McKay Hochman

Manager II, Retirement Operations
CUNA Mutual Group
in WI

Retirement Education Specialist
The Newport Group
in NC

Pension Administrator
Cornerstone Group
in RI

Retirement Consulting Group Representative
New York Life Retirement Plan Services
in NJ

Post Your Job

View All Jobs

RSS Feed: All Jobs

Legislative And Regulatory Outlook For 2014: What’s On The Agenda for Flex, FSAs, Defined Contribution And Exchanges, And Account Based Plans
February 12, 2014 WEBCAST
(Employers Council on Flexible Compensation (ECFC))

IRA Frontline Fundamentals – Part 2
February 13, 2014 WEBCAST
(Ascensus)

Everybody's Talking About 3(16) Administration
February 19, 2014 in GA
(ASPPA Benefits Council of Atlanta)

2014 Webinar: IRA Required Minimum Distributions
February 20, 2014 WEBCAST
(Ascensus)

Compliance Checkup for Employers and Advisors
February 26, 2014 WEBCAST
(Thomson Reuters / EBIA)

DOL Audits with Craig J. Davidson, CEBS
March 18, 2014 WEBCAST
(FutureOffice Network)

ERISA Compliance for Health & Welfare Plans
March 26, 2014 in WA
(Thomson Reuters / EBIA)

Health Care Reform
March 27, 2014 in WA
(Thomson Reuters / EBIA)

Meeting Your Fiduciary Responsibilities Under ERISA
April 9, 2014 WEBCAST
(Lorman Education Services)

Portfolio Concepts and Management
May 5, 2014 in PA
(International Foundation of Employee Benefit Plans)

International Investing and Emerging Markets
July 28, 2014 in CA
(International Foundation of Employee Benefit Plans)

View All Webcasts and Conferences

[Official Guidance]

IRS Publication 560, 'Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)' - February 3, 2014 Revision (PDF)
"This publication contains the information you need to understand the following topics: [1] What type of plan to set up. [2] How to set up a plan. [3] How much you can contribute to a plan. [4] How much of your contribution is deductible. [5] How to treat certain distributions. [6] How to report information about the plan to the IRS and your employees. [7] Basic features of SEP, SIMPLE, and qualified plans." [This revision includes retirement plan limits for 2013 and 2014.] (Internal Revenue Service)  

[Advert.]

ftwilliam.com New Innovative Plan Document Software Webinar

Join us February 20 and learn all about the new features that will help you streamline PPA Restatements. Document preparation and restatement don't have to be a painful. We've come up with all of the tools and delivery methods to make your life easier.

[Guidance Overview]

FINRA and SEC to Focus on IRA Rollover Practices in 2014
"The issuance of Notice 13-45 and the inclusion of IRA rollovers as examination priorities, along with the recent GAO report ... are consistent with the trend toward increasing regulatory scrutiny of the IRA market. IRA rollovers are also receiving attention from the DOL, which indicated in its comments to the GAO report that its pending project to revise its regulation on the definition of a 'fiduciary' may address many of the GAO's concerns. Because IRA rollovers will likely increase as more Americans reach retirement age, we can expect further regulatory activity in this area-including possibly from the IRS." (Morgan Lewis)  

[Guidance Overview]

Text of SEC Investor Bulletin: Variable Annuities, An Introduction (PDF)
"This SEC Office of Investor Education and Advocacy Investor Bulletin provides some basic facts about variable annuities and how they work. Variable annuities are complex products, and this Investor Bulletin focuses solely on the basics.... You should consider the financial strength of the insurance company selling the variable annuity. This could affect the company's ability to meet its obligations to you under a living benefit, or to meet other obligations, such as a death benefit or a fixed account obligation. Living benefits are complex and often have limitations and conditions.... Before you exchange one variable annuity product for another, compare both carefully.... Variable annuities with bonus credits may have a downside -- like higher expenses, higher surrender charges, and longer surrender charge periods -- that can outweigh the benefit." (U.S. Securities and Exchange Commission)  

SEC Describes Exam Priorities for 2014
"Some items that will be of particular interest to independent broker dealers and their registered reps include the SEC taking a close look at: [1] Supervision conducted by large branch offices and independent firms; [2] Supervision of financial advisors located in remote locations; [3] The suitability of IRA rollovers; [4] Dual registrants and the potential conflicts of interest that could exist within that business model; and [5] The suitability of variable annuity buybacks." (Financial Services Institute [FSI])  

Draft SEC Strategic Plan for 2014-2018
"The Commission is seeking comment on its draft Strategic Plan. The document includes drafts of the SEC's mission, vision, values, strategic goals, major initiatives, and performance metrics for fiscal years 2014 through 2018." (U.S. Securities and Exchange Commission)  

[Advert.]

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

Hear directly from plan sponsors, advisors and industry leaders on the latest trends in default investment alternatives -- managed accounts, target-date, balanced funds, target-risk, and stable value. Mention FMP164 during registration for 10% discount.

Contract Pointers for Retirement Plan Fiduciaries Retaining Service Providers
"Confirm the appropriate signatory for the service agreement.... Confirm whether the service provider will make the plan whole for losses caused by the service provider's errors ... [C]onfirm the service provider's insurance coverage and policy limits ... and request a certificate of insurance for the insurance policies, as well as prompt notice of any adverse change to the policies.... [C]ompare the draft fee schedule in the service agreement against the 408(b)(2)-related fee disclosure provided by the service provider[.]" (Winston & Strawn LLP)  

Should a 401(k)-to-Roth Conversion Be in Your Future?
"[M]ost investors will want to consider converting their Traditional IRAs before mulling an in-plan 401(k) conversion.... Roth 401(k) assets, unlike Roth IRA assets, are subject to required minimum distributions ... [U]nless 401(k) investors are otherwise eligible to take a distribution from the account ... they cannot raid their 401(k)s to pay the taxes due; they must have external assets on hand to pay the taxes.... If an IRA conversion turns out to have been a bad idea -- for example, the converter doesn't have the money to pay the taxes due or paid more taxes than he needed to because the account subsequently dropped in value -- the IRA can be recharacterized, or converted back to Traditional.... [T]he recharacterization option is unavailable for a 401(k)." (Morningstar)  

Exchange-Traded Funds: A New Investment for 401(k) Plans
"[ETFs] had a total of $1.67 trillion in assets at the end of December -- up elevenfold from a decade earlier ... [L]ast year, their assets grew 25 percent, with a particularly strong surge for ETFs that hold U.S. stocks.... By offering ETFs ... some 401(k) plans could lower their expenses by more than 90 percent. They're the ones that primarily use actively managed mutual funds, ones that try to beat their benchmark index and tend to charge higher expenses as a result." (The Washington Post; subscription may be required)  

Retirees' Untapped Tax-Deferred Savings Face Big Hit
"At 59 1/2 years, account owners can start taking out money with no tax penalty. At 70 1/2, they must withdraw a minimum amount each year. But in the years between these milestones, many are in a low tax bracket that allows them to take money from a tax-deferred account relatively painlessly. The goal of creative planning is to keep the account from getting so big that it becomes a tax burden later on, and to build wealth outside of it." (The Wall Street Journal; subscription may be required)  

Faster Rate Hikes Sought for CalPERS and CalSTRS
"Later this month the CalPERS board is scheduled to consider a staff recommendation to begin the longevity rate increase in 2016. Following current board policy, the increase would be phased in over the following five years to pay off the new cost over 20 years.... [Governor Jerry Brown] urged the CalPERS board to adopt the new longevity changes immediately and phase in the increased rates within three years. Since CalPERS last looked at life expectancy four years ago, Brown said, a 'dramatic' change means 'by 2028, men retiring at age 55 are projected to live an average of 2.1 years longer and women 1.6 years longer.'" (Calpensions)  

California Governor Says Longer-Living State Workers Will Drive Pension Costs Up by $1.2 Billion a Year
"[Governor Jerry] Brown called 'unacceptable' a CalPERS staff recommendation he said would have the board 'wait two full years before taking action.' Fund staff previously raised concerns about the cost of raising contribution rates, recommending increases not take effect until 2016.... CalPERS said ... that board members 'must balance a number of factors in their decision making including the state of our financial markets, our economy and the ability of our members and employer partners to pay increased pension costs.'" (The Sacramento Bee)  

Public Pensions Gain 16% in 2013 as U.S. Equities Surge
"U.S. public pensions reported median gains of 16.1 percent last year, the fourth time in five years that the funds earned double-digit returns ... Smaller public pensions, which invest a greater share of their assets in U.S. stocks, beat plans with assets of more than $5 billion ... Assets of the 100 largest U.S. public pension funds rose to $3.06 trillion in the third quarter of 2013 from $2.94 trillion in the previous three months, the highest level since 1968[.]" (Bloomberg)  

Low-Minimum Funds Well-Suited as myRA Alternatives
"[F]or those who lack an employer-sponsored retirement plan but who have a bit more to save right off the bat, opening a Roth IRA may, in fact, be a better choice. That's because a Roth IRA can hold a much wider variety of securities and other investment types, with the potential for much greater returns over time.... As opposed to the 2% or 3% annual growth one might see with the myRA, with a Roth IRA invested heavily in equities one might reasonably expect to see annual gains in the high single digits or higher during long periods of time." (Morningstar)  

[Opinion]

Pension Smoothing in Unemployment Benefits Extension Bill Could Lead to Taxpayer Bailout
"The Senate is trying to use an accounting trick to claim deficit-reduction from a bill to extend federal long-term unemployment benefits. Far from that, the proposal to 'smooth' pension contributions would merely shift tax revenue from the future into the present while destabilizing pensions even further and increasing the risks of a taxpayer pension bailout. While details have yet to emerge, the bill's sponsor, Senator Jack Reed (D-RI), reportedly described the proposal for 'pension smoothing' as 'allowing companies to use historical data in determining pension contributions.'" (The Heritage Foundation)  

[Opinion]

A Big Week in Retirement Security
"Two days after the President announced the myRA, legislation was introduced into Congress that provides a more comprehensive solution to the retirement problem.... An important element of traditional pensions missing from Senator Harkin's bill is a required contribution by employers, and many groups will be calling for this feature to be added to the bill. Nevertheless, USA Retirement Funds represent an exciting new concept to address the nation's retirement income crisis that would add new life and vitality to our traditional pension system." (Pension Rights Center)  

Supreme Court Affirms Contractually Reduced Limitations Periods for ERISA Benefit Claims
"[I]mplicit in the Court's decision is the recognition that 'reasonable' contractual limitations periods are generally enforceable for ERISA claims.... [T]he decision also appears to assume, if not specifically hold, that contractual limitations periods for insured ERISA plans (at least where the limitations period is in the insurance policy) are subject to state laws that expressly prohibit contractual limitations periods shorter than a defined period ... Finally, the decision overturns the law in certain circuits holding a contractual limitations period cannot begin to run until available administrative remedies have been exhausted." [Heimeshoff v. Hartford Life & Accident Ins. Co., No. 12-729 (S. Ct. Dec. 16, 2013)] (Jackson Lewis LLP)  

DOL Recovers More Than $490,000 For Ky.-based Pension Plan And Obtains Judgments Against Plan Fiduciaries
Employee Benefits Security Administration (EBSA), U.S. Department of Labor

BrightScope Appoints Joan Wallace to Lead New Data Solutions Group
BrightScope

OneAmerica Introduces Pension Risk Transfer Buy-out Product
OneAmerica Financial Partners

Wilkins Finston Law Group LLP Is Pleased To Welcome Its New Partner Jay Friedman And The Opening Of Its San Antonio Office
Wilkins Finston Law Group LLP

View All Press Releases