Senior Attorney
CUNA Mutual Group
in WI

Assistant General Counsel
1199SEIU Family of Funds
in NY

Executive Director
Oklahoma Teachers Retirement System
in OK

Customer Service & Communication Manager
Southern California Pipe Trades Administrative Corporation
in CA

Retirement Plan Manager
City of Los Angeles
in CA

Retirement Plan Associate, Recordkeeping & Administration
Leading Retirement Solutions
in ANY STATE, WA

Senior Counsel
Nationwide
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Retirement Fund Account Manager
AAAA Benefits, Inc.
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Qualified Health Plan (QHP) Series - Service Area Template Scenarios Demo, Prescription Drug Template Scenarios Demo and General Q&A
June 10, 2014 WEBCAST
(Centers for Medicare & Medicaid Services (CMS))

Designated Roth Accounts and Roth Conversions
June 10, 2014 WEBCAST
(McKay Hochman Co., Inc.)

Top Ten Most Common Section 409A Pitfalls -- Recorded
June 17, 2014 WEBCAST
(King & Spalding LLP)

Qualified Health Plan (QHP) Series - DIT Tool Review and General Q&A
June 19, 2014 WEBCAST
(Centers for Medicare & Medicaid Services (CMS))

Federally-facilitated Small Business Health Options Program (FF-SHOP) Series III - Update and Issuer Q&A
June 24, 2014 WEBCAST
(Centers for Medicare & Medicaid Services (CMS))

PPA Pre-Approved Plans Workshop - Corbel Documents - Richmond
July 1, 2014 in VA
(SunGard Relius)

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[Official Guidance]

Text of IRS PLR Addressing DB Plan Amendment Permitting Lump Sum Payments to Retirees Already Receiving Benefits (PDF)
Issued March 7, 2014; published online May 30, 2014. Excerpt: "[In] this circumstance, the minimum distribution requirements of Section 401(a)(9) of the Code will not be violated if the Sponsor amends Plan A and Plan B to offer a lump sum payment option during a limited Window Period of no less than 60 days and no more than 90 days to Covered Individuals for whom annuity payments have already begun. Except as specifically ruled above, no opinion is expressed as to the federal tax consequences of the transaction above under any other provision of the Code, including Sections 401(a)(4), 411, 415, 417 and 436 or of Title I of ERISA. No opinion is expressed regarding the qualification of the Plan." [PLR 201422028] (Internal Revenue Service [IRS])  

[Advert.]

Register for the Western Benefits Conference

Attend workshops designed for TPAs and network with other TPAs at the Western Benefits Conference in Las Vegas on July 27-30, 2014.

[Official Guidance]

Text of DOL Announcement Reopening Comment Period on Proposed Target Date Disclosure Regs
"[DOL] is reopening the period for public comment on proposed regulatory amendments relating to enhanced disclosure concerning target date or similar investments, originally proposed November 30, 2010 ... In 2013, the [SEC'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, an asset allocation glide path illustration. The Department is reopening the comment period on its 2010 proposal, which contained an asset allocation glide path illustration requirement, to seek public comment on this recommendation. Written comments on the proposed regulation ... should be received by the [DOL] no later than [30 days after publication in the Federal Register, which is now scheduled for June 3, 2014]." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor)  

Second Circuit Dismisses Stock Drop Case, Finds Employer's Election to Make Contribution in Company Stock Does Not Confer Fiduciary Status
"Even assuming that Defendants had full authority and discretion to satisfy Company contributions in stock or cash, the exercise of this discretion does not constitute fiduciary conduct under ERISA; the discretionary act must be undertaken with respect to plan management or administration.... Defendants' decision to fund Company contributions in Company Stock could not constitute a fiduciary act because, at the time of the decision, the Company Stock was not a Plan asset." [Coulter v. Morgan Stanley & Co., Nos. 13-2504-cv(L), 13-2509-cv(con) (2nd Cir. May 29, 2014)] (U.S. Court of Appeals for the Second Circuit)  

[Guidance Overview]

Fee Disclosures and Comparative Charts (PDF)
"Field Assistance Bulletin 2013-02 provided plan sponsors of participant-directed plans with a one-time reset of the timing for their annual comparative chart so that the distribution of the annual required comparative chart could be coordinated with other participant disclosures.... Plans that were in the process of providing the comparative charts when the Field Assistance Bulletin was issued continue to have the opportunity to align the timing of the distribution of the comparative chart with other participant disclosures by delaying the 2014 disclosure until as late as February 2015." (The Wagner Law Group)  

Summary of DOL Updated Regulatory Agenda 2014 (PDF)
"The Department of Labor has updated its estimates for expected release of projects on its regulatory agenda. DOL's targeted dates are frequently not met, although it is uncommon for the regulations to be issued earlier than projected." (The SPARK Institute)  

Post-Windsor Adjustments Need Attention to Bring Plans in Line with IRS Guidance (PDF)
"As plan sponsors evaluate their retirement education offerings for participants, or consider whether to contract with their plan administrator to add this service, they should consider a new audience for such advice: same-gender couples ... [A recent survey] showed that this segment of plan participants is likely to grow quickly: Nearly half of unmarried same-gender couples and 60 percent of those currently in civil partnerships are planning to marry. And many surveyed are approaching retirement, with the median age of respondents at 51." (ERISAdiagnostics via Thompson Pension Plan Fix-It Handbook)  

District Court Approves USERRA Class Action Settlement Over Pension Contributions
"United Airlines agreed to pay $6.15 million to a class of pilots who alleged that United's method of calculating and making pension contributions for pilots on military leave violated USERRA." [Tuten v. United Airlines Inc., No. 1:12-cv-01561 (D. Colo., settlement approved May 19, 2014)] (Proskauer's ERISA Practice Center)  

How Will Rhode Island's New Hybrid Pension Plan Affect Teachers?
"In 2011 Rhode Island replaced the stand-alone defined benefit pension plan it provided to state employees with a hybrid plan that reduced the defined benefit component and added a 401(k)-type, defined contribution component.... [The authors] show that two-thirds of newly hired teachers will earn more retirement benefits under the hybrid plan they would have earned under the old plan." (Urban Institute)  

Debate Continues Over Fiduciary Status of 401(k) Plan Service Providers
"The court thought it significant that [ERISA 3(21)(A)(iii)] does not include management of plan assets, but noted there are cases that read the term 'plan administration' broadly to include reserved powers over plan investments. The court concluded it did not need to decide this issue: since there was no evidence that MassMutual unilaterally substituted higher cost funds, the court held plaintiffs' claim failed the 'to the extent' requirement, even if plan administration were construed broadly." (Proskauer's ERISA Practice Center)  

[Advert.]

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Most who use TDFs as QDIAs are breaching their fiduciary duties, so we've written a book to educate them. At $1 trillion & growing, this train is speeding down a rickety track that needs repair before it is too late. Avoid disaster by reading Click Here.

Pension Finance Update as of May 31, 2014 (PDF)
"Pension sponsors treaded water in May, with both assets and liabilities edging up in tandem for both 'model' plans we track. Our traditional 'Plan A' remains down 5% during 2014, while the more conservative 'Plan B' is down 2% on the year." (October Three Consulting)  

How to Avoid Errors in QDROs
"QDRO-related errors recordkeepers or plan sponsors should keep an eye out for [include]: ... Attempting to get the plan to pay attorney fees; Attempting to have taxes related to the alternate payee distribution paid from the participant's account; and Failing to provide sufficient contact and Social Security information for the alternate payee.... [R]ecordkeepers and plan sponsors should also pay special attention to: Properly preserving or restricting the alternate payee's portion when notified of a DRO situation; Any provision that cannot be administered or conflicts with the terms of the plan; and Identifying same-sex couples' DROs for tax reporting purposes." (PLANSPONSOR)  

Executives as Plan Administrators: Have You Received Fiduciary Training to Solidify Key Skills?
"Get training in all four fiduciary disciplines.... Arrange for other company fiduciaries and vendors to get training.... Look to fiduciary standards for ongoing guidance." (Roland|Criss)  

Change in Average 401(k) Account Balances from January 1, 2012 through June 1, 2014 (Infographic) (PDF)
This report shows change in average account balances grouped by age and tenure, from January 1, 2012 through June 1, 2014, for 'consistent' participants (those who had an account balance as of December 31, 2011). (Employee Benefit Research Institute [EBRI])  

GASB Pension Reporting: How to Obtain and Audit Key Numbers
"In an agent plan, employers' assets are pooled for investment purposes, but separate accounts are maintained for each individual employer. Employers that participate in agent plans may face challenges obtaining all the necessary information to support the specific pension amounts they must report, including net pension liability, deferred outflows of resources, deferred inflows of resources, and pension expense." (Journal of Accountancy)  

Governmental Employer Participation in Agent Multiple-Employer Plans: Issues Related to Information for Employer Reporting (PDF)
14 pages. Excerpt: "A major challenge faced by each employer participating in an agent plan is how the employer will obtain all necessary information to support their specific pension amounts including net pension liability, deferred outflows of resources, deferred inflows of resources, and pension expense ... [S]ignificant interaction between the plans, participating employers, actuaries, and related auditors will be needed for purposes of corroborating specific pension amounts in employer financial statements." (American Institute of Certified Public Accountants [AICPA])  

[Opinion]

Comments by American Academy of Actuaries on RP-2014 Mortality Tables (PDF)
"Although the Pension Committee has not done analysis related to the credibility of the data, we have compared the quantity of data used to produce the RP-2000 mortality table and found it to be comparable to the quantity of data used to produce the RP-2014 mortality table. While the quantity of data retained may be sufficient, or at least comparable in quantity to the data used for RP-2000, the Exposure Draft has raised concerns with us about its quality." (American Academy of Actuaries)  

[Opinion]

Fiduciary Standard and Selective Amnesia at the SEC
"The industry claims there is no need for [a uniform fiduciary] standard, that everything is fine. The industry claims that such a standard would cause harmful cost increases for the industry and would reduce the number of stockbrokers who would provide advice to the public. The annual number of court actions and arbitration cases clearly shows that things are not fine." (The Prudent Investment Adviser Rules)  

IRS Begins Audit of Deferred Compensation Plans Subject to Section 409A
"The [compliance initiative program] will focus on larger employers and the 10 highest paid employees of those selected employers. Although the IRS' focus on selected employers is narrow now, many tax practitioners expect that the IRS will eventually broaden its scope as it sharpens its audit techniques and educates itself regarding the most common areas of non-compliance." (Mintz Levin)  

Exhaustion of Administrative Remedies: Exceptions Explained
"Two recent cases provide an important reminder that the judicial gloss on ERISA's claim procedure imposing exhaustion of remedies before filing suit must be carefully considered in any ERISA benefits case.... Aside from compliance with the plan's administrative review and appeal processes, the plaintiff must allege compliance with those procedures in any subsequent federal suit." (ERISA Wonk)  

Two More States Extend Marriage Rights to Same-Sex Couples; State Bans Continue to Fall
"Although nondiscrimination and other laws in same-sex marriage states may require insurers to offer coverage for same-sex spouses, and federal rules will require other insurers to do so beginning in 2015 ... federal law currently does not require employers to cover same-sex spouses under their group health plans ... In contrast, employers must recognize all same-sex spouses for purposes of qualified retirement plans[.]" (Thomson Reuters / EBIA)  

How the Millennial Generation Is Transforming Employee Benefits (PDF)
"Recession-strapped young workers are taking a conservative new approach to financial, medical and other life risks -- and they want their employers to provide comprehensive benefits that support them, guide them and protect them from these risks.... [This article examines] what millennials are really looking for in employee benefits, particularly in the key areas of financial planning and health insurance.... look[s] ahead at new benefits trends that are just beginning to emerge -- and make[s] some unexpected predictions about how this will all play out." (International Society of Certified Employee Benefit Specialists [ISCEBS])  

June and July 2014 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans
"[This] filing and notice deadline table ... provides key filing and notice deadlines common to calendar year plans for the next two months.... [D]eadlines will be different if your plan year is not the calendar year.... [T]he table does not include all applicable filing and notice deadlines, just the most common ones." (King & Spalding)  

When Do State Laws Determine ERISA Plan Benefit Rights?
Includes a link to the full 256-page paper. Excerpt: "[This] article proposes that three principles may be used to decide when state benefit laws determine ERISA benefit rights. First, ERISA permits state laws that do not diminish or enhance (a) ERISA benefit entitlements; (b) ERISA enforcement mechanisms; or (c) ERISA mandates. Second, ERISA preempts any state law that diminishes or enhances any of these ERISA protections unless the diminution or enhancement was needed to implement a state law that is not otherwise preempted ... Third, a law is not otherwise preempted if the law [1] is described in an implicit or explicit exclusion from the ERISA General Preemption Rule, or [2] does not diminish or enhance any of the three above benefit protections other than with a reporting or disclosure mandate that is used to implement the law. Neither the courts nor other commentators have thoroughly explored these principles." (Albert Feuer in John Marshall Law Review, via SSRN)  

As Performance Share Awards Gain Widespread Popularity, Some Question Whether They Truly Improve Corporate Performance
"53% of the companies used a [total shareholder return (TSR)] performance measure at least once in the 2008-2012 period, with an average five-year TSR of -0.18%. Companies with long-term incentive plans not using TSR had an average return of 2.67%. Companies that did not grant performance-vested incentives for any of the five years had average returns of 2.54% (but -0.47% if you leave out Apple and Amazon)." (myStockOptions.com)  

Center On Executive Compensation Announces the Addition of Michele A. Carlin to Senior Leadership Team
Center On Executive Compensation

Purchasing Power Offers Vacation Packages as a New Voluntary Benefit that Improves Employees' Work-Life Balance and Employers' Bottom Line
PurchasingPower

MicroStrategy Launches a Free Public Health iPad App that Empowers People to Make Better Decisions about their Healthcare Options
MicroStrategy Incorporated

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