DATAIR

Equity Investment Analyst
Retirement and Investment Consulting Firm
in IL

Fixed Income Investment Analyst
Retirement and Investment Consulting Firm
in IL

Peer Reviewer and Technical Resource
The Angell Pension Group, Inc.
in ANY STATE

Retirement Plan Consulting Actuary
Shore Tompkins Actuarial Resources, LLC
in IL

Retirement Plans Recordkeeper
First American Bank
in IL

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Retirement for the Ages
January 17, 2014 in DC
(American Academy of Actuaries)

Affordable Care Act 101 Webinar
January 23, 2014 WEBCAST
(U.S. Small Business Administration (SBA))

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[Guidance Overview]

IRS Employee Plans News, January 14, 2014 (PDF)
"Prior versions of Forms 5300 and 5310 are OK to use through June 30, 2014. New user fees apply to certain applications starting February 1, 2014 -- include the new fee even though the user fee form hasn't been updated yet to reflect it." (Internal Revenue Service)  

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[Guidance Overview]

IRS Provides Temporary Relief for Frozen Defined Benefit Plans (PDF)
"The aggregated plans may demonstrate compliance on the basis of equivalent benefits for a plan year that begins before January 1, 2016, if the defined benefit plan was amended before December 13, 2013 to provide continued benefit accruals to plan participants and close the plan to new employees, and if the closed defined benefit plan [either]: [1] For the plan year beginning in 2013, was aggregated with a defined contribution plan and was either primarily defined benefit in character or consisted of broadly available separate plans ; or [2] The defined benefit plan passed nondiscrimination testing on its own for 2013." (Prudential)  

Participant's Bid for Higher Interest Rate on Delayed Pension Payment Fails in Second Circuit Case
"The rate used by the plan was reasonable under the terms of the plan and did not violate ERISA's anti-cutback rules.... [Further, the] court concluded the participant was eligible to submit a request for attorney's fees ... The participant's lawsuit prompted the employer to modify how the plan credited pre-ERISA breaks-in-service, a change which provided the participant with most of the benefits she had sought for herself and for others in the putative class. That this success came as a result of the plan amendment, and not as a result of a judicial order, does not, the court reasoned, alter the conclusion that the participant achieved some success on the merits." [Carlson v. HSBC-North America (US) Retirement Income Plan No. 12-1209-CV (2nd Cir. Sept. 17, 2013)] (Wolters Kluwer Law & Business)  

Loans, Loans, Everywhere: Addressing the Loan Utilization Issue (PDF)
"Of particular concern, is the rise of so-called 'serial borrowers.' It is no longer unusual to see retirement plan participants who have borrowed 10, 20, or even 30 times in the course of their working careers.... Fortunately, there are a number of actions that plan sponsors can take to address loan utilization and loan defaults without eliminating loans entirely." (Cammack Retirement Group)  

Higher Discount Rates Will Help 2013 Pension Disclosures and 2014 Expense
"Now may be a good time to consider strategies that lock-in some of this year's investment gains.... Additional plan funding (above the IRS minimum requirements) may be appealing in 2014.... Your plan's specific cash flows could have an enormous impact on how much the drop in discount rates affects your pension liability.... Even though increased discount rates tend to lower the present value of pension liabilities, your plan may still have an overall liability increase." (Van Iwaarden Associates)  

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Securing Brighter Futures with New Opportunities in QDIAs - Feb. 24-25, Boston

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Business Best Practices: Not Your Ordinary TPA (Part 3) (PDF)
"Many TPAs and TPA/recordkeepers advertise that they provide boutique, hands-on service. However, as fees get compressed in a cost 'race to the bottom,' providing this level of service for all plans becomes unprofitable and ultimately unsustainable.... Service providers can also identify additional products and services valued by their advisors and clients and charge for those special offerings. First of all, the fees should be reasonable and competitive for the services provided." (Simoneaux & Stroud Consulting Services)  

Cumulative List of Non-U.S. Pension Funds Exempted by FATCA Intergovernmental Agreements
"[This] cumulative list of non-US pension funds exempt from [the Foreign Account Tax Compliance Act (FATCA)] has been recently updated to cover plans in Guernsey, Isle of Man, Jersey, Netherlands, Malta, Bermuda and Italy." (Groom Law Group)  

Details Often Omitted from Retirement Planning
"Save more as your salary increases.... Retirement account contribution limits will increase.... Tax brackets will change.... Figure out which income sources are adjusted for inflation.... Various investments will be taxed at different rates.... Discount money in pre-tax accounts." (David Ning in U.S.News & World Report)  

[Opinion]

Text of Letter to DOL from Democratic Congressmen on Changes to Fiduciary Definition (PDF)
"[We] continue to believe that any new definition should not limit access to investment education and information. We certainly want to protect plan participants, IRA owners, and plan sponsors from unfair and deceptive practices. But this should be done in a way that does not restrict access to critical investment assistance.... [We] strongly believe that there needs to be coordination with other regulators to ensure that all regulatory efforts with respect to fiduciary standards work together in a way that serves retirement savers effectively." (30 Democratic Members of Congress, via The SPARK Institute)  

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Supplemental Unemployment Benefit Payments Are Likely 'Wages' Under FICA
"Oral argument Tuesday afternoon in United States v. Quality Stores, Inc.... ended after a scant 38 minutes, and the government appeared likely to prevail. Indeed, as the courtroom emptied, the real question seemed to be the precise rationale the Court would adopt in reversing the Sixth Circuit." (SCOTUSblog)  

P4P is Growing Up! NACD Provides New Guidance for Executive Compensation
"As pay for performance grows up, we are seeing more structure and commonality. As we experience this, there is more focus on the lack of commonality of comment terms like 'performance' and 'success'.... [A recent paper from the National Association of Corporate Directors (NACD)] attempts to provide some consistency in terminology and approach, with the goal of creating better credibility when reporting executive compensation." (Compensation Cafe)  

California Company Restores Nearly $2M in Pension Benefits to 515 Employees Following US Labor Department Investigation
Employee Benefits Security Administration (EBSA), U.S. Department of Labor

CalPERS Board Re-Elects Feckner as President; Elects Priya Mathur as Vice President
CalPERS (California Public Employees' Retirement System)

EdisonHealth Announces Its First Medical Destinations of Excellence
EdisonHealth Network LLC

Plan Sponsor Advisors Launches New QDRO Administration Service
Plan Sponsor Advisors

Trustees of Hico Flex Brass Co. Restore More than $79,000 to Machesney Park, Ill., Employee Retirement Plan
Employee Benefits Security Administration (EBSA), U.S. Department of Labor

New Strategy Helps Financial Professionals and Clients Solve a 403(b) Dilemma
Principal Financial Group

Mercer’s 2014 Guide to Social Security and 2014 Medicare Booklet Provide the Answers Needed to Begin Planning a Dream Retirement
Mercer

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