Retirement Plan Administrator
United Retirement Plan Consultants
in NJ

DC Implementation/Conversion Specialist
Milliman
in OR

Senior Retirement Plan Administrator
CORBCO, Inc.
in MA

Senior Client Manager
15-year old Retirement Services Company
in OH

401(k) Plan Administrator
Southfield Third Party Administration firm
in MI

Consultant
USI Consulting Group
in CT

Senior Defined Benefit Calculation Analyst
Transamerica Retirement Solutions
in MA

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Federally-Facilitated Marketplace Issuer Summit
May 20, 2014 in MD
(Centers for Medicare & Medicaid Services (CMS))

Choosing a Health Plan for Your Small Business -- Recorded
June 3, 2014 WEBCAST
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

What a 401(k) Administrator Needs to Know About IRAs Series
June 5, 2014 WEBCAST
(McKay Hochman Co., Inc.)

Benefits Boot Camp
June 12, 2014 in OH
(Worldwide Employee Benefits Network [WEB] - Cleveland Chapter)

Fiduciary Responsibilities: What Every TPA Needs to Know
June 12, 2014 WEBCAST
(ASC Institute)

Health Benefits Laws Compliance Assistance Seminar
June 17, 2014 in CO
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Evaluating Your Employee Health Benefits
July 31, 2014 WEBCAST
(Lorman Education Services)

2014 Fall Forum
October 20, 2014 in LA
(Ascensus)

2014 Fall Forum
November 17, 2014 in AZ
(Ascensus)

View All Webcasts and Conferences

[Guidance Overview]

IRS Employee Plans News, Issue 2014-8, May 16, 2014 (PDF)
Items include: [1] Mid-year amendments allowed for safe harbor 401(k) and 401(m) plans to reflect same sex marriage rules; [2] Retirement plan payments for accident, health and disability insurance: when payments aren't taxable distributions to participants; [3] Verifying rollover contributions: simplified due diligence procedures to confirm a rollover is from a qualified plan or IRA; and [4] Disaster Relief for Retirement Plans and IRAs: learn if your retirement plan or IRA deadlines have been extended. (Internal Revenue Service [IRS])  

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[Guidance Overview]

One-Participant Plans Now Can Correct Late Form 5500 Filings, But Better Hurry
"No fee or penalty applies under the pilot correction program! However, if a permanent program is established, the IRS indicated that a fee or penalty will apply to receive the relief. The pilot program is only open for one year -- from June 2, 2014 through June 2, 2015." (Benefits Bryan Cave)  

[Guidance Overview]

IRS Updates Penalty Relief for DFVC Filers; Announces Temporary Late-Filer Program for Form 5500-EZ
"Delinquent Form 5500 filers that have already submitted DFVC filings under EFAST2 will want to note the Form 8955-SSA filing requirement and the initial December 1, 2014 deadline to qualify for the IRS penalty relief.... The IRS has invited comments on whether it should establish a permanent program for delinquent Form 5500-EZ filers and has indicated that any permanent program would require a fee." (Thomson Reuters / EBIA)  

Many Hints, Few Rules: Federal District Court Weighs in on Investment Advice
"Although the court stated that the defendants had the ability to control the plan's investments and that the advice they offered was not mere salesmanship, its failure to concretely state how it reached these conclusions leaves uncertainty in its wake.... Until resolution of these issues, brokers would be well-advised to carefully consider the status of their relationships with any party with which they discuss investments." [Severstal Wheeling, Inc. v. WPN Corp, No. 1:10-cv-00954-LTS-GWG (S.D.N.Y. Apr. 11, 2014)] (Bloomberg BNA)  

Stockton Bankruptcy Judge Considers Pension Cuts
"Late in the second day of the trial, the judge said he had some questions for [CalPERS]. 'If I just rubber-stamp plans, I might as well just be a potted plant,' Klein said ... CalPERS uses a low investment earnings forecast to discount the future debt of terminated plans, 2.98 percent rather than the usual 7.5 percent. If the two Stockton plans were terminated now, CalPERS would ask the city to pay about $1.6 billion." (Calpensions)  

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Download your free report: Final Regulations on the ACA Employer Mandate

Understand your role and obligations to the ACA employer mandate final regulations. Download Bloomberg BNA's "Final Regulations on the ACA Employer Mandate" to get the latest on the ACA compliance standards facing benefits professionals.

Evaluating a 401(k) Plan Request for Hardship Withdrawal Due to Casualty Loss
"A critical criterion to look for when reviewing a hardship withdrawal request due to casualty loss is whether the event was sudden, unexpected, or unusual. The loss of property due to 'progressive deterioration' does not qualify.... Another important requirement is that the damage must be to the participant's principal residence. It is not uncommon for participants to attempt to request a hardship withdrawal due to damage to a vacation or rental home." (McKay Hochman)  

Many Teachers Face Retirement Savings Penalty When Leaving the Profession
"Fewer than one in five teachers will work a full career and reach the pension plan's 'normal retirement age.' Most will leave their public service with little retirement savings.... For instance, in Maryland if you teach for a full career you can expect to earn a pension worth about $3,297 a month, nearly $40,000 a year, plus adjustments for cost of living. But only a quarter of Maryland's teachers will stay a full career and earn that benefit. According to Maryland's estimates, 57 percent will leave without a pension benefit at all." (The Washington Post; subscription may be required)  

Ibbotson Target Date Fund Report, First Quarter of 2014 (PDF)
"During the first quarter of 2014, the average target-date fund gained 1.5% ... For the full 12 months ending in March, target-date funds experienced very strong performance with the average target-date fund ending the year with a 12.1% ... U.S. equities, as represented by the S&P 500, posted strong returns of 21.9% while its bond counterparts struggled with a 0.1% loss for the 12-month period." (Ibbotson)  

Are You Your 401(k)'s Worst Enemy?
"Let's take a look at the behaviors that could be sabotaging your retirement savings efforts -- and what you need to do to go from 'enemy' to hero: [1] Leaving your 401(k) at its default settings.... [2] Cashing out a 401(k) when you switch jobs.... [3] Chasing returns and trying to time the market." (Smart401k)  

Cypen & Cypen Newsletter, May 15, 2014
Article titles include: Update on State and Local Government Spending for Public Employee Retirement Systems; Women Need More Retirement Education and Female Advisers to Help Them Save; Social Security Benefits Are Primary Source of Income for Half the Country's Retirees! How Long Must New Hires Work to Get Pension Benefits? and, How Are Pensions Protected State-by-state? (Cypen & Cypen)  

State Fiscal Constitutions and the Law and Politics of Public Pensions
"[E]ven where explicit constitutional funding requirements are in place, plans often continue to be underfunded both because of political and financial pressures, and also because of the distinct lack of an enforcement mechanism.... [T]hese weakness in pension funding requirements can be addressed through the creation of clear and objective funding standards and, most importantly, through the creation of enforcement mechanisms that can, where appropriate, override legislative decisions to underfund public pension plans." (Prof. Amy Monahan, University of Minnesota Law School)  

[Opinion]

Pension Reform in Alabama: A Case for Economic Accounting (PDF)
"Alabama's three pensions systems ... may run out of pension assets by 2023 When valued based on the certainty of payment, Alabama will have to increase its contributions from $1.6 billion to $3.4 billion annually, or $819 per household, to fully fund the system.... The structure of the defined benefit plan makes it susceptible to mismanagement in the public sector. Budgetary and actuarial manipulation, opportunistic accounting practices, interest-group bargaining, and the short-term thinking of politicians render it less than ideal as a vehicle for ensuring a secure retirement for public employees.... [A] new retirement system should be structured to offer workers the best elements of both plan designs with a focus on income security rather than wealth maximization." (Johnson Center, Troy University)  

[Opinion]

Time to Move Away from the PPA Baseline
"[T]he downside to the [Pension Protection Act of 2006 (PPA)] is what Harvard Professor Brigitte Madrian calls the Baseline PPA Effect. This terms relates specifically to the non-discrimination testing safe harbor requiring that plans implement auto features with a contribution rate of 3% of pay, and with contributions automatically escalating over time to 6% of pay. However, these requirements apply only if the plan seeks to qualify for the non-discrimination testing safe harbor -- which few plans do. So if they aren't seeking safe harbor, then why adhere to these defaults?" (Defined Contribution Institutional Investment Association [DCIIA])  

[Guidance Overview]

Final Regs on Insurance Premiums Paid by Qualified Plans Allow Disability Replacement Contributions
"The final regulations largely track the proposed version (and the 2003 revenue ruling), so the big news here is the new exception for replacement contributions. A disability jeopardizes not only future salary but also future retirement savings -- this exception allows employers to offer qualified plan participants an opportunity to better protect themselves." (Thomson Reuters / EBIA)  

Manning & Napier Helps Advisors Navigate New Fiduciary Risk Through Microsite Launch
Manning & Napier, Inc.

PBGC Director Josh Gotbaum Talks Pensions with Fox Business News
PBGC [Pension Benefit Guaranty Corporation]

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