DATAIR Employee Benefit Systems, Inc.

Part-time Retirement Planning Consultant
Transamerica Retirement Solutions
in AL

Plan Installation Manager
The Retirement Advantage, Inc.
in WI

DC Retirement Plan Administrator
Pension Plan Administration, LLC
in AR

Operations Specialist
Professional Capital Services
in PA

Defined Contribution Retirement Plan Administrator
Touchstone Retirement Group, LLC
in NY

Participant Service Center Representatives
New York Life Retirement Plan Services
in MA, NJ

Proposal Writer
New York Life Retirement Plan Services
in MA

Retirement Consulting Group Representative
New York Life Retirement Plan Services
in NJ

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PPA Pre-approved Plan Workshop - PPD Document
October 21, 2014 WEBCAST
(SunGard Relius)

Hottest Legislative, Regulatory, Compliance and Ethic Issues
November 10, 2014 in TX
(ASPPA Benefits Council [ABC] of Dallas/Fort Worth)

Adopting PBM Formulary Exclusions: Pros and Cons for Health Plans and Purchasers
November 13, 2014 WEBCAST
(Atlantic Information Services, Inc)

What CMS’s 2015 Benchmarks and Landscape Files Mean for MA and Part D Product Planning and Marketing
November 18, 2014 WEBCAST
(Atlantic Information Services, Inc)

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EBSA Private Pension Plan Bulletin: Abstract of 2012 Form 5500 Annual Reports (PDF)
71 pages; dated September 2014. "The total number of pension plans decreased in 2012 to approximately 677,000 plans, a 1.0 percent decrease over 2011. The number of DC plans declined by 0.8 percent, while the number of DB plans decreased by 3.4 percent.... The total amount of assets held by pension plans increased 10.0 percent to $6.98 trillion in 2012.... In 2012, the total active participant count increased from 90.2 million to 91.3 million. The number of active participants in DB plans decreased for the thirteenth straight year, by 4.2 percent in 2012. The number of active participants in DC plans increased to 75.5 million in 2012, up 2.5 percent from 73.7 million in 2011." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

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401(k) Plans and the Free Market: Is Your Vendor Ever a Fiduciary?
"A positive aspect of this decision is that it is important that there be bright lines to warn those who deal with employee benefit plans in advance of their assumption of fiduciary responsibilities under ERISA. If we accept that plan fiduciaries have the negotiating leverage described in the Santomenno opinion, this may well be a correct interpretation of ERISA.... However, this decision also does little to help fiduciaries of smaller plans who do not -- in the 'real world' -- have much leverage to negotiate lower fees or different service terms." [Santomenno v. John Hancock Life Ins. Co., No. 13-3467 (3d Cir. Sept. 26, 2014)] (Osler, Hoskin & Harcourt LLP)  

Ninth Circuit Joins First Circuit in Finding That Elimination of a Pension Transfer Option Does Not Violate ERISA Anti-Cutback Rule
"The Ninth Circuit employed the reasoning found in the U.S. Government's amicus brief, concluding that there was no violation because the 2004 Amendment did not result in a reduction of the plaintiffs' 'accrued benefit' in the Profit Sharing Plan.... Although transfer from a profit sharing plan is an optional form of benefit, that aspect was not modified by the 2004 Amendment.... Only acceptance [of transfers] by the Retirement Income Plan was prohibited. Despite affirming the district court's dismissal, the Ninth Circuit expressed that it was 'deeply troubled' with this 'disturbing' result." [Andersen v. DHL Retirement Pension Plan, No. 12-36051 (9th Cir. Sept. 15, 2014)] (Littler)  

Assessing an Employer's Fiduciary Liability for Its Profit Sharing Plan Investments
"[F]iduciary conduct will be evaluated not only according to the result of fiduciary action, such as the investment performance of plan assets (i.e., substantively), but also on how the fiduciary goes about reaching that result, such as the criteria considered in making an investment decision (i.e., procedurally). The relative riskiness of a specific investment does not alone render it prudent or imprudent under ERISA. The prudence of an investment decision should be judged with regard to the role that the proposed investment plays within the overall plan portfolio." (Wolters Kluwer Law & Business / TAGdata.com)  

The First Step to Maximizing DC Plan Value is to Understand the Problem
"Apart from setting contribution levels and trying to educate members on how to create winning personal investment strategies, it is often the case that too little thought is given to ways of maximizing DC plan value.... [1] Are you missing low cost ways to enhance the value of your DC plans and increase member appreciation of these plans' true potential? [2] Could your plan do more to encourage employees to participate and maximize their contributions? [3] Is there more that you could do to communicate the value of your DC plans to your workforces? [4] Should you (and your record keeper delegatees) be doing a better job developing effective communication programs to prepare members for important decumulation decisions as they approach retirement?" (Osler, Hoskin & Harcourt LLP)  

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What's Really Wrong with 401(k) Employee/Trustee Education
"The halls of many a 401k general education session contain the ineffective carcasses of hundreds of 'sure-fire' presentation templates, even when given by acknowledged industry experts.... One may explain in exquisite detail the proper actions for retirement investors to take. Those same investors may actually nod in apparent understanding. But, when the rubber meets the road, their gas tank is empty. The plan sponsor has been kind enough to provide a professional to them for assistance, yet they clam up. Why?" (Fiduciary News)  

DOL Updates Guidance on Locating Missing Plan Participants
"[If] routine methods, such as first-class mail or electronic notification, are unsuccessful, plan fiduciaries must employ all the following methods to search for missing plan participants: [1] Using certified mail; [2] Reviewing related plan records ... [3] Checking with plan beneficiaries ... in the terminating plan and other employer plans; [and] [4] Using free electronic search tools. Free electronic search tools include Internet search engines, public record databases (such as those for licenses, mortgages and real estate taxes), obituaries and social media. It is important to ensure compliance with any license agreement requirement for such resources." (Towers Watson)  

Pension Dropouts Cause PBGC Pinch
"[J]oining the dozens of companies that have shed their pension plans lets Motorola and Bristol-Myers stop paying millions in yearly fees to the Pension Benefit Guaranty Corp., the government pension insurer. The problem: the growing number of these pension dropouts threatens the agency's resources for insuring the plans of those that remain in the system. 'This has identified a fundamental flaw with the pension system,' said Brad Belt, a former executive director of the PBGC. 'Inevitably, there's going to be a taxpayer bailout [of the PBGC] in the future.'" (The Wall Street Journal; subscription may be required)  

Corporate Pension Funded Status Improves by $26 Billion in September, the Best Month of 2014 So Far (PDF)
"The funded status of the 100 largest corporate defined benefit pension plans improved by $26 billion during September ... The deficit dropped to $253 billion from $279 billion at the end of August, primarily due to an increase in the benchmark corporate bond interest rates used to value pension liabilities. The funded status would have improved further were it not for September's investment losses. As of September 30, the funded ratio rose to 85.2%, up from 84.1% at the end of August." (Milliman)  

Top Fund Ideas for Retirement 'Bucket' Portfolios
"One of the key benefits to the bucket approach to retirement-portfolio management is that it's not a call to reinvent the wheel. If retirees and pre-retirees have well-diversified portfolios, it's likely that they already own the key ingredients for a successful bucketed portfolio: bucket one (cash and potentially short-term bonds), bucket two (bonds and perhaps a bit of equity exposure), and bucket three (mainly stocks). Yet ... [there are] questions about what goes where. Can I hold bonds in bucket one? Do dividend-paying stocks belong in bucket two or three? Where do REITs and gold go?" (Morningstar)  

Retirement Planning: Think Outside the Pie Chart
"Other assets, such as human capital, real estate, and pensions (such as Social Security retirement benefits) often represent a significant portion of an individual's total wealth. These assets, however, are often ignored by practitioners when building portfolios, despite the fact that they share common risks with financial assets. In this article, [the authors] explore how incorporating human capital, housing wealth, and pensions into a portfolio optimization can help build more efficient portfolios for investors." (Morningstar)  

High Court to Address Statute of Limitations for Suits Challenging Retirement Plan Fees
"This six-year limitation has become a huge roadblock for retirement plan participants challenging higher-cost funds, because many funds remain in retirement plans for years after their initial selection.... In the past two years, three federal appellate courts ... have refused to hold plan fiduciaries liable on these types of claims, finding them time-barred by ERISA." (Bloomberg BNA)  

[Opinion]

Supreme Court Decision on 401(k) Fee Case Could Have Domino Effect
"Aside from the statute-of-limitations issue, the retirement industry will likely be shaken to its core given the fact that the highest court in the land is going to address the issue of excessive fees in 401(k)s. Greater attention to fees by the powers that be could tip the scales even more in favor of cheaper retirement plan offerings." (InvestmentNews)  

[Opinion]

A CalPERS Comeuppance: Welcome to the Hotel California
"In 2011 Calpers adopted a policy of discounting the termination fee at a rate tied to 10- and 30-year Treasurys in lieu of the 7.5% rate it ordinarily uses to calculate unfunded liabilities. This sleight-of-hand blows Stockton's $212 million unfunded pension liability up to $1.6 billion. Welcome to the Hotel Calpers. You can check out anytime you want, but you can never leave. Judge [Christopher] Klein called Calpers's extortionist ploy a 'golden handcuff,' adding that 'the city's contract with CalPERS could be rejected' and the 'lien can be avoided.'" (The Wall Street Journal; subscription may be required)  

[Opinion]

Text of Statement to Senate Hearing on 'Retirement Savings 2.0: Updating Savings Policy for the Modern Economy'
"Without the opportunity to save through payroll deduction supported by the current system of tax incentives designed to spur retirement savings, millions of Americans would not save for retirement or would have inadequate retirement. Policymakers should consider the potential negative impact that reduced savings could have on business, capital markets, the government and retirees. The private retirement system is working, and we urge the Committee to support that system." (Plan Sponsor Council of America [PSCA])  

[Opinion]

Text of Letter from American Benefits Council to House Subcommittee in Support of H.R. 5381 on Frozen Defined Benefit Plans and Nondiscrimination Rules (PDF)
"Your bill wisely would clarify that a plan that passed the nondiscrimination tests at the time it was soft frozen, will be deemed to pass the tests as long as it is not amended in any discriminatory manner. This is the correct approach to solving the problem." [Letter also sent to Sens. Portman and Cardman, in support of the Retirement Security Preservation Act of 2014.] (American Benefits Council)  

Recent Policy Survey Previews Potential Changes in ISS Proxy Voting Policies for 2015
"While ISS will be significantly revising its approach to evaluating equity plan proposals, [the authors] expect that ISS will adopt an approach that assigns weights to each of the categories consistent with the survey results ... [I]nvestor respondents indicated that they support weighing a combination of plan features and grant practices somewhat more heavily than plan cost alone. If ISS assigns substantial weight to the plan features category, then the balanced scorecard approach would likely introduce a significant lack of predictability and clarity to ISS's evaluation process for equity plan proposals. In addition, it would provide issuers less latitude in designing plan terms by encouraging issuers to simply hard code ISS compliant provisions in their equity plans." (Meridian Compensation Partners, LLC)  

Executive Compensation: Stock Plans and Awards (PDF)
18 presentation slides. Topics include: [1] Life Cycle of Stock Plans; [2] Stock Awards Overview; [3] Stock Option Basics; [4] Stock Appreciation Rights; [5] Restricted Stock; and [6] Performance-based Awards. (American Benefits Council)  

Towers Watson Launches Service for Employers That Subsidize Early Retiree Health Benefits
Towers Watson

Ohio Public Employees Retirement System Selects a Towers Watson Company to Administer OPERS Medicare Connector
Towers Watson

Veteran Employee Benefits Partner James Napoli Joins Seyfarth in Washington, D.C.
Seyfarth Shaw LLP

Meaningless PBM Poll Indicative of Industry’s Anti-Patient Campaign to Boost Profits
National Center for Policy Analysis [NCPA]

Online Seminars from the 2014 IRS Nationwide Tax Forums are Now Available
IRS [Internal Revenue Service]

Retirement Solution Group And RPC Announce Merger
Retirement Solution Group

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