRS Issues Final Regulations on Retroactive Annuity Starting Dates (PDF)
    Excerpt: "The IRS has issued final regulations allowing a qualified defined benefit plan to issue a written explanation of qualified joint and survivor options after the annuity starting date. The regulations refer to the annuity starting date in this case as the 'retroactive annuity starting date.' The regulations, which are effective for plan years beginning on or after January 1, 2004, define payment procedures and set conditions for the use of a retroactive annuity starting date." (Buck Consultants)

    Many Wary of Trenton Plan to Privatize Pension Fund
    Excerpt: "New Jersey is one of just two states that allow public employees to manage a major pension portfolio, and after the downturn in the stock market three years ago reduced the value of the retirement fund by almost a third, the state treasurer began lobbying to hire outside investment managers and diversify the fund's holdings." (New York Times; one-time registration required)

    Opinion: Financial Markets Will Not Generate Adequate Retirement Income for Average Household (PDF)
    Originally published August 2002. Excerpt: "Because the current system will not generate enough retirement savings for the average household, policies that expose households to more risk make little sense. But new policies are needed and could include mandatory coverage, direct or matching contributions by the government to retirement accounts, reduced risk exposure for retirement savings, and promotion of traditional defined-benefit plans." (Economic Policy Institute)

    Links to Items on Executive Comp, Benefits in General

    Text of DOL Amicus Brief Supporting Money Damages Against Employer as Fiduciary in Life Ins. Case
    Callery v. The United States Life Insurance Company in New York, No. 03-4097 (filed with 10th Cir. on Aug. 20, 2003). Excerpt: "Star Buffet offered life insurance coverage to its employees through a policy issued by United States Life Insurance Company ... Callery was never provided with a summary plan description that outlined the life insurance policy's scope of coverage and exclusions, nor had the insurance policy itself been distributed to Callery or other Star Buffet employees." (U.S. Department of Labor, Office of the Solicitor)

    Overview: IRS Proposes Regulations on Statutory Stock Options (PDF)
    Excerpt: "The IRS has proposed new regulations concerning statutory stock options, that is, incentive stock options and employee stock purchase plans. The proposed regulations would update previously issued final and proposed regulations for statutory changes and would incorporate other prior IRS guidance. The proposed regulations would also provide clarification of certain qualification requirements for these programs." (Buck Consultants)

    Fill Out the 2003 Spencer Survey of Benefit Managers
    Aspen Publishers Spencer Benefits Reports currently is collecting information for the 2003 Spencer survey of benefit managers and employee benefits departments. This 9th biennial survey requests information concerning compensation, organization, and functional responsibilities of corporate employee benefits departments. The information provided will be collated and published by Spencer Benefits Reports. All survey respondents will receive a copy of the published survey at no charge. (Spencer Benefits Reports)

    Newly Posted or Renewed Job Openings
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    Pension Plan Administrator
    for Tycor Benefit Administrators, Inc.
    in PA

    Account Executive
    for Transamerica Retirement Services
    in GA

    Account Executive
    for Transamerica Retirement Services
    in CA

    Client Service Regional Manager
    for ADP
    in NH

    Senior Technical Applications Consultant
    for Charles Schwab & Co., Inc.
    in NC
    Newly Posted Press Releases
    ( Post Yours! )

    Fortune Magazine Ranks National Medical Health Card Systems Among 'America's 100 Fastest Growing Companies'
    (NMHC)

    CEBS Program Accepts Exam Transfer Credit
    (International Foundation of Employee Benefit Plans)

    New Principal Financial Group Nonqualified Defined Benefit Plan Bridges Key Employee ?Retirement Gap?
    (Principal Financial Group)

    Henry Loubet Joins Keenan & Associates As Senior Vice President, Strategic Planning
    (Keenan & Associates)

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