SunGard Relius

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Saunders Financial
in FL

Asset Growth and Retention Specialist
Christian Retirement Ministries
in CO

Vice President - Documents & ERISA Compliance
MBM Advisors, Inc.
in TX

Director, Marketing
Transamerica Retirement Solutions
in CA, NY

Retirement Services Specialist
FFGA
in TX

Retirement Plan Administrator II
Fulton Financial Corporation
in PA

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The Latest in Compensation and Benefits Accounting
July 30, 2014 WEBCAST
(PricewaterhouseCoopers LLP)

Spanish-Language Affordable Care Act 101 for Small Employers
August 5, 2014 WEBCAST
(U.S. Small Business Administration [SBA])

What the New Healthcare Law Means for Your Small Business
August 7, 2014 WEBCAST
(Small Business Majority)

Spanish-Language Affordable Care Act 101 for Small Employers
August 19, 2014 WEBCAST
(U.S. Small Business Administration [SBA])

Health Benefits Laws Compliance Assistance Seminar
August 20, 2014 in WA
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Cash Balance Plans - Prospects, Design and Administration
August 26, 2014 WEBCAST
(NIPA [National Institute of Pension Administrators])

Health Benefits Laws Compliance Assistance Seminar
September 9, 2014 in CA
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Medical Devices Summit Midwest
October 1, 2014 in MN
(Opal Events)

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Women, Low Earners Are Least Likely to Receive Full Retirement Savings Match from Employers (PDF)
"78 percent of Americans who contribute to an employer-sponsored retirement plan receive matching contributions from their employer, and 77 percent of those who have matching contributions save enough to receive the full employer match. However, only 72 percent of women contribute enough to receive the full employer match, compared with 82 percent of men, and only 64 percent of those earning less than $35,000 a year receive the full match. In addition, only 51 percent of those with less than $10,000 in assets receive the full match." (TIAA-CREF)  

[Advert.]

Please join us for our 3rd Annual ftwilliam.com Customer Conference!

Sign-up for our 3rd Annual ftwilliam.com Customer Conference, August 3-5 in downtown Chicago! Earn CE credits while learning about the latest industry news and trends, interacting with your peers, and learning more about your ftwilliam.com software tools.

Planning for Retirement: The Role of 401(k)s in Retirement Income (PDF)
"[O]n average, 35 percent of retirement income must come from 401(k) plans in order for households to maintain their pre-retirement standard of living. This translates to 25 percent for low-income households, 32 percent for middle-income households, and 47 percent for high-income household.... Assuming retirement savings begins at age 35 and that retirement occurs at age 65, the average required savings rate to achieve the targeted income from a 401(k) plan is 14 percent of pre-tax household income per year." (Prudential)  

Case Study: Setting a New Funding Policy Independent of GASB Standards
"Ultimately, the client achieved an immediate improvement in its funding structure by closing the amortization period, which was due to an improved understanding of its current funding method, and how that compared to more generally accepted methods. The client also gained detailed knowledge about the mitigation of potential future contribution rate volatility for its plan, and a set of tools to address that down the road." (Milliman)  

ConocoPhillips Best Among 401(k) Plans; Facebook Is Last
"The rankings [by Bloomberg News reporters] allow employees ... to see how their own 401(k) compares to others on such criteria as company match, investment options, and time to vest.... [M]ore than 40 percent of companies allow workers to vest immediately ... Retailers Home Depot Inc. and Amazon.com make employees wait three years, and software maker Oracle Corp., four." (Bloomberg)  

Detroit Retirees Approve Pension Cuts by a Landslide
"Pension cuts were approved in a landslide, according to results filed shortly before midnight [July 21]. The tally from 60 days of voting gives the city a boost as Judge Steven Rhodes determines whether Detroit's overall strategy to eliminate or reduce $18 billion in long-term debt is fair and feasible to all creditors.... General retirees would get a 4.5 percent pension cut and lose annual inflation adjustments.... Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise." (ABC News)  

[Advert.]

Designed for CIO's from US Foundations, Endowments and Pensions

Are you looking to develop innovative asset allocation strategies? Speakers alone contribute to 1.8 trillion AUM. Learn new solutions to your immediate challenges. September 8-9, Atlanta.

Plan Sponsors Struggle with 401(k) Auto-Escalation Issue
"Most defined contribution plan experts say the opt-out approach is the best way to improve retirement savings when combined with auto enrollment. Although opt-out is gaining, some surveys show opt-in either dominates or still represents a large percentage of auto-escalation policies in DC plans." (Pensions & Investments)  

Outcome-Focused Investment Strategies: The Benefits and Challenges of Looking Beyond Benchmark-Driven Investments (PDF)
"[I]nstead of weighting the component benchmark indices according to the portfolio's target allocations, ... the composite benchmark may be weighted according to ... the portfolio's volatility as it relates to the market.... Plan fiduciaries may also utilize risk-adjusted performance metrics, such as the Sharpe Ratio, to help them evaluate the extent to which participant investors are being well compensated for an outcome-focused portfolio's level of risk." (The Wagner Law Group, via Plan Consultant)  

Are 401(k) Funds Second-Rate?
"For decades, the retail funds available to 401(k) investors have been unfavorably compared with institutionally managed pension funds.... [One study] estimated fund performance from each company's required Form 5500 filings.... For both 401(k)s and pension funds, bigger was better. Plans from larger companies handily beat those of smaller companies.... A small-company 401(k) is on average only moderately worse than a big-company version. But the smaller pensions trail the larger pensions by almost 3 percentage points." (Morningstar Advisor)  

Sen. Rubio's Federal Thrift Savings Plan Proposal for the Uncovered
"A federal retirement savings alternative may be attractive to some employers who currently maintain 401(k) plans. If it becomes popular -- if a lot of Americans begin using the TSP as their preferred retirement savings vehicle -- it may put pressure on companies that sponsor their own 401(k) to conform to the TSP's low-cost, passive investment style. If the TSP begins to attract really significant amounts of money, it will have an effect on the market as a whole, raising issues about government management of capital and capital formation." (October Three Consulting)  

Supreme Court Rewrites the Rules Governing ERISA Fiduciary Duty Claims Against ESOP Trustees
"The vast majority of complaints filed in stock-drop cases to date make broad allegations that the fiduciaries 'knew or should have known' the company's stock was an imprudent investment, based on publicly available information. The Court's suggestion that a 'special circumstances' pleading obligation applies ... will make it considerably more difficult for plaintiffs making such claims to survive a motion to dismiss.... Fiduciaries of ESOPs holding non-publicly traded stock may be particularly impacted by the Court's rejection of the Moench presumption." (Crowell Moring)  

DB Plan Provisions Influence the Way DC Plan Sponsors Think About Retirement Income (PDF)
"Typically, companies that offer only a DC plan focus on getting employees into the 'pipeline' as early as possible for the purpose of accumulating savings for retirement.... DC-only plan sponsors without a lifetime income annuity are discussing the option with their recordkeepers, with 70 percent taking preparatory steps to offer this feature. However, only 44 percent of DC-only organizations stated that retirement income is an important focus, while 98 percent said that retirement savings is an important focus of their plans' overall objectives." (ERISAdiagnostics via Thompson Pension Plan Fix-It Handbook)  

Long and Winding Road for Money Market Funds May End Soon
"After seven years of debate, one round of rules changes in 2010, followed by three more years arguing over yet another round of regulation, money market funds (MMFs) may get their final changes this Wednesday. Or, they may not. It all depends on whether the [SEC] actually votes on money market fund rule changes on July 23. The five commissioners have, to this point, not been unified on more MMF changes. They aren't even clear about what they will vote on." (Association for Financial Professionals [AFP])  

Pension Derisking: Start with the End in Mind
"The end of a derisking glide path can be the best place to begin developing a derisking strategy for defined benefit (DB) plans.... [This article] discusses how the end is reached when a plan attains its maximum funding level and has a low-risk portfolio in place to maintain it.... [A] gradual path to achieve full funding can be mapped, starting from the current funding level and asset allocation. [This] approach helps avoid overfunding and stranding surplus assets in the plan." (Vanguard)  

Slow Process Seen in Naming Gotbaum Successor at PBGC
"Sources cited several reasons for there being no quick appointment. One is the political nature of the job ... Then there is the job itself, which requires both administrative and political skills, and comes with competing constituencies that guarantee criticism from plan sponsors or participants or both. The demands of the job have weighed heavily on past directors, with some serving for as short as nine months. Mr. Gotbaum will have served the longest, at four years, when he departs." (Pensions & Investments)  

Why More Companies Want Pensions Off Their Books
"Now that the stock market is roaring and interest rates are expected to increase, buying annuities to get rid of pension obligations is becoming less expensive. That means interest in de-risking is rising.... With many traditional company pension plans frozen -- meaning employees are accruing no new benefits and plans are accepting no new members -- some advocacy groups worry that 'de-risking' will end up being yet another blow to retirement security." (The Washington Post; subscription may be required)  

How State Auto-IRA Legislation May Affect Employers
"These proposals generally do not cover employers who already have a plan. But, depending on how they deal with uncovered groups and uncovered employees (e.g., part-time or seasonal employees) and minimum standards for 'what is a plan,' they may wind up applying even to large plan sponsors. [This article reviews] three such initiatives: the National Conference on Public Employee Retirement Systems (NCPERS) Secure Choice Pension (SCP) proposal, the California Secure Choice Retirement Savings Trust Act and the Illinois Secure Choice Savings Program Act." (October Three Consulting)  

Thoroughly Vetting Service Providers Through an RFP Process (PDF)
"In plain English, a fiduciary must test the waters every so often to meet its ongoing monitoring responsibility. An RFP provides the structure for a well-thought-out evaluation and leaves a written document trail as evidence of the fiduciary process." (The Wagner Law Group)  

Seven Reasons for Hiring a Dedicated Retirement Plan Advisor (PDF)
9 pages. Topics covered: "[1] Meeting Fiduciary Duty ... [2] Establishing Investment Policies and Procedures ... [3] Managing a Request-for-Proposals for Service Providers ... [4] Investment Manager Search and Selection ... [5] Investment Manager Replacement ... [6] Performance Reporting ... [7] Conduct Ongoing Due Diligence on Service Providers and Investment Managers." (Strategic Benefit Services)  

[Opinion]

Robo-Advisors: 'Roadmap to a Rocky Future'
"[Question:] There's been a lot of chatter lately questioning the 'value' or 'worth' of using a financial adviser. This has led to the rise of the Robo-Advisor and a more general movement towards do-it-yourself investing. What do you see as the drawbacks of this trend ... [Answer:] Although good planning may not be rocket science, there is a reason that professionals spend years to become educated the field and continue annually to study and keep up with both new research and product trends. I would suggest to a do-it-yourselfer that planning the quality of the rest of their life with limited knowledge and blackbox software is a likely roadmap to a rocky future." (Fiduciary News)  

Multiemployer Trustee Selection and Orientation: 2014 Survey Results
[Infographic] "Of the 230 fund representatives that completed the survey, nearly 60% believe that it is more challenging to be a trustee today, as compared to decades ago due to personal liability, fiduciary liability, finding a work-life balance and constantly changing regulations. The majority also find that it is more difficult today to recruit both labor and management trustees, and that it takes between three and five years to develop a competent trustee." [The full survey results are online.\ (International Foundation of Employee Benefit Plans [IFEBP])  

State Law Reporting and Disclosure Mandates Under ERISA
20 pages. "ERISA permits a state-law reporting or disclosure mandate that implements a state law that is not otherwise preempted, but only to the extent the mandate is needed for the effective administration of such state law. ERISA preempts all other reporting and disclosure mandates. This article uses those principles to answer the question, 'Which State-Law Reporting and Disclosure Mandates Does ERISA Permit that Relate to State Criminal Laws, Insurance Laws, Health Care Laws, Tax Laws, Domestic Relations Laws, Labor Laws, or Other State Laws?'" (Albert Feuer in Bloomberg BNA Tax Management, via SSRN)  

First Circuit Decision on Use of Retained Asset Accounts to Pay Life Insurance Benefits Could Have Broader Implications
"Conventional wisdom holds that ERISA's protections, and ERISA's daunting fiduciary and conflict of interest requirements, all cease to apply at the point at which the promised 'benefit' gets delivered.... [This case] adds support to the view that, so long as the benefit being promised clearly can consist of an account (rather than cash or its equivalent), delivery is complete when control over the account is delivered. That principle may well crop up in other contexts involving other types of ERISA plans, such as when employer stock (or perhaps an annuity contract) come to be distributed from a 401(k) plan or a similar savings plan." [Merrimon v. Unum Life Insurance Co. of America, No. 13-2128P-01A (1st Cir. July 2, 2014)] (BakerHostetler)  

The 'Wedding' Planner: Considerations When Selling Your TPA Firm (PDF)
"Once a TPA owner decides to sell the firm, significant planning must take place before any deal is closed. You want to make sure you find the right 'mate,' because 'business divorces' can be very painful. The more you know about your own firm, the easier it will be to determine whether or not a prospective buyer is appropriate for your firm. Owners should inform their attorney and accountant of any plans to sell in advance of entering discussions with buyers to be alerted to special circumstances that could impact the sale of the firm." (Simoneaux & Stroud Consulting Services, via Journal of Pension Benefits)  

How Will Audit Firms Implement Final PCAOB Rules on Executive Compensation Design?
"According to the [Public Company Accounting Oversight Board (PCAOB)], the final rules 'do not require the auditor to make any determinations regarding the appropriateness or reasonableness of the company's compensation arrangements with its executive officers.' Notwithstanding this statement, questions remain as to how audit firms will implement this change and what procedures they will adopt for assessing whether pay programs give rise to a risk of material misstatement. [The authors] also have questions about what the next steps might be when an auditor makes such a determination." (Towers Watson)  

Segal Rogerscasey Announces Officer Promotion
Segal Rogerscasey

Seasoned Senior Account Executive Joins Burnham Benefit
Burnham Benefits Insurance Services Inc.

The Segal Group Announces Officer Promotions
The Segal Group

Walgreens Rewards Healthy Activities through Balance Rewards Loyalty Program
Walgreens

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