ASPPA

Administrative Support Specialist - Retirement Planning
LoVasco Consulting Group, Inc.
in MI

Retirement Plan Consultant
LoVasco Consulting Group, Inc.
in MI

Defined Benefit - Systems Analyst
Milliman
in TX

Enrolled Actuary
PenSys, Inc.
in CA

Sr Account Executive - Retirement Services
Principal Financial Group
in MA

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myRA: Making Retirement Planning Work Your Small Business
September 26, 2014 WEBCAST
(U.S. Small Business Administration [SBA])

Qualified Plan Terminations and Partial Plan Terminations
October 7, 2014 WEBCAST
(ASPPA [American Society of Pension Professionals & Actuaries])

Rise of Retail Health Coverage
October 15, 2014 WEBCAST
(Healthcare Web Summit)

Capital Market Expectations
December 10, 2014 WEBCAST
(Conference of Consulting Actuaries)

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[Official Guidance]

Text of OPM Notice: Civil Service Retirement System and Federal Employees Retirement System; Notice to Surviving Same-Sex Spouses of Deceased Federal Annuitants, Employees, or Former Employees Who Died Prior to June 26, 2013
"[In] order to ensure that surviving same-sex spouses of deceased federal annuitants, employees, or former employees who died prior to the Windsor decision on June 26, 2013, are able to exercise their rights and interests as 'widows' and 'widowers' under CSRS and FERS, OPM is providing this notice to inform those surviving same-sex spouses how they may apply for survivor annuities and/or lump-sum death benefits. OPM also wants to make clear that surviving same-sex spouses of deceased annuitants who died prior to June 26, 2013, may apply for benefits even if the annuitants did not attempt to elect survivor annuity benefits for their spouses prior to death, and/or even if OPM has previously denied applications for benefits from surviving spouses as a result of DOMA." (Office of Personnel Management [OPM])  

[Advert.]

The industry's best 5500 Solution – ftwilliam.com

Wolters Kluwer - ftwilliam.com has a solution no matter the size or needs of your firm. Our innovative 5500 productivity and automation tools make the tedious task of creating and electronically filing 5500s easy. Sign up for our free demo and learn more.

[Guidance Overview]

IRS Issues HATFA Guidance for DB Plans (PDF)
"Opting out of HATFA for plan year 2013 avoids the expense of redetermining the funding requirements, but it can lead to higher contributions or greater use of current carryover and prefunding balances." (Bryan, Pendleton, Swats & McAllister, LLC)  

[Guidance Overview]

IRS Issues Final Regs on Hybrid Retirement Plans and Proposed Regs Providing Anti-Cutback Relief
"The proposed and final regulations provide some long anticipated guidance by addressing prior concerns from practitioners, including, raising the variable interest rate floor and permitting the crediting of interest rates equal to a subset of plan assets (if certain requirements are met). Plan sponsors may need to make meaningful changes to their plans but have some time for implementation since the IRS provided a January 1, 2016 effective date. Plan sponsors should review the implications of the guidance with their actuaries to determine whether action is needed." (Practical Law Company)  

[Guidance Overview]

IRS Notice 2014-54 Acquiesces on Splitting After-Tax 401(k) Contributions for Roth Conversion
"[It] appears that the new IRS rules are so open in this regard, that they not only permit the free conversion of after-tax 401(k) contributions into a subsequent Roth IRA, but the availability of this conversion makes it more appealing than ever to make after-tax contributions into a 401(k) plan in the first place (at least after first obtaining the employer 401(k) match and maxxing out available pre-tax or Roth contribution limits). Will the new rules lead to a resurgence of higher-income individuals making after-tax contributions to a 401(k) plan, after maxxing out available alternatives, for the sole purpose of preparing to complete a future tax-free Roth conversion of the contributions down the road?" (Michael Kitces in Nerd's Eye View)  

[Guidance Overview]

IRS Issues Proposed Rules on Allocation of After-Tax Amounts from Roth Accounts
"Previously, providers were determining whether a distribution to multiple destinations should be treated as separate distributions or a single distribution. Commenters indicated that by treating distributions to multiple destinations as a single distribution, some plan providers were allowing participants to distribute the after-tax amount to one destination and the pre-tax amount to another. As a result of these comments, the proposed rules remove the current allocation rule and treat a distribution made to multiple destinations as a single distribution[.]" (Practical Law Company)  

[Advert.]

Register for P&I's West Coast Defined Contribution Conference

Learn how to provide an adequate retirement income for your participants at our annual DC West conference, where you will meet and hear from experts on the most pressing investment, legislative, plan design and education and communication issues.

[Guidance Overview]

Puerto Rico Treasury Issues Guidance on Window to Pay Reduced Tax on Retirement Funds (PDF)
"Guidance was not provided about how to determine the present value of accrued benefits under a traditional defined benefit plan for this purpose. However, as participants retiring with a lump sum during the window period would most likely have their lump sums computed using applicable ERISA rules, [the authors] assume that active participants can have the lump sum value of their deferred accrued benefits computed in similar fashion." (Buck Consultants at Xerox)  

Washington Post Announces Cuts to Employees' Retirement Benefits
"The Washington Post announced large cuts in retirement benefits on Tuesday, declaring that it would eliminate future retirement medical benefits and freeze defined-benefit pensions for nonunion employees.... The changes will hit hardest at employees hired before 2009 who could plan on receiving pension payments based on their income and years of service. Each of those employees could see scores -- or hundreds -- of thousands of dollars less over the course of a retirement. More recent hires do not have traditional pension plans. The Post will create a new cash balance plan to replace the pensions for nonunion employees and a separate but similar plan for those covered by the union." (The Washington Post; subscription may be required)  

Federal Legislators Propose Pension-Related Bills
"On September 16, the Senate passed [S. 2511] ... to clarify the definition of a 'substantial cessation of operations' under Section 4062(e) of [ERISA].... Under a [second] bill cosponsored by House Ways and Means Committee members Pat Tiberi (R-Ohio) and Richard Neal (D-Mass.), a closed pension plan would be considered to comply with nondiscrimination and minimum participation requirements as long as the plan was in compliance when it was closed." (Towers Watson)  

Senate Hearing Addresses Proposals to Alter Retirement System
"A recent U.S. Senate Finance Committee hearing covered numerous retirement-related topics, including proposals to streamline plan-testing requirements and others that could radically change defined contribution (DC) plans. Those testifying at [the September 16] hearing ... defended many aspects of the current voluntary retirement system, acknowledged some improvements are needed, and cautioned lawmakers against heeding impassioned rhetoric aimed at tearing the DC system down." (planadviser)  

[Advert.]

Register for P&I's 2014 Custom Target-Date Strategies Summit

Via a case-study format, plan sponsors share their unique experiences and provide advice on design, implementation and evaluation to help their peers determine if a customized solution will meet their company's specific needs.

[Opinion]

Vanguard's John Bogle Makes His Case for Improving 401(k) Plans
"At 85, John Bogle remains a leading, and fiercely positive, advocate for the long-term future of 401k plans. Last Tuesday he testified before -- or more accurately, unloaded on -- the Senate Finance Committee at its hearing on retirement savings plans.... He detailed the flaws in the current regulations governing retirement plans. And he presented pointed criticism of the mutual fund industry for putting profits above fiduciary duty. His testimony is a 'must-read' for anyone engaged in the debate for retirement plan reform." (Employee Fiduciary)  

Employees Give Low Grades for Benefits Education
"While most employers care how well they provide benefits education, many of them aren't sure how to go about providing the best service in this area ... [One approach is] a '3x3' strategy for strong benefits education, in which companies begin communicating with employees three weeks before enrollment, so they have enough time to review the current benefits and options, and use at least three different tools to communicate to employees.... [W]hile most younger workers may prefer to receive all or most of their information via technology, many older employees aren't as comfortable with these channels.... [S]ometimes employers have a traditional -- or outdated -- view of benefits education, which involves sending out large volumes of information to employees and assuming that they will read it all and automatically become educated[.]" (Human Resource Executive Online)  

Dealing with Legacy Costs: Pension and Health Benefits (PDF)
22 presentation slides. "Get a funding plan. Identify any changes you need to make. Agree on a transition plan (over how many years will you phase in changes). Make sure your funding policy complies with actuarial standards. Secure an actuarially determined contribution (ADC) so you can budget. Accumulate funding reserves." (Center for State & Local Government Excellence)  

Higher Stock Values Drive Increases in Pay for Directors
"The median Fortune 500 director's total compensation increased 6% this year to nearly $240,000, up from $227,000 in the prior year. The average mix of pay for directors is 44% cash and 56% stock.... Median total annual stock compensation increased 4%, with year-over-year increases to equity varying by industry sector. Four out of 10 industry sectors increased more than 10% at the median." (Towers Watson)  

Keeping and Motivating Employees: Getting Their Skin in the Game
"When a key employee demands to have skin in the game at the company, the natural assumption is that he or she wants to own company stock. In reality, the employee may not want to contribute capital when it's needed, pledge personal assets to cover a loan or share in the burden of company taxes on undistributed profits. There are other ways to satisfy their needs which may be just as, if not more, appealing." (Forbes)  

New Income Protection Option Available For Part-Time Employees
Principal Financial Group

Health Care Service Corporation and State Farm Affiliates Team Up to Expand Access to Individual Health Coverage through New Alliance
Health Care Service Corporation

Wells Fargo Commercial Banking Taps Kim Abello to Head ESOP Unit
Wells Fargo

Industry Veteran Joins CUNA Mutual Retirement Solutions
CUNA Mutual Group

PBGC to Pay Pension Benefits at James River Coal Company
PBGC [Pension Benefit Guaranty Corporation]

Abigail Fortino Named Partner of Conrad Siegel Actuaries
Conrad Siegel Actuaries

Texas Business Group on Health Reports on Employers’ Tobacco Policies
Texas Business Group on Health

$500K for Studies on Expanding Paid Family and Medical Leave Provided by US Labor Department Grants
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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