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Employee Benefits Jobs
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Webcasts and Conferences
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[Guidance Overview]
Recent IRS Revisions to EPCRS
"Major changes to EPCRS include: [1] Correction of overpayment failures.... [2] Self-correction of section 415(c) failures.... [3] VCP fees.... [4] Submission forms.... [5] Required determination letter applications.... [6] Expanded correction period for amendments."
(ERISApedia.com)
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Reducing PBGC Variable Rate Premiums: Contribution Timing
"What premium-reduction strategy you use depends on what sort of plan you have -- critically, how well funded your plan is. In this regard, there are four types of plans: [1] Plans that are fully funded on a non-HATFA basis.... [2] Plans that are fully funded on a HATFA basis but not on a non-HATFA basis... [3] Plans that are not fully funded but are at least 80% funded on a HATFA basis.... [4] Plans that are not 80% funded on a HATFA basis.... [This article discusses] how a sponsor may modestly accelerate the payment of contributions and reduce PBGC variable-rate premiums, using an example of a 'type (3)' plan[.]"
(October Three Consulting)
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What Is a Collective Investment Trust, and Does It Make Sense to Use One in a 401(k) Plan?
"There's a reason why we rarely see CITs in 401k plans -- they aren't publicly priced. In fact, there's very little public about them at all. This makes it extremely difficult to conduct appropriate due diligence on them -- something near and dear to the fiduciary liability of a plan sponsor. Yet, CITs have long held a specific place in 401k plans -- that of the stable value option."
(Fiduciary News)
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Beware of Surrender Charges and Other Extraordinary 401(k) Fees Charged by Insurance Companies
"Not understanding the differences between mutual funds and variable annuities can result in excessive 401k fees for participants and fiduciary liability for sponsors -- especially when a decision is made to move the plan to a different provider.... Do variable annuities have other advantages over mutual funds? Not really. Do they have any disadvantages -- generally yes -- namely, additional fees and onerous trading restrictions."
(Employee Fiduciary)
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Five Things to Know About Pension 'Advances'
"If you need money in a pinch you may be tempted to take an advance on your pension. However, if you're not careful, you could get lured into a scam and lose the money you've worked so hard for.... [1] You may not be eligible.... [2] You'll be hit with high fees and interest rates.... [3] Some details might not be in writing.... [4] You might be asked to purchase life insurance.... [5] Financial scams abound."
(Retirement CheatSheet)
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[Opinion]
Is the MyRA Worth All the Fuss?
"In the end, the MyRA does not offer many differences from Traditional and Roth IRAs, except for the Treasury investment. However, the low growth rate will prevent many employees from successfully saving for retirement. The greater danger comes from those employers who will be tempted to scrap their expensive, complicated 401(k) plans for a cheaper alternative that leaves them out of it. That approach will not serve employers or their employees well."
(Frenkel Benefits)
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[Opinion]
Comment Letter from SPARK and American Benefits Council on NTIS Proposed Regs for Certification Program for Access to the Death Master File (PDF)
"[The authors] remain very much concerned that the NPRM fails to address the critical need for a [death master file (DMF)] certification program that will allow parties to exchange recent death information in circumstances where there is no opportunity for abuse.... Our comments in this letter are intended to suggest clarifications and changes to the NPRM that would make the final rule more workable by providing for our members' continued use of Limited Access DMF for legitimate retirement plan administrative purposes without opening the door to the types of abuse that led to the ... implementation of a DMF certification program."
(American Benefits Council and The SPARK Institute, Inc.)
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Press Releases
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