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Legislative and Regulatory Teleconference: Legislative Outlook for Benefit Programs in 2015
January 14, 2015 WEBCAST
(Employers Council on Flexible Compensation)

Multi-Employer Plan Legislation: Operation, Practicalities, Implications
February 3, 2015 WEBCAST
(ABA Joint Committee on Employee Benefits)

King v. Burwell: Debating the Future of the ACA
February 5, 2015 WEBCAST
(National Institute for Health Care Management Foundation)

Legislative and Regulatory Teleconference: What’s in store for FSAs, HSAs, HRAs and Flex under the Leading Health Care Proposals
February 11, 2015 WEBCAST
(Employers Council on Flexible Compensation)

Plan Corrections: Fixing the Broken Plan - Cleveland
February 26, 2015 in OH
(SunGard Relius)

Restatement and Design Workshop - Cleveland
February 27, 2015 in OH
(SunGard Relius)

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[Guidance Overview]

What's In the Multiemployer Pension Reform Act of 2014 (PDF)
"Section 121 of MPRA provides new rules for plan mergers with PBGC assistance. Upon request by the plan sponsors, the PBGC will take such actions it deems appropriate to promote and facilitate a merger -- provided that it determines that the merger is in the interests of participants of at least one of the plans and is not reasonably expected to be adverse to the overall interest of participants in all of the plans. PBGC assistance may include training, technical assistance, mediation, communication with stakeholders, support with requests to other government agencies, and financial assistance." (Buck Consultants at Xerox)  

[Advert.]

A New Webcast Series: Basics of 401(k) Plans

Whether you are a beginner to the retirement plan field or just need a refresher this new webcast series covers the 401(k) basics all industry professionals need to know. Starts January 15th – click here to register.

How to Deal with 'Small Amount' 403(b) Annuities of Former Participants
"Perhaps the most persistent of the [403(b)] regs' shortcomings is the failure to adequately recognize, and deal with, the fact that individuals -- and not plan sponsors -- control vast aspects of plan operations under individually owned annuity contracts and custodial accounts. This results in circumstances (often in the otherwise most simple matters) which offer no easy solutions, compelling us to seek unique procedures addressing some of this regulatory myopia's most difficult effects.... Though the 'small amount' rules of 401(a)(31) do apply to 403(b) plans, how do you distribute small amounts out of an individually owned contract over which the plan has no ability to force a cash rollover?" (Business of Benefits)  

When Designing Investment Options, Retirement Plan Sponsors Should Consider the Big Picture of Retiree Income
"Earlier academic research had indicated that, in aggregate, retirees were taking surprisingly modest withdrawals from DC and IRA retirement accounts. This suggested a retirement income puzzle: Where was income coming if not from retirement accounts?" (Vanguard)  

401(k) Plan Sponsor Fiduciaries, Take Note: Conflicts-of-Interest Are More Important Than Mutual Fund Expense Ratios
"[T]he average direct-sold active fund earns the same after-fee return as the average direct-sold index fund. Within this segment, funds earn back their management fees through successful investments in active management. In the broker-sold segment, it is a completely different story.... [A]ctive funds underperform index funds by more than the difference in expense ratios. Why? Because broker-sold active funds face much weaker incentives to generate risk-adjusted returns, they invest more in broker commissions than in trying to find the next skilled manager." (Fiduciary News)  

$140 Million Settlement: What It Means to Your Retirement Plan Practice
"Present all products offered by a single-covered service provider (CSP) that your prospect or client qualifies to purchase.... If the CSP offers the same investment option in multiple share classes, present your recommended menu with each share class, ... Identify which investment options are proprietary, non-proprietary, and sub-advised, and identify the cost impact ... Disclose the gross and net operating expense ratio, the 12b-1, and any other indirect fee by fund.... Provide the [retirement plan fiduciary] with an estimate of the revenue sharing expected for each fund at the beginning of the plan year and a final tally of the revenue sharing paid for each fund at the end of the year." (The Lowenbaum Partnership and FRA PlanTools)  

[Advert.]

11,000 members rely on our key retirement/HR news and analysis

With a user-friendly website, daily emails, and regular web briefings, Mercer Select members stay informed about retirement and other key benefit, comp and HR issues. Contact us for a free demo or guest membership.

A Spring Opening for 'Window' Notice to Self-Directed Plan Participants?
"A regulation that would allow for a 'window' period for giving out the annual notice required in most 401(k) plans appears to be heading for a spring 2015 publication date ... [T]he guidance is listed as a 'direct final regulation' on the OMB website. This typically means that there will be no comment period after publication because the subject matter is deemed to be non-controversial. The net result is that it is likely to become effective very soon after its publication." (American Society of Pension Professionals & Actuaries [ASPPA])  

Should a Plan Offer Loans to Participants?
"Although there are many abuses involving plan loans, there is still a valid reason to offer no more than two loans -- as long as participants are made aware of all the consequences. The first is the double taxation on loan interest.... The second consequence for employees to consider is leaving their job when they still have an outstanding loan." (Frenkel Benefits)  

Text of PBGC Brief to D.C. Circuit Court of Appeals, Supporting District Court's Refusal to Appoint Independent Fiduciary for Airline Pilots' Pension Plan (PDF)
"As the trial court found, none of the 'red flags' that USAPA ultimately identified constituted red flags at all, and the Plan's decline is explained by unfortunate but ordinary factors. Accordingly, the district court refused to take the unprecedented step of appointing an outside trustee to look again for wrongdoing at the expense of the federal pension insurance program. That decision was fully supported by the trial record, and was not clearly erroneous. Two independent grounds also require affirmance of the decision below, though not adopted by the district court: (i) PBGC's investigative and enforcement decisions are presumptively unreviewable, and (ii) the remedy USAPA seeks, appointment of a replacement trustee, is not 'appropriate equitable relief.' " [U.S. Airline Pilots Assoc. v. PBGC, No. 14-5181 (D.C. Cir., Doc. 1529379, filed Dec. 29, 2014] (Pension Benefit Guaranty Corporation [PBGC])  

Pension Finance Update as of December 31, 2014 (PDF)
"Pension finances slipped in December, rounding out a difficult year for pension sponsors on the heels of an outstanding 2013. Both model plans we track lost ground last month and for the year -- Plan A dropped 2% last month and almost 7% for the year, while Plan B lost almost 1% last month and more than 2% for 2014." (October Three Consulting)  

Phased Retirement Can Benefit Workers and Employers
"72% of people older than the age of 50 said they wanted to work. That statistic alone indicates a very high adoption rate if phased option were offered by employers ... Retaining retirement-age workers might not suit all types of companies or all types of employees. However, ... as the definition of retirement is changing, fewer people seem attracted to a traditional retirement without any work." (PLANSPONSOR)  

Annual Notices for ISOs and ESPPs Are Due February 2
"Notices are required to provide the items of information listed [in this article] ... A company that is unable to comply with the notice deadline may apply for an extension of up to 30 days by submitting to the IRS by February 2, 2015 a written request providing, among other information, the reason for the delay." (Ropes & Gray LLP)  

Evaluating ERISA Retaliation Claims (PDF)
"The issue of protecting employees from retaliation for complaining to management under Section 510 has created a circuit split over whether unilateral action, in the form of unsolicited internal complaints, constitutes ERISA-protected activity.... Because courts' statutory interpretations of ERISA are far from consistent, determining the best venue for a Section 510 retaliation claim is a critical step, and the specific circumstances surrounding the employee's complaints are important." (Trial)  

[Opinion]

Groom Law Group Comment Letter to DOL on Proposed Revisions to Form 5500 Annual Return/Report for Multiple Employer Plans (PDF)
5 pages. "We recommend that the [DOL] limit the requirement to include an attachment listing all employers to multiple employer defined benefit plans, which were the focal point of the legislation. At a minimum, we believe the Department should not require other types of plans, i.e., defined contribution and group health and welfare plans, to include any employer (or employee) contribution information, and should make such relief applicable to 2014 plan year filings." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

United Retirement Plan Consultants is Certified to Industry Best Practices
Centre for Fiduciary Excellence [CEFEX]

New Social Security Optimizer From Quicken and LifeYield Simplifies Retirement Planning
LifeYield

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