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ESOP Retirement Plan Administrator
Alerus Retirement Solutions
in MN

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The Newport Group
in FL

Form 5500 Compliance Specialist
ERISA Pros, LLC
in GA

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[Guidance Overview]

Pension Funding Relief Extended: DB Plans Must Act Quickly
"Valuations that have been underway or possibly completed for 2014 will need to be revised to reflect the new rates. Since the 2014 calculations sometimes reveal opportunities and strategies for wrapping up 2013 funding, the 2014 revisions may be needed quickly to make informed decisions for the accrued 2013 contributions. The 2013 minimum required contribution for calendar plan years is due by September 15, 2014, and the 2014 funded level certifications for calendar plan years are due by September 30, 2014. So there is little time for planning and revision of valuation calculations." (Findley Davies)  

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Recent Supreme Court Case Highlights New Concerns in Naming IRA Beneficiary
"While most states ... do not exempt inherited IRAs, some states (e.g., Florida and Arizona) specifically provide that inherited IRAs are exempt.... However, one should carefully consider whether reliance on the state protection creates a false sense of security. If a parent resides in Florida or Arizona but the child inherits the parent's IRA and resides in a state that does not specifically protect inherited IRAs ... the inherited IRA could be subject to the claims of creditors in bankruptcy." (Quarles & Brady LLP)  

Fourth Circuit Applies More Stringent Standard for Breach of Duty of Procedural Prudence by Retirement Plan Fiduciaries
"The district court [had] held that RJR's investment decision was objectively prudent because a hypothetical prudent fiduciary could have made it after performing a proper investigation. The Fourth Circuit held that this 'could have' standard ... would render toothless ERISA's enforcement mechanism. Rather, ... a decision is objectively prudent if a hypothetical prudent fiduciary would have made the same decision anyway[.]" [Tatum v. RJR Pension Investment Committee, No. 13-1360 (4th Cir. Aug. 4, 2014)] (Practical Law Company)  

Plaintiffs Ask Supreme Court to Consider DC Plan Fiduciary Standards in Tussey v. ABB
"In their petition filed on [August 5], the plaintiffs asked the Supreme Court to review the Tussey case and ... Tibble et al. vs. Edison International ... arguing federal appeals courts are using different standards to rule on complaints regarding fiduciaries' 'statutory duties of prudence and loyalty.'" (Pensions & Investments)  

How to Get Closure on IRA Mistakes
"For some mistakes, the statute of limitations eventually protects you -- if you file the right kind of tax return. The problem is, until 2011 (when the Paschall case was decided), people didn't realize that the 'return' they needed to file was Form 5329.... Since Paschall, it has become imperative for prudent IRA owners to file Form 5329 every year, even when they (think they) owe no penalties. If you just file Form 5329, even if you report "zero, zero, zero" in each penalty section, you start the statute of limitations running." (Morningstar Advisor)  

[Advert.]

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U.S. Public Pensions Show Biggest Investment Gain in Three Years
"Public pensions had median increases of 16.9 percent for the 12 months ended June 30 ... It was the best performance since the funds rose 21.2 percent in fiscal 2011. Those with assets greater than $1 billion performed best, reporting median jumps of 17.4 percent, boosted by bigger allocations to private equity, hedge funds and other alternative assets." (Bloomberg)  

Ventura Pension Vote Blocked; Summit This Fall with Other California City Leaders?
"The Ventura reformers, including Supervisor Peter Foy, are talking about meeting with the leaders of pension reform measures in San Diego and San Jose approved by voters two years ago ... The local pension reformers from all three areas share one common goal: cut growing pension costs that eat up funds needed for basic government services. But the methods they chose to cut pension costs are very different." (Calpensions)  

Quebec Municipal Workers Dress Up in Protest Over Proposed Pension Reforms
"The Liberal government introduced its proposal to overhaul municipal pensions in mid-June, saying those plans carry a collective deficit of about $3.9 billion and aren't sustainable in the long-term.... In Quebec, the response from workers has been hard to ignore.... Police in Montreal ... have donned bright red ball caps and shed their work-issue slacks for camouflage, fluorescent and multi-coloured pants to show their anger. Meanwhile, city vehicles, public transit buses, police and fire trucks across the province have been plastered with slogan stickers." (The [New Glasgow] News)  

To Claim or Not to Claim: When Should You Take Social Security?
"If you start at 62, you will receive 25 percent less per month than you would at your full retirement age of 66 (if you were born between 1943 and 1954). For those born later, the reduction grows gradually to 30 percent.... If you can wait until you're 70 to claim Social Security, your monthly payment will be 32 percent more." (U.S. News & World Report)  

Deferral of Social Security Commencement May Not Be All That It's Cracked Up to Be
"The degree of success of the commencement deferral strategy will depend on the investment return you could have earned on the 'bridge payments' you withdraw from your accumulated savings, the rate of future inflation and how long you live. Under most reasonable assumption scenarios, you don't see the increases in total retirement income that you might have expected ... Nor do you see the magnitude of increases necessary to lift retirees out of poverty and into a life of comfort." (Ken Steiner, FSA Retired)  

Tailored Target-Date Fund Strategies That Can Match Demographics May Enhance Control and Reduce Costs (PDF)
"More than two in three consultants promote or support custom solutions. Plans as small as $200 million will likely go custom in the coming years. 51% of consultants believe that there is not enough choice in the market, or plan demographics are too unique for off-the-shelf solution." [A chart titled "Target-Date Funds: Find Your Fit" compares custom and off-the-shelf funds; the article includes a checklist titled "Customization: Key Steps."] (PIMCO)  

ERISA Litigation and Company Stock: Supreme Court's Decision in Fifth Third v. Dudenhoeffer (PDF)
18 presentation slides. "Consider appointing fiduciaries who are knowledgeable and capable, but not in a position to have access to inside financial or sensitive information.... Assuming employer stock is to be offered through the plan, consider making the investment in employer stock mandatory in the plan document and investment policy statement ... ESOP fiduciaries with inside information should consider obtaining legal counsel concerning their obligations under the securities laws.... Fiduciaries should engage in a prudent process to evaluate and document their decisions with respect to employer stock[.]" (O'Melveny & Myers LLP, for American Benefits Council)  

Do Actively Managed Investment Funds Have a Future?
"[T]arget-date funds account for $30 billion of active funds' inflows; remove that amount, and active management took in barely more than $100 billion. Target-date sales are in a sense accidental, as target-date funds sell into a captive audience that must purchase funds from the target-date family that is placed in front of it.... And that happy accident is dissipating. After a slow start, passive investing is taking over target-date investing[.]" (Morningstar)  

[Opinion]

Text of Comments by AFL-CIO to SEC on Dodd-Frank Pay Ratio Disclosure Requirements (PDF)
"The SEC should implement Dodd-Frank Section 953 as soon as practical.... Pay for performance data should supplement the summary compensation table ... 'Realized Pay' does not equal 'Executive Compensation Actually Paid'... Alternative pay formulas can dramatically understate executive compensation ... The SEC should require disclosure of quantifiable pay-for-performance metrics." (U.S. Securities and Exchange Commission [SEC])  

Contributions Invited for "What the Heck Was I Doing Back in 1974? - How the Birth of ERISA Affected Me"
Ferenczy Benefits Law Center LLP

Mercer Announces Senior Hires to Support Growing Client Needs in the Midwest
Mercer

SunGard Releases White Paper on How Managed Services Can Help Retirement Administrators Improve their Bottom Line
SunGard

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