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Retirement

Avoid a fine: Let employees know about company stock in 401(k)

11/01/2007

If your organization offers its own stock as an investment option for employees’ 401(k) plans, let them know when they’re eligible to sell it. Last year’s Pension Protection Act says employees who buy company stock with their own contributions can sell it at any time …

IRS delays 409A documentation deadline

11/01/2007

Good news for anyone who’s been scurrying to meet the Dec. 31 deadline to comply with new documentation regs on nonqualified deferred compensation plans: The IRS is giving you another year to put in your 409A paperwork. The new deadline is Dec. 31, 2008 …

Florida pulls $1.3 billion in Iranian, Sudanese investments

11/01/2007

Florida’s public retirement fund will get rid of nearly $1.3 billion in investments with companies doing business in Iran and Sudan, a move state officials hope will prompt similar actions throughout the country. State Sen. Ted Deutch, who sponsored the law, said the state is “telling every one of these companies that from this day forward we won’t invest another dollar, Florida’s public dollars,” in them …

GM takes VEBA for a test drive

11/01/2007
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UPS teams up with Teamsters to shore up pension fund

11/01/2007

Hard times make for strange bedfellows. United Parcel Service, based in Sandy Springs, and the International Brotherhood of Teamsters teamed up to cut ties with the beleaguered Central States Fund pension plan before the federal government intervenes in January and likely makes things worse for them …

12,000 EDS employees offered early retirement option

11/01/2007

Electronic Data Systems Corp. (EDS), based in Plano, announced that it would offer early retirement to 12,000 eligible U.S. employees. The technology systems management and services company, which has approximately 136,000 employees in 64 countries, is making the offer in order to reduce costs …

Citigroup to pay $15 million for misleading retirement pitch

10/01/2007

The National Association of Securities Dealers (NASD) fined Citigroup Global Markets Inc. $3 million to settle charges of using misleading sales materials during retirement seminars for BellSouth employees in North Carolina and South Carolina. NASD also ordered Citigroup to pay $12.2 million in restitution, and it suspended three brokers who conducted the seminars …

City saves pension costs, loses $1.9 million lawsuit

10/01/2007

When the city of Ecorse hired a long-time city policeman to be chief of police, it seemed like a sound move. But problems began when the mayor terminated him because he was too old …

Retirement math must comply with PDA, Title VII—For now

10/01/2007

Can employees sue for a company practice that was perfectly lawful when it was implemented but has since become illegal? Yes, according to a recent 9th Circuit Court of Appeals case in which employees complained that a company policy didn’t give them full-service credit toward their retirement benefits during their pregnancy leave …

Court certifies class action in pension calculation suit

10/01/2007

The U.S. District Court for the Southern District of Texas recently certified a class action of current and former participants and beneficiaries of a cash-balance pension plan sponsored by United Way of the Gulf Coast. The participants and beneficiaries claimed that the plan sponsor miscalculated early-retirement benefits when it switched the pension plan from a defined-benefit plan to a cash-balance plan …