ASPPA

Sales Specialist
Northwestern Benefit Corporation of Georgia
in GA

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Employee Benefits Post-DOMA: How U.S. v. Windsor Affects Your Plans
January 15, 2014 WEBCAST
(King & Spalding LLP)

DOL Confidential: Understanding Retirement Plan Investigations and Your Fiduciary Duty
January 21, 2014 in CA
(Western Pension & Benefits Council - Orange County Chapter)

Let’s Talk Data: Discriminating Benchmarks in Population Health
January 31, 2014 WEBCAST
(Dynamic Health Strategies)

Health Care Reform for Employers: Now What?
February 13, 2014 in LA
(Lorman Education Services)

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[Official Guidance]

Text of IRS Rev. Proc. 2014-6, Updated Procedures for Determination Letters
"This revenue procedure sets forth the procedures of the [IRS] for issuing determination letters on the qualified status of pension, profit-sharing, stock bonus, annuity, and employee stock ownership plans (ESOPs) ... and the status for exemption of any related trusts or custodial accounts ... This revenue procedure is effective February 1, 2014." (Internal Revenue Service)  

[Advert.]

2014 Advanced Pension Conference in Orlando – February 5-7

Early Fee Extended to January 13 -- Hear the latest on: TPAs as 3(16) plan administrators, component plans, PPA restatements, same-gender marriage, correcting safe harbor 401(k) plans, fee disclosures, and more. 19 CE hours. Register now and save $150.

[Official Guidance]

Text of IRS Rev. Proc 2014-8, Updated User Fees for Letter Rulings, Determination Letters, etc.
"This revenue procedure provides guidance for complying with the user fee program of the Internal Revenue Service as it pertains to requests for letter rulings, determination letters, etc." [Includes a complete schedule of user fees for 2014.] (Internal Revenue Service)  

[Official Guidance]

Text of Revised ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions (Updated December 2013) (PDF)
"Key changes from the version of ASOP No. 4 adopted May 2011 include ... new disclosure requirements ... related to a plan's funded status ... for a change in the cost or contribution allocation procedure ... [and] related to the implications of the contribution allocation procedure or plan sponsor's funding policy on future expected plan contributions and funded status.... The definition of prescribed assumption or method ... has been revised to address prescribed assumptions or methods set by another party or set by law ... Section 3.5.3 provides guidance to the actuary who needs to measure plan provisions that are difficult to appropriately measure using traditional valuation procedures." (Actuarial Standards Board)  

[Official Guidance]

Text of Revised ASOP No. 27, Selection of Economic Assumptions for Measuring Pension Obligations (Updated December 2013) (PDF)
"[1] This version clarifies that economic assumptions can be based either on the actuary's estimate of future experience or on the actuary's observations of the estimates inherent in market data, depending upon the purpose of the measurement. [2] The guidance regarding the reasonability of an economic assumption has been changed from the 'best-estimate range' standard. [3] This version requires disclosing the rationale used in selecting each nonprescribed economic assumption or any changes made to nonprescribed economic assumptions. [4] The guidance now distinguishes between prescribed assumptions or methods set by law and prescribed assumptions or methods set by another party." (Actuarial Standards Board)  

[Guidance Overview]

Timing of Partners' Deferral Elections
"Because of the special nature of partnerships, plan sponsors and practitioners often misunderstand and misapply the rules regarding the timing of the partners' deferral elections.... A sole proprietor's compensation is currently available on the last day of the sole proprietor's taxable year. A self-employed individual may not make a 401(k) deferral election after the last day of the partnership's or proprietor's taxable year.... This time frame relates to the timing of the owner's 'salary reduction' election, not necessarily the timing of the employer's actual contribution of elective contributions to the plan." (SunGard Relius)  

[Advert.]

7th National Forum on ERISA Litigation - April 28-29, Chicago

Expert strategies for leading in-house and outside counsel on litigating today's key issues involving benefit plans and fiduciaries.

[Guidance Overview]

Employer Retirement Plans Comparison Table for Small Businesses: 2014 Plan Year (PDF)
"This chart provides a comparison of the features and benefits that apply to retirement plans that can be sponsored/adopted by small business owners.... Plans covered: SEP IRAs, SIMPLE IRAs, 401(k)s, Solo 401(k)/Individual-K, Profit Sharing, Money Purchase Pension, and Defined Benefit Pension." (Appleby Retirement Dictionary)  

Frommert v. Conkright 'Actuarial Heresy' Is Back Again
"[The case] has been remanded to the district court, for consideration of what equitable relief might be available under Section 502(a)(3). If it finds no equitable remedy, it is to determine what interpretation of the plan is reasonable. This two-step approach suggests that 'notice provisions' refers not only to Section 102 SPD content requirements, but also to Section 204(h) notices to applicable individuals prior to an amendment to reduce their future benefit accruals." [Frommert v. Conkright, No. 12-67-cv (2nd Cir. Dec. 23, 2013)] (Porter Wright Morris & Arthur LLP)  

CalPERS Plans Third Rate Hike in Last Two Years
"The new rate hike would not begin until fiscal 2016-17 to allow employers time to plan after receiving rate projections next year. When fully phased in by 2020-21, the new rate hike and the previous two would raise rates roughly 50 percent above current levels.... Employers have been told a longevity rate hike is likely, but the jump may be larger than some expected." (Calpensions)  

Financial Planners Will Face Fiduciary Regulation, Demographics Pressures in 2014
"While there may be no big new final rules implemented in 2014, this may be the year where we finally see the fiduciary template the DOL is going to set forward, which could become the precedent for the SEC as well. And either way, the SEC is finally increasing its focus on more exams for investment advisers, even if it takes user fees to fund the effort." (Michael Kitces in Nerd's Eye View)  

FINRA's Call to Arms to Put Clients First
"Why, if Finra lacks the authority, and perhaps the will, to implement a strong fiduciary standard, would it promote a culture of fiduciary responsibility? The logical answer is that Finra and a growing number of forward-thinking brokerage firms have concluded that it is increasingly a competitive necessity, even if not yet a regulatory imperative, to embrace some form of fiduciary standard." (InvestmentNews)  

RIAs Should Pursue 401(k) Plans
"Imagine an enormous, growing market in which the rules of the game are turning in your favor. That's what independent fiduciary advisers have in the 401(k) business, and yet few are actively pursuing their share of the more than $5 trillion in retirement assets." (InvestmentNews)  

When Did DC Plans Get So Complex? -- Consider Outsourcing Certain Functions of Your Defined Contribution Program (PDF)
"Increasingly, every decision a fiduciary makes is under the microscope: plan design decisions, investment manager selections and arguably benefit adequacy. Lawmakers and regulators appear ready to attach a social responsibility on employers to ensure the adequacy of their worker's retirement savings and provide them a pension-like income. Also, concerns about fiduciary liability are on the rise.... Outsourcing certain functions to a qualified expert offers relief on a number of fronts." (NEPC, LLC)  

Court Nullifies Pension Agreement Between Pension Fund and City Due to Violation of Florida's Sunshine Law
"Jacksonville policemen and firefighters along with union representatives filed suit in federal court to protect a 30-year agreement previously made between the city of Jacksonville and the Jacksonville Police and Fire Pension Fund Board of Trustees. A suit was filed on behalf of The Florida Times-Union in state court based on the Florida Sunshine Law asking the judge to nullify the agreement and require the city, unions and pension fund to negotiate any new plan in full public view. The judge's decision was made in favor of the Times-Union and it has national implications for states with Sunshine Laws similar to those in Florida." (Holland & Knight)  

Pension Finance Update as of December 31, 2013 (PDF)
"One year ago, U.S. pension sponsors faced record underfunding, estimated at $500 billion in total. But a combination of torrid stock markets and rising interest rates erased about $400 billion of underfunding during 2013. The two 'model' plans we track each enjoyed tremendous experience, with traditional 'Plan A' improving 1% during December and 24% for the year, while the more conservative 'Plan B' held steady last month and improved 6% for the year." (October Three Consulting)  

Cypen & Cypen Newsletter, January 2, 2014
Article titles include: California City Cannot Reduce Employee Pensions, Despite Referendum Approval; American Academy of Actuaries Explains Why PBO Estimates Conflict; and, Ways To Improve Your Financial Situation. (Cypen & Cypen)  

Federal Employees' Thrift Savings Plan Ends 2013 on a Positive Note
"Federal employees' retirement investments rounded out the year with four consecutive months of gains. The F Fund (fixed income) was the only one to finish the year in the red, dropping 0.56 percent in December and 1.68 percent during the last 12 months, according to the latest numbers. The S Fund, which is invested in small and midsize companies and tracks the Dow Jones Wilshire 4500 Index, had the strongest December, gaining 2.94 percent during the month. It was also the top performer of the year, ending 2013 up 38.35 percent." (Government Executive)  

IRA Conversions Surged Ahead of Tax Break End
"Conversions from regular IRAs to Roth retirement accounts increased more than nine times in 2010, rising to $64.8 billion from $6.8 billion in 2009 ... That marked the first time Roth conversions were greater than contributions. Conversions were especially common among IRA holders with annual incomes exceeding $1 million. More than 10% of them converted to a Roth account, the IRS said." (InvestmentNews)  

How to Time Social Security Payouts
"The standard advice in recent years for healthy retirees has been to delay starting Social Security payments as long as possible. The reason: You get up to an 8% bump in payments each year you delay between what is called your 'full retirement age' for Social Security purposes and age 70.... But new research finds that for some families, it can pay to fine-tune that strategy -- mainly to postpone withdrawing too much from other savings early on." (The Wall Street Journal; subscription may be required)  

IRS Fall 2013 Statistics of Income Bulletin Reports on Accumulation and Distribution of Individual Retirement Arrangements for 2010
"About three-quarters of all taxpayers (145.6 million) were eligible to contribute to an individual retirement account (IRA) for 2010. Of the 3.5 million taxpayers who made IRA contributions, 62 percent were age 50 or older. For 2010, the end-of-year fair market value of IRAs reported by approximately 54.4 million taxpayers was roughly $5 trillion." (Internal Revenue Service)  

[Opinion]

Lawmakers Should Let the Sun Set on the Pension Protection Act (PDF)
"The solution to the financial problems of multiemployer plans ... is not found in laws that hamstring governance, discourage innovation and stifle self-sufficiency. Instead, the federal government should remove barriers that prevent troubled multiemployer plans from fixing themselves by restructuring their benefits and attracting new employee and employer participation." (George M. Kraw and Katherine McDonough via The National Law Journal)  

Chris Blair Joins Mercer’s San Francisco Office as Principal in its Defined Contribution Advisors Practice
Mercer

2014 AACE Awards — Call for Submissions
ESOP Association

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