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Conversion Specialist
The Newport Group
in NC

Internal Wholesaler - Retirement Solutions, Emerging Markets
Transamerica
in CO

AVP-Sales Desk - Retirement Solutions, Emerging Markets
Transamerica
in CO

Retirement Benefits Analyst
Plan Sponsor Advisors, a division of Pavilion Advisory Group Inc.
in IL

Internal Sales Support Associate - Retirement Solutions, Emerging Markets
Transamerica
in CO

Sales Manager
Prime Pensions, Inc.
in DE, MA, NJ, NY, PA

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COBRA Compliance Challenges: Identifying, Correcting, and Preventing the Big Problems
November 13, 2014 WEBCAST
(Thomson Reuters / EBIA)

ASC Valuation and DGEM Integration Webcast
November 18, 2014 WEBCAST
(ASC)

IRS and DOL Enforcement of Group Health Plan Mandates: Health Care Reform, COBRA, HIPAA & More
December 11, 2014 WEBCAST
(Thomson Reuters / EBIA)

Hot Potatoes! Update on Handling Underfunded ERISA Pensions
December 15, 2014 WEBCAST
(Practising Law Institute)

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[Official Guidance]

DOL Announces Public Hearing on Credit Suisse; Issues Temporary Prohibited Transaction Exemption
"The [DOL] will hold a public hearing in January on whether, and under what conditions, affiliates of Credit Suisse should be permitted to serve as Qualified Professional Asset Managers after Credit Suisse's guilty plea to one count of conspiracy to engage in tax fraud in violation of section 7206(2) of the Internal Revenue Code.... To avert possible disruptions in retirement plan investments that would be detrimental to the financial well-being of individuals saving for retirement, or pensions, the [DOL] also announced a temporary exemption, with conditions, to allow retirement plans to continue to do business with Credit Suisse's affiliates as QPAMs." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

[Advert.]

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[Guidance Overview]

IRS Employee Plans News 2014-18, November 13, 2014 (PDF)
Topics include: [1] Form 5500-SUP: draft of the paper supplement for 2015 and later plan years; [2] New option for plan sponsors to include income annuities in default target date fund investment options (Notice 2014-66); [3] EPCU QJSA project: most sponsors complied with the qualified joint and survivor annuity notice and consent requirements; [4] One-per-year limit on IRA rollovers allows owners of multiple IRAs fresh start in 2015 (Announcement 2014-32); [5] The Information Reporting Program Advisory Committee (IRPAC) 2014 annual report; and [6] Renew your PTIN before Dec. 3. (Internal Revenue Service [IRS])  

[Guidance Overview]

New IRS Rules on Direct Rollovers of Taxable and Non-Taxable Amounts Require Changes to DC Plan Administration by January 1, 2015
"[P]lan sponsors should review their rollover election forms to ensure that participants are able to clearly indicate where they wish the taxable and non-taxable portions of their distributions to be sent. Sponsors also should work with record-keepers and trustees to revise their Form 1099-R processes to allow separate Forms 1099-R for allocated amounts to different retirement accounts. In addition, plan sponsors, whose plans do not permit separate accounting for after-tax contributions, should consider altering their record-keeping practices to allow more rollover flexibility for participants." (McDermott Will & Emery)  

ERISA Plan Service Provider Avoids Fiduciary Status: What It Means for Service Providers and Plan Sponsors
"[P]laintiffs must show a considerable level of actual fiduciary conduct by service providers in order to have a valid claim for breach of fiduciary duty against them.... [P]laintiffs were never able to demonstrate that John Hancock had the ability to control the amount of fees it received.... This case provides good news for service providers. It also serves as a reminder to plan sponsors that plaintiffs are continuing to allege that the funds under various plans are charging excessive fees." [Santomenno v. John Hancock Life Ins. Co., No. 13-3467 (3d Cir. Sept. 26, 2014)] (Porter Wright Morris & Arthur LLP)  

The Inattentive Fiduciary: When Supervisors Don't Supervise
"Members of the board of directors of the plan sponsor have a residual fiduciary responsibility to prudently appoint and monitor the named fiduciaries, including committee members, that they hire. Although they were not named in the [DOL's Severstal Wheeling] complaint ... the board can never shed all of its fiduciary responsibility by delegation to a pension committee or hired advisors." (Osler, Hoskin & Harcourt LLP)  

ERISA Fiduciary Decisions: Making Changes to Your Qualified Plan's Investment Lineup (PDF)
"Poor performance, eliminating duplicate and overlapping funds, expanding investments alternatives, organizational changes at the fund manager level, significant changes in amount of assets under management, evaluation of fees, etc., are all potential reasons for considering investment alternative changes.... Regardless of the reason for considering a change, this advisory summarizes the technical requirements and recommended procedures in making changes to your plan's investment lineup." (Alston & Bird LLP)  

How to Choose Employee Ownership Consultants
"Shakespeare may have promised that 'the first thing we do, let's kill all the lawyers' (King Henry VI, Part 2), but in setting up an ESOP, equity compensation plan, or other employee ownership plan, first you will hire them. And, depending on the type of plan, you will hire valuation consultants (appraisers), plan administrators, and possibly others as well. This assemblage of expertise will not come cheap, but these experts will save you the hassle, time, and unwarranted risk of trying to figure this out yourself." (National Center for Employee Ownership [NCEO])  

Upcoming IRS Webinar: Properly Defining Retirement Plan Compensation, December 4, 2014
Topics: [1] Internal Revenue Code Sections 414(s) & 415 compensation; [2] Identifying which definition may be used for each plan purpose; and [3] Common plan failures involving compensation." (Internal Revenue Service [IRS])  

Upcoming IRS Webinar on Retirement Plan Distributions: What Every Participant Should Know, December 11, 2014
Topics: [1] Taking a distribution from a retirement or IRA-based plan; [2] New plan distribution rule allows pre and post-tax amounts to multiple destinations; [3] 2015 one rollover per year rule for IRAs; [4] Exceptions to the additional 10% tax on early distributions from plans and IRAs; [5] Importance of beneficiary designations; and [6] Required minimum distributions. (Internal Revenue Service [IRS])  

Saving for Retirement: The Benefit of Saving Early and the Cost of Delay
"A worker putting off saving until age 35 would need to save more than 16% of income annually to produce the same potential retirement income at age 65 as someone who started saving at the 10% rate beginning at age 30; starting at age 40 would require saving more than 26% of income." (Insured Retirement Institute [IRI])  

Is Outliving Retirement Savings a Fate Worse Than Death?
"A new survey from Wells Fargo shows 22 percent of people say they would rather die early than not have enough cash to live comfortably in retirement.... [Another survey] of people in their late 40s found 77 percent worried more about outliving their money in retirement than death itself. Of that survey's respondents, those who are married with dependents are even more terrified, with 82 percent saying that running out of cash is a more chilling prospect than death." (Financial Advisor)  

Retirement Benefit Decisions by Employees of City and County Governments
"Workers who work a full career in their city or county can expect a retirement income of between 45 and 80 percent of their pre-retirement income. Career employees of local governments who participate in Social Security can expect retirement income replacement rates of 20 to 30 percentage points higher than employees whose governments do not participate in Social Security. These and other variations mean that many local workers will need to be disciplined about participating in savings plans, outside of their primary plans, to meet their retirement security goals." (Center for State & Local Government Excellence)  

Pension Roundup: Winners and Losers from the 2014 Election
"As a general rule, when the pension debate was framed as a budget and financial issue, reformers were able to gain the upper hand. When the debate was framed as a health and safety issue, or more broadly around threats to education, then the defined benefit camp usually won. Here is a roundup of the most important races and results for defined benefit pensions[.]" (Institutional Investor)  

CEOs Strategically Time Corporate News Releases to Coincide with Months in Which Their Equity Vests
"There is reason to expect the SEC to pursue enforcement efforts.... Public companies will be smart to take steps to minimize their exposure because the next executive compensation scandal to reach headlines could involve the selective use of corporate news releases to increase stock prices in months when executives are cashing-out their stock awards. Developments such as these are often just right for inclusion in an annual (or more frequent) litigation update for audit and/or compensation committees." (Paul Hastings LLP)  

Legal Memorandum from Counsel Protected from Disclosure Despite Dissemination to Third Parties
"When a client disseminates a legal memorandum prepared by its attorneys to contractual partners relating to ERISA compliance responsibilities, is that memorandum protected by privilege in subsequent litigation by third parties? ... [T]he Court held that the memorandum, 'aimed as it was at securing compliance with the requirements of ERISA, was protected by the common interest doctrine and the attorney-client privilege.' " [In re Bank of New York Mellon Corp. Forex Transactions Litig., Nos. 12-md-2335, 11-cv-6969 (S.D.N.Y. Nov. 10, 2014)] (Health Plan Law)  

Projected Savings Needed for Health Care in Retirement Continue to Fall
"[S]avings targets declined between 2 percent and 10 percent between 2013 and 2014. For a married couple both with drug expenses at the 90th percentile throughout retirement who wanted a 90 percent chance of having enough money saved for health care expenses in retirement by age 65, targeted savings fell from $360,000 in 2013 to $326,000 in 2014." (Wolters Kluwer Law & Business)  

IRI Honors Members of Congress for Commitment to Retirement Security Issues
Insured Retirement Institute [IRI]

hi HealthInnovations New Hearing Aid Discount Program for Employers Helps Improve Employees’ Hearing Health
hi HealthInnovations

Mary D. Miller Becomes President of the American Academy of Actuaries
American Academy of Actuaries

Regular Directors of the American Academy of Actuaries Begin Terms
American Academy of Actuaries

American Academy of Actuaries Honors Ronald Gresch with Robert J. Myers Public Service Award
American Academy of Actuaries

American Academy of Actuaries Honors Stephen Kellison with Jarvis Farley Service Award
American Academy of Actuaries

American Academy of Actuaries Recognizes Volunteers’ Efforts
American Academy of Actuaries

Gray Plant Mooty Adds Andrew Daly to Employee Benefits Group
Gray Plant Mooty

Charles Dyke Joins Nixon Peabody; Will Lead Firm's ERISA Litigation Team
Nixon Peabody LLP

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