DATAIR Employee Benefit Systems, Inc.

Financial Analyst
The Newport Group
in FL, TX

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ACA Issues and Strategies for Compliance
May 22, 2014 in MD
(Worldwide Employee Benefits Network [WEB] - Washington Metropolitan Chapter)

More for the Money: Insurance Design Strategies That Drive Value
May 27, 2014 WEBCAST
(National Institute for Health Care Management Foundation)

Tax Forms Workshop: 5500 and More - Dallas
June 5, 2014 in TX
(SunGard Relius)

401(k) Plan Workshop 2014 - Portland
June 5, 2014 in OR
(SunGard Relius)

Inside the Beltway Series: 408b-2 Guide Proposal
June 5, 2014 WEBCAST
(Drinker Biddle & Reath LLP)

Forming and Operating an ESOP Company Board of Directors
June 11, 2014 WEBCAST
(Beyster Institute)

Global Pension and Employee Benefits Lawyers Conference
June 22, 2014 in IL
(International Pension & Employee Benefits Lawyers Association)

Health Care Reform for Employers: Now What?
July 25, 2014 in LA
(Lorman Education Services)

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[Official Guidance]

Text of PBGC Disaster Relief in Response to Severe Storms, Tornadoes, Straight Line Winds and Flooding in Alabama
"A 'Designated Person' is any person responsible for meeting a PBGC deadline (e.g., a plan administrator or contributing sponsor) that is located in the disaster area for which the [IRS] has provided relief in AL/TN-2014-20AL, May 5, 2014, in connection with filing extensions for Form 5500 series returns ... whose operations are directly affected by the Severe Storms, Tornadoes, Straight-Line Winds and Flooding that began on April 28, 2014, in Alabama.... The disaster area consists of Baldwin, Jefferson, Lee, and Limestone counties." (Pension Benefit Guaranty Corporation [PBGC])  

[Advert.]

NIPA Membership Increases Your Productivity & Grows Your Revenue

NIPA serves TPA business owners by creating environments with world-class education, best practice exchanges, and deep peer-to-peer relationships. Our members' revenue grows dramatically, processes are streamlined and productivity increases.

[Official Guidance]

Text of PBGC Disaster Relief in Response to Severe Storms, Tornadoes and Flooding in Arkansas
"A 'Designated Person' is any person responsible for meeting a PBGC deadline (e.g., a plan administrator or contributing sponsor) that is located in the disaster area for which the [IRS] has provided relief in TX-AR-2014-29, May 2, 2014, in connection with filing extensions for Form 5500 series returns ... whose operations are directly affected by the Severe Storms, Tornadoes and Flooding that began on April 27, 2014, in Arkansas.... The disaster area consists of Faulkner County." (Pension Benefit Guaranty Corporation [PBGC])  

[Official Guidance]

Text of PBGC Disaster Relief in Response to Severe Storms, Tornadoes and Flooding in Mississippi
"A 'Designated Person' is any person responsible for meeting a PBGC deadline (e.g., a plan administrator or contributing sponsor) that is located in the disaster area for which the [IRS] has provided relief in GA-MS-2014-47, May 2, 2014, in connection with filing extensions for Form 5500 series returns ... whose operations are directly affected by the Severe Storms, Tornadoes and Flooding that began on April 28, 2014, in Mississippi.... The disaster area consists of Itawamba, Lee, Lowndes, Madison, Rankin, Wayne and Winston counties." (Pension Benefit Guaranty Corporation [PBGC])  

[Guidance Overview]

Final Rule Issued on Phase-In of PBGC Guarantee for Shutdown Pensions
"The Rule largely adopts the proposed rule PBGC published in 2011... Specifically, the Rule [1] incorporates the definition of [unpredictable contingent event benefits (UCEB)] that is used under ERISA Section 206(g)(1)(C) and Treasury Regulation Section 1.436-1(j)(9); and [2] provides that PBGC's guarantee of UCEBs is phased-in from the latest of (i) the benefit provision's adoption date; (ii) the provision's effective date; or (iii) the date the [unpredictable contingent event] occurs.... PBGC will determine whether a benefit is a UCEB based on the facts and circumstances. The substance of the benefit, not what it is called, determines whether it will be considered a UCEB by PBGC. Also, the Rule clarifies that a UCEB does not cease to be a UCEB for phase-in purposes merely because the UCE has already occurred or its occurrence has become reasonably predictable." (McGuire Woods LLP)  

[Guidance Overview]

IRS Announces 2-Year Transition Period for Withholding Agents for Purposes of FATCA Enforcement and Administration (PDF)
"Any impact of the good faith transition relief on non-U.S. retirement funds should only be indirect. That is because the transition relief provided by the notice is for the payor of withholdable payments, not the recipient of withholdable payments such as a retirement fund.... [S]ponsors of non-U.S. retirement funds should carefully review their funds through a documented process to show reasonable efforts at compliance and establish how to claim the exemption." (Groom Law Group)  

[Advert.]

Learn, Network and Sell at the SPARK National Conference

Join senior executives from leading retirement services firms for unequaled networking, educational and sales opportunities. Gain insights into the latest market trends, business strategies, regulatory and legislative issues, and product developments. June 15-17. Register now.

401(k)/403(b) Best Practices: Employee Education
"Start by constructing an Employee Education Policy Statement outlining your goals and objectives for your employee education sessions. Most plan sponsors never put together this document and as a result, have no idea if they are achieving any worthwhile education objectives. Include behavioral finance elements in your sessions.... Incorporate retirement readiness concepts into your curriculum.... [S]trongly discourage use of your 401(k) plan for anything other than retirement savings." (Lawton Retirement Plan Consultants)  

Risk Transfers: The Other Side of De-Risking (PDF)
"The buzzword in pension management has become 'de-risking'. The implication of this term is that we completely eliminate some, if not all, risk. I'm no physicist but I liken risk to energy -- it never really disappears, it just changes form, and I contend that the proper term is 'risk transfer.' Unless you have assumed an unnecessary risk that can be removed without repercussion, eliminating a risk from your side of the ledger will generally cause another risk to appear, perhaps in someone else's risk portfolio." (Bryan, Pendleton, Swats & McAllister)  

DOL Continues Work on Fiduciary Rules, Borzi Says 'Retirement World Is Way Too Complicated'
"The DOL has slowed its pace toward working to release the rules in order to accommodate more industry input [EBSA's Phyllis Borzi] said.... Borzi reviewed the creation of ERISA, and told attendees that it's time for the agency to return to core principals during its 40th anniversary. 'The retirement world is way too complicated,' Borzi said. And with defined benefit plans offering lump-sum payouts -- which Borzi called 'a travesty' -- more retirees may make decisions they may not understand.... That's why one of the highest regulatory priorities is dealing with a conflict of interest in providing financial advice to individuals, Borzi said." (Bloomberg BNA)  

Concerned About a Living a Long Time: Four Mistakes to Avoid
"The first step in addressing longevity risk is to evaluate just how great the odds are that either you or your spouse will have a much longer-than-average life span.... 40% of adults underestimate their longevity by five or more years ... [H]ere are four key mistakes to avoid. [1] Holding a Too-Conservative Portfolio ... [2] Not Delaying Social Security Filing ... [3] Not Adjusting Withdrawal-Rate Assumptions ... [4] Reflexively Dismissing Guaranteed Products" (Morningstar)  

Upcoming IRS Phone Forum: Related Employers, May 22, 2014
"We'll cover issues affecting related employers such as controlled and affiliated service groups, how the IRS reviews and evaluates these groups and how applicants can receive reliance on a determination letter. Please email us your questions by May 15, 2014." (Internal Revenue Service [IRS])  

Baby Boomer and GenX Women: Retirement Readiness and the Role of Women Financial Advisors
"Their personal savings will be a significant source of retirement income, yet only half of Baby Boomer women with savings have $200,000 or more in retirement savings; only one-quarter of Generation X women have $100,000 or more saved for retirement.... Women prefer to work with women advisors, yet women represent a minority of the advisor community.... Women may not be 'connecting the dots' about a career as a financial advisor, and not recognize that many aspects of the job directly appeal to their own work-values." (Insured Retirement Institute [IRI])  

Inspector General Benchmarks Postal Service Retirement Benefits (PDF)
23 pages. Excerpt: "Benefits constitute a larger share of compensation for federal workers, accounting for 39 percent of total compensation, compared with 30 percent in the private sector.... The Postal Service's retirement expense was about 12 percent of total annual compensation and benefits expenses in FYs 2011 through 2013. In the private sector, retirement and savings benefits average 3.7 percent of total compensation and benefits costs. For state and local governments, retirement and savings benefits average 9.4 percent." (Office of the Inspector General, U.S. Postal Service)  

[Opinion]

Why Retirement Benefits for Ohio Teachers Should Be Graded an 'F'
"[T]he retirement plans do not favor workers who are just at the early years of employment. This results in workers having little or almost nothing to show for when it comes to retirement plan contributions. Two, it gives benefits in spurts. This particularly happens to middle-aged workers, who have the tendency to leave if not properly compensated.... Third, as a worker nears the required age of 65, the plan fails to raise the necessary annual payout amount.... [An] older employee who still chooses to work will be forced to retire, otherwise they will be practically working for free because of the cuts in one's retirement account." (James E. Arnold & Associates, LPA)  

[Official Guidance]

Text of IRS Notice of Disaster Relief for Severe Storms, Tornadoes, Straight-line Winds and Flooding in Florida
"Victims of the severe storms, tornadoes, straight-line winds and flooding that took place beginning on April 28, 2014 in parts of Florida may qualify for tax relief from the [IRS].... The President has declared Escambia and Santa Rosa counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.... This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56." (Internal Revenue Service [IRS])  

The Sun Capital Case: New Liability Concern for Private Funds Extends Beyond Pension Liability
"[V]irtually every private fund and its portfolio companies will encounter one or more of the following compliance challenges if they are treated as a controlled group.... [1] Discrimination and eligibility testing for retirement and health plans and deferred compensation arrangements; [2] Determining whether the employer mandate under health care reform applies; [3] Calculating contribution limits; [4] Analyzing whether the employee has incurred a separation from service for purposes of vesting and receiving a distribution under qualified and non-qualified plans; [5] Applying the COBRA rules; [6] Testing cafeteria plans for discrimination; [7] Applying the HIPAA rules; [8] Applying the qualified retirement plan minimum participation rules; [9] Determining deadlines to remit 401(k) or non-qualified deferred compensation plan distributions; and [10] Determining the ability to terminate a 401(k) or non-qualified deferred compensation plan." (Husch Blackwell, via Lexology)  

Have You Saved Enough?
"Health care costs are an increasingly large, and often unplanned, expense in retirement. Use the Health Care Costs Calculator to estimate your health care expenses in retirement and the costs associated with different health issues, and to explore how much you can save by improving your health." (AARP and Optum)  

First Circuit Upholds Trial Court's Reduction of Fee Award to Pension Fund
"While the appellate court commented that this reduction of the lodestar was 'unusually large,' it nevertheless found the trial court's two-pronged rationale for the reduction to be within that court's discretion. First, the fund's victory on the merits was a partial one: it was awarded about $27,000 in damages, having sought nearly $200,000. Second, the trial court noted the initial lodestar amount ($84,657) dwarfed the size of the damage award. The trial court was within its discretion to consider proportionality as one factor in determining the fee award[.]" [Central Pension Fund of the Int'l Union of Operating Engineers and Participating Employers v. Ray Haluch Gravel Co., No. 11-1944P2-01A (1st Cir. Mar. 11, 2014)] (Wolters Kluwer Law & Business)  

Benefitfocus Unveils “Benefits for the Whole Workforce” & Third Party System Integration Program
Benefitfocus

TriStar Partners with CORE Financial Wellness Program
TriStar Pension Consulting

Two New Healthcare Data Analytics Offerings Now Available
Dynamic Health Strategies

Lincoln Financial Group Selected As Retirement Plan Provider For Presence Health
Lincoln Financial Group

The Upside of Aging: How Long Life is Changing the World of Health, Work, Innovation, Policy, and Purpose
Principal Financial Group

Dakota Supply Group Named 2014 ESOP Company of the Year
ESOP Association

ESOP Association Announces 2014 Awards, New Board of Directors Members and Advisory Committee Chairs, and 2014–2015 Kelso Fellowships
ESOP Association

Spotlite Launches New Product to Simplify Administration of Consumer-Driven Benefits Offerings
Spotlite

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