DATAIR Employee Benefit Systems, Inc.

Pension Automation Specialist
Kravitz, Inc.
in ANY STATE

Pension Administrator, Employee Benefits and Pension Department
International Union, UAW
in MI

Benefits/ERISA Associate
Littler Mendelson P.C.
in PA

Senior Regulatory Advisor/HGB
Towers Watson
in ANY STATE

Plan Analyst Writer II
OneAmerica Financial Partners
in IN

Benefits Admin - Pension
PVH Corp.
in NJ

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What Every Employer Needs to Know About the Employer Penalty Taxes Under Health Care Reform
March 6, 2014 WEBCAST
(Kilpatrick Townsend & Stockton LLP)

2014 Webinar: IRA Basics
March 27, 2014 WEBCAST
(Ascensus)

ERISA Compliance for Health & Welfare Plans
April 23, 2014 in CA
(Thomson Reuters / EBIA)

Cafeteria Plans
April 29, 2014 in NY
(Thomson Reuters / EBIA)

Prototype Plans Seminars
June 17, 2014 in IL
(McKay Hochman Co., Inc.)

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[Official Guidance]

Text of Rev. Proc. 2014-19: Corrections to Rev. Proc. 2014-14 re Expedited Handling of Determination Letter Requests (PDF)
"[1] Section 2.06 of Rev. Proc. 2014-4 should have stated that section 9.03(3) has been modified only with respect to EP determination letter requests and not EO determination letter requests, and [2] Section 9.03(3) of Rev. Proc. 2014-4 should have stated that only EP Determination Letter requests (and not EO determination letter requests) are not eligible for expedited handling, and [3] All references in Section 9.03(3) of Rev. Proc. 2014-4 to 'letter ruling' should have also included references to 'determination letter.'" (Internal Revenue Service)  

[Advert.]

Earn up to 22 ERPA and NIPA CPE credits in just 3 days!

The 2014 NIPA Annual Forum & Expo, April 27-30, features information on all aspects of the retirement plan industry, including day-to-day tasks and current legislation. It's the most cost-effective option to earn up to 22 ERPA & NIPA CPE credits!

Will They or Won't They? Proposal of a New Definition of Fiduciary Under ERISA
"Barring some new legislation, we expect that the EBSA announcement from late 2013 that the rule would be re-proposed in August 2014 should carry the day. This August 2014 deadline was intended to accommodate talks between DOL Secretary Thomas Perez and representatives from both sides of the political divide (and, in doing so avoid the need for legislation like the Retail Investment Protection Act). Accordingly, August, 2014 would be the earliest date by which we could expect to have regulations that modify the current definition of fiduciary under ERISA." (Benefits Bryan Cave)  

Maryland Bill Seeks to Require Employers to Provide Retirement Plans
"Maryland lawmakers are sponsoring a measure to make retirement plans available to private sector workers who are not currently covered by employer-sponsored plans.... Under the bill, Maryland private sector employers who do not currently offer a retirement plan to their employees would be required to offer employee-funded retirement plans. A state-sponsored, nonprofit plan would be available to employees in the firms." (The Washington Post; subscription may be required)  

Wisconsin Democrats Pitch Pension Plan for Private Workers
"Democratic lawmakers [in Wisconsin] are calling for a feasibility study to determine the cost and benefits of ... providing a basic pension plan that is similar to the pension plan offered to state workers through the Wisconsin Retirement System. The goal is to provide a low-cost, defined benefit option to employers and their workers in the private sector who currently do not have access to their own plan, or whose plan is insufficient to help with their retirement security." (Wisconsin State Journal)  

IRA Rollovers: A Checklist for Documenting the Discussion
"Regulators are clear: Advisors recommending rollover of employer retirement plan assets must provide clients with advice that is fair, balanced, and not misleading regarding their options for these funds.. .. Because the decision to transfer funds out of an employer's plan is irrevocable, advisors must adopt practices and procedures to ensure that clients are receiving the most appropriate advice for their situation." (Morningstar Advisor)  

[Advert.]

Are Your Retirement & Health Plans on the Right Track?

45+ expert-led sessions prepare you for the challenges of avoiding ACA's Cadillac Tax, boosting employees' physical & financial well-being, understanding exchanges and more. Earn 15 HRCI recertification credits. Register by February 21 to save $100!

Chart of IRS Determination Letter User Fees Including Recent Changes
"Effective February 1, 2014, the [IRS] increased certain user fees applicable to determination letter requests. The fee increases mainly impact prototype and volume submitter plans.... As of the date this article was published [February 19, 2014] the IRS had not updated Form 8717 and Form 8717-A to reflect the new fees. The IRS noted that until the forms are revised, applicants should submit the most recent version of Form 8717 or Form 8717-A and include the current user fee as provided by Rev. Proc. 2014-8. The IRS has added to its user fee schedule, for the first time, opinion letter and advisory letter fees for preapproved 403(b) plans." (McKay Hochman)  

Head of Largest Federal Employee Union Calls for Repeal of Pension Cuts
"Since the mid-1980s, federal employees have paid 0.8% of their salary toward a modest defined benefit pension, 6.2% toward Social Security, and additional contributions toward a 401(k)-type defined contribution plan. Under the new measures passed by Congress, federal employees who were hired in 2013 now are required to pay 3.1% of their salary into the pension system, while those hired in 2014 and beyond must contribute 4.4% of their salary. This tax increase translates into an annual pay cut of $1,400 for the typical GS-7 employee hired this year, who earns $40,000." (American Federation of Government Employees [AFGE])  

The Impact of Employer Size on Retirement Plan Participation (PDF)
"More than half (54.8 percent) of those who worked for an employer with 1,000 or more workers participated in a plan, compared with just 13.5 percent of those working for an employer with 10 or fewer employees ... However, in 2012, the level of participation by workers in each of the private-sector employer-size groups decreased -- except for the levels of those working for employers with 50-99 employees and for employers with 100-499 employees." (Employee Benefit Research Institute [EBRI])  

Advisor Solutions, Winter 2014 Update (PDF)
Topics include: [1] Salary Increase? Time To Increase Your 401(k) Contribution; [2] Analyzing 401(k) Participation in Light of the Financial Crisis; [3] In-Service Roth Conversions; [4] The Supreme Court Decision on the Defense of Marriage Act: The Impact on Qualified Retirement Plans; and [5] The Evolving 401(k). (Alliance Benefit Group)  

Senate Finance Subcommittee to Hold Open Hearing on Retirement Savings for Low-Income Workers
Hearing will be held Wednesday, February 26, 2014; streaming video will be provided at the link. Witnesses to include: [1] Mr. J. Mark Iwry, Senior Advisor to the Secretary and Deputy Assistant Secretary (Tax Policy) Retirement and Health Policy, United States Department of the Treasury; [2] Ms. Diane Oakley, Executive Director, National Institute on Retirement Security; [3] Mr. Stephen P. Utkus, Principal & Director, Vanguard Center for Retirement Research; and [4] Ms. Judy A. Miller, MSPA, FSA, MAAA, Director of Retirement Policy, ASPPA, Executive Director, ASPPA College of Pension Actuaries. (U.S. Senate Committee on Finance, Subcommittee on Social Security, Pensions, and Family Policy)  

For Public-Employee Pension Plans, Better Funding Policies Are Essential for Better Funding
"The Academy ... recommends that funding policies for public pension plans: [1] Recognize that several competing objectives need to be balanced: security for the promised benefits; making contributions stable and predictable; and ensuring that the costs borne by different generations of taxpayers and employees are handled equitably. [2] Communicate how the objectives have been balanced and how the costs are expected to be met. [3] Provide a procedure that determines amounts to be contributed at specific points in time -- and an enforcement mechanism up to a 'legally enforceable contribution demand of plan members to prefund the benefits on an actuarially determined basis.'" (American Academy of Actuaries)  

[Opinion]

Jared Bernstein's 'Tax Reform' Assault on Pensions, IRAs and 401(k)s
"[A] recent New York Times article by former vice presidential adviser Jared Bernstein complains that tax deferral for retirement savings is unfair because, 'most savings subsidies go to households that would surely save anyway, while almost nothing goes to the households that need help to save.' ... If Bernstein's 'subsidies' were properly expressed as shares of income, rather than as shares of foregone tax revenue, the differences nearly vanish." (Cato Institute)  

[Opinion]

Tax Court Ruling and IRS Rollover Guidance Don't Add Up
"The ability to execute IRA rollovers on a one-per-IRA basis has been described in detail in IRS Publication 590, Individual Retirement Arrangements (IRAs), for at least 20 years, that evidence readily available even now at the IRS's own web site. It is not conveyed in a mere statement, but in detailed examples provided to explain the sometimes-misunderstood rollover limitations.... [H]ow can this agency have spent uncounted taxpayer dollars over the life of this publication -- a publication that now runs to 114 pages -- for us to be told that its contents cannot be relied on by taxpayers? Are we not to take seriously the description on the cover that flatly says 'For use in preparing 2013 returns?'" [Bobrow v. Commissioner, T.C. Memo. 2014-21 (Jan. 28, 2014)] (Todd Berghuis for Ascensus)  

[Guidance Overview]

IRS Publication 5138, Quick Reference Guide for Public Employers, Updated February 2014 (PDF)
"This guide is produced annually by the IRS office of Federal, State and Local Governments (FSLG). It is intended to provide a brief introduction to basic federal employment tax and reporting information issues for governmental employers." (Internal Revenue Service)  

When Corporate Transactions Impact Benefit Plans
"Corporate spin-offs present a range of equity compensation, 409A, and employee benefits issues that are often under-appreciated, and lately recognized.... For advance planning, here is a checklist from which to get started[.]" (Paul Hastings LLP)  

District Court: Equitable Remedies Not Available When the Plaintiff Has Adequate Remedies to Recover Plan Benefits
"[T]here are still limits to the expansion of 'appropriate equitable relief' under ERISA 502(a)(3), and the outcomes will probably turn on the specific facts of the plaintiffs' claims. Under Leach, plaintiffs should look for authentic differences between the injuries addressed by their claims for plan benefits and their claims for fiduciary breach. Leach likewise suggests that plan fiduciaries should emphasize facts showing that such claims seek to cure the same alleged injury." [Leach v. Aetna Life Insurance Company, No. WMN-13-2757 (D. Md. Feb. 5, 2014)] (Williams Mullen)  

FRA PlanTools Launches the ERISA Matters Newsletter for Advisor Branding
FRA PlanTools

Prudential Recognized for Outstanding Work-Life Program
Prudential Financial, Inc.

The Principal Issues Retirement Savings Challenge
Principal Financial Group

Version 1.7 of Data Analytics Tool HealthSpective Now Available
Dynamic Health Strategies

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