Retirement Plans Newsletter

February 17, 2015

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Employee Benefits Jobs


Webcasts and Conferences

Mastering 1095-C Forms for ACA Compliance
February 26, 2015 WEBCAST
(Tango Health)

Multiple Employer Welfare Arrangements
March 18, 2015 in NY
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Form 5500 Update
March 26, 2015 WEBCAST
(McKay Hochman Co., Inc.)

View All Webcasts and Conferences



[Official Guidance]

Text of PBGC Request for Information: Multiemployer Pension Reform Act; Partitions of Eligible Multiemployer Plans and Facilitated Mergers
"This document is a request for information (RFI) to inform future PBGC guidance under sections 4231 and 4233 of ERISA. PBGC is seeking comments from all interested stakeholders, including multiemployer plan participants and beneficiaries, organizations serving or representing such individuals, multiemployer plan sponsors and professional advisors, contributing employers, unions, and other interested parties." [Includes 12 specific questions covering Issues Affecting both Partitions and Facilitated Merger; Issues Affecting Partitions Only; and Issues Affecting Facilitated Mergers Only.] (Pension Benefit Guaranty Corporation [PBGC])  


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[Official Guidance]

Text of EBSA Notice of Extension of Comment Period on Proposed Individual Exemption Involving Credit Suisse
"Notice is hereby given that the [DOL] is extending the date by which comments may be submitted in connection with a proposed individual exemption published on November 18, 2014 ... involving 'qualified professional asset managers' that are affiliated with, or related to, Credit Suisse AG. Comments on the proposed exemption may now be submitted to the Department on or before [10 days after the date of publication in the Federal Register, currently scheduled for February 18]." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

Six Ways Your 401(k) Investment Advisor Can Help Manage Service Providers
"Leading edge investment advisers are familiar with the marketplace for trust, custody, employee education and recordkeeping services. As a result, plan sponsors should expect help from their investment adviser with: Cost management.... Services.... Vendor searches.... Plan design.... Reputation and fit.... Problem resolution." (Robert C. Lawton, via Employee Benefit News)  

Three Things Every Retirement Plan Committee Member Should Know
"You are an ERISA fiduciary. Even as a small and relatively silent member of the committee, you'll direct and influence retirement plan money.... As an ERISA fiduciary, your liability is personal.... [Y]ou may be required to restore any losses to the plan or to restore any profits gained through improper use of plan assets.... You are responsible for the actions of other plan fiduciaries.... So, it's a good idea to know who your co-fiduciaries are -- and to keep an eye on what they do, and are permitted to do." (National Association of Plan Advisors [NAPA])  

Sponsoring a Successful 401(k): Understanding Leakage May Be as Important as Participant Contribution Behaviors
"What can plan sponsors and advisors do? [1] Restrict participant loans: Allow one loan at a time, for serious financial hardships only. [2] Negotiate with your service provider: Allow participants to make loan repayments after they separate from service. [3] Automatically restart participant contributions six months after issuing a hardship distribution. [4] Develop targeted communications ... [5] Allow partial distributions by plan participants and permit new employees to roll over existing loans from prior providers." (BMO Retirement Insights)  


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The Best Online Tools for Retirement Planning and Living
"A growing array of apps and websites make it easier to complete many of the most basic -- and most important -- tasks, from saving money and creating legal documents to figuring out a second career and where to live. There are tools for people nearing or in retirement, and for people just starting to think about it. There are apps that help couples set up budgets and stick to them, websites that rebalance 401(k) allocations, and calculators that offer a better-than-educated guess as to how long that nest egg is going to have to last." (The Wall Street Journal; subscription may be required)  

Union Retirees Fear Possible Dramatic Cuts Under Multiemployer Pension Reform Act of 2014
"[An] act that allows plans to cut retiree pensions is 'such a departure from current law,' [said Karen Friedman, executive vice president and policy director at the nonprofit Pension Rights Center]. 'It's just such a buzz saw on retiree pensions.' As many as 150 pension plans nationally may be impacted by the new act, Friedman said.... The Pension Rights Center created a Multiemployer Retiree Cutback Calculator for its website ... that allows people to get an idea of how much their pension could be cut under the law." (Ohio.com)  

Advertising Employee Ownership Enhances Recruiting Efforts
"[U]ndergraduates ... were asked to self-report their SAT or ACT scores.... [H]igher-scoring students were significantly more likely to prefer the employee-owned company.... On a seven-point scale, employee ownership companies typically rated around a six, and other companies half that or less. A second study looked at 279 working professionals, but this time screened for prior management experience. Again, the result showed that higher-skilled people were much more drawn to employee-owned companies." (National Center for Employee Ownership [NCEO])  

35 Percent of Americans Want Pension Reform to Be a 'Top Priority' for State and Local Governments
"Of the 72 percent who were concerned about [state and local] governments' ability to fund pensions, 39 percent of Americans said they are 'very concerned' about the problem, while another 33 percent are 'somewhat concerned.' Thirty-five percent say public pension reform ought to be a 'top priority' for government, while 41 percent said it should be 'an important but lower priority.' " (National Center for Policy Analysis)  


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Virginia House Passes Bill to Allow School Districts to Run Own DC Plans
"The Virginia House of Delegates on Feb. 6 passed a measure that would allow school districts to establish and administer their own 403(b) plans, and also would allow voluntary and matching contributions under the Commonwealth's DC plan to be directed to those locally adopted 403(b) plans. HB 2178, introduced by Del. Charles D. Poindexter (D-9) on Jan. 14, passed a mere 23 days later by a 98-1 margin." (National Tax-Deferred Savings Association [NTSA])  

Benefits in General; Executive Compensation

ERISA Advisory Council to Meet March 20
"The purpose of the open meeting, which will run from 1:30 p.m. to approximately 4:30 p.m. Eastern Standard Time, is to welcome the new members, introduce the Council Chair and Vice Chair, receive an update from the Assistant Secretary of Labor for the Employee Benefits Security Administration, and determine the topics to be addressed by the Council in 2015." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

Companies Should Review Their Performance-Based Compensation Plans Following FASB Change Involving Extraordinary Items
"While this change might seem esoteric and of interest only to accountants, some housekeeping may be in order for compensation plans or grants that would exclude the effect of extraordinary items under the existing standard. In the short term, companies making multi-year performance grants in early 2015 should take the time to understand the impact of this change because it can relate both to how performance is measured and tax deductibility under Code Section 162(m)." (Towers Watson)  

Press Releases

Share Your Data: The ESOP Transaction Survey
National Center for Employee Ownership

Nontraditional Wellness Initiatives Emerging Among Workplaces
International Foundation of Employee Benefit Plans [IFEBP]

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