ASPPA

Benefits Administrator - HRA and COBRA
Primark Benefits
in CA

Accountant--Retirement Plan Services
T. Rowe Price
in MD

Manager, Plan Services
The Standard
in OH

Retirement Account Analyst
Alerus Retirement Solutions - Alerus Financial
in MI

Vested Interest Relationship Manager
PNC
in MD

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Defined Contribution Healthcare & Private Exchanges Summit
January 26, 2015 in FL
(Healthcare Education Associates)

Apprenticeship Plans and Fiduciary Responsibilities
January 28, 2015 WEBCAST
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Recent Trends in Retirement Plan Fee Structures
January 28, 2015 WEBCAST
(Multnomah Group)

Plan Corrections: Fixing the Broken Plan - Norfolk
February 19, 2015 in VA
(SunGard Relius)

Restatement and Design Workshop - Norfolk
February 20, 2015 in VA
(SunGard Relius)

EBIA’s Advanced Cafeteria Plans and Benefits Conference 2015
July 15, 2015 in MN
(Thomson Reuters / EBIA)

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[Guidance Overview]

Reminder: IRS Advisory Committee Asks 403(b) Plan Sponsors and Service Providers to Participate Now in Confidential Online Survey About Plan Compliance Issues
The Employee Plans subgroup of the IRS Advisory Committee on Tax Exempt and Government Entities would like input from the 403(b) plan community -- plan sponsors and vendors/providers alike -- regarding the problems they face/see in administering 403(b) programs and what steps/actions they think the IRS could take to help facilitate the compliance process. Click here to participate in the survey (all responses are anonymous and will not be sent to the IRS). (Employee Plans Subgroup, IRS Advisory Committee on Tax Exempt and Government Entities)  

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[Guidance Overview]

Text of FINRA 2015 Regulatory and Examination Priorities Letter (PDF)
17 pages. "[C]hallenges in five areas contribute to firms and registered representatives at times compromising the quality of service they provide to customers as well as contribute to compliance and supervisory breakdowns ... [1] Irrespective of whether a firm must meet a suitability or fiduciary standard, FINRA believes that firms best serve their customers -- and reduce their regulatory risk -- by putting customers' interests first.... [2] Firms must protect their culture against individual bad actors, as well as firm-wide behaviors that can gradually erode that culture.... [3] A firm's systems of supervision, risk management and controls are essential safeguards ... [4] [T]he sales of novel products and services remain a regulatory flashpoint ... [5] FINRA underscores the importance of firms moving to identify and mitigate conflicts of interest." (Financial Industry Regulatory Authority [FINRA])  

[Guidance Overview]

Allocating Pretax and After-Tax Amounts to Multiple Destinations; Tracking After-Tax Amounts in Traditional IRAs (PDF)
"[IRS Notice 2014-54] presents a middle-of-the-road approach that incorporates Sections 72(e)(8) and 402(c)(2) and provides new planning opportunities for participants with after-tax amounts who want to arrange a multiple destination distribution.... When a 401(k) participant has after-tax dollars in his or her account, the plan administrator tracks the amounts and, upon distribution, reports them appropriately on Form 1099-R. But when there are after-tax amounts in a traditional individual retirement account (IRA), they are generally not tracked by the institution holding the IRA. Instead, the IRA owner is responsible for keeping track of after-tax amounts." (Pentegra Retirement Services)  

[Guidance Overview]

Major Changes in 'Shutdown' Liability Under ERISA Section 4062(e) (PDF)
"While the new section 4062(e) addresses many of the business community's concerns under the old law, several issues remain. For example, the new law does not clarify whether PBGC can file a lien under ERISA section 4068 in connection with unpaid liability under section 4062(e). Moreover, the requirement that an employer take certain actions 'within a reasonable period of time' -- e.g., replace separated employees or maintain a pension plan that includes an employees accrued benefit -- exposes employers to uncertainty regarding PBGC's interpretation of that language in any given case." (Groom Law Group)  

Finding 'Best Fit' in a Retirement Plan Provider Through the RFP Process
"[T]hree areas of fit [are] essential to successful sponsor-provider relationships... [1] Philosophy Fit (which refers to the fit between the provider's overall value proposition and the culture and values of the sponsor organization); [2] Product Fit (which refers to the fit between the provider's solution and the specifications of the retirement plan); [3] People Fit (which refers to the personal fit between members of the provider's team and the plan participants)." (Harry Koolen and Jim Reed, via 401kHelpCenter.com)  

Why All 401(k) Employee Education Will Soon Be Online
"Both spouses can participate.... It can happen anytime.... Learning can happen in short bursts.... It's YouTubian.... It is cost effective.... It is happening with financial wellness training.... It does not pull employees away from their work.... Learning can occur at the same time for everyone." (Lawton Retirement Plan Consultants)  

Motivating Millennials to Save for Retirement (PDF)
"If Plan Sponsors want Millennials to get serious about saving for their future, retirement education must be conveyed in a format Millennials relate to and are comfortable with.... Give them access to technology that will depict the amount of savings they will need at retirement.... Participants should be given the tools they need to assess their risk tolerance and build an investment strategy that they are both comfortable with and confident will produce the savings needed over the long term." (Ekon Benefits)  

Plan Sponsors Need to Take Advantage of Regulators' IRA Rollover Scrutiny (PDF)
"While financial institutions will bear the brunt of expanded regulatory scrutiny of IRAs, it is important that employer plan sponsors be aware of financial institution practices regarding these accounts. Having knowledge of current guidance about IRAs also can be of use when highly compensated employees in the plan seek direction from the benefits office on decisions about their outside retirement savings." (ERISAdiagnostics via Thompson Pension Plan Fix-It Handbook)  

FINRA Says 'Customer Comes First' in Its Regulatory Priorities for 2015
"The emphasis on fiduciary duty, which applies to investment advisers, caught some by surprise in a document by the industry-funded broker-dealer regulator because brokers must only adhere to a suitability standard. Under suitability, a broker can recommend high-priced investment products as long as they meet a client's investment goals and risk tolerance." (InvestmentNews)  

Reforming Government Pensions to Better Spread the Benefits: What Are the Options? (PDF)
23 pages. "The focus on public pensions' financial problems has largely drowned out a broader discussion of how well these plans serve government employees, employers, and taxpayers.... This report highlights promising reform options that could more fairly distribute retirement benefits across the public-sector workforce and help governments recruit and retain productive employees." (Urban Institute)  

Pension Funding Index: 2014 Ends Almost as Badly as 2012 (PDF)
"The funded status decreased by $22 billion during December 2014 for the 100 largest corporate defined benefit pension plans ... While higher than expected investment returns produced a solid $81 billion gain, pension liabilities increased by $186 billion. The funded ratio was 83.6% as of December 31, 2014, down compared with the ratio on December 31, 2013, of 88.3%. The dismal funded ratio of 77.2% at December 31, 2012, was the last and only other time the discount rate fell below 4.0% at year-end." (Milliman)  

[Opinion]

myRAs Are Not the Answer for Expanding Retirement Plan Coverage
"MyRAs have no fees, will never go down in value, and can be opened with as little as a $5 contribution. These benefits sound pretty great for workers that wouldn't have a retirement plan otherwise, right? Well, not so fast.... To most effectively expand retirement plan coverage, the President and Congress need to work together to pass laws that incentivize employers to sponsor retirement plans while offering workers access to more appropriate investment options. The handicapped myRA demonstrates that executive action alone won't get this job done." (Employee Fiduciary)  

EBSA Fact Sheet: 2014 Fiscal Year Agency Results
"In FY 2014, EBSA closed 3,928 civil investigations with 2,541 of those cases (64.7%) resulting in monetary results for plans or other corrective action, exhibiting its ability to effectively target ERISA violators in the employee benefit plan universe.... In FY 2014, EBSA closed 365 criminal investigations.... During FY 2014, EBSA received 457 applications from Qualified Termination Administrators and closed 538 applications, with 456 plans making distributions of $18.4 million directly to participants.... In FY 2014, EBSA's Benefits Advisors closed more than 213,000 inquiries and recovered $356.2 million in benefits on behalf of workers and their families through informal resolution of individual complaints." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

ISS Releases FAQs on New Equity Plan Scorecard for 2015 (Part 1)
"[An equity plan scorecard (EPSC)] score of 53 or higher (out of a total 100 possible points) generally will result in a positive recommendation for the proposal (absent any overriding factors). EPSC factors are not equally weighted. Each factor is assigned a maximum number of potential points, which vary slightly depending on whether the S&P 500, Russell 3000, or Non-Russell 3000 model applies to the company. The FAQs include [a chart] summarizing the scoring basis for each factor." (Winston & Strawn LLP)  

Gartner Names HighRoads a Healthcare Payer ‘Vendor to Watch’
HighRoads, Inc.

Segal Names National Medical Director
Segal Consulting

Conrad Siegel Actuaries Trevor Bare Named Fellow of the Society of Actuaries
Conrad Siegel Actuaries

Sen. Lamar Alexander (R-Tenn.) Elected to Chair Senate Health, Education, Labor and Pensions Committee
U.S. Senate Health, Education, Labor, and Pensions Committee

Chatham Partners Hires Ben Poor to Lead Its New KnowledgePlus Market Research Platform
Chatham Partners

Nostaja Named National Human Capital Practice Leader
Sibson Consulting

Statement of NCPERS Executive Director and Counsel Hank Kim Applauding Illinois Governor’s Approval of Secure Choice Savings Program
National Conference on Public Employee Retirement Systems

TRA Names Emily Hooyman Plan Installation Manager
The Retirement Advantage [TRA]

Jake Linney Promoted to Regional Director for Pentegra Retirement Services
Pentegra Retirement Services

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