ASPPA

Administration & Compliance Manager
Trust Company of Illinois
in IL

Benefit Consultant
Unified Trust Company, N.A.
in KY

Retirement Plan Administrator
Northeast Professional Planning Group
in NY

Retirement Plan Services Administrator
Hancock Bank
in MS

Retirement Plan Administrator
Bates & Company
in FL

Employee Benefits Senior Associate
First American Bank
in IL

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Effective ESOP Communications Committees
RECORDED
(National Center for Employee Ownership)

Voluntary Fiduciary Correction Program Workshop
June 18, 2015 in IL
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Unlocking the Buyout Market: How Price Transparency And Carrier Engagement Lead To Exceptional Deal Outcomes
June 24, 2015 WEBCAST
(Mercer)

Compliance 101: The Risks and Practical Realities of Producing Form 1095
July 8, 2015 WEBCAST
(Employee Benefit News)

Fiduciary Training for Retirement Plan Sponsors 1.0
July 14, 2015 in OR
(AKT Wealth Advisors, LP)

Fiduciary Training for Retirement Plan Sponsors 1.0
July 22, 2015 in OR
(AKT Wealth Advisors, LP)

Alternative Investment Strategies
July 27, 2015 in CA
(International Foundation of Employee Benefit Plans [IFEBP])

View All Webcasts and Conferences

[Official Guidance]

Text of IRS Notice 2015-42: Weighted Average Interest Rates, Yield Curves, and Segment Rates Applicable for June 2015 (PDF)
"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Section 430(h)(2) ... In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I). The rates in this notice reflect the application of Section 430(h)(2)(C)(iv), which was added by [MAP-21] and amended by section 2003 of [HATFA]." (Internal Revenue Service [IRS])  

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Deadlines to Correct for Failed ADP and ACP Testing
"Under current regulations, testing failures are required to be corrected within 12 months after the close of the plan year.... [The IRS] provides a self-correction program that can be used within 36 months of the close of the plan year, but the costs can be significantly more than if the failure is corrected timely." (Retirement Management Services)  

Death, Taxes and Retirement Plan Administration Errors
"Until Rev. Proc. 2015-28 ... participants who were not automatically enrolled would get their full paycheck, plus an employer-paid deferral deposit that was essentially a windfall. Under the new rules, the employer does not have to deposit the QNEC if the deferrals begin by the earlier of: [1] The first payroll on or after October 15 of the following year for calendar year plans, or the equivalent 9-1/2 month period for fiscal year plans; [2] If the participant notifies the plan sponsor of the failure, the first payroll on or after the last day of the month following the month of such notification; [provided] the sponsor provides a notice to the affected participants no later than 45 days after the date deferrals begin." (Belfint Lyons & Shuman, CPAs)  

An Economist's Perspective on Fiduciary Monitoring of Investments (PDF)
"The rate of change and the materiality of any changes should logically influence the frequency, duration and specificity of investment committee meetings and whether other groups such as Human Resources, Legal and Operations should be involved. Similarly, the frequency of issuing a Request for Proposal (RFP) to potentially hire a new vendor is a function of what is happening with a plan and its sponsor. Tumult in the investment environment is another consideration." (Susan Mangiero, via Bloomberg BNA Pension & Benefits Daily)  

Nine in Ten Consumers Believe Their Financial Advisor Puts Their Interests First
"Overall study results showed only 43 percent of defined contribution plan participants discussed the advantages and disadvantages of potential rollover actions with someone.... [P]articipants who regularly work with financial advisors are more likely to have discussed the advantages and disadvantages of potential rollover actions than those who do not work with a financial advisor (60 percent vs. 30 percent).... [W]hen working with a financial advisor to make the decision to roll the money into an IRA, 3 in 4 participants report that they continue to work with this advisor. This implies that the rollover transaction is usually not a one-time interaction but is instead undertaken in the context of a long-term relationship." (LIMRA)  

[Advert.]

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.

DOL Sues Financially Distressed Manufacturer Over Company Stock Purchases by ESOP
"The [DOL] is suing Gruber Systems Inc. and its CEO to recover more than $2.6 million in losses suffered within the company's [ESOP]. The DOL alleges the manufacturer knowingly bought over-valued company stock within the ESOP -- and that the firm's CEO ... drove money into the ESOP not for the exclusive economic benefit of plan participants, but instead to support the stock price of the financially distressed company." (PLANSPONSOR)  

Five Years of Mark-to-Market Pension Expense Reporting
"Some corporations have chosen to ... [mark DB pension plan] gains and losses to market in the year they occur.... [T]he underlying economic reality is the same whether a corporation marks to market or not, but the reported numbers are different. Would analysts be able to interpret the two types of reporting accurately? Would one approach or the other be preferred? ... [T]he experience of the past five years seems to have been that, by and large, marking to market has not caused confusion or hurt share prices." (Russell Investments)  

A Corporate Finance Approach to Managing Defined Benefit Plans
"This paper offers guidelines for assessing a defined benefit plan's impact on the sponsoring company and vice versa, including effects on decisions about the plan's asset allocation.... [V]ariations in plan funding can substantially affect the sponsor company's balance sheet and pension expense.... [A] company's exposure to pension risk can be measured generally by comparing the size and cost of the pension plan to the size and earnings of the company." (Vanguard)  

Understanding the Faculty Retirement (Non)Decision (PDF)
"Tenured faculty age 50 or older can divided into three groups--35% expect to retire by normal retirement age; 16% would prefer to retire by normal retirement age, but expect to work longer (i.e., they are 'reluctantly reluctant' to retire); and 49% would like to and expect to work past normal retirement age (i.e., they are 'reluctant by choice').... [P]ersonal finances are a particular barrier for those reluctantly reluctant. Psychosocial factors are the issue with those reluctant by choice. However, one-half to two-thirds of those reluctantly reluctant appear to be assuming a financial barrier given that they have not done a careful evaluation of their retirement finances." (TIAA-CREF Institute)  

New Military Retirement System Gets Pentagon OK
"The Pentagon is officially backing a 'blended' system that would shrink the size of the current pension by about 20 percent yet supplement that benefit by offering government contributions to individual retirement investment accounts. The proposed system would provide for the first time a modest retirement benefit for the vast majority of service members who leave the military before reaching 20 years of service to qualify for the traditional pension." (MilitaryTimes)  

Oregon House Approves State-Run Retirement Savings Plan for Employees of Private Firms
"Under House Bill 2960, employees who aren't offered a retirement plan by their employer would be automatically enrolled in the state plan, but could opt out. The accounts would be administered through a partnership between the state treasurer's office and a private bank.... A new retirement savings board would select a bank, which would create a program similar to an individual retirement account. The bill authorizes the board to set a default contribution rate for employees." (The Oregonian)  

[Opinion]

The Problem with SIFMA's Best Interest Proposal
"While SIFMA's proposed standard advocates disclosures, there is no requirement, as exists under fiduciary law, to reveal all material facts to the client. While disclosure of investment-related fees and costs is mandated, the rule does not specify (as is found in the more powerful Best Interests Contract Exemption proposed under the DOL rule) an understandable format with specific fees and costs fully disclosed." (Ron Rhoades, in Financial Planning)  

[Opinion]

ASPPA Comments to OMB on IRS Submission of 2015 Form 5500 Series Reports, Including the New Form 5500-SUP (PDF)
"The proposed Form 5500-SUP is a paper form which may be used by certain filers to provide specific compliance information; however, the IRS also has arrayed the compliance lines across the electronically filed Form 5500 series as an alternative method for all filers to comply with the disclosure requirement.... ASPPA believes that the burden associated with the new SUP-data collection in terms of both time and cost has been materially understated," (American Society of Pension Professionals & Actuaries [ASPPA])  

SEC Staff Issues Analysis on Proposed Pay Ratio Disclosure Rule
"[T]he analysis indicates the SEC's potential receptivity to excluding categories of employees from the calculation of the CEO pay ratio, at least up to 20% of the total worldwide workforce. Based on the Staff Report, if the SEC concludes that the exclusion of a category of employees would not have a material effect on the calculation of the CEO pay ratio, presumably the SEC would be inclined to allow for such exclusion in the final rule." (Meridian Compensation Partners, LLC)  

Preparing to Disclose Pay for Performance
"One key decision involves the peer group of companies whose [total shareholder return (TSR)] the company includes in [the proxy's Summary Compensation Table] ... When companies decide on a peer group, they need to consider not only what would work in the current year, but what would work in coming years[.]" (Treasury & Risk)  

Owner of Former Company in Emeryville, California, Convicted of Grand Theft in 401(k) Retirement Funds Case Investigated by US Department of Labor
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

BrightScope Launches Fund Pages to Provide Unprecedented, Free Access to Mutual Fund Data and Analysis
BrightScope

MassMutual Launches New Employee Benefits Guidance Tool To Help Americans Make Financial Decisions
MassMutual

Jobs Remain Stable in Employee Stock Ownership Sector of Economy
Employee Ownership Foundation

Walgreens Balance Rewards for Healthy Choices Program Participants Are Losing Weight, More Adherent to Medications
Walgreens

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