Director of Retirement Products
National Rural Electric Cooperative Association (NRECA)
in VA

Sales Consultant
Benetech, Inc.
in CA, CO, DC, IL, MD, WA

Client Account Manager
Pacific Portfolio Consulting, LLC
in WA

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28th Annual Ohio Employee Ownership Conference
April 24, 2014 in OH
(Ohio Employee Ownership Center)

Employee Benefits - How and When Government Entities Should Report Them -- Recorded
April 25, 2014 WEBCAST
(Internal Revenue Service (IRS))

Tax Forms Workshop: 5500 and More - Bloomington
May 2, 2014 in IL
(SunGard Relius)

Tax Forms Workshop: 5500 and More - Cleveland
May 2, 2014 in OH
(SunGard Relius)

Getting It Right - Know Your Fiduciary Responsibilities
June 17, 2014 in TN
(Employee Benefits Security Administration (EBSA), U.S. Department of Labor)

Getting It Right - Know Your Fiduciary Responsibilities
July 13, 2014 in WI
(Employee Benefits Security Administration (EBSA), U.S. Department of Labor)

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[Official Guidance]

Text of SEC Proposed Rule on Investment Company Advertising: Target Date Retirement Fund Names and Marketing (PDF)
"The [SEC] is proposing amendments to rule 482 under the Securities Act of 1933 and rule 34b-1 under the Investment Company Act of 1940 that, if adopted, would require a target date retirement fund that includes the target date in its name to disclose the fund's asset allocation at the target date immediately adjacent to the first use of the fund's name in marketing materials. The Commission is also proposing amendments to rule 482 and rule 34b-1 that, if adopted, would require marketing materials for target date retirement funds to include a table, chart, or graph depicting the fund's asset allocation over time, together with a statement that would highlight the fund's final asset allocation. In addition, the Commission is proposing to amend rule 482 and rule 34b-1 to require a statement in marketing materials to the effect that a target date retirement fund should not be selected based solely on age or retirement date, is not a guaranteed investment, and the stated asset allocations may be subject to change." (U.S. Securities and Exchange Commission)  

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[Official Guidance]

Text of SEC Comment Request on Investment Company Advertising: Target Date Retirement Fund Names and Marketing (PDF)
"The [SEC] is reopening the period for public comment on rule amendments it proposed in 2010 ... Among other things, the proposed amendments would, if adopted, require marketing materials for target date retirement funds ... to include a table, chart, or graph depicting the fund's asset allocation over time, i.e., an illustration of the fund's so-called 'asset allocation glide path.' In 2013, the Commission's Investor Advisory Committee recommended that the Commission develop a glide path illustration for target date funds that is based on a standardized measure of fund risk as a replacement for, or supplement to, the proposed asset allocation glide path illustration. The Commission is reopening the comment period to seek public comment on this recommendation." [Includes extensive and specific questions on which the SEC is requesting comments.] (U.S. Securities and Exchange Commission)  

[Guidance Overview]

Two New Safe Harbor Procedures for Rollovers to Qualified Plans
"The IRC has been amended several times to simplify the rules relating to eligible rollover distributions to tax-qualified retirement plans. However, the related regulations governing eligible rollover distributions have not been updated to reflect all of these changes. IRS Revenue Ruling 2014-9 provides two hypothetical examples that illustrate how plan administrators of qualified retirement plans may use to: [1] Be deemed to have reasonably concluded that an amount is a valid rollover contribution ... [2] Correct this situation if that assumption is later determined to be incorrect." (Practical Law Company)  

[Guidance Overview]

IRS Allows Retirement Funds in Certain Countries to Act as Though a FATCA IGA Was Already in Effect, Even Though Not Yet Signed
"The IRS and Treasury have announced that foreign financial institutions (FFIs) in certain countries with which a Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA) has been agreed to in principle but not yet signed can act as though the IGA is in effect, at least through the end of 2014. This would include retirement funds which seek to be recognized as beneficial owners in those countries exempt from the 30% FATCA tax withholding on certain amounts paid by US payors beginning July 1, 2014." (Groom Law Group)  

[Guidance Overview]

Implementing Automatic Features in Defined Contribution Plans (PDF)
"Are there any maximum limitations or requirements that plan sponsors should consider when implementing an automatic contribution escalation program? ... Is there a required initial default contribution rate for automatic contribution escalation programs? ... Must automatic contribution escalation programs have a 1 percent step-up auto escalation rate? ... Are plan sponsors required to tie the initial default contribution rate under an auto enrollment program to the plan's maximum matching contribution percentage?" (Defined Contribution Institutional Investment Association [DCIIA])  

Let the Questions Begin: Preparing for Automation in Your DC Plan
"When you've decided to tackle automation, be it auto enroll, auto escalation or even default investments, it's helpful to get prepared before you call the consultants, lawyers, and your service providers. While each plan's process for implementing automation varies, there are some key process concepts and questions to consider. Let's split them into the plan sponsor 'settlor' side activities and the fiduciary activities." (David N. Levine, for Defined Contribution Institutional Investment Association [DCIIA])  

Great-West Buys JPMorgan's Large-Market Recordkeeping Business
"The newly combined Great West will take its $220 billion retirement company and add a hefty $167 billion in assets from JP Morgan, which ranked ninth in terms of assets.... The newly combined firm, with its $387 billion is assets, is now second in terms of retirement assets -- next only to Fidelity ... The newly combined firm will have 6.8 million participants. The deal encompasses the majority of JP Morgan's retirement business -- including the company's own $16.4 billion retirement plan as well as the American Airlines, Bechtel and Cisco Systems retirement plans... [and] Proctor and Gamble's $14 billion retirement plans[.]" (RIABiz)  

Funded Ratio Lower in March for Corporate Pension Plans
"[T]he estimated funding levels of pension plans sponsored by S&P 1500 companies fell 2% in March to 85%. While flat equity markets and interest rates did not affect funded ratios during the month, Mercer made adjustments based upon actual funded status released in filings for the 2013 year end. The collective deficit of $332 billion as of March 31, 2014, is up $56 billion from the estimated deficit of $276 billion as of February 28, 2014,[.]" (Mercer)  

Upcoming IRS Phone Forum: Plan Terminations -- What You Need to Know Before You Terminate That Plan (May 6, 2014)
"[IRS staff will] discuss the important items to review when a retirement plan terminates, like the date of termination, permanency requirement, the need to update the plan for all law requirements and accelerated vesting requirements. We'll also discuss the different types of terminations for defined benefit plans and what happens if the plan is overfunded or underfunded. Please email [IRS] your questions by April 21, 2014." (Internal Revenue Service [IRS])  

Usage of Swaps by Pension Plans
"ERISA, including its prohibited transaction rules, governs 'plan assets.' Thus, it is critical to determine whether margin posted by a plan in connection with swaps clearing and the swap positions held in the plan's account are considered 'plan assets' for ERISA purposes. Among other things, Advisory Opinion 2013-01A gives comfort that (1) margin posted by the investor to the clearing agent generally will not be considered a plan asset for ERISA purposes and (2) clearing agents will be able to unilaterally exercise agreed-upon close-out rights on the plan's default without being deemed a fiduciary to the plan, notwithstanding that the positions are plan assets." (Pension Risk Matters)  

Compliance Calendar for the 2014 Plan Year: Calendar Year, Single-Employer DB Plans (PDF)
2 pages. (October Three Consulting)  

Cumulative List of Non-U.S. Pension Funds Exempted by FATCA Intergovernmental Agreements
The list has been updated to cover plans in Luxembourg. (Groom Law Group)  

Don't Let 2014 DB Opportunities Pass You By
"Because of the large average funding increases that occurred in 2013, sponsors should take action to retain their robust funding, while at the same time recognizing that funded status is a key influencer in decision-making going forward.... Know your plan's maximum funding level... Consider a glide path to help achieve your maximum funding level... Reduce execution risk with a dynamic investment policy statement... Consider immunization or termination... Offer a lump-sum option." (Vanguard)  

Retirement Plans Post-DOMA: Practitioners and Sponsors Continue to Wait for IRS Guidance
"[E]mployers should gather the information necessary to bring the plan into compliance upon issuance of the guidance. Specifically, employers should determine who is married and to whom, update and review beneficiary designations forms, and review plan administration documents and processes to ensure compliance with these new rules. Documents such as HR manuals, policies, procedures, and payroll systems should also be earmarked where a change to reflect similar treatment of both opposite-sex and same-sex married couples may be necessary." (Benefits Bryan Cave)  

Cypen & Cypen Newsletter, April 3, 2014
Article titles include: [1] Total holdings and investments of major public pension systems rise to over $3 trillion, reaching highest level in forty-five years; [2] Pension funds join in fee resistance; [3] Lower-income individuals without pensions miss out; and [4] Using automatic escalation in public sector retirement plans to increase savings. (Cypen & Cypen)  

Restrictive Covenants in Equity Compensation Award Agreements
"Roughly, one-third of companies have placed restrictive covenants on their most recent equity grants, with prevalence not much dependent on company size. This is consistent with my guestimate -- when you exclude California company participants. The restrictions most often include non-competition, non-solicitation and non-disparagement. Most respondents apply the restrictions to all award recipients, as opposed to only select senior executives. The most common consequence/remedy for a violation is a clawback of realized gains from a specified period prior to the violation." (Winston & Strawn LLP)  

Great-West Financial Acquisition of J.P. Morgan Retirement Plan Services
Great-West Financial

American Academy of Actuaries Joins National Coalition to Bolster Importance of Retirement Planning to Public
American Academy of Actuaries

Greenberg Traurig Names New Co-Chair of its Global Benefits and Compensation Group
Greenberg Traurig, LLP

New NBCH Tool Helps Employers Assess Quality of their Pharmacy Benefit Management Programs
National Business Coalition on Health

American Health Strategy Project Businesses Lead the Way in Worksite Health Promotion
National Business Coalition on Health

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