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Retirement Planning Consultant
Transamerica Retirement Solutions
in NY

Relationship Manager
DailyAccess Corporation
in AL, KS

Retirement Planning Specialist
Nationwide Insurance
in MD

Actuarial Assistant
The Benefit Practice
in CT, FL

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2014 San Francisco Mid-Sized Retirement & Healthcare Plan Management Conference
March 16, 2014 in CA
(University Conference Services)

The Affordable Care Act: What Employers Need to Know
April 16, 2014 in IN
(Lorman Education Services)

Overcoming Obstacles to HSA Participation
May 22, 2014 WEBCAST
(TRI-AD)

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Nine Things to Know About Obama's myRA Accounts
"The White House offered details Wednesday about a new retirement savings account that President Barack Obama unveiled in his State of the Union address.... Businesses will not administer or run the accounts. They will simply offer them to their employees if they decide to participate.... Accounts can be taken by the employee from one job to the next, and they can be rolled into an Individual Retirement Account at any time.... Once someone's account grows to $15,000, the myRA must be rolled over into a private-sector Roth IRA." (The Wall Street Journal; subscription may be required)  

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[Guidance Overview]

In-Plan Roth Rollovers Take on New Look
"In January 2013 ... The American Taxpayer Relief Act of 2012 ... extended the existing in-plan Roth rollover rules to amounts not otherwise distributable under the plan. Recent IRS Notice 2013-74 clarifies a number of open issues regarding the new (and existing) rollover feature ... The applicable rules for in-plan Roth rollovers --as clarified by the Notice 2013-74 -- are generally summarized in [this] article. While the same rules generally apply to both types of in-plan Roth rollovers -- i.e., distributable and nondistributable -- to the extent the rules vary, [the article so indicates]." (Groom Law Group)  

Obama Unveils Savings Proposal for Workers Lacking 401(k)
"The accounts, which Obama announced yesterday in a State of the Union address that concentrated on expanding economic opportunity, will be aimed at workers who don't have access to a 401(k) plan, administration officials said.... [O]fficials, who briefed reporters on condition of anonymity before Obama's nationally televised speech, projected that millions of Americans would take advantage of the savings accounts. Participation would be voluntary and principal contributions will be guaranteed under the plan." (Bloomberg)  

Obama Announces New myRA Retirement Accounts
"The accounts, called 'myRAs,' would be structured like a Roth individual retirement account. Similar to savings bonds, the investments would be backed by the federal government.... Officials left unanswered a number of key questions about how the accounts would operate or who would operate them. It also couldn't be learned what the employers' responsibility would be in helping to sign up enrollees." (The Wall Street Journal; subscription may be required)  

SEC Issues Risk Alert on Investment Advisers' Due Diligence Processes for Selecting Alternative Investments
"Compared to observations from prior periods, the staff noted that advisers are: Seeking more information and data directly from the managers of alternative investments; Using third parties to supplement and validate information provided by managers of alternative investments; [and] Performing additional quantitative analysis and risk assessment of alternative investments and their managers.... Additionally, staff observed certain deficiencies in several of the advisory firms examined, including: Omitting alternative investment due diligence policies and procedures from their annual reviews, even though these investments comprised a large portion of certain advisers' investments on behalf of clients." (U.S. Securities and Exchange Commission)  

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Text of SEC Risk Alert: Investment Adviser Due Diligence Processes for Selecting Alternative Investments and Their Respective Managers (PDF)
"The staff examined the due diligence and related investment advisory processes of certain advisers to pension plans and funds of private funds in order to evaluate how these advisers: (i) performed their due diligence; (ii) identified, disclosed, and mitigated conflicts of interest (e.g., benefits to the adviser or its employees for allocations made to private funds); and (iii) utilized experienced investment teams when evaluating complex investment strategies and fund structures." (U.S. Securities and Exchange Commission)  

How Are Public Pensions Protected State-by-State?
"Some states (seven) have a constitutional provision that specifically states that public pension plans create a contract between the state and participant (employee) although the protections vary state-to-state.... In most other states (34), court rulings have inferred intent to create such a contract although when the protection starts and what it entails varies from state to state." (Governing)  

Chicago Pension Tab: $18,596 for Every Man, Woman, Child
"That per-person figure is the highest among the nation's 25 largest cities. It's nearly double that of New York, the city with the second-largest tab. And it's more than five times the median for locales[.]" (Chicago Tribune; subscription may be required)  

Illinois Labor Unions Sue Over Plan to Cut Pensions
"The lawsuit, which follows others already filed by retirees, argues the pension bill approved by the Legislature and Quinn signed more than a month ago violates a clause of the state constitution that says pension benefits may not be 'diminished or impaired.' It also asks the court to stop the law from taking effect until the case is decided." (The Washington Post; subscription may be required)  

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Americans' Views on Defined Contribution Plan Saving (PDF)
"Households generally expressed favorable impressions of DC plan accounts in fall 2013: [1] Sixty-six percent of U.S. households had favorable impressions of 401(k) and similar retirement plan accounts in fall 2013, similar to 65 percent in 2012/2013. [2] Among households expressing an opinion, 92 percent had favorable impressions of 401(k) plans, with 46 percent agreeing that they had a 'very favorable' impression." (Investment Company Institute [ICI])  

One in Three Americans Say Guaranteed Income Is Top Retirement Priority
"A new study by TIAA-CREF shows that more than one-third (34 percent) of Americans who participate in a retirement plan say the primary goal of their plan is to generate guaranteed monthly income. Another 40 percent want to ensure their savings are safe regardless of what happens in the financial markets. Yet 72 percent of respondents either do not have or are unaware if their retirement plan has a lifetime income option, which can help provide the retirement security they seek." (TIAA-CREF)  

More Pension Plan Sponsors Revising Investment Policy to Effectively Manage Risk
"62 percent of pension plan sponsors are somewhat or very likely to adjust their plan's investments to better match the liabilities in the year ahead, compared to just one-in-six that do so today. Some companies plan to go one step further and adopt dynamic investment policies or glide paths that increase exposure to fixed income and risk-hedging options as their plan's funded status improves." (Aon Hewitt)  

Bonds Captivate $16 Trillion of Pensions
"After the 30 percent rally in the Standard & Poor's 500 Index brought the biggest corporate pensions on the verge of closing shortfalls for the first time since before the crisis, they're now pouring back into fixed-income assets to lower risk as the Fed's move to taper stimulus causes yields to rise." (Bloomberg)  

Can We Really Measure Risk Tolerance, or Does It Swing Too Wildly?
"[A] client's true risk tolerance appears to be remarkably stable and doesn't change much at all in the midst of volatile markets. Instead, what appears to be unstable is not the client's tolerance for risk, but their perceptions of risk in the first place; in other words, clients may be loading up on stocks in bull markets not because they're more tolerant of risk, but because they don't think there is any risk in the first place." (Michael Kitces in Nerd's Eye View)  

The 'Mirage of Success' Shimmering in Your 401(k): Increasing Net Savings by Reducing Consumer Debt
"Vanguard Group, which manages $2.45 trillion in assets, announced Jan. 22 that it has struck a deal with ... a Washington, D.C.-based start-up named HelloWallet.... Calling itself a 'financial wellness service,' HelloWallet will become an option for the almost 4,000 defined-contribution retirement plans that Vanguard runs ... 'Workers need more help preparing for retirement than they're getting. For a lot of 401(k) participants, there's this mirage of success. Their 401(k) balance goes up and their savings deferrals go up. On the other side of the ledger, though, some 64 percent of plan participants are accumulating debt faster than they're accumulating savings. So net-net they're not getting ahead' [said HelloWallet founder Matt Fellowes]." (Bloomberg)  

NASRA Report: Employee Contributions to Public Pension Plans
"Unlike in the private sector, nearly all employees of state and local government are required to share in the cost of their retirement benefit. Employee contributions typically are a percentage of salary as specified in statute.... In the wake of the 2008-09 market decline, employee contribution rates in many states have increased. This issue brief examines employee contribution plan designs, policies and recent trends." (National Association of State Retirement Administrators [NASRA])  

Market Based Cash Balance Plans and the Capital Preservation Rule
"We begin a series of three articles on the 'capital preservation rule' applicable to cash balance plans that use a 'market-based' interest crediting rate -- most commonly, a rate based on the performance of trust assets. (We refer to this sort of plan as a ReDefined Benefit (ReDB) plan.)" (October Three Consulting)  

Benefit Interference, Conspiracy Claims Fail Against Railroad, Seventh Circuit Rules
"A proposed class action alleging that Burlington Northern Santa Fe LLC interfered with union workers' pension benefits in the course of managing a Chicago intermodal facility was properly dismissed by a district court, the U.S. Court of Appeals for the Seventh Circuit held[.]" (Bloomberg BNA)  

IRS Procedures for Issuing Rulings Updated
"The revenue procedure, which is effective January 2, 2014, contains the IRS's general procedures for employee plans and exempt organizations letter ruling requests.... In addition to minor revisions, ... the following changes have been made: ... Section 9.03(3) has been modified to clarify that determination letter requests are not eligible for expedited handling; ... Appendix E has been modified to clarify the requirements for church plan ruling requests." (Wolters Kluwer Law & Business)  

[Opinion]

Obama Step Closer to Seizing Retirement Accounts
"Two years ago, ... the U.S. Department of Labor and the Treasury Department held joint hearings on whether government lifetime annuity options funded by U.S. Treasury debt should be required for private retirement accounts, including IRAs and 401(k) plans. It looks like that day is getting closer.... Under the direction of the Obama White House, the Treasury and Labor departments have increasingly pushed the investment theory that because government bonds carry a sovereign guarantee against default, any IRA or 401(k) funds placed in a Treasury R-Bond would constitute, in effect, a government annuity that would pay the retiree a lifetime income, regardless how stock and bond markets might independently perform." (WND.com)  

[Opinion]

President Attacks Tax Incentives for Retirement
"[From a statement by ASPPA CEO Brian Graff:] 'The president said the tax incentives for 401(k) plans primarily benefit those with higher incomes. In fact, 80% of 401(k) plan participants are middle class Americans making less than $100,000. The president said the tax incentives for retirement savings are 'upside down' -- meaning they mostly go to the wealthy. In reality, households making more than $200,000 only get 17% of the tax benefits from 401(k) plans, while middle income households enjoy the majority of such tax benefits.'" (National Association of Plan Advisors)  

[Opinion]

Concern Over EBSA Fiduciary Standard is Still Bipartisan
"There is risk and cost attached to expertise.... Those who do it properly have more training or experience -- or both -- and there is a cost for this level of expertise. Simply put, it will likely cost more to work with an advisor who can meet the ERISA fiduciary standard than one who operates on a more general level of investment suitability.... Any regulations defining fiduciary for retirement saving purposes have to be practical, sensible, and should not be punishing to an important segment of those who are saving for retirement." (Ascensus)  

[Opinion]

ICI Comment on President Obama's Retirement Savings Remarks in the State of the Union Address
"While we welcome the President's effort to create new retirement savings opportunities, it is with regret and deep concern that we heard his comments about reducing the retirement tax incentives that have been part of the foundation for the success of the private sector retirement system for all Americans, including hard-working middle income Americans." (Investment Company Institute [ICI])  

[Guidance Overview]

Qualified Plans and Executive Pay Programs Exempt from Net Investment Income Tax
"Qualified [retirement] plans and executive pay programs are generally exempt from the 3.8% net investment income tax on high-income individuals. Employers might want to consider expanding deferral opportunities to enable executives to accrue earnings and receive income exempt from the tax." (Towers Watson)  

Income Subject to Payroll Tax Increases in 2014; FICA Withholding Needed
"By Jan. 1, U.S. employers should have: [1] Adjusted their payroll systems to account for the higher taxable maximum under the Social Security portion of FICA. [2] Notified affected employees that more of their paychecks will be subject to FICA." (Society for Human Resource Management)  

Supreme Court Says a District Court's Decision on the Merits of an ERISA Lawsuit Triggers the Time to Appeal, Irrespective of a Pending Attorneys' Fee Application
"The U.S. Supreme Court ruled in a unanimous opinion that an unresolved claim for attorney's fees does not prevent a decision on the merits of an ERISA suit from becoming final for purposes of the deadline to file a notice of appeal to a federal appellate court.... In so ruling, the Court resolved a split among the circuit courts as to whether an appeal of a decision on the merits should proceed before there has been a final ruling on a corollary application for attorneys' fees, and whether the resolution of that issue should depend on whether the claim for attorneys' fees was based on contract or statute." [Ray Haluch Gravel Co. v. Central Pension Fund of Int'l Union of Operating Engineers and Participating Employers, No. 12-992, 2014 WL 127952 (S. Ct. Jan. 15, 2014)] (Proskauer's ERISA Practice Center)  

Tegrit Group Completes SSAE 16 Review
Tegrit Group

Tegrit Group Completes SSAE 16 Review
Tegrit Group

HealthCare Consumerism Solutions Announces Special Issue Focused on Health Insurance Exchanges
The Institute for HealthCare Consumerism

ConnectYourCare Wins Paybefore Award - Vies for Best-in-Category Recognition
ConnectYourCare

Fringe Benefit Group Launches New Website with Educational Resources & Calculators for Government Contractors at TheContractorsPlan.com
Fringe Benefit Group

OneAmerica Introduces Index(b)
OneAmerica Financial Partners

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