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Compensation & Retirement Plan Analyst
Tucson Electric Power
in AZ

Pension Administrator
Jack A. Cross & Associates, Inc.
in CA

Compliance Administrator II
Associated Pension Consultants in Chico, California
in ANY STATE, CA

Retirement Account Analyst
Alerus Retirement Solutions
in MN

Retirement Account Administrator
Alerus Retirement Solutions
in MN

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Employee Benefits Legislative and Regulatory Update
August 6, 2014 WEBCAST
(Worldwide Employee Benefits Network [WEB])

Other Postemployment Benefits (OPEB): For Users of State and Local Government Financial Information
August 8, 2014 WEBCAST
(Governmental Accounting Standards Board [GASB])

Aligning 401(k) Plan Design with HR Strategy
August 27, 2014 WEBCAST
(Kushner & Company)

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[Official Guidance]

Text of OPM Proposed Regs for Federal Employees' Retirement System: Present Value Conversion Factors for Spouses of Deceased Separated Employees
"[OPM] is issuing a proposed rule to revise the table of reduction factors for early commencing dates of survivor annuities for spouses of separated employees who die before the date on which they would be eligible for unreduced deferred annuities, and to revise the annuity factor for spouses of deceased employees who die in service when those spouses elect to receive the basic employee death benefit in 36 installments under the Federal Employees' Retirement System (FERS) Act of 1986. These rules are necessary to ensure that the tables conform to the economic and demographic assumptions adopted by the Board of Actuaries and published in the Federal Register on May 21, 2014[.]" (U.S. Office of Personnel Management [OPM])  

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[Guidance Overview]

IRS Gives QLACs the Green Light in Final Regs
"QLACs are presumably intended to be 'portable,' meaning that it should be possible for QLACs to be transferred from the plan or IRA in which they were purchased to another plan or IRA ... However, the Final Regulations do not specifically address the permissibility or the consequences of such transfers (for example, how such transfers would affect the QLAC premium limits applicable to the transferee plan or IRA)." (Pillsbury Winthrop Shaw Pittman LLP)  

NLRB Overturns Union Decertification Election Based on Employer's 'Promises' of 401(k)
"During the campaign leading up to the vote, representatives of the employer pointed out to the employees how the unrepresented employees were able to participate in the employer's 401(k) program. The employer made statements to the effect of, 'trust him, vote no and take their union dues and put them into the' existing 401(k). The Board found statements like these to be an implied promise to grant a benefit 'because the evidence shows that the Employer specifically linked the receipt of the 401(k) and profit-sharing plans to voting against the Union in the upcoming decertification election.'" (Proskauer)  

Stock Market's Rise Lifts Retirement Balances to a Record High
"At the end of the second quarter ... For those employees who have been active in a workplace 401(k) retirement plan for a full 10 years, their average balance rose 15.0% per year over the past decade to $246,200.... The quarterly average 401(k) balance, which includes all employees at various stages of their careers including just starting a job to nearing retirement, rose 12.9% to $91,000, a record high, up from $80,600 at the end of the second quarter 2013.... Impact of the stock market remains significant with 77% of the one-year 401(k) balance increase due to the equity markets and 23% due to employee and employer contributions." (Fidelity)  

Coverage Testing When Spouses Each Own a Business
"Suppose a husband and wife each own separate, unrelated businesses. If [certain exceptions] are met, each individual will be considered to have sole ownership over their respective companies, without any attribution of ownership to the spouse.... However, when the spouses in question have a child under age 21, the exceptions ... won't matter because a controlled group will be deemed to exist due to the fact that the minor child is attributed stock in each company ... If both companies are considered part of a controlled group because of the child's ownership, it may be difficult to demonstrate compliance with the 70% coverage testing if only one company is providing retirement benefits to its employees." (Retirement Management Services)  

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Target Date Funds: Trends, Types and Tools for Plan Sponsors (PDF)
17 pages. Topics include: [1] Differentiation of TDFs; [2] Glide Path Implications; [3] Proprietary/Non-Proprietary Underlying Funds; [4] Cost effectiveness of Custom TDFs; [5] Understanding Your Plan Participant Profile; [6] Current Industry Trends; [7] Monitoring and Benchmarking TDFs; [8] Regulatory Environment in the Target Date Fund Universe; and [9] Are Target Date Funds 'successful' as a retirement savings tool? (National Association of Governmental Defined Contribution Administrators [NAGDCA])  

Target Date Funds: Three Reasons for 'To', Not 'Through'
"The glidepath is driven by the transfer of future wages into savings ... Retirement risk may be at its height the day we retire ... [T]he glidepath should anchor the day retirement starts -- whenever that happens to be." (BlackRock)  

Once More Unto the (Fiduciary) Breach, Dear Plan Sponsors
"How can plan sponsors minimize fiduciary risk and avoid litigation? Experts advise the following: [1] Really understand your plan.... [2] Keep the focus on participants.... [3] Benchmark, benchmark, benchmark.... [4] Beware of bundling.... [5] Watch out for revenue sharing.... [6] Don't float.... [7] Don't pay retail." [Editor's note: Henry V, Act III, Scene I] (CFO)  

The Largest Leakage Culprit: Job Change Cashouts (PDF)
"20 percent of those in the lowest-income quartile who would otherwise have enough savings to achieve a real replacement rate threshold of 80 percent would fall short due to these cashouts at job change. Moreover, just over 10 percent of the highest-income quartile who would otherwise have enough money to meet that 80 percent threshold would fall short due to job change leakage." (Employee Benefit Research Institute [EBRI])  

A Plan Sponsor Fiduciary Guide: Understanding Your Fiduciary Role (PDF)
16 pages. Excerpt: "This fiduciary guide can help you understand and manage your fiduciary responsibilities through a better understanding of existing rules and regulations. In addition, the information in this guide can help you establish and monitor your procedures, as well as document your decisions." (J.P. Morgan Asset Management)  

[Opinion]

Text of Letter from Mercer to U.S. Senate Leaders on PBGC Premiums and Retirement Policy (PDF)
"We believe Congress should undertake a broad policy review of the US retirement system with the overall goal of improving the retirement outcomes for more Americans. The PBGC should be a key area of focus within this broad review, along with other rules that affect the number and coverage of DB plans. Lawmakers should effectively transform the PBGC and retirement rules so they have a more productive impact on DB plans and the agency's own financial position." (Mercer)  

2014 Mid-Year Compliance Update
"While 2014 has been a relatively quiet year in terms of new rules affecting retirement plans, the January 1, 2015 effective date for the Affordable Care Act employer shared responsibility mandate is now in sight. This summary discusses a few key developments regarding employee benefit plans -- especially group health plans -- for employers to consider as they move into the second half of 2014." [Items include Benefit Plan Definitions of "Spouse" After the Windsor Decision; PCORI Fee; Breast Cancer Medications; Health Plan Identifier Number Requirement; Information Reporting under Code Sections 6055 and 6056; Amendment Deadline for FSA Limits; Health Care Reform Update; more.] (Verrill Dana LLP)  

Benefits Litigation Update, July 2014 (PDF)
18 pages. Article titles include: [1] Recent Supreme Court Decisions Revise Rules for Stock Drop Cases; [2] Hobby Lobby and the Questions Left Unanswered; [3] Post-Amara Landscape Continues to Evolve; [4] Supreme Court to Decide Whether a Failed Class Action May Extend Deadline to Bring Follow-on Claims by Individual Plaintiffs; [5] Supreme Court Indicates That It Will Review 'Tibble'; [6] Challenges Could Threaten Individual Subsidies and Employer Mandate Penalties in States with Federal Exchanges; [7] Supreme Court Accepts Cert. in Retiree Health Vesting Case; [8] Third Circuit Urged to Correct Misapplication of Fiduciary Deference Standard; and [9] Will the Plaintiffs' Bar Ask the Courts to Declare Deferential Judicial Review of ERISA Benefits Denials Unconstitutional? (Epstein Becker Green and The ERISA Industry Committee [ERIC])  

2014 Benefits Strategy and Benchmarking Survey (PDF)
36 pages. Excerpt: "Only 31% of organizations have quantified the cost of healthcare reform.... Increasing employees' plan contributions was the most popular healthcare cost containment strategy in 2014.... Ninety percent (90%) of organizations do not have a written total rewards or strategic benefits plan with measurable objectives.... Sixty-three percent (63%) of employers reported that their benefit expenses account for 20% or more of their total compensation spend.... Email communications were the most popular benefits communication method for employers with 100 or more FTEs." (Arthur J. Gallagher & Co.)  

AnnuityAdvantage Hails New Regulations From Treasury Department Giving Employees More Options for Retirement Income Planning
AnnuityAdvantage

Castle Rock Announces Hiring of Katherine Brown as a Research Associate
Castle Rock Investment Company

Pension Rights Center Launches New 'Roadmap to Retirement'
Pension Rights Center

Version 2.0 of Data Analytics Tool HealthSpective Now Available
Dynamic Health Strategies

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