ASPPA

Legal Counsel/Senior Legal Counsel
for Fidelity Investments in TX

Process Manager
for CUNA Mutual Group in WI

Pension Specialist
for CUNA Mutual Group in WI

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Rehires, including HEART and USERRA
Nationwide on October 24, 2012 presented by McKay Hochman Co., Inc.

Terminating 401(k) and Other Defined Contribution Plans
Nationwide on October 17, 2012 presented by McKay Hochman Co., Inc.

Qualified Plan Essentials Plus Series
Nationwide on October 11, 2012 presented by McKay Hochman Co., Inc.

Ethics Case Studies
Nationwide on October 25, 2012 presented by McKay Hochman Co., Inc.

The Affordable Care Act: Important New Protections for You and Your Family Webcast
Nationwide on October 24, 2012 presented by U.S. Department of Labor, Employee Benefits Security Administration (EBSA)

 

$1.5 Billion a Year Cost to Fix Chicago Pensions?
"Absent significant pension system reforms, it would cost the city [of Chicago] an extra $1.5 billion a year beginning in 2016 to start the process of restoring financial health to its pension funds, aldermen were warned Monday. If those costs kicked in, services would be cut, taxes would soar or both. Continuing to rely solely on property taxes to cover pension costs would result in a tripling of the city levy[.]" (Chicago Tribune; free registration required)

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Safe Retirement Savings Withdrawal Rates: What Do We Really Know?
"Recently, the Journal of Financial Planning interviewed prominent experts on safe retirement withdrawal rates to discover where they agree, where they disagree, and where the discussion is going.... [One commentator says:] ' I'm not really thinking about a safe withdrawal rate any more. It's more like the lifetime satisfaction maximizing safe withdrawal rate, or something like that, that allows for the chance of wealth depletion or of potentially making cutbacks later on ... with having the rules in place to have a dynamic withdrawal rate and to cut spending if we did have bad market returns.'" (Journal of Financial Planning)

What's a Fair Fee to Pay a Fiduciary?
"If you're not getting paid, you have nothing to lose; ergo, you have no incentive to offer superior service. On the other hand, if you are getting paid, you better offer the best possible service lest you kiss that paycheck good-bye. So, as you can see, it's actually in the client's best interest to pay for services rendered." (Fiduciary News)

Slicing and Dicing Retirement Plan Fees: Allocation Considerations for Plan Sponsors
"With heightened awareness of plan fees and new disclosure requirements, some plan sponsors are taking a fresh look at how fees are allocated across participant populations. But despite the new rules, there is limited legal guidance directly addressing how plan sponsors should allocate fees for plan services. This commentary ... outlines key factors sponsors should consider when deciding on the best approach for fee allocation." (The Vanguard Group, Inc.)

Public Pension Plans More than Twice as Likely to Implement SRI/ESG Strategies than Corporate Plans
"Public pension plans in the U.S. and Europe incorporate Socially Responsible Investing (SRI) and Environmental, Social and Governance (ESG) concepts into their portfolios at more than twice the rate of corporate plans, according to a new survey by BNY Mellon. The survey found that, overall, 24% of responding clients have implemented SRI/ESG strategies within their investment process, representing more than $200 billion in assets." (BNY Mellon)

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Prepping for California's Public Employees' Retirement Act (PEPRA) of 2013—Six Things for Public Plan Sponsors To Do
"Analyze and understand the impact of the new law on your [agency's] benefits. PEPRA requires changes and provides numerous planning opportunities that need attention and approval before the 1/1/13 effective date. For example: Actions to enhance or confirm benefit commitments taken before 1/1/13 generally will be grandfathered. Purchases of airtime must be initiated before 1/1/13. Agencies may want to adopt new DCP's to provide future flexibility.... The new duality of 'old plans' vs. 'new plans' and 'current members' vs. 'new members' will require additional recordkeeping and plan documentation." (Chang Ruthenberg & Long)

Tax Consequences of 401(k) Plan Disqualification
"[W]hat happens when the IRS disqualifies a 401(k) plan?... Most plan documents will say something about how the contributions made by the employer can be returned to the employer if the plan fails to initially qualify, but most plan documents do not address the specifics of the tax consequences of plan disqualification. ... [T]he tax consequences of plan disqualification affect employees, employers, and the plan's trust differently. (The Pension Protection Act Blog)

The Future for Fiduciary Advisers
"Possible changes to the DOL's re-proposed regulation involve IRAs; re-affirming prior guidance; 'individualized' advice; arm's length commercial transactions; and brokerage commissions. [Fred Reish, partner and chairman of the financial services ERISA team at Drinker Biddle & Reath LLP] said he predicts the DOL's final regulation will say that those who give individualized advice are fiduciaries." (PLANADVISER.com)

Russian Pension Plan Proposal to Lower Funded Payments Sent to Putin
"Russia's government submitted proposals on overhauling the pension system to President Vladimir Putin, including a reduction to the funded component that had been opposed by the Finance Ministry and fund managers.... The proposal would lower the amount paid into the pension system's funded part to 2 percent from 6 percent[.]" (Bloomberg BusinessWeek)

Mandate of Existing State Workers to Pay 4 Percent for Pensions Unconstitutional, Michigan Judge Rules
"Starting April 1, about 20,000 state workers hired before March 31, 1997, had to choose between contributing 4 percent of their pay to the state pension fund or have their pension benefit frozen and be forced into a defined contribution retirement plan. 'By mandating that members contribute four percent of their compensation to the employees' savings fund, the Legislature reduced the compensation of classified civil servants—an act that is within the sphere of authority vested in the (Civil Service Commission),' [the judge] wrote[.]" (The Detroit News)

Six Agencies Make Limited Use of Dual Compensation Waivers That Would Allow 'Double-Dipping'
"[W]hen [Federal] agencies rehire retirees their salary is subject to a deduction (offset) in the amount of the annuity. [The National Defense Authorization Act ('NDAA')] for fiscal year 2010 gives agencies the authority to waive this requirement on a temporary basis to allow for dual compensation of the salary and annuity as necessary ... [S]ix agencies [reviewed by GAO] made very little use of the NDAA waiver authority in fiscal years 2010 and 2011. The Department of Treasury made the most, although still very little[.]" (U.S. Government Accountability Office)

Phased Retirement: Challenges for Employers (PDF)
"Although 'phased retirement' can be a win-win situation in many instances, the law and particularly the qualified plan rules generally do not facilitate phased retirement due to numerous technical constraints and legal uncertainties. Employers faced with employee requests to take a 'phased retirement,' (or those who want to provide incentives for phased retirement) must consider a variety of legal practical challenges[.]" (Steptoe & Johnson LLP)

Steptoe & Johnson's ERISA Advisory, September 28, 2012
Articles include Court Holds SPD's Incorporation of SEC Filings Can Violate ERISA; Courts Split on FICA Taxing Severance Pay Occasioned by Facilities Closures; IRS Publishes MAP-21 Guidance; IRS Again Attacks Use of Expense Reimbursements as Substitute for Wages; IRS Stops Forwarding Letters to Missing Plan Participants. (Steptoe & Johnson LLP)

Confusion Dominates Retirement Investment Decisions by Employees
"More than three-quarters of plan participants (78%) know it is important to determine how much to save for a secure retirement but only a third claim to have the knowledge to determine that amount ... The majority of respondents (83%) say they could cut their household budget by at least five percent to save more -- including 64% that say they could reduce their budget by 10% or more." (Employee Benefit Adviser)

Pension Fund Changes May Prompt Investment Managers to Underplay Risk
"While MAP-21 meets the goal of lowering pension funding in a low-interest-rate environment ... the law also may set a precedent of shifting asset allocation toward building fund income and away from holding liability-hedging assets, such as bonds. This could expose corporate pension plans' assets to greater volatility as past underfunding concerns subside." (Thompson SmartHR Manager)

Employee Ownership Update for October 1, 2012
NCEO Executive Director Loren Rodgers discusses 2013 tax rates and equity compensation, the human impact of employee ownership in the UK, and a visit by Senator Susan Collins to ESOP-owned Johnny's Selected Seeds. (National Center for Employee Ownership)

GASB Overhauls Public Pension Fund Accounting
"At the heart of the new GASB accounting rules is a fundamental separation between funding and accounting. Under the previous rules, plans calculated a GASB annual required contribution (ARC).... Under the new GASB rules, no such metric as the ARC will be specified. Rather, a balance sheet liability and an income statement expense will be calculated. The liability, referred to as the net pension liability, will closely resemble the number currently referred to among actuaries as a 'market value of assets unfunded accrued liability'[.]" (Retirement Town Hall)

Asset Well Is Running Dry, Chicago Public Pension Funds Warn
"Assets of the $5.6 billion Chicago Municipal Employees' Annuity & Benefit Fund will be used up by 2025 and the $1.4 billion Chicago Laborers' Annuity & Benefit Fund, by 2028, without any changes to the employer contribution structure, the funds' executive directors said at the council's Workforce Development & Audit Committee meeting." (Pensions & Investments)

Many Face Long-Term Joblessness and Reduced Retirement Security
"While it is crucial that the nation help people of all ages return to work, long-term unemployment has particularly serious implications for older workers (age 55 and over). Job loss for older workers threatens not only their immediate financial security, but also their ability to support themselves during retirement." (U.S. Government Accountability Office)

[Opinion]

Three-Legged Retirement Stool Now Looking More Like a Pogo Stick
"It was not so long ago that people believed Social Security was the most likely of the three legs to fall off the stool. However, the termination of many traditional defined benefit (DB) plans, along with poor investment performance in 401(k) plans and other personal savings, now make Social Security seem more solid. What was once a three-legged stool is now looking more like a pogo stick." (Retirement Town Hall)

[Guidance Overview]

NYSE and NASDAQ Propose Listing Standards for Compensation Committees and Compensation Advisers
"While certain aspects of the NASDAQ listing standards would be effective immediately upon SEC approval, the compensation committee independence provisions for both the NYSE and NASDAQ only would be effective in 2014 ... Both the NYSE and NASDAQ generally took advantage of the flexibility that the SEC provided in Rule 10C-1 to define independence for compensation committee purposes, although the two approaches are not identical." (Wilson Sonsini Goodrich & Rosati)

[Guidance Overview]

NYSE, NASDAQ Propose Rules Regarding Compensation Committee and Adviser Independence
"Following SEC approval, the proposed amendments to the NYSE Corporate Governance Standards become effective July 1, 2013; however, issuers will have until the earlier of their first annual meeting after January 15, 2014 or October 31, 2014 to comply with the new listing standards. The proposed amendments to NASDAQ Listing Rule 5605(d), relating to the compensation committee's authority to retain and fund compensation advisers and the responsibility to assess compensation adviser independence, become effective immediately upon SEC approval of those amendments." (Vorys, Sater, Seymour and Pease LLP)

[Guidance Overview]

Compensation Committee Independence Rules Proposed by NYSE and NASDAQ
"The proposed rules do not significantly expand the minimum requirements in Section 10C of the Exchange Act and SEC Rule 10C-1.... One of the biggest changes is that NASDAQ will now require most issuers to have a separate compensation committee. In addition, there will be different implementation requirements and schedules for NYSE and NASDAQ issuers." (McGuire Woods LLP)

Treasury Department Explains Payroll Savings Plans on Comprehensive Employee-Oriented Web Site
The "Ready.Save.Grow." campaign includes a video that explains Payroll Savings and how to participate, and a step-by-step tip sheet on buying U.S. Savings Bonds and other Treasury securities through Payroll Savings. (U.S. Department of the Treasury)

2012 Q&As: EEOC Meeting with ABA Joint Committee on Employee Benefits, May 10, 2012 (PDF)
5 pages. Topics addressed include Enforcement Activity; Dependent Providing HRA Data; GINA Enforcement; ADA and Pregnancy; ADA Definition of Major Life Activity; Wellness Plans and Dependent Incentives; and Wellness Plans and Financial Incentives. (Joint Committee on Employee Benefits, American Bar Association)

Many Employers Not Taking Advantage of Technology Advances in Communicating Benefits to Employees
"[A recent survey] finds less than one-third of employers communicating with employees throughout the year about benefits program information, despite nearly 80 percent of respondents citing 'getting employees engaged year-round' as one of their biggest challenges. Economics and antiquated approaches are two of the biggest culprits behind breakdowns in benefits communication[.]" (Human Resource Executive Online)

Sixth Circuit Says No FICA Taxation on Involuntary Severance Pay—Billions of Dollars in Refund Claims At Stake
"In a somewhat surprising decision on September 7, 2012, the Sixth Circuit affirmed the Western District Court of Michigan's holding in U.S. v. Quality Stores Inc., 424 B.R. 237 (W.D. Mich. 2010), that severance payments made to employees pursuant to an involuntary reduction in force were not 'wages' for FICA tax purposes. U.S. v. Quality Stores Inc., No. 10-1563 (6th Cir. 2012). Given the recent economic downturn, several billion dollars' worth of FICA taxes could be at issue as a result of this decision." (Bloomberg BNA)

[Opinion]

Candidates Should Fully Address Plans to Solve Medicare, Social Security Funding Issues (PDF)
"The non-partisan American Academy of Actuaries encourages candidates to specify how they will address the financial risks to Social Security and Medicare and is working to ensure that policymakers and the American electorate have the objective, actuarial information needed to best guide their decision-making processes. The American Academy of Actuaries has created voter guides on health care reform, Medicare and Social Security for the media and general public to provide objective information on major issues that will confront the next president." (American Academy of Actuaries)

Tegrit Group Acquires Martin Consultants
Tegrit Group

Hyatt Legal Plans’ Website Receives Two Awards in International Competition
Hyatt Legal Plans, a MetLife company

Conrad Siegel Actuaries Trevor Bare Secures Designation of Enrolled Actuary
Conrad Siegel

Employee Ownership Community Celebrates Employee Ownership Month
ESOP Association

PBGC to Pay Pension Benefits at Menninger Foundation
Pension Benefit Guaranty Corporation (PBGC)

Julie Truskowski Named Assistant Managing Director Of McGraw Wentworth
McGraw Wentworth

Corporate Insight Launches Retirement Plan Monitor
Corporate Insight