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Benetech, Inc.
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Aristotle, Hammurabi and an IRS Agent Walk Into A Bar: Case Studies In Ethics
May 8, 2014 in GA
(ASPPA Benefits Council of Atlanta)

Pensions: Facts and Opinions
May 13, 2014 in IN
(ASPPA Benefits Council Of Northern Indiana)

Affordable Healthcare – Redesign Your Plan for Cost Savings
May 14, 2014 WEBCAST
(CFO.com)

Realities of Social Media in a Regulated Industry
May 15, 2014 WEBCAST
(American Society of Pension Professionals & Actuaries [ASPPA])

Latest in ERISA Litigation: Spring 2014
May 27, 2014 WEBCAST
(Thompson Interactive)

The Good, The Bad & The Confusing: Three Dimensions to the Private Exchange Marketplace
May 28, 2014 in IL
(Worldwide Employee Benefits Network [WEB] - Chicago Downtown Chapter )

PPA Pre-Approved Plans Workshop - Corbel and PPD Documents - Dallas
June 3, 2014 in TX
(SunGard Relius)

One-Day Healthcare Reform Training & Certification Event
June 11, 2014 in GA
(Constangy, Brooks & Smith, LLP)

Population Health Management/Transparency: How to Manage
June 19, 2014 in GA
(Worldwide Employee Benefits Network [WEB] - Atlanta Chapter)

Form 5500 Reporting Update
June 25, 2014 WEBCAST
(Lorman Education Services)

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[Guidance Overview]

Transcript of March 13, 2014, IRS Phone Forum: Overview of the 2013 Cumulative List of Changes in Plan Qualification (PDF)
19 pages. Excerpt: "First, ... our current determination letter program, where we are in the work schemes, what type of plans we're generally working on, and then we'll also discuss some of the guidance that we put out for or that are going to affect cycle D filings both in the form and the user fee structure. Then, ... the preapproved program.... [and] some possible future guidance that we are likely to see down the road. One of them deals with interim amendments ... Then, the bulk of today's presentation ... IRS Notice 2013-84, which is the cumulative list or better known as the Cycle D list." (Internal Revenue Service [IRS])  

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[Guidance Overview]

DOMA Ruling: What Should Plan Sponsors Do?
"Sponsors will also want to make sure they are operationally extending spousal rights to same-sex spouses under all areas of the plan that pertain to spouses. Sponsors should look particularly at the following: QDRO (Qualified Domestic Relations Order) language ... Employer Stock Ownership Plan (ESOP) ... Qualified Joint and Survivor Annuities (QJSAs) ... Highly Compensated Employees (HCEs) and Key employees ... Beneficiary designations ... Required Minimum Distributions (RMDs) ... Rollover Rules." (Retirement Management Services)  

Pension Plan Amendment Pursuant to PPA Doesn't Violate Fifth Amendment
"A multiemployer pension plan in critical status didn't violate provisions of the U.S. Constitution when it was amended to eliminate an early-retirement subsidy as part of a rehabilitation plan filed pursuant to the Pension Protection Act, the U.S. District Court for the Eastern District of Washington ruled.... The court found that the although the rehabilitation plan was created pursuant to the PPA, it wasn't a result of state action and thus wasn't an improper taking of private property by a government actor or a violation of equal protection under the law guaranteed by the Fifth Amendment." [Arendt v. Wash.-Idaho-Mont. Carpenters-Emp'rs Ret. Trust Fund, No. CV-11-5135-LRS (E.D. Wash. May 02, 2014)] (Bloomberg BNA)  

Salary 'Spiking' Drains Public Pension Funds
"In Ventura County, where the pension system is underfunded by $761 million, 84% of the retirees receiving more than $100,000 a year are receiving more than they did on the job. In Kern County, 77% of retirees with pensions greater than $100,000 a year are getting more now than they did before.... [T]he vast majority of county employees, officials pointed out, retire with modest pensions: an average non-management worker with 30 years of service gets $32,580 a year." (Los Angeles Times)  

Chart Summarizes Status of Proprietary Fund Litigation
19 pages. "The use of 'proprietary' (also referred to as 'affiliated') products and services raises a series of issues under ERISA's prohibited transaction rules and fiduciary standards. Compliance with these rules and standards is under increased scrutiny by the [DOL] and the plaintiffs' class action bar, which has filed more than a dozen lawsuits against the fiduciaries of in-house plans. [This] chart identifies the lawsuits that have been filed to date, describes the claims that have been asserted in the lawsuits, and summarizes the substantive court rulings and the procedural status of the cases." (Groom Law Group)  

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ERISA Fiduciary Guidance: Making a 'Watch List' Work
"Generally, the performance and fiduciary review for the quarters following an investment fund change will substitute the new fund in the lineup. Its performance will be tracked against the benchmark ... and the new fund will be ranked against peers in its investment category. The old replaced fund is largely forgotten. What is not typically done, and what is proposed here, is that the committee continue to include its former eliminated investment funds in the quarterly reviews. By tracking these comparisons with replaced funds, the committee will build a history of its decision-making and the effects of the investment changes." (Bond, Schoeneck & King)  

These Seven Megatrends Will Redefine the Future of 401(k) Plans
"It is possible ... today's retirees won't even recognize the 401k of thirty years from now. Here are the megatrends we've identified: [1] The Rise of Professional Advice ... [2] Enhancing the Tax Code (But Not In Ways You Think) ... [3] Addressing Leakage (But Not In Ways You Think) ... [4] Integrating Technology (and, by that, we refer to the 'New Media') ... [5] The Invasion of the Millennials ... [6] Personalization (and portability) of Retirement Plans ... [7] Holistic Integration." (Fiduciary News)  

Fueled by Aging Baby Boomers, Nation's Older Population to Nearly Double in the Next 20 Years
"The nation's 65-and-older population is projected to reach 83.7 million in the year 2050, almost double in size from the 2012 level of 43.1 million, according to two reports released today from the U.S. Census Bureau. A large part of this growth is due to the aging of baby boomers (individuals born in the United States between mid-1946 and mid-1964), who began turning 65 in 2011 and are now driving growth at the older ages of the population." (U.S. Census Bureau)  

Middle-Class Retirement 'Under Siege'
"The Obama administration has recognized its need to 'buttress' the middle class to protect their retirement and is making efforts to incentivize savings and improve returns ... Some strategies like automatic enrollment are already in place, but while utilization is growing, deferral rates are holding tight around 3%. Furthermore, those policies are usually used for new hires. Sponsors should examine adopting re-enrollment and reallocation strategies to include older employees who have old election rates[.]" (ThinkAdvisor)  

The Rise of DC Plans and the Impact on Participants
"In 1975, 33 million participants were in a [DB] pension plan ... By the end of 2011 ... the number of participants in DB plans had increased to 41 million. During the same period, however, participation in DC plans exploded from 11.5 million DC participants in 1975 to nearly 89 million in 2011.... [P]erhaps the biggest transformation within the past decade has been the decision by many sponsors to offer professionally managed allocations within their DC plans, including target-date funds (TDFs) and managed account advisory services[.]" (Vanguard)  

Funded Status of U.S. Corporate Pensions Falls to 91 Percent
"The funded status of the typical U.S. corporate pension plan declined 1.1 percentage points in April 2014 to 91.0 percent as liabilities increased faster than assets for the second consecutive month ... [L]iabilities increased 2.1 percent, outpacing the 0.9 percent increase in assets at the typical corporate plan during the month. Year to date, the funded status of corporate plans is down 4.2 percentage points[.]" (BNY Mellon)  

U.S. Pension Plans' Funded Ratio Continues 2014 Slide
"[T]he estimated funding levels of pension plans sponsored by S&P 1500 companies fell another 1% in April to 84%. Equity market gains were not enough to offset the liability growth of pension plan sponsors in the S&P 1500. The collective deficit of $360 billion as of April 30, 2014, is up $28 billion from the estimated deficit of $332 billion as of March 31, 2014, and up from $257 billion from the beginning of the year[.]" (Mercer)  

Financial Knowledge and 401(k) Investment Performance
"[R]isk-adjusted annual expected returns are 130 basis points higher for the most financially knowledgeable employees, and those scoring higher on [the authors'] Financial Knowledge Index have slightly more volatile portfolios while they do no better diversifying their portfolios than their peers. Overall, financial knowledge does appear to help people invest more profitably; this may provide a rationale for efforts to enhance financial knowledge in the population at large." (Pension Research Council, Wharton School of the University of Pennsylvania; free registration required)  

Investor Behavior and 401(k) Statements
"Many savers are leaving money on the table by not taking full advantage of their employer's matching contribution. Segment and target these individuals, and demonstrate how maximizing the match can lead to greater savings at retirement age. Savers over the age of 50 are eligible for catch-up contributions to their plan. Monitor participants' birthdays and provide the necessary information to help them take advantage of this feature. Give savers a before-and-after snapshot of their paycheck as they raise their deferral rates. Help them visualize the tax advantages of increasing their contribution." (Putnam Investments)  

Financial Advisors and the 'Halo Effect'
"Small plans managed by financial advisors are more likely to ... include the employer match, tools and calculators, target date retirement funds options, income replacement ratios based on plan balances, managed accounts for which participants pay extra for professional advice, and automatic step-up contributions.... Plans that work with an advisor see a 15 percent increase in the 'perception of success' ... compared to plan sponsors that don't work with advisors[.]" (InsuranceNewsNet.com)  

U.K. Insurers Eye Bulk Annuity Boost After Budget Blow
"Insurers hit by a UK government shake-up of pension rules are set to make up some of their lost business by ramping up the number of retirement deals they sell to companies rather than individuals.... While companies can write a derivative contract to remove their exposure to the old-age concern in a so-called longevity swap, insurers will be hoping they opt for the bulk annuity deals, which are more profitable and give the insurer all the assets upfront to invest." (Reuters)  

[Opinion]

When Salespeople Call Themselves Advisors
"The rulemakers have made it clear that a fiduciary standard need not and would not keep brokers from being properly compensated. Moreover, we have a record of experience to show us that it does not have that effect. California, Missouri, South Dakota and South Carolina have already imposed a broad fiduciary-duty standard; in all four states, brokers continue to be paid for their services, and they continue to offer them to clients up and down the income ladder. What's at stake, then, is not whether some clients will be able to get advice, but whether some financial professionals will be allowed to profit by giving bad, self-serving advice. And there is abundant evidence of misrepresentation and obfuscation under the current rules." (U.S.News & World Report)  

[Opinion]

What Public Pensions Should (and Shouldn't) Disclose About Their Private Equity Investments
"Public pensioners and taxpayers deserve to know the basics of where their money is going, and whether or not it really is working for them.... Types of information that should be publicly disclosed. Fund commitments ... Fund performance ... Fees ... Placement agents ... Types of information that should not be publicly disclosed. Underlying portfolio information ... Fund economics." (Fortune)  

FRA PlanTools and The Lowenbaum Partnership to Collaborate on the Fiduciary Matters Blog
Fiduciary Matters Blog

New Guide for Defined Benefit Plan Provider Searches
Principal Financial Group

BrightScope President and Co-Founder Ryan Alfred Joins Employee Benefit Research Institute Board of Trustees
BrightScope

Congressman Phil Roe to Receive 2014 Public Service Award in Employee Benefits
International Foundation of Employee Benefit Plans [IFEBP]

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