Pension Consultants/ Administrators
Leading Northern NJ Actuarial Firm
in NJ

Accountant--Retirement Plan Services
T. Rowe Price
in MD

Retirement Plan Specialist / Client Service Advisor
Favia Group
in IL

Administrator - DB/DC Plans
Benetech, Inc.
in CA

ERISA Attorney
Schwartz, Steinsapir, Dohrmann & Sommers LLP
in CA

Retirement Plan Administrator
Florida Retirement Consultants
in FL

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Form 5500 for Health and Welfare Plans: Preparation and Filing Basics
RECORDED
(Thomson Reuters / EBIA)

Dealing With Cybersecurity Threats & Breaches
May 28, 2015 WEBCAST
(ABA Joint Committee on Employee Benefits)

Affordable Care Act: 2015 Update for Tax Professionals
June 3, 2015 in NY
(Hodgson Russ)

ERISA Compliance for Health & Welfare Plans
October 7, 2015 in WA
(Thomson Reuters / EBIA)

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[Guidance Overview]

IRS Eases Automatic Enrollment in 401(k) Plans
"[Rev. Proc. 2015-28] simplifies and reduces the cost and burden of the correction process if a 401(k) or 403(b) plan using automatic enrollment or automatic increases fails to implement the correct amount of employee contribution. The correction safe harbor for plans with automatic contribution features requires the plan sponsor to make all employer matching contributions that should have been made with respect to the missed employee contributions, and to contribute an additional amount to make up for the earnings that should have accrued under the plan on those matching contributions. In addition, the plan is required to notify participants of errors and corrections, and of their ability to make up for the missed employee contributions by electing larger employee contributions going forward." (Accounting Today)  

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The Ultimate Retirement Professional Conference Experience

Limited travel budget? Let ASPPA bring the conference to you. Register for one of four ASPPA Regional conferences - Chicago, Boston, Cincinnati, or Philadelphia! We'll get you up to speed without the travel.

[Guidance Overview]

IRS Updates EPCRS, Reduces Some Fees
"We had hoped that the IRS would allow self-correction of loan errors without filing, but they have not done so. But they have significantly reduced the filing fees, thereby relieving one of the impediments that kept plan sponsors from using VCP for the benefit of their participants.... [T]he IRS has adjusted the filing fee related to failure to make required minimum distributions.... One of the most important categories of fixes within EPCRS relates to overpayments ... In an appropriate situation, the employer can pay the overpayment without trying to recover it from the participant, or can amend the plan retroactively to conform to what was done." (SunGard Relius)  

Double Jeopardy for Pension Plan Sponsors Selling Businesses: Have You Provided Spinoff Notices?
"[A] federal district court in Utah has ruled that former participants are entitled to benefits under both their original plan and their new plan for the same period of service because they were not notified of the transfer of their benefits.... This is clearly a result that the parties never intended.... How can plan sponsors avoid it? ... [These] practices put sponsors in a position to respond effectively to double-dipping claimants:" [Anderson v. CEMEX, No. 2:12-00136 (D. Utah Dec. 29, 2014)] (Osler, Hoskin & Harcourt LLP)  

403(b) vs. 401(k): Plan Design Comparison Chart (PDF)
2-page chart compares: [1] 403(b) Non-ERISA Title I Plans with only salary deferrals; [2] 403(b) ERISA Title I Plans with employer contributions; and [3] 401(k) Plan (includes profit sharing options). (Retirement Management Services)  

Simple IRAs vs. 401(k) Safe Harbor Plans: What Are the Differences? (PDF)
"The purpose of this outline is to compare a SIMPLE IRA with a safe harbor 401(k) plan -- especially for employers who must cover participants other than just the owners. In order for an employer to be eligible to start a SIMPLE IRA plan, it must have no more than 100 employees who earned $5,000 or more during the preceding calendar year, and it must not make contributions to the SIMPLE plan if any of its employees are also receiving allocations in another qualified plan maintained by the employer, unless that plan is for collectively bargained employees." (Retirement Management Services)  

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State and Local Government Benefits Association (SALGBA)

(SALGBA) is the premier organization providing educational and collaborative support for public sector employee benefits professionals, such as national and regional conferences, member directory, and more. For a complete list visit www.salgba.com.

Most Americans Unaware of Deferral Limits under Tax Code
"According to a recent survey ... fully 90% of Americans do not know the amount of money they can defer to their 401(k) or other defined contribution plan accounts annually without triggering tax repercussions.... Despite the fact that the IRS tends to increase these limits by a small margin annually, ... researchers find very few retirement savers in the U.S. are either aware of the limit or actually set their deferrals to match it." (planadviser)  

DOL Inspector General Audit Report: Small Pension Plans Receiving Audit Waivers Need More Frequent Review (PDF)
"The OIG found EBSA did not provide sufficient oversight of small plans claiming the audit waiver. While Small Pension Plan Audit Waiver (SPPAW) regulations have existed since 1976, EBSA performed reviews of plan filings claiming audit waivers only two times: once in Fiscal Year 2008, and once in 2011.... EBSA's Office of Chief Accountant did not independently confirm numbers reported by the plans, and therefore, did not have sufficient assurance of the accuracy of the amounts reported and the plans' ultimate eligibility for waivers." (Office of Inspector General [OIG], U.S. Department of Labor [DOL])  

2015 Corporate Pension Funding Index (PDF)
"December 31, 2014, funded ratio declines to 81.7%: Discount rate decrease of 75 basis points to 4.00% overwhelms robust 10.9% investment gain ... Declining interest rates make 2014 a banner year for pension plans with substantive allocation to fixed income investments, benefiting plans that pursued a liability-driven investing strategy. In reversal of 2013, plans with highest proportion of fixed income allocation see 14.5% average return." (Milliman)  

Agreement in Legal Battle Over Rhode Island Pension Overhaul
"The unions representing municipal police, Cranston police and Cranston fire, who collectively represent about 800 people, didn't agree to the terms. Their lawsuits are continuing and will be addressed by the court after the settlement is implemented.... The settlement provides for cost-of-living increases and one-time stipends for retirees. The cap for calculating the benefits would increase for some retirees, and the calculation would be based on a new formula using both the performance of investments and the consumer-price index. Employees would be allowed to retire earlier if they meet set requirements." (The Wall Street Journal; subscription may be required)  

[Opinion]

Retirement Plans Often Rife with Conflicts of Interest
"If you want to get involved, start with the annual fee disclosure you receive from your plan's administrator. If you think it's hard to understand, you're not alone. It's likely that way for a reason -- to mask conflicts of interest. Demand clarity from the provider. Call, email, ask your employer. And if your plan has an advisor that you suspect is compromised (a sales agent), ask your employer to evaluate others." (nerdwallet)  

[Guidance Overview]

IRS Issues Amendment to Section 162(m) Regs (PDF)
"On March 31, 2015, the Treasury Department and the IRS issued final amended regulations under Section 162(m) to clarify that [1] stock plans must provide individual limits; and [2] RSUs granted by IPO companies must be paid prior to the end of the special transition period. Although many practitioners have been operating in accordance with the rules since they were proposed in 2011, all companies should confirm their stock plans comply and companies that are pre-IPO or recently had an IPO and are still within their transition period should review the final rules in order to make appropriate planning decisions with respect to upcoming equity awards." (Frederic W. Cook & Co., Inc.)  

Six Instances Where California Public Sector Employers May Be Missing the Mark
"[1] Offering cafeteria benefits without a plan.... [2] Allowing 'opt-outs' of employee elections to make mandatory contributions.... [3] Permitting employees to 'retire' and then return to work.... [4] Converting non-reportable wages into reportable wages.... [5] Classifying employees as independent contractors.... [6] Not satisfying fiduciary requirements in connection with participant-directed section 457(b) plans." (Chang Ruthenberg & Long PC)