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Fundamental Series 14: Fiduciary requirements
June 1, 2015 WEBCAST
(SunGard Relius)

Dudenhoeffer Decision: One Year Later
June 10, 2015 WEBCAST
(New York City Bar Association)

The Virtual Visit: How Telehealth Is Reshaping Care Delivery
June 12, 2015 WEBCAST
(National Institute for Health Care Management Foundation)

Inside the Beltway
June 16, 2015 WEBCAST
(Drinker Biddle & Reath LLP)

View All Webcasts and Conferences

Plaintiffs Settle Church Plan Case in Sixth Circuit; Plan Remains a Church Plan (PDF)
"The proposed settlement includes a variety of measures directed at plan funding and restrictions on the employer's ability to cut back or terminate the plan over a seven-year period. Many of these measures reflect ERISA-type rules relating to participant disclosures, claims procedures and plan administration. Barring further changes in the law or disassociation from the Catholic Church, the settlement provides that the Ascension plan will remain a church plan and will continue to be exempt from ERISA." [Overall v. Ascension Health, No. 13-cv-11396-AC-LJM (E.D. Mich. May 11, 2015)] (Groom Law Group)  

[Advert.]

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.

Want an ESOP But Have an LLC? Convert!
"[T]he downside for LLC owners considering an ESOP is that an ESOP must be invested primarily in 'employer securities' and LLC membership interests don't count. The solution is to convert the LLC into a corporation. It can be done, but it has to be done carefully ... This article is an overview of the five most important considerations for an LLC conversion to corporate status: [1] The 80% Continuity of Ownership Rule; [2] Timing; [3] Partnership versus corporate tax; [4] Mechanics of conversion; [5] Governance changes." (Chang Ruthenberg & Long PC)  

Electronic RFP Process and Fiduciary Duty
"It can be difficult for investment committees to put together a list of questions that will help them to effectively compare firms and service offerings, especially for small and mid-sized committees. Poorly crafted, irrelevant, or repetitive questions will lead to a weak due diligence process and leave the committee confused and frustrated. Worse yet, it could mean the selection of an inadequate vendor." (Good Risk Governance Pays)  

Employer and Employee 401(k) Contributions Increased from 2012 to 2013
"In 2012, employer contributions were at about $96 billion and employee contributions reached about $174 billion. By 2013, employer contributions were up to over $101 billion and employee contributions raised to about $182 billion. Overall, employers contributed $5 billion more in 2013 than in 2012 and employees contributed an additional $8 billion." (Judy Diamond Associates)  

Retirement Plan Coverage and Contributions for U.S. Workers, 2001-2013
"Overall retirement plan coverage (DB and DC) has remained stable over the last 13 years: 70% in 2001 and 68% in 2013 ... DB-only plan coverage continued its longstanding decline -- from 16% of workers in 2001 down to 9% in 2013.... Over the same period, the percentage of workers covered only by DC plans climbed from roughly 41% to 48%.... DC plan participation rates -- the percentage of workers with DC account balances greater than zero -- generally increased with age up to 60 or so ... Average worker contributions to DC plans as a percentage of earnings generally increase with age[.]" (Towers Watson)  

More Senators Press DOL to Extend Fiduciary Comment Period
"Lawmakers on both sides of the aisle continue to pressure the Department of Labor to extend the comment period on its revised plan to amend the definition of fiduciary for retirement accounts.... The current 75-day comment period, which ends on July 6, 'is not an appropriate amount of time,' the Senators told Labor Secretary Thomas Perez. 'The proposed rule and exemptions will have a significant effect on countless working and middle-class Americans who have worked and saved diligently to ensure a secure retirement,' the senators wrote, adding that 'bipartisan support to extend the deadline is growing.' " (ThinkAdvisor)  

Vanguard's Approach to Target Date Funds (PDF)
18 pages. "This paper provides an overview of Vanguard's methodology in designing its TDFs. It outlines our view of glide-path construction, asset-class diversification, and the potential benefits of passively managed implementation." (Vanguard)  

Want to Really Take the Guess-Work Out of Your Retirement Spending Budget?
"The experts in this area continue their search (using their Monte Carlo modeling) for a Holy Grail spending rule to replace the now-suspect 4% Rule. So, what is a poor retiree to do now without a clear, simple spending rule of thumb? Sorry folks, but a retiree's budget problem is basically an actuarial problem that requires an actuarial solution. The retiree (or the retiree's advisor) needs to periodically match the retiree's assets with her liabilities." (Ken Steiner, FSA Retired)  

[Opinion]

Lifetime Income Disclosure Legislation Will Promote Retirement Savings
"Showing workers how much monthly income their savings may generate in retirement will provide workers with a better understanding of their savings options and help them to plan for their future financial security.... [R]esearch shows that nine in 10 workers want this information on their benefit statements and find the information helpful in planning for their future financial security." (Insured Retirement Institute [IRI])  

[Opinion]

Are U.S. Pension Funds Delusional?
"U.S. public pension funds are increasingly shifting assets into high fee private equity, real estate and hedge funds to make that 8% bogey. Unfortunately for them, they will fall well short of their target, but they will succeed in enriching a bunch of overpaid hedge fund and alternatives managers that are preparing for war." (Pension Pulse)  

[Guidance Overview]

A Closer Look at the SEC's Proposed Pay Versus Performance Disclosure Rules (PDF)
10 pages; article provides a detailed analysis of the rules, with commentary. "These proposed disclosure rules do nothing to address the relationship between potential/realizable pay and performance, which investors have already signaled is important to them and is something that Boards should be considering... Shareholders are likely to be confused with the new disclosures. Due to the unusual and confusing way in which the rules seek to compare pay and company performance, we expect many issuers to include supplemental disclosures. The SEC's proposed disclosure requirements do not relate pay and performance in a logical manner, and companies will seek to explain that relationship and why the required disclosure does not adequately demonstrate alignment." (ExeQuity)  

Q&As on the SEC Proposed Pay-for-Performance Rules
Questions addressed include: Which companies are subject to the pay-for-performance disclosure under the proposed rules? In what filings does the disclosure appear? Will the disclosure be subject to a say-on-pay advisory vote? What is the format for the disclosure? How many years of information must be disclosed? Which executives are covered by the disclosure? Why did the SEC choose fair value of equity at vesting to calculate "executive compensation actually paid?" What are the rules for pension value disclosures? How is cumulative TSR calculated? (Towers Watson)  

Third Circuit Adopts Catalyst Theory for Attorney Fee Awards in ERISA Cases
"The court decided that a party can achieve success on the merits without any judicial action.... [and] that the defendants' voluntary payment of interest was sufficient to make the claimants eligible for attorney fees ... The Third Circuit failed to recognize the chilling effect its ruling will likely have on settlement of ERISA claims once a lawsuit is filed. Also lost on the court is the potential increase in lawsuits involving questionable ERISA claims by attorneys hoping to secure a nominal settlement and then demanding fees as a result." [Templin v. Independence Blue Cross, No. 13-4493 (3d Cir. May 8, 2015)] (Wilson Elser)  

Gary Kushner Nominated for the 2015 Lewis Shattuck Small Business Advocate of the Year Award
Kushner & Company

Lincoln Financial Offers QLAC Status on Deferred Income Annuity Providing Advisors Additional Tool To Address Client Longevity Income Needs
Lincoln Financial Group

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