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ERISA Consultant
MassMutual Financial Group
in CT, MA

Retirement Plan Administrator
Williams Benefit Consulting, LLC
in ANY STATE

Account Executive - Group Medical
Fringe Benefit Group
in TX

Sr. Retirement Plan Administrator
IRON Financial
in IL

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Employee Benefit Issues in Mergers & Acquisitions
January 13, 2015 in CO
(Western Pension & Benefits Council - Denver Chapter)

ERISA in the Courts: Developments in Fiduciary Litigation
January 20, 2015 in CA
(Western Pension & Benefits Council - San Diego Chapter)

Advanced RMD Issues
January 21, 2015 WEBCAST
(McKay Hochman Co., Inc.)

Election Changes in 2015 and Beyond: What Employers and Administrators Need to Know
January 22, 2015 WEBCAST
(Thomson Reuters / EBIA)

Affordable Care Act: Important Information about Your Health Coverage
January 22, 2015 WEBCAST
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Identifying Common-Law Employees: Implications for Employer Group Health Plans
January 29, 2015 WEBCAST
(Thomson Reuters / EBIA)

Plan Corrections: Fixing the Broken Plan - St. Louis
February 12, 2015 in MO
(SunGard Relius)

Restatement and Design Workshop - St. Louis
February 13, 2015 in MO
(SunGard Relius)

View All Webcasts and Conferences

[Official Guidance]

Text of IRS Announcement 2015-3: Automatic Approval of Change in Funding Method for Takeover Plans (PDF)
"This announcement provides automatic approval of a change in funding method with respect to a single-employer defined benefit plan under certain circumstances in which the change in method results from a change in the plan's enrolled actuary. The automatic approval provided by this announcement will apply for plan years beginning on or after January 1, 2013.... For a plan subject to the requirements of Section 430, automatic approval is granted for a change in funding method that results from a change in enrolled actuary if all of the conditions set forth in paragraphs [1] through [4] [of this announcement] are satisfied[.]" (Internal Revenue Service [IRS])  

[Advert.]

The hottest trend in pensions made easy with DATAIR!

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[Guidance Overview]

PBGC Issues Final Rules on Treatment of Rollovers from DC to DB Plans (PDF)
"Under the final rules, benefits attributable to rollovers are not affected by the PBGC maximum guarantee limits or the PBGC's five-year phase-in limit that applies to benefit increases. The removal of these limits makes it easier for participants in defined contribution plans with rollover options to obtain lifetime income by transferring their account balances into defined benefit plans." (Prudential)  

[Guidance Overview]

Mandatory Retirement Savings Program for Private Employers Begins in Illinois
"Illinois has become the first state to require that private-sector employers offer their employees retirement benefits.... The Act applies to both for-profit and not-for-profit employers, with 25 or more Illinois employees, that do not already offer their employees retirement benefits. (Note that the program is available to employers with fewer than 25 employees, but their participation is not required.) ... The Illinois Secure Choice Savings Program is not intended to be an employer-sponsored retirement plan; rather, it is a state-run program that employers facilitate by offering to their employees and depositing payroll deductions." (Ogletree Deakins)  

[Guidance Overview]

Illinois Enacts Nation's First Auto-IRA Program
"Starting in 2017, private employers with more than 25 employees who have been in business for more than two years will be required to automatically enroll their employees in a state-run IRA program if the employer does not offer access to a private workplace retirement plan. Participant employees will automatically contribute 3 percent of their paychecks, but will be free to change their contribution level or opt out at any time. Employers who do not offer the state-run, auto-IRA program or other type of private retirement plan will be subject to a fine of $250 per employee per year." (Faegre Baker Daniels LLP)  

Another Cautionary Tale About Explaining Your Plan Amendments
"Had CIGNA properly communicated the challenged plan changes, more realistically and with less puffery, it could have avoided liability for unintended benefits. Companies that adopt prototype plans need to be especially alert when distributing plan communications, because in almost all cases their vendor has not assumed legal responsibility for administration or the communications it sends out." [Amara v. CIGNA, Nos. 13-447-cv and 13-526 (2d Cir. Dec. 23, 2014)] (Osler, Hoskin & Harcourt LLP)  

[Advert.]

Registration Now Open for NCEO Denver Annual Conference

NCEO's 2015 Employee Ownership Conference will take place at the Sheraton Downtown Denver Hotel in Denver, CO from April 21-23, 2015, with afternoon preconference sessions on April 20. Agenda and additional information now available.

IRA under SIMPLE Plan Held to Be Protected by State Anti-Garnishment Law
"The state anti-garnishment law would unquestionably protect a run-of-the-mill IRA. The creditor contended that this IRA was different, because; [1] it was the funding vehicle for a SIMPLE (IRC Section 408(p)); [2] SIMPLEs are employee benefit plans subject to ERISA; and [3] the state anti-garnishment law was therefore preempted by ERISA. The court agreed that the SIMPLE funded by the IRA was an ERISA-covered plan.... [T]he reasoning of VFS Financing is open to challenge, although its outcome -- the consistent application of a state anti-garnishment law to all IRAs, regardless of their origin -- has the effect of closing an apparent 'gap' in anti-alienation creditor protection for SEPs and SIMPLEs." [VFS Financing, Inc. v. Elias-Savion-Fox LLC, No. 12-Civ-2853 (S.D.N.Y. Dec. 1, 2014)] (Steptoe & Johnson LLP, via Lexology)  

Retirement Plan Participants Need Reasonable Investment Fees
"Investment fund selection for a retirement plan starts with the creation of an Investment Policy Statement (IPS).... The IPS is designed to guide the sponsor's retirement plan committee and financial services provider in decision making on investment options for the plan and on the performance evaluation of those investments over time. An IPS adds a layer of protection for plan sponsors.... The Fee Policy Statement focuses on absolute transparency of all plan fees and how they are paid." (Bronfman E.L. Rothschild)  

DOL Investigating RadioShack 401(k) Plan
"RadioShack said it received written notification from the DOL on November 14, 2014, that the agency would be conducting an official investigation beginning December 9, to determine if RadioShack's 401(k) plan was operating in compliance with Title I of [ERISA]. The letter from the DOL indicated that its review would cover plan years 2011 through the present. The DOL conducted on-site interviews and review of documents on December 15 and 16. Though the filing does not say what the DOL is investigating, it mentions that at least three participant lawsuits have been filed alleging breaches of fiduciary duties under ERISA." (PLANSPONSOR)  

2015 Resolution: Avoid 60-Day Rollovers
"Should clients attempt a second rollover, the problem cannot be fixed. The IRS does not have the authority to help correct the situation. This could end an IRA, for example, if clients were moving their entire IRA balance to a new custodian or a new adviser. It can get worse. If clients do a second 60-day rollover, it's now not only taxable but an excess IRA contribution subject to a 6% penalty each year the ineligible rollover funds remain in the account." (InvestmentNews)  

[Advert.]

6th Annual Financial Advisor Retirement Symposium - April 1-2, 2015

The editors of Financial Advisor and Private Wealth magazines bring together industry experts to share insights and strategies on retirement at a conference that promises to energize advisors with new practice-building ideas. BenefitsLink Discount.

Recruiting and Retaining High-Quality State and Local Workers: Do Pensions Matter?
"[This study uses] the Public Plans Database to obtain data on the pension generosity of state and local workers' pensions. These data are merged with the Current Population Survey to investigate how pension generosity affects the gap between the private sector wage of workers that states and localities recruit from the private sector relative to the workers that they lose to it. The findings suggest relatively generous pensions help reduce this 'quality gap,' making it easier for state and local employers to recruit high-earning workers from the private sector and retain those workers. The effect is similar regardless of whether employer or employee contributions finance the benefits. The study suggests states should be cautious as they cut their pension benefits and that a strategy to maintain benefits by shifting some costs onto employees may help maintain states' ability to recruit and retain high-quality workers." (Center for Retirement Research at Boston College)  

Change in Average 401(k) Account Balances from January 1, 2014 Through January 1, 2015 (PDF)
This report shows change in average account balances grouped by age and tenure, from January 1, 2014 through January 1, 2015, for participants who had an account balance at the end of 2013. (Employee Benefit Research Institute [EBRI])  

Funded Status of U.S. Corporate Pensions Falls to 87.3 Percent
"For the typical corporate plan in December, assets decreased 0.4 percent as liabilities increased 2.5 ... The funded status for the typical corporate plan finished 2014 down 7.9 percent from the December 2013 high of 95.2 percent ... Public defined benefit plans in December underperformed their targets by 1.8 percent as assets declined 1.2 percent ... For the full year of 2014, public plans underperformed their return target by 3.0 percent[.]" (BNY Mellon)  

How Did State and Local Government Pension Plans Become Underfunded?
"A new analytical tool tells a clear story of why unfunded liabilities rose during 2001-2013. The primary factor was investment returns that fell short of expectations due to the two financial crises. A secondary factor was that many plans failed to make adequate contributions, a more serious problem among the worst-funded plans. This type of analysis should be added to every plan's annual actuarial valuation." (Center for Retirement Research at Boston College)  

Illinois Supreme Court Adopts Accelerated Schedule for Pension Law Appeal
"The Illinois Supreme Court announced that the centerpiece of its civil docket for 2015, the State's appeal from the Circuit Court's order striking down public pension reform, will be heard on a 'rocket docket' schedule. The State's opening brief will be due January 12. The appellees' brief is due February 16, and the State's reply brief will be due February 27. Oral argument will be heard during the March term, making it likely that a decision will be handed down before May 31." (Sedgwick LLP via JD Supra)  

[Opinion]

Comment Letter by Eleven Industry Organizations to DOL on Proposed Focus Groups for Evaluating the Effectiveness of ERISA 408(b)(2) Disclosure Requirements (PDF)
"We support the [DOL] doing real-world testing of its rules, and have encouraged the Department to collect information from plan sponsors, participants, and service providers before determining if new regulations are needed. The Department should put its 408(b)(2) 'guide' proposal on hold until it determines whether any changes to the disclosure regulation are needed.... The focus group research should be conducted and results made public before the Department issues a proposed rule ... [We] are still concerned that the sample is not representative. While most plans are small, most participants are in large plans ... [S]ignificant input from large plan sponsors is also necessary ... We continue to have concerns that the focus group script may introduce unwanted bias." (U.S. Chamber of Commerce, Ten Other Organizations)  

[Opinion]

The Coming War on Pensions?
"Quantitative easing (QE) has been a boon to Wall Street because it forces pension funds to increase their risk-taking behavior in alternative investments, especially illiquid alternatives like private equity and real estate (and to a lesser extent, hedge funds). The alternative funds gain by charging pension funds excessive fees for managing assets and big banks gain by charging trading and other fees to their big alternative investment clients.... [U]nderfunded pension funds [are] trying to realize their rate-of-return fantasy taking on increasingly more risk in illiquid alternatives to 'safely and prudently' achieve their bogey. The only problem is they will never achieve this unrealistic bogey[.]" (Pension Pulse)  

ERISA@40: Gen Z and the Workplace of 2054 -- No Longer Science Fiction (PDF)
"Forty years from now -- on ERISA's 80th birthday -- Generation Z will begin retiring. By 2054, the workplace and employee benefits will have adapted to a new generation's knowledge and assumptions, expectations and behavior, and ways of learning, working, and exiting the workforce. The workplace and employee benefits will also have adapted to social influences, new legislation, and technological advances.... [A chart in this article] shows how GenZ compares to previous generations ... Many of these characteristics are only accelerations of trends that already exist, such as technological prowess, real-time and on-demand information sharing, intelligence, and global awareness. Others are entirely new and will present exciting opportunities and challenges for their future employers and colleagues." (Buck Consultants at Xerox)  

Maximizing Employee Appreciation: A Look at Total Compensation Statements (Part 1) (PDF)
"While benefits have played an important role in the workplace for decades, today's total rewards programs offer employees significantly more than the typical benefits provided just a few short years ago.... An increased focus on work-life balance benefits, which may include flexible work arrangements, along with performance recognition and career development tools, has greatly expanded the inventory of rewards available to today's workforce. Thanks to this expansion, both the private and public sectors have experienced growth in the ratio of nonwage benefits to cash compensation." (Bryan, Pendleton, Swats & McAllister, LLC)  

ABD Insurance Adds VP to Retirement Services Team
ABD Insurance & Financial Services

Charlie Pritzl Joins TRA as Quality Control and Training Manager
The Retirement Advantage [TRA]

PSCA Undergoes Leadership Change
PSCA [Plan Sponsor Council of America]

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