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Financial Executives Research Foundation Issues Three New Reports

Financial Executives Research Foundation (FERF), the research affiliate of Financial Executives International (FEI), has issued three new research reports as part of its mission to provide ongoing education to FEI's members. FEI is the leading professional association for CFOs and other senior financial executives. The reports include:Corporate Governance Survey -- FERF and The Board Institute (TBI) conducted a survey to help shed light on the quality and standards of corporate governance in the U.S. today at public and private companies.
Community News

Talent Management Among Top Five Priorities in 2005

Providing rewards programs that attract, motivate and help retain employees has been ranked among the top five priorities for employers in 2005, according to a new survey conducted by Deloitte Consulting LLP's Human Capital practice and the International Society of Certified Employee Benefit Specialists (ISCEBS).

GASB Clarifies Accounting for Contributions to Cost-Sharing Pension & OPEB Plans

The Governmental Accounting Standards Board (GASB) has published a staff Technical Bulletin, Recognition of Pension and Other Postemployment Benefit (OPEB) Expenditures/Expense and Liabilities by Cost-Sharing Employers. The Technical Bulletin clarifies the application of requirements regarding accounting for employers' contractually required contributions to cost-sharing pension and OPEB plans issued in Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement No.

Treasury and IRS Issue New Rules for 401(k) Plans

On Tuesday, the Treasury Department and the IRS issued final regulations governing 401(k) plans. The 401(k) plan is the most common type of employer-sponsored retirement plan, providing retirement income security for millions of American workers and their families.

IRS Issues Rules on Automatic Rollovers From Retirement Plans

Earlier this week, the Treasury Department and the IRS issued guidance on the new automatic (or default) rollover rules for qualified retirement plans.

IRS Warns Business Against Abuses Involving ESOPs and S Corporations

The Internal Revenue Service has issued letters to approximately 1,700 businesses and retirement plan sponsors alerting them to new income and excise taxes applicable to S corporation employee stock ownership plans (ESOPs) and warning of the consequences of participating in abusive schemes involving ESOPs and S corporations. The letters are being mailed to S corporation ESOPs reporting 10 or fewer participants.
Community News

IBM Scraps Pension Plan for New Hires in Favor of 401(k)

In a surprising announcement that may have a ripple effect throughout corporate American, International Business Machines Corp. has stated that as of January 1, 2005 it will no longer offer its cash-balance pension plan to newly hired employees.
Community News

Employers Seek Consultants Without Conflicts of Interests

The Securities Exchange Commission (SEC) received support from the nation's employers in its investigation into conflicts of interest among the consultants that servetheir employee retirement plans, a newly released survey by PLANSPONSOR shows.An overwhelming majority of 85 percent of so-called plan sponsors - employers who sponsor employee retirement plans - said it is 'extremely important' that their consultants are free of conflicts of interest.

401(k) Loans Boost Business Startups

When seeking money for their startup business many entrepreneurs are turning to the Solo 401(k) to get a loan.Solo 401(k) retirement plans with a loan feature first became available in 2002 as a result of tax law changes that lifted restrictions on business owners getting a loan from their 401(k) plan. This change is important because in most cases when one withdraws money from a retirement account prior to age 59 ½ they are hit with a 10% tax penalty on top of the regular income tax.

IRS Approves Automatic 401(k) Enrollment

Companies that offer 401(k) plans are becoming more aggressive about automatically enrolling employees in the wake of an Internal Revenue Service blessing on the practice, as long as employees are aware of what is occurring.While 401(k) plans have been long considered among the best retirement preparation tools, millions of eligible workers are not taking full advantage of the programs, the Sun-Sentinel reported.Some start with good intentions by committing a percentage of their pay to the savings plans but never increase the contribution as their pay increases.

Most Americans Don't Have the Right Plan for a Financially Secure Retirement

A Retirement Income Flexibility study commissioned by Golden Retirement Resources, Inc., creator of RetireMentor®, an integrated retirement income planning and management system, found that 64 percent of Americans are trapped by retirement plans that don't allow them to make adequate adjustments to their investments in response to market pressures or life changes.


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