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DC Pension Administrator
Pension Consultants, Inc.
in CT

Regional Manager - Retirement Education & Planning Services
Transamerica Retirement Solutions
in CA

401(k)/ESOP Administrator
Swerdlin & Company
in GA

Junior Accountant
Bates & Company, Inc.
in FL

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What You Need To Do To Keep Compliant: 2015 ACA Checklist
February 19, 2015 WEBCAST
(International Foundation of Employee Benefit Plans [IFEBP])

Participant Loans
February 25, 2015 WEBCAST
(McKay Hochman Co., Inc.)

Making Open Enrollment Less Painful: The Remedy
February 26, 2015 WEBCAST
(International Foundation of Employee Benefit Plans [IFEBP])

Final IRS Instructions for Affordable Care Act Reporting Forms
March 19, 2015 WEBCAST
(Lockton)

Final IRS Forms 1094 and 1095: Line-by-Line Analysis for Employers and Advisors
March 19, 2015 WEBCAST
(Thomson Reuters / EBIA)

ERISA Litigation National Institute
May 13, 2015 in IL
(ABA Joint Committee on Employee Benefits)

Long-Term Disability Benefits Advanced Seminar
May 15, 2015 in IL
(ABA Joint Committee on Employee Benefits)

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[Official Guidance]

Text of PBGC Monthly Interest Update for March 2015
"The March 2015 interest assumptions under the benefit payments regulation will be 0.50 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit's placement in pay status. In comparison with the interest assumptions in effect for February 2015, these interest assumptions represent a decrease of 0.50 percent in the immediate annuity rate and are otherwise unchanged." (Pension Benefit Guaranty Corporation [PBGC])  

[Advert.]

Set Yourself Apart From Your Peers With the CEBS Designation

Co-sponsored by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania, the CEBS designation gives you the knowledge and confidence to succeed in today's business environment. Learn More!

[Guidance Overview]

Plan Distributions: IRS Issues Guidance on Allocation of After-Tax and Pretax Amounts
"Until the latest guidance provided by Notice 2014-54, two simultaneous distributions did not accomplish the intended tax-free result because [Notice 2009-68] specifically provided that if a participant requests multiple distributions to multiple destinations, each of the payments had to be prorated between after-tax and pretax amounts.... [T]he controversy created by rules that could be circumvented has been resolved. The clarity provided by Notice 2014-54 will help to eliminate confusion and create a level playing field between all service providers and taxpayers attempting to achieve a tax-free distribution from a qualified plan account containing pretax and after-tax dollars." (Belfint Lyons & Shuman, CPAs)  

Proper Handling of Pension Overpayments Still Unclear Without Guidance
"Most people would agree that the administrator can reduce future benefit payments to the correct monthly amount, [Brian J. Dougherty, a partner with Morgan, Lewis & Bockius in Philadelphia] said. However, an administrator's ability to reduce future payments to recoup prior overpayments is less clearly established, he said. This situation raises a host of complicated questions, such as whether an administrator is entitled to 'shut off the tap entirely and stop payments' -- a position Dougherty said is supported by 'some authority.' ... [If] the administrator elects to simply reduce payments, rather than stop them entirely, must the administrator take into account the participant's financial situation and monthly expenses?" (Bloomberg BNA)  

Court Permits Beneficiary Designation by Telephone
"First, the court noted that the beneficiary designation forms were not plan documents because they did not contain information about the participant's benefit entitlement. Only documents that provide information about where the participant stands with respect to the plan could constitute plan documents. Second, the court noted that the terms of the Xerox Plans did not incorporate the beneficiary designation forms by reference.... The Ninth Circuit concluded that the participant had substantially complied with the terms of the Xerox Plans, because the plan documents did not require the use of a beneficiary designation form to change a beneficiary designation." [Becker (plaintiff in interpleader) and Mays-Williams v. Williams, No. 13-35069 (9th Cir. Jan. 28, 2015)] (Williams Mullen)  

Use of Settlements in DB Plans to Surge This Year
"Almost two-thirds of employers plan to take actions this year to limit rising [PBGC] premiums, mostly electing settlement strategies, said a new survey from Aon Hewitt.... 22% of employers are very likely to offer terminated vested participants a lump-sum window in 2015; 19% of employers plan to increase cash contributions to raise funding levels in order to reduce future PBGC premiums; and 21% of employers are considering purchasing annuities for a portion of their plan participants." (Aon Hewitt)  

[Advert.]

Registration Now Open for NCEO Denver Annual Conference

NCEO's 2015 Employee Ownership Conference will take place at the Sheraton Downtown Denver Hotel. NEW: See Preconference Session on Compensation Issues and our Agenda to view sessions marked CB -- a track dedicated to compensation and benefits issues in employee-owned companies.

Seven Qualitative Factors for Evaluating Investments
"[1] Manager quality ... [2] Staff turnover ... [3] Organizational structure ... [4] Level of service provided ... [5] The quality and timeliness of the money manager's reports ... [6] Response to requests for information ... [7] Investment education." (fi360)  

Top 1% of 401(k) Plans Hold Bulk of Assets
"Of the 540,000 active 401(k) plans as of the end of last year, 5,400, or 1% of sponsoring employers, held $3.06 trillion, or 71% of all assets ... That the largest employers are dominant is not surprising, given that they employ the majority of Americans enrolled in retirement plans. The largest employers claim 45 million participants, or 56% of all enrollees. The balance, meaning that 99%, have 35 million participants, or 44% of all enrollees in defined contribution plans." (ThinkAdvisor)  

Inheriting a Previously-Inherited IRA: A Most Confusing Scenario
"Inherited IRA accounts are becoming more common, and advisors have learned the differences between the options a spouse has versus the options available to a non-spouse who inherits a retirement account. But do you know how to treat an IRA that was inherited from someone who inherited it from someone else? This is where the rules really get complex." (Morningstar Advisor)  

Pension Indicator, Updated for January 2015
"For the second straight January, the Pension Indicator got off to a terrible start for the year. The charts presented [in this article] start from June 30, 2014, and things were drifting along okay enough for six months. And then ... the bottom just fell out.... This tool was developed to allow employers to mitigate their risk exposure by monitoring the estimated changes to their pension plan's funded status as it is reported for financial statement purposes under U.S. GAAP. The three tables ... provide the percentage change in the funded level of the plan: year-to-date, month-over-month, and 12-month change as of January 31, 2015 based on the investment mix and plan type." (Findley Davies)  

State of Florida Publishes Funding and Actuarial Information for Local Government Plans
"Florida Department of Management Services, Division of Retirement, monitors the state's local government pension plans for actuarially sound funding under [the] Florida Statutes. An actuarial summary fact sheet is available for each local government pension plan that the Division monitors. The fact sheets summarize basic information about each plan and compare that information to the average of Florida's other local government pension plans." (Cypen & Cypen)  

Bill Introduced to Create Oregon Retirement Savings Fund Board
"SB 615 creates the Oregon Retirement Savings Fund Board, which will include legislative oversight, support from the office of the State Treasurer, and representation from investors, employers, workers, and retirees. The Board will create a retirement savings plan and present it to the 2016 Legislature." (Save Today, Secure Tomorrow, via 401kHelpCenter.com)  

[Opinion]

How Secure Is the Illinois Secure Choice Savings Program?
"From an employer's perspective, the promise of administrative simplicity could prove to be illusory. There will have to be ongoing employee communications, an enrollment process, a deposit arrangement, and account management functions that will have to accommodate employees who do not have access to internet portals that are customarily provided to manage personal retirement funds. From an employee's perspective, how reliable is the pledge of low cost, competitive investments? ... And from the tax payers standpoint, is it really free? ... [W]hat about the costs of the infrastructure set up and rollout? ... And keep in mind, this is Illinois, an insolvent state with a history of insider deals and corruption involving the management (and mismanagement) of state pension funds ... So, what could possibly go wrong?" (The Retirement Plan Blog)  

[Opinion]

Pension Mess in Illinois Likely to Get Worse When High Court Rules
"Some folks think the court might split the baby somehow perhaps, for instance, adopting Gov. Bruce Rauner's idea that the only guaranteed benefits are those earned up to today, with any benefits from work from tomorrow on negotiable.... [But] much and maybe most of the $111 billion in unfunded liability is for past service, so such a ruling would be of little help. Others believe the court might send the matter back to the trial court for further consideration. But years of additional litigation aren't what's needed in a state that has to get on with revamping its budget and spending." (Crain's Chicago Business)  

[Opinion]

The SEC, NASD and FINRA on the Fiduciary Standard
"The SEC and the NASD/FINRA have clearly endorsed a 'best interests' requirement for brokers. And yet, various leaders of the financial services industry continue to predict disastrous results if the DOL adopts a universal fiduciary standard. So is that an admission by the financial services industry that they have not been in compliance with the SEC's and FINRA's requirements? Or is that an admission that they cannot operate profitably if they are required to comply with the SEC's and FINRA's 'best interests' requirement?" (The Prudent Investment Adviser Rules)  

[Opinion]

MyRA or the Highway?
"While it is true that the MyRA account will not charge any fund maintenance fees to the account holder, as some other mutual funds do, this 'freebie' does not make up for the lower return on investment.... [T]he security of investing in U.S. government-backed bonds is appealing to those who do not want to ride a stock market rollercoaster; however, it is important that anyone contemplating a MyRA, especially young savers, consider the long term. Is it worth buying into government debt at the age of 25, or is it better to invest in ownership of public firms by buying stock mutual funds?" (National Center for Policy Analysis)  

[Opinion]

Let's Inflate the QLAC Market
"Allowing those who own existing qualified [fixed index annuities (FIAs)] (approximately 50 percent of the total FIA owners by most reports) to simply amend their contract to meet QLAC guidelines is an astounding victory for those saving for retirement because not only will it facilitate purchase, it will expedite purchase, too.... [W]hy deflate the marketplace by providing one team with a competitive advantage. Let's inflate the marketplace for longevity annuities and, we'll also inflate income potential for retirees." (InsuranceNewsNet.com)  

SEC Proposes Expanded Hedging Policy Proxy Disclosure
"Since the Dodd-Frank requirement is a disclosure rule and not a listing exchange requirement, companies are not required to have in place any particular hedging policy. Instead, they must simply disclose the existence of any policy, its terms and who is covered. Companies adopting anti-hedging policies must decide whether to cover all employees or whether there are some circumstances in which hedging is permissible. Companies also will need to review existing policies to make sure they are worded broadly enough to cover all potential hedging transactions, assuming that is the policy goal." (Towers Watson)  

FICA Case Has Broad Implications for Deferred Compensation Plans (PDF)
"This case highlights the importance of handling FICA payroll taxes correctly under nonqualified deferred compensation plans. And, it can be interpreted more broadly -- to illustrate the potential for provisions or clauses in plan documents to create unintended participant rights. The plan in this case gave the employer discretionary control over the tax withholding applied to the participants' benefits and obligated them to properly manage FICA tax withholding. One has to wonder whether the retirees would have prevailed with different plan language." [Davidson v. Henkel Corp., No. 12-cv-14103 (E.D. Mich. Jan. 6, 2015)] (Buck Consultants at Xerox)  

Van Olson Law Firm, LLC, Announces New Partner and Name Change to Olson Mills Law Firm, LLC
Olson Mills Law Firm, LLC

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