NAPA

Wealth RPS Recordkeeping Assistant #7663
Johnson Financial Group
in WI

401(k) Reconciliation Associate
National Rural Electric Cooperative Association-NRECA
in VA

Associate - Benefits/Health & Welfare
Mid-Sized National Employee Benefits Law Firm
in DC

Benefit Services Specialist
Northwestern Benefit Corporation of Georgia
in GA

Employee Benefit Attorney
Gray Plant Mooty Law Firm
in MN

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Ins and Outs of Coverage Testing
March 18, 2014 WEBCAST
(American Society of Pension Professionals & Actuaries (ASPPA))

COBRA Compliance for Group Health Plans
June 6, 2014 in OH
(Thomson Reuters / EBIA)

HIPAA Privacy & Security
June 6, 2014 in OH
(Thomson Reuters / EBIA)

Moench on Trial: What the Supreme Court’s Fifth Third Ruling Means for ERISA Stock Drop and Other Prudence Claims
June 24, 2014 WEBCAST
(Momentum Events Group)

3rd Annual Customer Conference
August 3, 2014 in IL
(ftwilliam.com)

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Fifth Circuit Says RIA Was Not an ERISA Fiduciary
"[The Fifth Circuit] held that a registered investment adviser representative was not liable for an ill-advised investment made by an ERISA plan, based on the representative's investment recommendation to the plan, because the representative was not an ERISA fiduciary to the plan in connection with the investment. The Court's conclusion ... was based, in part, on the fact that the representative received compensation from a third party, rather than directly from the plan." [Tiblier v. Dlabal, No. 13-50344, (5th Cir. Feb. 28, 2014)] (Winston & Strawn LLP)  

[Advert.]

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Eleventh Circuit: Bankruptcy Trustee Could Not Sue Bankrupt Company's Former Owner for Terminated Plan Liabilities
"The complaint, as the court read it, provided that any money recovered by the bankruptcy trustee would go to the bankruptcy estate to be allocated among all of the general unsecured creditors, including the PBGC. The court found nothing in ERISA's provisions or its legislative history suggesting, or stating, that the duty of a current or former controlled group to pay unfunded benefit liabilities is a duty owed to the employer as contributing sponsor, rather than to the plan's beneficiaries." [Durango-Georgia Paper Co. v. H.G. Estate, LLC, No. 11 -- 15079 (11th Cir. Jan. 7, 2014)] (Wolters Kluwer Law & Business)  

Notice to Financial Institutions: Solicitation of Financial Agent for Department of the Treasury Retirement Savings Bond Program (myRAs) (PDF)
"The United States Department of the Treasury, Bureau of the Fiscal Service ('Fiscal Service'), is requesting applications from Financial Institutions ('FIs') interested in becoming a Financial Agent of the United States to support the issuance of a new type of retirement savings bond. Fiscal Service plans to designate one Financial Agent to support all aspects of the bond program. The bonds will be made available to the public through Treasury-branded Roth IRAs ('myRAs') maintained by the Financial Agent.... Fiscal Service plans to hold an information session in March for eligible FIs interested in providing these services and requests that FIs who would like to be invited to the information session notify Fiscal Service no later than ... Friday, March 7 of their interest in attending. Applications are due by ... March 31, 2014. Eligible FIs are limited to financial institutions that meet the requirements set forth in 31 C.F.R. Part 202." (U.S.Treasury Department, via The SPARK Institute)  

EBSA Audit Quality Initiatives: Why Plan Sponsors Should Pay Attention
"The Labor Department has found that approximately 32 percent of plan audits are deficient.... Fixing a defective audit can be very, very expensive. A new accountant may have to be hired to do the audit again (with more fees for this work) and Labor Department penalties can reach $50,000. No employer wants a do-over. How can employers defend against this?" (Fiduciary Plan Governance, LLC)  

Should Pension Plan Sponsors Move to MTM Accounting?
"The major benefit of implementing mark-to-market accounting for a pension plan is that the company can restate historical financial statements to reflect actual losses experienced within the plan. The company can also remove 'escrowed' losses -- losses that were incurred in the past but are still awaiting future amortization -- from its income statement. The risk in a transition to MTM accounting arises from the fact that the company's pension expense is likely to be more volatile going forward." (Treasury & Risk)  

How Will the New RP-2014 Mortality Tables Affect My DB Plan? (PDF)
"Updating to the new mortality tables will raise the assumed lifetime of plan participants, which will in turn increase a DB plan's total expected benefit payments and lengthen the plan's time horizon. Sponsors should be aware that this change will likely have the following knock-on effects: [1] Higher contribution requirements; [2] Lower balance sheet funded status; [3] Pricier lump-sum payouts; [4] Higher PBGC variable rate premium." (Russell Investments)  

Pension Investment Trends for 2014
"Plans are also getting much more comfortable with utilizing derivatives to put caps and floors ... on what their funded ratio might experience over the next year.... We're seeing a lot of companies selling away the upside on rates, to use as a premium they can collect to finance the downside protection on equities. So we're seeing a lot more discussions about optionality and how that might fit into a glide path framework based on the plan's goals and objectives." (Treasury & Risk)  

President Obama's 2015 Budget Includes Retirement Planning Game-Changer: RMDs for Roths
"Under the premise of simplifying the tax rules for retirement accounts, President Obama's 2015 budget calls for a provision that would require Roth IRAs to follow the same required minimum distribution (RMD) rules as other retirement accounts.... If this were to come to pass, it would be a major game-changer when it comes to retirement planning. The fact that Roth IRAs have no RMDs is one of the key reasons many people decide to contribute or convert to Roth IRAs in the first place." (Financial Planning)  

Tax Reform Proposal Advanced by Republican Ways and Means Chairman (PDF)
"In order to fund the proposed changes and keep the progressivity of the tax code (so tax reform will not be seen as a means of reducing taxes on high income taxpayers), Chairman Camp has proposed a number of changes in tax provisions, including modifying or eliminating provisions relating to employee benefit plans. Chairman Camp's proposal is important even if, as predicted, tax reform legislation is not enacted in 2014. Individual provisions in the proposal that raise revenue may be used to fund other legislation outside of the context of an overall legislative initiative to lower tax rates and simplify the Code." (Groom Law Group)  

How Many Will (Not) Run Short in Retirement? (PDF)
"[A]pproximately 56.7 percent of Early Baby Boomers, 58.5 percent of Late Boomers, and just under 58 percent of Gen Xers are projected to not run short of money in retirement. Those results are somewhat higher than EBRI's 2013 analysis, based on changes in the market value of defined contribution and individual retirement account (IRA) assets, as well as the increase in housing values during that period." (Employee Benefit Research Institute [EBRI])  

GAO Testimony before Senate Special Committee on Aging: Trends in Marriage, Work, and Pensions May Increase Vulnerability for Some Retirees
"[T]he shift away from DB to DC plans has increased financial vulnerabilities for some due to the fact that DC plans typically offer fewer spousal protections. DC plans also place greater responsibility on households to make decisions and manage their pension and financial assets so they have income throughout retirement." (U.S. Government Accountability Office)  

State Pension Funding Reaches 75%
"U.S. state pensions driven by a booming stock market continued to recover last year as the value of their assets rose to 75 percent of liabilities, up 3 percentage points from 2012 ... The funding level was the highest since 2008, when it reached 81 percent, according to data on 134 state retirement systems compiled by ... Wilshire. The 10-year peak was 95 percent in 2007, while the low was 64 percent in 2009." (Bloomberg)  

California Mayors Fight Proposed Grant of Authority to Slow Down Future Pension Accruals
"The statewide measure, offered by San Jose Mayor Chuck Reed, would give local officials authority to reduce future pension benefits for municipal employees. Current and former mayors representing 17 California cities are among leaders who oppose his proposal, while three mayors favor it. The measure probably won't make it onto the ballot this November because Reed is suing the state over the wording of its summary." (Bloomberg)  

[Opinion]

CalPERS Responds to NIRS Financial Security Scorecard Report
"California took an important step to address these issues with the establishment of the California Secure Choice Retirement Savings Program. If implemented, the Secure Choice program would provide a voluntary retirement savings plan for an estimated 6.3 million California workers." (CalPERS)  

Tenth Circuit Provides Roadmap for How to Win Two Frequent Challenges to ERISA Benefit Denials
"The conflict of interest factor was given only limited weight on whether Bayer abused discretion because 'Bayer took active steps to reduce any potential bias and to promote accuracy' by seeking an independent review of medical records by four different psychiatrists.... Bayer changed the rationale for denial of benefits between the initial and final decisions. That was ok. 'The change is readily explained by the new evidence that came to light only during [the claimant's] appeal' ... Appeal denial letters do not need to tell claimant what additional information is needed." [Fite v. Bayer Corporation, No. 13-7027 (10th Cir. February 4, 2014) (Lane Powell PC)  

'409A Day' Comes a Day Early This Year
"March 15 is tax 'Code Section 409A Day.' For employers with calendar fiscal years, that is generally the last day an amount can be paid and still qualify as a short-term deferral that is exempt from 409A's stringent timing and form of payment requirements. But what does one do when March 15 falls on a weekend, as it does this year? You likely aren't cutting payroll checks on a Saturday. Can you wait until Monday to pay? The answer is no." (Benefits Bryan Cave)  

Atéssa Benefits, Inc. Is Proud to Celebrate 25 Years in Business Some of the Largest Companies in the U.S. Trust Atéssa’s Administration Solutions
Atessa Benefits, Inc.

StayWell Health Management and Krames StayWell to Merge
Krames StayWell

Wells Fargo Insurance Introduces Employee Benefits Actuarial Services; Names Nick Allen Practice Head
Wells Fargo

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