University Conference Services

401(k) / New Comparability Plan Administrator with Plan Document Knowledge
for Actuarial Consulting Services in NJ

Retirement Plan Specialist
for Transamerica Retirement Services in IA, OH

Retirement Services Client Service Consultant
for AUL/OneAmerica Financial Partners, Inc in IN, TX

Benefits Manager
for Portfolio Recovery Associates in VA

Investment Consultant
for Milliman in NY

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Webinar - IRA Reporting
Nationwide on August 14, 2012 presented by Ascensus

Webinar - IRA Beneficiary Distributions
Nationwide on August 16, 2012 presented by Ascensus

Webinar - Choosing the "Right" Retirement Plan
Nationwide on August 21, 2012 presented by Ascensus

Webinar - Comparing Roth and Traditional IRAs
Nationwide on August 21, 2012 presented by Ascensus

Webinar - SIMPLE Plans
Nationwide on August 23, 2012 presented by Ascensus

Webinar - Understanding and Processing Transfers and Rollovers
Nationwide on August 28, 2012 presented by Ascensus

Webinar - Handling IRA Legal Issues
Nationwide on September 6, 2012 presented by Ascensus

Webinar - 72(t) Payments
Nationwide on September 11, 2012 presented by Ascensus

Fiduciaries Can Consider Impact on Whole Plan When Responding to One Participant's Demand for Benefits
"In Wakamatsu v. Oliver [in the federal Northern District of California], ... a former employee of a dental practice sued the plan administrator of the practice's profit sharing plan ... asserting that her benefit should have been determined based upon a December 31, 2007 valuation ... rather than upon a later valuation that reflected the impact of the economic downturn on overall plan assets (resulting in approximately $60,000 less)." (Seyfarth Shaw LLP)

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Keep informed of the most relevant new developments that affect your practice and your clients’ retirement plans. Attend the ASCi Current Developments Webcast April 26th at 2pm ET. Click here for more info.

Northwest Airlines Post-Bankrup.tcy Retirement Plan Did Not Violate ERISA or ADEA
"[The] Pilots Association and [Northwest Airlines] created [a target benefit plan] which allocated contributions so that all pilots, in combination with the frozen pension plan, would receive 'an aggregate replacement income equal to approximately 50 percent of their final average earnings as an active pilot (or frozen pension plan benefit if higher).'" (Haynes and Boone)

IRS Seeks Public Comment on Applicability of Normal Retirement Age Rules to Governmental Plans
"The IRS and the Treasury Department specifically request comments on: [1] Whether an additional rule should be provided under which retirement after 20 to 30 years of service may be a normal retirement that is reasonably representative for qualified public safety employees. [2] Other categories of governmental employees who have career spans similar to qualified public safety employees (commencing at a young age and continuing for a limited period) that would justify a similar rule. [3] The overall retirement patterns of other government employees to assist them in determining the earliest age that is reasonably representative of the typical retirement ages for such employees." (Practical Law Company)

Failure to Monitor Recordkeeping Fees Is Breach of Fiduciary Duty
"In Tussey v. ABB, Inc., the US District Court for the Western District of Missouri held that a company breached its fiduciary duty to its 401(k) plans when it failed to monitor recordkeeping fees and revenue-sharing payments, selected more expensive share classes when less expensive classes were available, replaced an investment fund in violation of the investment policy statement and paid recordkeeping fees in excess of the market cost to subsidize other recordkeeping services." (Practical Law Company)

Failure to Monitor Revenue Sharing and Negotiate Rebates for Recordkeeping Fees Violated Governing Documents and Fiduciary Duties
"Although many of the [Missouri District] court's conclusions related to revenue sharing are grounded in its interpretation of a somewhat idiosyncratic [investment policy statement], its analysis strongly suggests that fiduciaries overseeing plans with revenue sharing arrangements really do need to know whether their service providers are receiving more than market compensation. This information allows plan fiduciaries to know whether requested hard-dollar service fees are reasonable, and when there are no hard-dollar fees, it allows fiduciaries with sufficient bargaining power to seek rebates." (Thomson Reuters/EBIA)

Compliance Deadlines for Participant Fee Disclosures (PDF)
"To help navigate the participant fee disclosure rules, this Client Letter provides questions and answers about the final rules and includes two sample disclosure charts. One chart is the Model Comparative Chart issued by the DOL with the final rules that demonstrates how to disclose investment-related fees. The other is a sample template we drafted that might be used to comply with the plan-related fee disclosure." (Kelly, Hannaford & Battles P.A.)

Are You Ready to Comply with Rules Requiring Investment and Fee Disclosures to Participants?
"A word of caution: If your plan is being operated as an ERISA section 404(c) plan, such that the plan's fiduciaries are not intended to be responsible for the consequences of participants' investment directions, you must comply with these new rules or run the risk of losing your 404(c) protection." (Chang, Ruthenberg & Long PC)

Another Question is Answered in the Who's the Employer Q&A Column
My wife and I own and operate a hardware store as an S corporation and maintain a SIMPLE plan for our 12 employees. The corporation is a member of a buying cooperative of which I am a member of the board of directors. I receive fees in my name for my service as a director, and I report them as a sole proprietorship on my individual Federal income tax returns. Am I a SLOB? (BenefitsLink.com)

District Court Refuses to Dismiss Claim Against Plan Alleging Failure to Execute Participant's Investment Direction
"[The participant in a self-directed retirement plan] alleged the plan and its committee breached their duty of loyalty by failing to correctly execute his request to transfer part of his plan investments between funds ... and to credit his account for losses allegedly caused as a result.... [The] U.S. District Court for the Northern District of Texas found the plan is a proper defendant[.]" (PLANSPONSOR.com)

CalPERS to Require Higher Employer Contributions
"The increase stems from a lower assumed rate of return on investments adopted in March by the $235.7 bil.lion fund's board. That lowered the presumed annual gain to 7.5 percent from 7.75 percent. The rate is used to calculate how much money the plan ... will have, how much it will need to cover promised benefits, and what employers must contribute." (Bloomberg)

Reasons Why Employees Can Benefit from Using IRAs and 401(k) Contributions to Defer Income Until Retirement
"You likely won't have a huge amount of income when you retire, which means a portion of your IRA withdrawals may be taxed at low rates, even if you consider income from Social Security. Part of your traditional IRA and 401(k) withdrawals may be taxed at 0 percent, some at the next tax bracket, and only some will be taxed at your marginal tax rate.... [Further, those] who live in a state with a high income tax can potentially save money if they defer income tax on their retirement savings and then move to a state with no income tax when they start withdrawing their retirement funds." (U.S. News & World Report)

Delay in Implementing Roth Feature Affects Most Federal Employees
"The Defense Finance and Accounting Service, which administers payroll services to several agencies, including the White House, will not be ready to offer employees the added retirement investment option by May 7, the date of the official launch, as we have reported. A Washington Post report put the hold-up into perspective, noting, 'at least three-fifths of federal workers' will face delays." (Government Executive)

House Panel Approves Part-Time Retirement for Federal Employees
"A House panel voted unanimously Wednesday to advance legislation that would allow retirement-eligible employees to work part time ... The bill, H.R. 4363, would amend U.S. law to allow federal employees to continue working part time while partially retired [meaning that retirement benefits can begin without the need to separate from service first and then become rehired]." (Government Executive)

Preparing Your Employees for a DB Plan Termination
"A DB plan termination involves many questions and issues such as funding, investments, government filings, securing a group annuity contract, data cleanup, and more. But it is equally important to consider how to help participants make this transition. As part of this daunting project, a well-planned and executed participant strategy can help maintain positive employee relations, and, importantly, can also help your participants stay on track for a more secure retirement." (Vanguard)

Investment Costs Hit Retirees with Double Whammy
"As [a table and chart show, at age 65, a high-expense portfolio] generates a withdrawal amount that's 8.3% lower than the amount for the low-expense portfolio[.] After 15 years, the gap grows to over 20%[.] This is a major reduction in spending power over time, and these numbers belie the seemingly innocuous single-digit-percentage point differences in expense ratios." (Vanguard)

Concerned Employers Seeking Plan Design Solutions to Help Employees Prepare for Adequate Retirement Savings
"According to [a 2012 survey] of more than 500 large U.S. employers, just 4% are very confident that their workers will retire with adequate retirement assets--compared with 30% who felt very confident in 2011. Only 10% in 2012 feel very confident that employees are taking accountability for their own retirement success." (Vanguard)

Handout for Webinar on QDRO Basics for Plan Sponsors (PDF)
"This webinar focused on plan sponsor administration of qualified domestic relations orders (QDROs). Topics discussed included: QDRO basics, including types of benefit divisions (segregated benefits, shared payments, and plan design alternatives); Processes and procedures for QDRO administration; QDROs and nonqualified retirement plans; QDROs and equity compensation and other executive programs; QMSCO basics[.]" (Morgan Lewis)

Due Diligence When Acquiring Business with Multiemployer Pension Plan Means More than an Actuary's Certification
"The seller represents that it is a so-called 'green zone' plan and that you should not be concerned about making contributions to the plan beyond those the seller had been making. The plan's actuary provides a certification stating that the plan is 85 percent funded and that the plan is in neither 'endangered' nor 'critical' status. Should you feel comfortable that there is no risk associated with the plan?" (Chang, Ruthenberg & Long PC)

Testimony of EBRI at Hearing on Tax Reform and Tax-Favored Retirement Accounts (PDF)
"[The testimony deals] with the following questions: What is the size of Americans' retirement savings gap? What is the impact of tax favored retirement accounts on retirement income adequacy? What is the value of tax-favored retirement accounts under current tax incentives (with particular emphasis on 401(k) plans)? How might workers react to changing tax incentives? What is the potential impact of two recent tax reform proposals on retirement security?" (Employee Benefit Research Institute)

Drinker Biddle's ERISA Litigation Newsletter, April 2012 (PDF)
Articles include: Court Limits Hospital's Rights to Recover Through Assignment; Confidentiality Has Its Limits: The Fiduciary Exception to the Attorney-Client Privilege; and, The ERISA Church Plan Exception. (Drinker Biddle)

Basics of QDROs and QMCSOs for Plan Sponsors (PDF)
Materials prepared for use in a webinar. Topics included: QDRO basics, including types of benefit divisions (segregated benefits, shared payments, and plan design alternatives); processes and procedures for QDRO administration; QDROs and nonqualified retirement plans; QDROs and equity compensation and other executive programs; and QMCSO basics. (Morgan Lewis)

Process for Confidential Submission of Draft Registration Statements for Emerging Growth Companies under the JOBS Act
"Until the SEC implements a system that provides for electronic transmission and receipt of confidential submissions, draft registration statements must be submitted in a text searchable PDF file on a CD/DVD. They may also be submitted on paper.... The EGC should include a transmittal letter in which it confirms its EGC status." (Hinshaw & Culbertson LLP)

Identifying Opportunities in Employee Benefits and Executive Compensation Considerations in Private Equity Transactions
"In both asset and equity transactions, the treatment of equity plans, change in control agreements and other non-qualified deferred compensation arrangements can be the subject of significant negotiation. In addition to compliance with Section 409A, if the transaction triggers a change in control or a separation from service for the executive, executives can find themselves in possession of substantial payments earlier than desired. Often non-qualified deferred compensation arrangements and some equity plans are unfunded (with no associated 'rabbi trusts'), which results in significant payments made from the target's general assets." (McDermott Will & Emery)

Actuaries Report Extremely High Job Satisfaction
"According to US research by website Careercast.com, reported in the Wall Street Journal, actuaries have the second best job in 2012. They are eclipsed only by software planners.... According to the survey, newspaper reporters are down in 196th place — soundly beaten by sewage plant operators, sheet metal workers and janitors." (Financial News)

New IBI Research: CFO Views on Health Care Reform, See Continued Value in Medical Coverage Provided to Employees
(Integrated Benefits Institute)