S All asset categories end 2003 with positive returns - American ...

FEBRUARY
2004
• Defi ned benefi t
plans not yet
extinct
page 2
Up date
Employee Benefi t News for Members of AAPG
All asset categories end 2003 with positive returns
S
stock market returns for all
major asset categories ended 2003
on a positive note for investors, who
were looking for reprieve after suffering
three years in a down market.
Small-cap growth stocks, small-cap
stocks, and small-cap value stocks
topped the charts with one-year returns
• Why
auto
rebalance?
page 3
• Is interest on
401(k) loans
tax-deductible?
page 4
for 2003 over 40%, followed by foreign
stocks which returned just under 40%
for the year.
While all major asset categories ended
on the plus side in 2003, a glance at the
rest of the 2000s reminds investors that
winners and losers in the investment
world can change significantly from
• Why small employers
don’t sponsor
retirement plans
page 6
• GeoVest Plan
empowers
employees
page 7
• Investment
Fund
Update
page 8
year to year. In order to take advantage
of each year’s winning securities (and
minimize the impact of the losers), it’s
important to develop a well-balanced
portfolio with investments across a range
of asset classes. And always remember,
past performance is not a guarantee of
future results.
FUNDS continued on page 2 u
Bonds represented by the Lehman Brothers Ag gre gate Bond Index. l Large Value Stocks represented by the S&P 500/Barra Value Index. l Large Stocks represented by the
S&P 500 Index. l Large Growth Stocks represented by the S&P 500/Barra Growth Index. l Small Value Stocks represented by the Russell 2000 Value Index. l Small Stocks
represented by the Russell 2000 Index. l Small Growth Stocks rep re sent ed by the Russell 2000 Growth Index. l Foreign stocks represented by the MSCI EAFE Index.
www.milliman.com

FEBRUARY 2004
Defined benefit benefit plans plans are are not not extinct
extinct
I
I Iin in the the era era when when it it was was not
not
Iuncommon
Iwork
Iuncommon
Iwork
Iwork
Iuncommon
Iwork
Iwork
Iuncommon
Iwork
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uncommon for for an an in in di di vid vid u u al al to
to
work for for the the same same em em ploy ploy er er for for 25+
25+
years, the defined benefit plan (the
traditional “pen sion plan”) was the
ultimate reward for a committed
employee from an appreciative employ
er. Then along came the 401(k),
and the face of employer-sponsored
retirement plans changed forever.
The old DB plan, however, is not yet
totally extinct.
DB v. DC
For purposes of this article it may first be
beneficial to highlight the differences between
defined benefit (DB) and de fined
contribution (DC) plans. While components
such as the degree of design flexi
bil i ty and the ap proach used in re gard to
in vest ment advice differ between the two
types of retirement plans, this ar ti cle will
fo cus on three ma jor dif fer enc es be tween
DB and DC plans.
The first major dif fer ence is whether the
con tri bu tions to and the benefits paid
from the plan are con sid ered “fixed” or
Figure 1. The difference between a defi ned benefi t plan and
a defi ned contribution plan can be determined by whether the
contributions and benefi ts are fi xed (“defi ned”) or variable.
Update
Employee Benefi t News for Members of AAPG
page 2
“vari able” (il lus trat ed in Fig ure 1). Un der
a DB plan, the ben e fit an em ploy ee gets
is fixed or de fined (hence, “de fined benefit”
plan) and is usu al ly re lat ed in some
way to an em ploy ee’s length of service
with the em ploy er and/or pay. Since the
ben e fit is fixed, the employer’s con tri -
bu tion is what ev er amount is nec es sary
to pro vide the ben e fit spec i fied (thus it
is “vari able”). Conversely, under a DC
plan, the em ploy er’s con tri bu tion and/or
em ploy ee’s con tri bu tion is fixed or defined,
usu al ly ex pressed in terms of a percent
age of pay. The con tri bu tions then
ac cu mu late to pro vide what ev er amount
of benefit it can pur chase based on the
mix of in vest ment funds se lect ed and the
per for mance of the stock mar ket; thus
the ben e fit un der a DC plan is vari able.
Another significant difference between
the two types of plans is who bears the
risk for faltering in vest ments. Under a
DB plan, the em ploy er bears such risk
and is required to keep the plan fund ed
for fu ture ben e fits. Thus if the in vest -
ments per form poor ly, the em ploy er is
liable for any short fall in the fund ed status
of the plan. The in di vid u al em ploy ees,
on the other hand, bear
the investment risk un der
a DC plan since under a
DC plan it is up to the
sole dis cre tion of the employ
ee as to which mix of
investment funds he or
she chooses.
A third important difference
between DB and DC
is the accrual patterns
and port a bil i ty under the
two plans. DB pro vides
great er ac cru als for older,
long er-service employees:
the longer you stay,
the higher the benefit. If you do leave
before you re tire, the money stays in
the employer’s DB plan and the ben e fit
will be wait ing for you when you reach
the Normal Re tire ment Age un der the
plan. Al ter na tive ly, DC fa vors young er,
short er-service em ploy ees with large accru
als ear li er on in the work ing career. If
you terminate em ploy ment, you can pack
up your DC ac count balance and take it
with you by rolling it to an IRA or new
em ploy er’s plan if al lowed.
Why the shift to DC?
Employers who have abandoned their
DB plans in favor of DC plans or who
are just implementing a new retirement
pro gram and opt for the DC over the
DB have done so primarily in response
to perceived wants by their employees.
Since DB plans favor older, longer-service
workers, such plans just are not
seen as much of a reward in the eyes of a
tran sient workforce that tends to move
from em ploy er to em ploy er several times
through out their working careers. Incidentally,
the growth in DC plans in the
last 20 years was also trig gered by the
num ber of Baby Boomers who were in
their 20s and 30s at that time, a mas sive
group of young er work ers look ing for
benefits targeted for them.
The boom ing stock mar ket of the ‘90s
also impacted the shift from DB to
DC in two ways. First, many DB plans
be came great ly overfunded due to high
in vest ment re turns and were con se -
quent ly ter mi nat ed by em ploy ers in or der
to re gain some of that funding. Sec ond,
be cause the stock market seemed to head
no where but up, many em ploy ees convinced
them selves they could invest for
re tire ment as well as or bet ter than the
in vest ment pro fes sion als and con vinced

em ploy ers to give them that op por tu ni ty
through the DC plan.
Where are we headed now?
Both the number of DC plans im ple -
ment ed and the number of DB plans
terminated has slowed in re cent years.
Despite the investment flexibility DC
plans have, the tough stock market of
the early 2000s has dampened em ploy ees’
thirst for being their own in vest ment
manager. There is renewed in ter est in and
desire for a benefit that is de ter min able
Call Center CHAT
Each month, Update
features ques tions re ceived by
Mil li man’s Customer Ser vice
De part ment. � is month’s
ques tion is an swered by
Client Services Supervisor
David Huizel.
QUESTION: Why should I
consider having my account
automatically rebalanced?
ANSWER: Electing to have your GeoVest
Plan account automatically rebalanced is
an excellent way to keep yourself on track
with your retirement planning. Rebalancing
means making sure your current mix
of investment funds is aligned with your
investment objectives and target asset
allocation strategy. If your holdings rise
above your original allocation, your portfolio
becomes more aggressive, and your
risk exposure to possible losses increases.
If your holdings fall below your target
allocation, your portfolio moves to the
more conservative side, and your chances
of getting the rates of return you are hoping
for decrease.
Many experts agree if the percentage of
money you have in a particular fund is
within 5% of your original asset allocation,
your portfolio is probably okay for
(or fixed) and which can be planned for
upon retirement, caus ing some em ploy ers
(and some em ploy ees) to think, “Hey,
those tra di tion al pen sion plans weren’t so
bad after all.” Thus, em ploy ers have been
hang ing on to their DB plans al ready in
place, and a crop of em ploy ers have even
been look ing into es tab lish ing a new DB
plan. Some have im ple ment ed hybrid
plan de signs that have the best features of
both DB and DC.
Many experts believe, however, that a
significant revival of DB plans is unlikely
the time being; if over 5%, you might
want to consider rebalancing. For example,
say your investment strategy is to
have 40% of your holdings in the Bond
Fund, 40% in the Large-Cap Value Stock
Fund, and 20% in the International
Fund. When looking at your account to
determine if you should rebalance (ideally,
at least once a year), you notice 41%
of your existing holdings are in the Bond
Fund, 32% are in the Large-Cap Value
Stock Fund, and 27% are in the International
Fund. Since your original strategy
is to have only 20% of your holdings in
international stocks and you now have
27%, your portfolio may be weighted on
the more aggressive side, increasing your
risk exposure and also your possibility for
loss.
Now, you can manually correct your allocation
(i.e., rebalance) by moving some
of the money out of the International
Fund into the Large-Cap Value Stock
Fund. Or you might change the percentages
of your future contributions to, say,
40% to the Bond Fund, 46% to the
Large-Cap Value Stock Fund, and 14%
to the International Fund.
But what if you are someone who doesn’t
monitor their account regularly or who
FEBRUARY 2004
in the short-term due to administrative
com plex i ties (and associated expense)
and a sense that em ploy ees still do value
their 401(k)s de spite the beating they
took during the last bear market. Longterm
how ev er, a recognition of how inadequately
many employees are pre par ing
for re tire ment may cause a shift back to
DB plans. If this is the case, it is pos si ble
DB plans will rule again and DC plans
will be rel e gat ed to the role of a sup ple -
men tal rath er than a pri ma ry source of
re tire ment in come for many.
just can’t seem to “get around to it” when
it comes to some of those investing and
retirement planning “chores” such as
rebalancing? In that case, the automatic
rebalancing feature of the GeoVest Plan
might make sense for you.
By selecting the auto rebalance option,
there will be an automatic redistribution
of the assets in your account either quarterly,
semi-annually, or annually. While
the auto rebalance feature is elected,
the ability to make investment election
changes will be disabled; however, you
may discontinue auto rebalancing at
any time. Auto rebalance can be elected
through Milliman’s Web Service Center
at www.millimanonline.com or through
a Customer Service Representative.
Periodic maintenance of your 401(k) account
is crucial to achieving your desired
nest egg. Auto rebalance is an easy and
convenient way for GeoVest Plan participants
to perform this maintenance.
If you have further questions on this
is sue, please contact Customer Service at
800 652.6675.
Update
Employee Benefi t News for Members of AAPG
page 3

FEBRUARY 2004
PlanBITS
1099Rs sent automatically
with distribution checks
Employees who take an in-service
withdrawal or distribution from their
401(k) account should note the 1099R
form is attached to their check. They
will need the 1099R when preparing
their tax returns for the year in
which they took the distribution.
Replacement 1099R forms are available
through the Charles Schwab Trust
Company for $5. Contact Customer
Service for more information.
Milliman USA welcomes
Justin Ingraham
Please join Milliman USA in welcoming
Justin Ingraham to the GeoVest
Plan service team. Justin joined
Milliman February 9 as a Customer
Service Representative.
Look for Milliman at AAPG
Annual Meeting
Milliman USA representatives will be
attending the AAPG Annual Meeting
in Dallas, Texas, on April 18-21,
2004. You are welcome to stop by the
booth to visit about the GeoVest Plan,
or attend the interactive presentation
and discussion regarding this valuable
AAPG member benefit.
Update
Employee Benefi t News for Members of AAPG
page 4
Interest on 401(k) loans not
tax-deductible
A
as employees prepare their
2003 tax returns, some may question
whether or not they can deduct
the interest they pay back to their
accounts on a 401(k) loan. Here’s
what you should tell them.
A loan taken from your 401(k) account is
not tax-deductible. This is the case even
if the purpose of the 401(k) loan is for
the purchase of a home. Interest paid on
a mortgage or home equity line of credit
may be tax-deductible because your
home is being used to secure the loan.
In the case of a 401(k) loan, your 401(k)
account is used to secure the loan. Remember,
you are already getting a tax
advantage when you put money into
your 401(k) plan, since these contributions
are taken out of your paycheck pretax
(i.e., before regular income taxes are
taken out).
When you are considering taking a loan
from your 401(k) plan versus ob tain ing a
loan from other sources, wheth er or not
the interest is tax-de duct ible is just one of
the factors that will affect your decision.
Also con sid er:
l Interest paid back on your 401(k)
loan is paid back to your own account
rath er than to a bank or other
in sti tu tion.
l However, unlike your 401(k) sala
ry de fer rals, you repay your loan
with after-tax dol lars. When you
with draw this mon ey at re tire ment,
it will be taxed again, and you will
es sen tial ly be pay ing tax es twice on
the same mon ey.
l The interest you pay back to your
ac count may be less than what you
could otherwise have earned through
your 401(k) investments. You also
lose out on the com pound ing earnings
you would oth er wise have received
on the money you borrowed.
l If you leave your employer, the entire
outstanding balance on the loan
is due within 60 days. If you don’t
pay it all back, you will have to pay
taxes on the balance plus a 10% penal
ty if you are not 55 at the time of
termination.
Answer to puzzle on page 6:
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vision, passionately own the vision, and relentlessly
drive it to completion.

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1. Cut out or make a
copy of this form.
2. Complete form
entirely.
3. Mail or fax today!
Milliman USA
8500 Normandale Lake Blvd
Suite 1850
Minneapolis, MN 55437
phone: 800 652.6675
fax: 952 820.3100
Yes, I would like more information about GeoVest.
Name Title
Company
Address
nMERGERS AND
City State Zip Code
Telephone Number Fax Number
Current Number of Employees
ACQUISITIONS
CONSULTING
FEBRUARY 2004
When two or more companies are merging, sometimes it’s easy to lose
sight of all the issues involved with such a merger. For example, if the
merging entities offer different retirement packages, which package will
the merged company retain? Or will the merged company retain features
of both packages? Perhaps the new company will opt to design an
entirely new plan altogether.
Milliman USA can help with evaluating retirement benefi ts for companies
involved in a merger, and GeoVest Plan sponsors can obtain this service
at no additional cost. Our experienced professionals are available to
help you objectively compare plan features, services, and costs. There
are a lot of complex decisions to make in a merger. What to do with
the retirement benefi ts doesn’t have to be one of them.
Update
Employee Benefi t News for Members of AAPG
page 5

FEBRUARY 2004
Small employers cite revenue uncertainty and costs
as impediments to sponsoring a retirement plan
R
revenue uncertainty is the
top reason small employers (those
with five to 100 full-time employees)
do not sponsor a retirement
plan, according to the 2003 Small
Employer Retirement Survey
(SERS) sponsored by the Employee
Benefit Research Institute (EBRI),
the American Savings Education
Council (ASEC), and Mathew Greenwald
& Associates.
Perhaps there is a link in uncertain revenue
and the offering of other benefits
as well. Of small employers who do not
offer a retirement plan, those who also
did not offer health insurance were more
likely to say uncertain revenue keeps
them from sponsoring a retirement plan
(37.8% compared to 22.1% of small employers
who did offer health insurance).
Just for FUN
Update
Employee Benefi t News for Members of AAPG
page 6
Other demographics also came into play
whether or not employers blamed unstable
revenues for not offering a retirement
plan. Citing revenue uncertainty
decreased as gross revenue of the business
increased (18% for employers with over
$2 million in revenue versus 40.4% for
employers with $500,000-$750,000 in
revenue) and as average salary of most
full-time employees increased (19.9%
for employers where most full-time employees
made over $40,000 compared
to $27.3% for employers where most
full-timers made between $20,000 and
$30,000).
It is no surprise, then, that 58% of those
who were very or somewhat likely to start
a retirement plan in the next two years
said it would be much more likely they
would start a plan if they experienced
an increase in business profits. Over twothirds
of those employers who originally
said they were not too likely or not at
Each number in the phrase below represents a different letter of the alphabet. Not all letters of the alphabet
are used. To get you started, the number “10” represents the letter “V.” The solution is on page 4.
~ John Welch
all likely to start a plan in the next two
years also said an increase in business
profits would make them much more
likely (22.8%) or somewhat more likely
(44.3%) they would install a retirement
plan.
The second most cited reason for not
offering a plan was the administrative
and set-up costs for a plan. Interestingly,
those who were not aware of the
tax credits established by the Economic
Growth Tax Relief and Reconciliation
Act (EGTRRA) of 2001 were more likely
to say costs were an impediment to their
sponsoring a plan than those who were
aware of the EGTRRA tax credits. Small
employers who do not currently sponsor
a retirement plan should note they
are allowed a tax credit for 50% of the
first $1,000 of administrative expenses
incurred within each of the first three
plan years after implementing a qualified
retirement plan. Therefore, there is
a maximum credit of
$500 a year for three
years. To be eligible, an
employer must not have
had, in the preceding
year, more than 100 employees.
The plan must
be established after 2001
and must cover at least
one non-highly compensated
employee. In addition,
the employer must
not have sponsored a
qualified retirement plan
during the three years
immediately prior to the
credit being available.
Source: 2003 Small Employer
Retirement Survey, EBRI Notes,
September 2003.

Ssince since the introduction of
of
Sthe the 401(k) plan in the 1980s, many
have applauded the 401(k) for giving
employees the opportunity to
be in charge of their own retirement.
However, some employees may be
slightly hesitant about being in charge,
and their 401(k) plan can end up being
more an obstacle than a road map to a
comfortable retirement. Fortunately, the
GeoVest Plan works well for both kinds
of investors: those who enjoy having control
of their investments and those who
say they could frankly use a little help.
When employees are uncertain about the
stock market and investing or hesitant
about participating in their 401(k) because
they don’t completely understand
how 401(k)s work, inertia sets in. Instead
of proactively trying to learn sound
investment principles or to determine
how much they might need to fund their
retirement goals, they simply put it off.
And put it off…and put it off, seriously
jeopardizing their prospects for a comfortable
retirement.
As such, Milliman USA has designed a
variety of plan features which empower
employees to reap the benefits of the
401(k) without having to become savvy
investors.
The Plan offers seven model portfolios
ranging from very conservative to very
aggressive. These portfolios are predetermined
mixes utilizing several of the funds
offered under the GeoVest Plan. Participants
can use the Retirement Toolbox at
www.millimanonline.com or the Your
Investor Profile worksheet in their Participant
PlanFolder to identify which model
is best suited for their situation. The
Retirement Toolbox also has a powerful
Retirement Income Analyzer that can
help determine retirement savings needs
and identify any surplus or shortfall that
may result from the participant’s current
savings level.
The GeoVest Plan also offers four lifestyle
funds in addition to the 10 other investment
options covering the full range of
the risk/return spectrum. GeoVest plan
participants can either (1) diversify their
assets among the 10 non-lifestyle funds,
FEBRUARY 2004
GeoVest Plan empowers employees to admit they
need asset allocation help
Remember there are three ways to access
your GeoVest ac count information:
Online through Milliman USA’s Web Service Center
(millimanonline.com)
Through the GeoVest Plan Telephone Hotline
(toll-free at 800 974.2371)
Through Milliman USA’s Customer Service Department
(toll-free at 800 652.6675)
(2) choose one lifestyle fund based on
their investing personality, or (3) choose
a model portfolio as described above.
The Plan’s lifestyle funds, managed by
The Vanguard Group, have built in asset
allocations based on the investment objectives
of the funds. Rather than investing
in individual securities, the lifestyle
funds invest in combinations of several
underlying Vanguard funds.
The Lifestyle Income Fund seeks current
income and capital growth. The fund allocates
assets within the following parameters:
80% in bonds and 20% in stocks.
The Lifestyle Conservative Growth Fund
is slightly more risky than the Lifestyle
Income Fund, typically investing 60% of
assets in bonds and 40% in stocks. The
fund seeks current income and low-tomoderate
capital growth. The Lifestyle
Moderate Growth Fund also typically
invests 60% of assets in stocks and 40%
in bonds and seeks capital growth and a
reasonable level of current income. The
Lifestyle Growth Fund is the riskiest
of the lifestyle funds, typically investing
80% of assets in stocks and 20% in
bonds.
More details on the funds can be found
following the links in the Investment
Fund Performance section of Milliman’s
Web Service Center.
Finally, the Plan offers an automatic
rebalancing option, which is discussed
in more detail in the Call Center Chat
feature on page 3.
By taking advantage of several of the
features of the GeoVest Plan, participants
will find investing and retirement planning
does not have to be that difficult
after all.
Update
Employee Benefi t News for Members of AAPG
page 7

Asset Category
ALBANY
ATLANTA
BERMUDA
BOISE
BOSTON
CHICAGO
COLUMBUS
DALLAS
DENVER
GREENSBORO, NC
HARTFORD
HONG KONG
HOUSTON
Investment Fund
Update
Employee Benefit News for Members of AAPG
page 8
INVESTMENT FUND UPDATE AS OF JANUARY 31, 2004
Update is a monthly publication for members of the American Association of Petroleum
Geologists exploring retirement plan and employee benefit issues. �is publication is for
informational purposes only and is not intended to render legal advice on the topics discussed.
NAV 3-Month 1-Year
5-Year
Annualized
10-Year
Annualized
Stable Value Morley Stable Value Fund $17.43 0.99% 4.38% 5.80% N/A N/A
The GeoVest Plan is a comprehensive, customized retirement savings plan tailored specifically for
members of the American Association of Petroleum Geologists and other affiliated geological
professional associations. GeoVest is set up for small employers and sole proprietorships but
has many of the same characteristics found in Fortune 500 retirement plans. Some of the
key benefits GeoVest sponsors and participants enjoy include outsourced administration,
a 24-hour automated voice response unit, a customer service call center, a dynamic interactive
Web Service Center including automatic rebalance and online investment advice
features, and an additional Plan Sponsor Web site for companies that desire a “macro” level
look at their retirement plan.
Milliman Offices Internationally MILLIMAN GLOBAL
INDIANAPOLIS
IRVINE
KANSAS CITY
LONDON
LOS ANGELES
MADRID
MILAN
MILWAUKEE
MINNEAPOLIS
NEW YORK
NORWALK, CT
OMAHA
PHILADELPHIA
PHOENIX
PORTLAND, ME
PORTLAND, OR
PRINCETON, NJ
ST. LOUIS
SALT LAKE CITY
SAN DIEGO
SAN FRANCISCO
SÃO PAULO
SEATTLE
SEOUL
TAMPA
TOKYO
WASHINGTON, D.C.
ARGENTINA
AUSTRIA
BARBADOS
BELGIUM
BERMUDA
BRAZIL
CANADA
CHANNEL ISLANDS
CHINA
COLOMBIA
DENMARK
FRANCE
GERMANY
INDIA
IRELAND
ISLE OF MAN
ITALY
JAMAICA
JAPAN
KOREA
MEXICO
NETHERLANDS
NIGERIA
NORWAY
Inquiries may be directed to: Milliman USA, Benefits Service Center
8500 Normandale Lake Boulevard, Suite 1850
Minneapolis, MN 55437-3830
800 652.6675
e-mail: gerald.erickson@milliman.com
Ticker
Symbol
Bond PIMCO Total Return Institutional $10.76 2.10% 5.80% 7.33% 7.55% PTTRX
Large-Cap Value Stock Hotchkis & Wiley Large-Cap Value $18.97 9.74% 48.90% 9.47% 11.82% HWLIX
Index Vanguard Index 500 $104.54 8.06% 34.37% -1.08% 10.82% VFINX
Large-Cap Blend Stock Dreyfus Appreciation $37.53 7.63% 25.93% -0.43% 11.40% DGAGX
Mid-Cap Value Stock Dreyfus Mid-Cap Value $28.95 15.38% 67.34% 15.85% N/A DMCVX
Mid-Cap Stock Artisan Mid-Cap $26.97 8.93% 41.87% 14.97% N/A ARTMX
Small-Cap Value Stock Quaker Small-Cap Value $18.07 9.44% 57.68% 12.31% N/A QUSVX
Small-Cap Growth Stock RS Diversified Growth $22.92 8.01% 80.05% 10.84% N/A RSDGX
International Nations International Value $19.84 14.43% 53.95% 11.70% N/A NIVLX
Lifestyle Income Vanguard Lifestrategy Income $13.34 3.39% 12.68% 5.02% N/A VASIX
Lifestyle Conservative Growth Vanguard Lifestrategy Conservative Growth $14.72 4.82% 19.51% 4.05% N/A VSCGX
Lifestyle Moderate Growth Vanguard Lifestrategy Moderate Growth $16.89 6.44% 26.84% 2.99% N/A VSMGX
Lifestyle Growth Vanguard Lifestrategy Growth $18.50 7.88% 34.20% 1.68% N/A VASGX
Fund performance figures were provided by Gartmore Morley and Morningstar. Past performance is not a guarantee of future results.
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