DATAIR Employee Benefit Systems, Inc.

401(k)/Pension Administrator
Alliance Pension Consultants, LLC
in IL

Retirement Plan Administrator
Katz, Sapper & Miller
in IN

Retirement Advisory Channel Manager
ePlan
in CO

Employee Benefits (ERISA) Associate Attorney
Stinson Leonard Street LLP
in MO

Schwab Retirement Technologies (SRT) Specialist
NestEggs Retirement Plan Services, Inc.
in FL

DC Retirement Plan Administrator
Pen-Cal Administrators, Inc.
in CA

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Best Practices in Employer Smoking Cessation Programs
August 19, 2015 WEBCAST
(Midwest Business Group on Health)

Is an ESOP Right for You? An In-Depth Look at Employee Ownership Plans
September 16, 2015 in CA
(National Center for Employee Ownership [NCEO])

Get the Most Out of Your ESOP: An ESOP Communication and Culture Forum
September 28, 2015 in MD
(National Center for Employee Ownership [NCEO])

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[Guidance Overview]

Major Curtailment of Determination Letter Program Imposes New Compliance Burdens on Plan Sponsors
"If not already in place, procedures should be implemented to ensure that an Individually Designed Plan is reviewed periodically to ensure that any amendments required by the Code or IRS guidance are timely and properly done.... Sponsors of Individually Designed Plans should identify situations where a determination letter may be needed or requested, and should consider what alternatives might be available to help address such a need or request." (Bond, Schoeneck & King)  

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[Guidance Overview]

IRS Prohibits Annuity-to-Lump Sum Conversions for DB Plan Retirees Currently Receiving Benefits
"It is important to note that Notice 2015-49 has no impact on the ability to offer DB plan lump sum de-risking programs to either terminated vested (non-retired) participants, or to actively employed participants upon plan termination. The Notice indicates only that the IRS will amend the minimum required distribution regulations so as to prohibit a defined benefit plan from offering immediate lump sum payment conversions (or similarly-styled accelerated payments) to defined benefit plan retirees currently in pay status receiving a form of life contingent annuity." (Jackson Lewis P.C.)  

[Guidance Overview]

PBGC Proposes Changes to Annual Financial Reporting (PDF)
"The proposal would [1] codify provisions included in MAP-21 as amended by HATFA, [2] limit the reporting waiver for employers with aggregate minimum funding shortfalls of $15 million or less to those with fewer than 500 employees, and [3] add waivers for those only required to file due to missed contributions or funding waivers if previously reported to PBGC under its rules for reportable events. The changes in regulations would become effective for information years beginning in 2016 (that is, for reports due in 2017 and later)." (Buck Consultants at Xerox)  

Multiemployer Pension Plans: A Primer and Analysis of Policy Options (PDF)
29 pages. "[S]ome stakeholders have proposed new, alternative pension plan structures that they feel would avoid many of the problems inherent in the current multiemployer pension plan system. Possible solutions to plan underfunding could involve some combination of increased contributions from the employers that sponsor pension plans, cuts in future benefits to plan participants who are currently working, cuts in current benefits to retired participants, or financial assistance from the U.S. government." [Report No. R43305, dated July 24, 2015.] (Congressional Research Service [CRS])  

Financial Wellness in the Workplace 2015 (PDF)
15 pages. "Financial wellness programs are still in their formative years. Some companies view such programs as little more than teaching employees how best to use the company retirement plan. Others expand the definition to include some basic financial education courses. But increasingly, companies are appreciating the value of a comprehensive financial wellness program that addresses the specific needs of its employees -- a robust program that empowers them with a range of tools to help them make informed, effective decisions about managing their money." (Alliant Credit Union)  

[Advert.]

Chicago Advanced Pension Conference – Early Fee Extended to 8/3

Join us in downtown Chicago to get insights from our ERISA educators on the latest updates and get your questions answered. Concurrent sessions to customize your education, Ask the Experts, Pension Jeopardy, and more. Register by 8/3, save $150!

Roth IRA Investors' Activity, 2007-2013 (PDF)
88 pages. "First available in 1998, Roth individual retirement accounts (IRAs) had accumulated more than $500 billion in assets by year-end 2014.... Forty-five percent of consistent Roth IRA investors aged 24 or older in 2013 contributed to their Roth IRAs between tax year 2008 and tax year 2013, and more than three-quarters of them contributed in multiple year ... Roth IRA investors tend to be younger than traditional IRA investors. At year-end 2013, 31 percent of Roth IRA investors were younger than 40, compared with 15 percent of traditional IRA investors. Only 24 percent of Roth IRA investors were 60 or older, compared with 38 percent of traditional IRA investors. This younger age distribution reflects the rules governing access to Roth IRAs, including income limits on contributions and (until 2010) on conversions, as well as the historically limited scope for rollover activity." (Investment Company Institute [ICI])  

Four Surprising Results from the 2015 403(b) PSCA Survey
"Only 46.7 percent of respondents said they employ a financial professional.... Only 25.8 percent of plans with less than 50 participants employ an independent financial professional.... Only 73.6 percent of financial professionals provide investment services.... Sponsors of 403(b) plans clearly need guidance in the investment area." (The Principal Blog)  

When Must a Fiduciary 'Just Say No' to a Client?
"Unlike nearly every other business, the failure to say 'no' can have disastrous consequences for both the individual fiduciary and the business offering those fiduciary services.... 'When a client wants to do something that puts their plan at risk,' says [one financial adviser], 'that is, when doing what they "want" to do would compromise the probability of exceeding the plans goals, the advisor must be willing to tell the client no. For example, I have had clients that want to hold onto a very large concentrated stock position. However, when a material problem (one they simply can't allow themselves to admit is a possibility) for that company would mean financial devastation to the client, you have to be willing to walk away on principle.' " (Fiduciary News)  

Leak-Proofing Your 401(k) Plan
"[T]he following plan design elements can limit leakage: [1] Eliminating participant loans or limiting eligibility for loans to hardship criteria.... [2] Limiting the number of loans participants can take to one and continuing to accept loan payments from terminated participants. [3] Limiting loans and withdrawals to participant contributions only. [4] Automatically re-starting participant contributions after completion of the required hardship withdrawal suspension period." (Lawton Retirement Plan Consultants)  

[Advert.]

Your input needed! GAO asking plan sponsors about 401(k) plan lifetime income options

This GAO survey asks about the advantages and disadvantages of these options, education about them, and barriers that might limit their adoption. GAO estimates the survey will take about 15-20 minutes to complete; responses will be accepted until Friday July 31st.

ESOPs: Another Tool for Family-Owned Banks
"ESOPs can help family-owned financial institutions better manage the challenges of today's market by providing a more liquid market for the institution's shares and an exit strategy for some significant investors short of a sale or merger. ESOPs can also improve employee and senior management engagement and retention at a relatively low cost, which can improve the institution's bottom line. With careful implementation and board oversight of compliance efforts, ESOPs can be a powerful tool for many community banks." (Benefits Bryan Cave)  

How Big Is Longevity Risk? (PDF)
"For the typical investment strategy, investment risk is larger at younger retirement ages, but longevity risk becomes larger with time.... [For] an 80-year-old, the uncertainty associated with how long they will live is greater than the uncertainty associated with investment returns. However, the reverse is true at age 50. What's more, at younger ages, the combined effect of longevity risk and investment risk is not much greater than the effect of investment risk alone." (Russell Investments)  

An Alternative Approach to Annuitizing Retirement Savings
"Most retirees without annuities run the risk of either running out of savings or scrimping unnecessarily. This analysis explores using retirement savings as an income bridge for workers who retire at 62 but wait until 70 to claim Social Security benefits. In each case, the boost to the net value of lifetime Social Security benefits exceeded the reduction in savings." (Towers Watson)  

Moody's Says Pension Liabilities Increasing for Majority of Largest Local Governments
"As a percentage of operating revenue, Chicago remained at the top with adjusted net pension liabilities at 703%, followed by Dallas at 506%; Houston, 458%; Los Angeles, 410%; and Jacksonville, Fla., 403%. Among those with the lowest percentages are Washington, D.C., with 24%, followed by Cypress-Fairbanks (Texas) Independent School District at 25%, and Mecklenburg County, N.C., 29%." (Pensions & Investments)  

New Jersey Pension Funds Try New Legal Tack in Pension Battle
"The funds, representing teachers, the police and others, now seek legal judgments covering payments not made in the 2014, 2015 and 2016 fiscal years.... 'We can't force the appropriation, but we are entitled to a judgment declaring that the money is owed,' Bennet Zurofsky, a union attorney, said." (Bloomberg)  

[Opinion]

SBA Office of Advocacy Comment Letter to DOL on Proposed Fiduciary Regs (PDF)
"Advocacy is concerned that the Initial Regulatory Flexibility Analysis (IRFA) contained in the proposed rule lacks essential information required under the Regulatory Flexibility Act. Specifically, the IRFA does not adequately estimate the costs of the proposal or the number of small entities that would be impacted by it.... Advocacy is concerned that, because the proposed rule's IRFA is deficient, the public has not been adequately informed about the possible impact of the proposal on small entities, and EBSA has not effectively weighed less burdensome significant alternatives to the proposed rule that would meet the EBSA's objectives.... Moreover, because the estimates provided by the IRFA appear to be flawed, it is uncertain how EBSA could accurately evaluate alternatives to the proposed rule which would reduce the burdens on small businesses." [The Office of Advocacy was established pursuant to Pub. L. 94-305 to represent the views of small entities before federal agencies and Congress. Advocacy is an independent office within SBA.] (Office of Advocacy, U.S. Small Business Administration [SBA])  

Rethinking Responsibility and Strategy for Employee Benefits: Third Annual Workplace Benefits Study (PDF)
64 pages. "[E]mployees continue to value and rely on the benefits their employer offers. The average Benefits Value Index (BVI) score is 7.1, consistent with last year and up from 6.8 when the Index was established in 2013. Employees believe their benefits positively impact their financial security, and they feel they need help. Only 3 in 10 workers feel financially secure and this study shows what little security they feel hinges -- to a large degree -- on the insurance and savings benefits they receive at the workplace. Given their reliance on workplace benefits for overall financial preparedness, it's not surprising employees believe that employers have a responsibility to offer core insurance and retirement benefits to workers. Without those benefits, most say they would face financial hardship." (Guardian)  

Restricted Stock and Section 83(b) Elections: IRS Proposes Change to Filing the Election with Your Tax Return
"[T]he proposal seeks to end the requirement to file a copy of a Section 83(b) election with your tax return. This relaxation of the rules is expected to take effect for grants made on or after January 1, 2016. From that time onward, the IRS will simply scan and save a copy of your original election instead of requiring a second submission with your tax return. In addition to Section 83(b) elections for restricted stock, this rule change will also apply to 83(b) elections filed for early-exercise stock options." (myStockOptions.com)  

Industry Leader Partners With Integrated Retirement
Integrated Retirement

TRA Hires Northeastern Regional Sales Consultant
The Retirement Advantage [TRA]

Stewart Financial Group Limited is Certified for Fiduciary Excellence
Centre for Fiduciary Excellence [CEFEX]

EdisonHealth Network Expands to Include Cancer Treatment
EdisonHealth Network LLC

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