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Sikich, LLP
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Wiggin and Dana LLP
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Nicholas Pension Consultants
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American Community Survey Statistics and Health Insurance Measures
September 11, 2014 WEBCAST
(U.S. Census Bureau)

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[Guidance Overview]

Retirement Plan Reporting and Disclosure Requirements (PDF)
13 pages. "This Reporting and Disclosure Guide for Employee Benefit Plans was prepared by the IRS and reviewed by the Treasury Department, the Department of Labor, and the Pension Benefit Guaranty Corporation [PBGC]. It is intended to be used as a quick reference tool for certain basic reporting and disclosure requirements under [ERISA]." [Dated August 7, 2014; published online September 4, 2014.] (Internal Revenue Service [IRS])  

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ASPPA Annual Conference on October 26-29 in Washington DC

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[Guidance Overview]

Getting a Grip on GASB 67/68 (PDF)
28 presentation slides. "GASB's new accounting standards: [1] Use blended rate to discount liabilities; [2] Market valuation of assets; [3] No longer address how to calculate the annual required contribution; [4] Use the Entry Age Normal cost method; [5] If you are in a multiemployer cost sharing plan, you must report the proportional share of pension liability on your balance sheet." (Center for State & Local Government Excellence)  

Employee Stock Ownership Plans: Legal and Regulatory Update
37 pages. Detailed presentation outline covers: [1] Recent court decisions in ESOP participant litigation; [2] DOL litigation and settlements involving ESOPs; [3] Recent IRS Private Letter Rulings and Technical Advice Memos; and [4] Recent S-corp ESOP decisions. (Utz & Lattan, LLC)  

Fourth Circuit Reverses District Court, Holds for Plaintiffs in Reverse Stock Drop Case
"On the facts as given, that is, in the context of procedural imprudence, the 4th Circuit decision is disturbing. There is no question that perfectly prudent investors were selling (and buying) Nabisco stock in January 2000. At that time, the market price that emerged from that prudent activity reflected the views of all investors as to Nabisco's value. How that judgment might be unpacked into a more probable (majority) view as to Nabisco's 'true value' (e.g., that Nabisco was undervalued) and a less probable (minority) view (that it was overvalued) is a mystery." [Tatum v. RJR Pension Investment Committee, No. 13-1360 (4th Cir. Aug. 4, 2014)] (October Three Consulting)  

More DB Plans Are Receiving Questions About Decades-Old Benefit Payments
"[A] contributing factor to the rise of these claims is the large population of Baby Boomers retiring and the span of time over which records have not been retained or may have been lost. Adding defined benefit plan participation [information] when individuals file for Social Security benefits also boosts the trend.... [T]he language of the Social Security notice can be quite misleading, because it tells individuals they 'may be entitled to some private pension benefits upon retirement,' depending on whether they have already collected due benefits in the form of a cash distribution." (PLANSPONSOR)  

[Advert.]

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What New IRS Rules Mean for Your Retirement Account
"Starting in 2015, new rules apply for withdrawing money from an IRA with the aim of rolling it into another IRA investment, taking possession of the funds yourself in the process. The short version of the new rule is that you can only roll over an account this way once every 365 days ... But the longer version is: Don't even try to skirt this rule." (U.S. News & World Report)  

Are Retirees Falling Short? Reconciling the Conflicting Evidence
"[The authors] find that the optimistic views of retirement preparedness depend crucially on behavioral assumptions that may not reflect real world activity or on consumption levels that are unsustainable in the long run. [Their] best assessment is that retirees are falling short and will fall increasingly short over time." (Pension Research Council, Wharton School of the University of Pennsylvania; free registration required)  

Retirement Plans and Prospects for Retirement Income Adequacy
"While it is widely accepted that employment-based retirement plans have played a significant role in providing retirement income to American workers, this paper quantifies the impact that those programs have in the determination of retirement income adequacy.... [O]ne of the most important factors in determining whether Gen Xers would have sufficient retirement resources is eligibility for participation in an employment-based defined contribution plan." (Pension Research Council, Wharton School of the University of Pennsylvania; free registration required)  

Changes in U.S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances
"[T]hose in the bottom half of the usual income distribution saw overall declines in retirement plan participation between 2007 and 2010 and then again between 2010 and 2013, from 48.2 percent in 2007 to 40.2 percent in 2013.... [T]here was little change in the fraction of families with a DB plans.... The average combined IRA and DC pension balance for families owning those assets in the lowest income group was $39,100 in 2013. That figure is close to the 2010 average balance of $40,500 but down more than 20 percent from the 2007 value of $50,600. Those in the upper-middle income group saw an increase in their average total balance between 2007 and 2010." (Federal Reserve Board of Governors)  

Pension Finance Watch, August 2014
"Equities produced strong August returns, but the impact was more than offset by falling bond yields. The net result for the month was a 0.9% decline in the Towers Watson Pension Index, to 73.2. With the August change, the index is now down 6.3% for the year." (Towers Watson)  

S&P 1500 Pension Deficits Remain Above Year-End 2013 Levels
"The estimated aggregate funding level of pension plans sponsored by S&P 1500 companies dropped by 1% to 84% as of the end of August 2014. Decreases in interest rates used to calculate corporate pension plan liabilities more than offset rising equity markets and led to the decline in funded status. The collective estimated deficit of $369 billion as of August 31, 2014, is up $29 billion from the estimated deficit of $340 billion as of July 31, 2014, and up $133 billion from the beginning of the year[.]" (Mercer)  

Bankruptcy, Pensions and Politics (PDF)
22 presentation slides. "Putting pension funding issues into perspective: [1] We've fixed funding problems in the past -- 'pay as you go' was common in the 1970s; [2] GASB disclosure requirements (1986) stimulated better funding; [3] Most plans were fully funded by 2000; [4] The last decade hit pension plans hard -- two recessions and more retirees to support; [5] In 2013, only 34 percent of plans were over 80% funded; [6] Average funded ratio in 2013 was 72%." (Center for State & Local Government Excellence)  

[Opinion]

Changing Frameworks for Retirement Security
"Despite the bill's far-ranging scope, in the years since its passage it has become evident that ERISA failed to achieve all of its intended objectives. The corporate pension scene today is in turmoil, and most private employers have terminated or frozen their traditional DB plans. In their place, employers are increasingly substituting defined contribution (DC) retirement saving plans, which pose a new set of responsibilities on employees and their firms. This volume investigates how and why traditional approaches to pension risk management have failed, and [the authors] also explore the new mechanisms required to strengthen retirement security for the future." (Pension Research Council, Wharton School of the University of Pennsylvania; free registration required)  

[Opinion]

Assessing Pension Benefits Paid Under Pennsylvania's State Employees' Retirement System
"Pennsylvania's pension plan for state employees ... ranks as the third-worst plan in the nation covering newly hired general state employees. The plan ... is inadequately funded, it penalizes work at older ages by reducing lifetime benefits for older employees, and it provides few retirement benefits to short-term employees.... Various pension reforms could distribute benefits more equitably across the workforce." (Urban Institute)  

Two New Directors Join the American Academy of Actuaries
American Academy of Actuaries

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