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M&A Basics: Pension, Savings, and Welfare Plan Issues
RECORDED
(Morgan Lewis & Bockius LLP)

2015 First Quarter Update
February 11, 2015 WEBCAST
(McKay Hochman Co., Inc.)

Lunch Meeting: Health & Welfare
February 17, 2015 in CA
(Western Pension & Benefits Council - San Diego Chapter)

Building Blocks for Powerful Wellness Leadership
February 19, 2015 WEBCAST
(myInertia LLC)

Certificate in Health and Welfare Plans
February 23, 2015 in FL
(International Foundation of Employee Benefit Plans [IFEBP])

How Sarah Staggs Connects Benefits to Corporate Strategy
February 25, 2015 in IL
(Worldwide Employee Benefits Network [WEB] - Chicago Downtown Chapter )

Review of the ASOPs Affecting Pension Actuaries
March 5, 2015 WEBCAST
(ASPPA [American Society of Pension Professionals & Actuaries])

CCA 2016 Annual Meeting
October 23, 2016 in NV
(Conference of Consulting Actuaries)

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[Guidance Overview]

Think Your Plan Is Well Funded? You May Be in for a Surprise
"HATFA rates, as with those under the expired MAP-21, apply to funding, and not to lump-sum payments or annuity purchases.... For lump-sum payouts, rates similar to market corporate bond rates are required. For group annuity purchases, rates are lower still because the annuity provider (generally an insurance company) is taking on risk and administration of the benefits.... [A] HATFA calculation will show a pretty strong funding level. But when it comes time to act on it, such as paying lump sums or terminating a plan, you may be in for a surprise." (Vanguard)  

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[Guidance Overview]

GASB 67/68: Special Funding Situations (PDF)
"When a plan operates with a special funding situation in place, the major accounting metrics under GASB 68 must be adjusted to reflect this relationship. In particular, plan employer(s) may recognize a smaller net pension liability (NPL) when a special funding situation applies; adjustment may also be made to employer expense and deferred inflows/outflow.... in determining whether a special funding situation applies, the GASB 68 implementation guide emphasizes the legal obligation of the [non-employer contributing entity] to make the contributions to the plan. It also emphasizes the fact that the contributions must be made directly to the plan, rather than passing through any intermediary or being paid directly to employers in order to fund their contributions to the plan." (Milliman)  

Key Administrative Dates and Deadlines in 2015 for Calendar-Year Multiemployer DB Plans (PDF)
Detailed chart of notice and reporting requirements and deadlines. (Milliman)  

Raymond James Financial Advisors to Refund Some Fees to Retirement Plans
"In the course of operational reviews, Raymond James determined that in certain qualified plan and charitable trust accounts, some clients did not receive all fee waivers for which they were eligible based on investment company-specific offerings as detailed in their prospectuses... Significantly less than 1% of client accounts are impacted, and the median rebate is expected to be approximately $200[.]" (ThinkAdvisor)  

Don't Focus on a Single Assumption When Determining Your Annual Withdrawal
"Yes, it is more conservative to assume higher levels of future inflation, all other things being equal, but higher assumed levels of inflation combined with even higher levels of assumed investment return and/or shorter life expectancies can produce withdrawal rates that are more aggressive (higher) than assumption combinations that involve lower assumed rates of inflation. If there are no other fixed income annuity/pension sources of income that need to be coordinated within the spending budget, it is generally sufficient to focus on real (after-inflation) levels of investment return, not nominal levels." (Ken Steiner, FSA Retired)  

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Fidelity's 401(k) Millionaires Double in Number
"The company's vast retirement plan business included 72,379 accounts with million-dollar balances in 2014 -- up from 34,920 two years earlier ... The average age of the millionaire account holders is 60. 'These are people who have been saving likely since the advent of the 401(k)' in the late 1980s, when the accounts became widely used, says Meghan Murphy, a Fidelity Investments director. 'The power of compounding interest is your friend.' " (Financial Planning)  

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

Text of Pennsylvania Superior Court Opinion: Fiduciary Liability Policy Does Not Cover Claims Arising Under Amara v. Cigna
"Appellant's argument, in effect, would have us (and the trial court) read the wrongful acts provision as negating the fraudulent acts exclusion.... We disagree. To the contrary, the plain meaning of the policy is that the fraudulent or criminal act exclusion operates as an exception to the more general wrongful acts coverage provision.... In addition to an unequivocal finding of fraud in the Amara litigation, we observe that Appellant's conduct, including affirmative efforts at concealment and intentionally misleading representations that the benefits under the previous plan would not be disturbed, would clearly qualify as fraudulent under Pennsylvania law... We also reject Appellant's suggestion that the Amara trial court's finding of fraud on remand was mere dictum." [CIGNA, Inc. v. Executive Risk Indemnity, Inc. and Nutmeg Insurance Co., No. 3538 EDA 2013 (Pa. Super. Ct. Feb. 3, 2015)] (Superior Court of Pennsylvania)  

Small Steps That Plan Sponsors Can Take To Limit Their Fiduciary Liability (PDF)
"Keeping plan documents and reports.... Taking good notes, documenting the processes.... Hiring a TPA.... Hiring a Financial Advisor who knows what they are doing.... Delegate what you can't do." (The Rosenbaum Law Firm P.C.)  

President Obama's 2016 Budget Takes Aim at Your Retirement Savings
"[T]his year's budget featured over a dozen provisions that, if they were to become law, could directly impact your retirement savings. [These include:] Limit Roth conversions to pre-tax Dollars... 'Harmonize' the RMD rules for Roth IRAs with the RMD rules for other retirement accounts... Eliminate RMDs if your total savings in tax-favored retirement accounts is $100,000 or less... Create a 28% maximum tax benefit for contributions to retirement accounts... Establish a 'Cap' on retirement savings prohibiting additional contributions... Mandatory 5-year rule for non-spouse beneficiaries... Require retirement plans to allow participation from long-term part-time workers... Mandatory auto-enrollment IRAs for certain small businesses." (Slott Report)  

Bill Introduced to Make IRA Charitable Distributions Permanent
"H.R. 637, legislation that would make permanent the IRA qualified charitable distribution (QCD) option, has been approved by the House Ways and Means Committee. It will now advance to the House floor for debate and an expected vote.... This option was extended only for the 2014 tax year by the Tax Increase Prevention Act of 2014 (H.R. 5771), which was enacted in December 2014." (Ascensus)  

January 2015 Interest Rates Reach a Record Low of 3.38% with Abysmal Effect on Pension Funding (PDF)
"The funded status of the 100 largest corporate defined benefit pension plans dropped by $90 billion during January ... the eighth largest monthly drop in the 15-year history of the Milliman 100 PFI. The funded status deficit ballooned to $382 billion from $292 billion at the end of December 2014 due to the 42 basis point decline in the benchmark corporate bond interest rates used to value pension liabilities. Pension assets had a monthly above-expected return due to strong fixed income asset return and this helped to counter liability losses. As of January 31, the funded ratio decreased to 79.6%, down from 83.5% at the end of December 2014. The previous sub-80% PFI funded ratio was in December 2012." (Milliman)  

Pension Finance Update as of January 31, 2015 (PDF)
"Pension sponsors suffered losses in January, due to continued falling interest rates. At month-end, the 30-year Treasury yield was a record low 2.25%. Both model plans we track lost ground last month -- Plan A dropped 6% in January, while Plan B slipped 2%." (October Three Consulting)  

Funded Status of U.S. Corporate Pensions Falls Nearly Five Percent in January
"The funded status of the typical U.S. corporate pension plan declined 4.9 percentage points to 82.4 percent in January as the interest rate that determines liabilities fell to an all-time low ... The Aa corporate discount rate, which is the key interest rate that determines these liabilities, finished the month at 3.56 percent, sending liabilities seven percent higher. While assets for the typical corporate plan increased 1.0 percent in January, this rise was swamped by the massive increase in liabilities[.]" (BNY Mellon)  

[Opinion]

Why 401(k) Investment Choices Don't Matter Anymore
"While many practitioners remain committed to emphasizing investment-based education and sales techniques, a few of those on the vanguard have realized the future lies with fixating on savings strategies, not traditional investment strategies.... Employees, long bored by repetitious education meetings filled with arcane industry jargon will find themselves released from the burden of making unenlightened investment decisions. Indeed, with the ascendancy of the 'one-portfolio' solution (e.g., target date and lifestyle funds), many are already opting not to make a decision at all." (Chris Carosa, in BenefitsPro)  

Institutional Retirement Income Council Releases Issue Brief on Why Retirement Income Solutions Make Sense for 401(k) Plan Sponsors
Institutional Retirement Income Council

Full Transparency Is Key to OCIO Success
Towers Watson

Announcing Launch of Accounting Firm Specializing in Audits of Qualified Retirement Plans
James M. Moyna. CPA, PC

PBGC to Pay Benefits at Hovensa
PBGC [Pension Benefit Guaranty Corporation]

Cafaro Greenleaf Rolls Out Customized Investment Fiduciary Solution
Cafaro Greenleaf

CEFEX Introduces Fiduciary Certification Workshops
Centre for Fiduciary Excellence [CEFEX]

Mercer Names Muriel Knapp as National Business Leader for Defined Contribution Advisors
Mercer

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