NIPA [National Institute of Pension Administrators]

Plan Administrator
United Retirement Plan Consultants
in NJ

Defined Contribution Pension Administrator
Pension Planning Consultants, Inc.
in NM

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Webcast: Understanding the MPRA 2014 Regulations
July 1, 2015 WEBCAST
(International Foundation of Employee Benefit Plans [IFEBP])

FYI on RIFs: Guidance for Early Retirements and Voluntary Reductions in Force
July 8, 2015 WEBCAST
(Ogletree Deakins)

SCOTUS On Employee Benefits: What the Supreme Court Decisions in King and Obergefell will Mean for Employers and Plan Sponsors
July 8, 2015 WEBCAST
(Seyfarth Shaw LLP)

Webcast: ACA Update: King v. Burwell—Now What?
July 9, 2015 WEBCAST
(International Foundation of Employee Benefit Plans [IFEBP])

Health Benefits Laws Compliance Assistance Seminar
July 21, 2015 in NE
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Health Benefits Laws Compliance Assistance Seminar
September 2, 2015 in SC
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Changes to Cafeteria Plans: What You Need to Know to Prepare
September 15, 2015 WEBCAST
(Lorman Education Services)

ACOPA LA Advanced Pension Conference
January 22, 2016 in CA
(ASPPA College of Pension Actuaries [ACOPA])

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[Guidance Overview]

Summary of DOL Regulatory Package Redefining Fiduciary Advice and Proposing or Amending Prohibited Transaction Class Exemptions (PDF)
6 pages. "There is still a considerable amount of debate over the meaning and impact of the Proposal, and a key area of uncertainty is exactly how the rollover provisions in the proposal are intended to operate. As a high-level summary, this [article] does not address all of the literally hundreds of issues being discussed, but it does provide a general overview of the expanded definition and the key prohibited transaction class exemption, the Best Interest Contract Exemption (BICE)." (U.S. Chamber of Commerce)  

[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.

[Guidance Overview]

DOL Provides Leeway in Participant-Level Plan Disclosure Due Dates
"Administrators of participant-directed plans such as 401(k)s must furnish detailed information to every participant and beneficiary regarding the plan and its available investment alternatives. [DOL] regulations require these participant-level disclosures be made 'on or before the date on which a participant or beneficiary can first direct his or her investments and at least annually thereafter.' ... [T]he DOL issued a direct final rule, which took effect on June 17, 2015. The rule changes the definition of 'at least annually thereafter' to mean at least once in any 14-month period instead of once in a 12-month period." (International Foundation of Employee Benefit Plans [IFEBP])  

[Guidance Overview]

IRS Explanation, Worksheet (Alert Guidelines), and Deficiency Checksheet: Miscellaneous Provisions (Rev. 4-2015) (PDF)
24 pages; this single PDF document includes Publication 6392, Form 5626, and Form 6043. Excerpt: "A plan which generally is more generous than the statutory minimum requirement for qualification in any given area will not fail to qualify merely because it fails to adhere to specific language found in the statute if it can be otherwise demonstrated that the minimum statutory requirement is met." (Internal Revenue Service [IRS])  

Perez Calls Out Variable Annuities in Argument for DOL Fiduciary Rule
" 'You know what I've learned in this business is that most people, especially the small saver, their needs are simple,' Mr. Perez said at the Brookings Institution in Washington on Tuesday. 'Their needs are served by simple investments. Variable annuities are not the answer for so many people. The reason they become the answer, inappropriately for so many people, is because the system is misaligned.' " (Investment News)  

The Brokerage Option in DC Plans
"Sixteen percent of Vanguard plans offer a self-directed brokerage option. Larger plans are somewhat more likely to offer the feature. In 2014, 28% of Vanguard plan participants had access to the option. Few participants use the self-directed brokerage feature -- only 1% of participants whose plans offered it in 2014." (Vanguard)  

[Advert.]

Your input needed! GAO asking DC plan sponsors about eligibility and vesting requirements

This GAO survey examines why plan sponsors use certain eligibility and vesting requirements, how they may have changed the requirements, and how they communicate them to employees and participants. GAO estimates the survey will take about 15-20 minutes to complete; responses will be accepted until July 24th.

Gen Y More Guarded about Retirement Savings than Older Generations
"[W]hen it comes to retirement planning, Gen Y (age 18-34) may be more conservative than older generations in their outlook, with only 56 percent saying they are counting on Social Security to provide income in their retirement, compared to 76 percent of 35- to 44-year-olds and 73 percent of 45- to 54-year-olds. And with the memory of the financial crisis still strong for many younger adults, this group also is more concerned about market turbulence. Thirty-four percent say if they could choose one primary goal for their retirement plan, it would be to ensure that their savings are safe, no matter what happens in the market -- a marked increase from older generations." [Also available: tabular summary of survey results and Infographic.] (TIAA-CREF)  

Senate, House OK Bills to Defund Fiduciary Push
"Appropriations bills that call for stopping the Obama administration from creating a new fiduciary standard are moving forward in the House and Senate, but stopping the rulemaking process faces high hurdles." (InsuranceNewsNet.com)  

EBSA Report on Quality of Benefit Plan Audits by CPAs Finds Deficiencies
"The report recommends that Congress amend the ERISA definition of 'qualified public accountant' to include additional requirements and qualifications necessary to ensure the quality of plan audits and give the Secretary of Labor the authority to issue regulations concerning the qualification requirements. Congress is further urged to amend ERISA to repeal the limited-scope audit exemption." (Wolters Kluwer Law & Business)  

Seeing the Forest for the Trees: A Bird's Eye View of Pension Investing
"[This article will] equip you for the perilous journey with some lessons and guidelines for surviving in the investment jungle. We'll talk about: [1] Those you're likely to run into along the way who may offer investment advice (or directions) for reaching your plan's investment goal. [2] The alternative modes of transportation available to you (i.e., investment vehicles). [3] Basic concepts, rules, and terminology used in portfolio management theory (i.e., the law of the jungle) that may help you to make some sense of the various claims of would-be advisors and the wide variety of investment choices." (Chang Ruthenberg & Long PC)  

Why Aren't More Plan Sponsors Adopting the 'Ideal Plan'?
"For auto-enroll, the concerns are complaints from employees, extra work and the fear of appearing too paternalistic. But almost every plan sponsor ... that uses auto-enrollment has reported very few employees complaining (less than 1%) and less work, not more. And paternalism is a hollow excuse -- not only do most employees welcome auto-enrollment, some even expect it." (National Association of Plan Advisors [NAPA])  

[Opinion]

Will 'Ratcheting' the 4% Rule Make It Less Insane?
"Retirees should be very cautious about using the 4% Rule with Mr. Kitces' ratcheting modification. The research by Blanchett, Finke and Pfau ... showed a less than 60% success rate (i.e., a greater than 40% failure rate) over a 30-year period for the 4% Rule based on their forward looking model and 60% investment in equities, and that is before application of any 'ratcheting' increases advocated by Mr. Kitces." (Ken Steiner, FSA Retired)  

FASB Proposes Changes to Accounting for Stock Compensation (PDF)
"Some of the more significant amendments address: [1] accounting for income taxes at settlement (a.k.a., windfalls, shortfalls, and the APIC Pool); [2] accounting for forfeitures; [3] net settlements to cover withholding taxes; [4] classification of awards with repurchase features; [5] expected term assumption for non-public entities." (PricewaterhouseCoopers)  

SEC Proposes Rules for Pay-for-Performance Disclosures (PDF)
"The Proposed Rules generally would require that executive compensation disclosures in many proxy or information statements include: [1] a tabular presentation of compensation actually paid to named executive officers (NEOs) and the cumulative total shareholder return (TSR) of the company and its peers for each of the last five fiscal years; and [2] a clear description of the relationship between compensation actually paid and the company's TSR as well as the relationship between the company's TSR and that of its peers." (PricewaterhouseCoopers)  

Compliance in Accommodations and Leave Management (CALM) Service
Franczek Radelet PC

NFP Acquires AutoGroup Services
NFP Corp.

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