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Healthcare Auditor
PBMares
in MD

Account Manager
National Retirement Services, Inc.
in NC

Senior Associate or Counsel - Employee Benefits
Alston & Bird LLP
in DC

Retirement Plan Administrator for Defined Benefit Plans
Ingham Retirement Group
in FL

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Information Reporting Requirements for Providers of Minimal Essential Coverage
September 22, 2015 WEBCAST
(IRS [Internal Revenue Service])

Manager Selection, Due Diligence & Oversight: A Think Tank for Institutional Investors
November 9, 2015 in NY
(Financial Research Associates)

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[Official Guidance]

Text of FASB Update 2015-12 -- Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965) (PDF)
105 pages. "Under the amendments, fully benefit-responsive investment contracts are measured, presented, and disclosed only at contract value. A plan will continue to provide disclosures that help users understand the nature and risks of fully benefit-responsive investment contracts.... The net appreciation or depreciation in investments for the period still will be required to be presented in the aggregate, but will no longer be required to be disaggregated and disclosed by general type.... The amendments in Part III of this Update provide a practical expedient to permit plans to measure investments and investment-related accounts (for example, a liability for a pending trade with a broker) as of a month-end date that is closest to the plan's fiscal year-end, when the fiscal period does not coincide with a month- end." (Financial Accounting Standards Board [FASB])  

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Federal District Court Holds That Fund Mapping Was Abuse of Discretion But Awards No Damages
"The court's decision to enter judgment for the fiduciaries because of the participants' failure to provide evidence supporting a particular measure of damages is a striking reversal. (This court previously awarded the participants $21.8 million on this claim.) But that outcome should not obscure the broader lessons of this case: that fiduciaries overseeing plans with revenue sharing arrangements must understand and monitor those arrangements, take steps to ensure that fees are reasonable for the plan services provided, and carefully consider and address any potential conflicts of interest." [Tussey v. ABB Inc., No. 2:06-CV-04305 (W.D. Mo. July 9, 2015)] (Thomson Reuters / EBIA)  

Eleventh Circuit Again Affirms Dismissal of Stock Drop Claim Against Delta Air Lines
"The Court concluded that the prudence claim before it was just the type of claim that the Supreme Court would deem 'implausible,' particularly since plaintiff did not allege that the fiduciaries 'had material inside information about Delta's financial condition that was not disclosed to the market' or the existence of a special circumstance, such as fraud or other improper conduct, that would render reliance on the market price imprudent." [Smith v. Delta Air Lines, No. 13-15155 (11th Cir. July 29, 2015)] (Proskauer's ERISA Practice Center)  

'Dewey, Cheatem and Howe': Fiduciary Disclosures in the Wake of Tibble v. Edison
"[A recent article] advises fiduciaries to reduce their exposure to excessive fee claims by engaging in a regular dump of documents, meeting minutes and data on all plan participants.... The strategy amounts to burying each participant in a data and documents haystack, on the theory that the federal courts ... will agree that this made the participants pregnant with 'actual knowledge' of whatever needles may lie within.... This haystack strategy becomes disastrous if the fiduciaries are wrong and there is at least one needle in the haystack." (ERISA Fiduciary Administrators LLC)  

Guiding DC Participants with a Simplified Investment Menu
"[It] is beneficial to build the core lineup on the same tenets and investment principles as the custom target date funds. Consistency in investment philosophy and construction provides participants with better resources, and sponsors with more efficient governance. Can the core funds take a page from the diversification and communication benefits of target date funds? The answer is 'Yes,' provided that they are combined to clearly highlight and define their investment objectives." (Pensions & Investments)  

Workers, Employers Contributing More to 401(k) Plans
"For the first time, employers and employees contributed more than $10,000 on average to 401(k) retirement accounts over the course of a year ... Savings are growing as more people find work and feel better about the economy ... Still, that boost in confidence is also contributing to a more troubling trend: 401(k) loans are getting bigger, too. The average loan was $9,720 at the end of June, up from $9,500 at the same time in 2014." (The Washington Post; subscription may be required)  

More American Savers Skimp on Retirement Plans
"Average annual household savings increased almost a full percentage point to 5.5 percent last year, up from 4.6 percent in 2013 ... But the percentage of household savings that went into employer-sponsored retirements plans like 401(k)s fell 7 percentage points to 22 percent in 2014, and households participating in employer-sponsored plans declined to 56 percent last year from 60 percent in 2013." (CNBC)  

Efficient Retirement Design and Its Effect on Retirement Readiness for Health Care Employees
"Employees in the health care industry are expected to fall short by a multiple of 3.1 times final pay.... [In] order to close this gap of 3.1 times pay at age 65, a 35-year-old employee would need to save an additional 7.5% of pay every year to age 65. Without further incentives from private employer plans, it is unlikely the average employee will take action to close this gap." (Aon Hewitt)  

Pension Plan Funded Status Rises Due to Liability Decreases in Q2 2015 (PDF)
"During the second quarter of 2015 (Q2 2015), the funded status of the model pension plan examined in each issue of [the linked publication] increased by 8 percentage points: from 79 percent to 87 percent. This increase was the result of a 10 percent liability decrease and flat investment performance during the quarter.... The increase in the yield-curve level during Q2 2015 resulted in an increase in the effective interest rate and, consequently, a decrease in the model pension plan's liability of about 10 percent." (Sibson Consulting)  

What If We Live in a Low-Return World? Implications for Pension Funds
30 pages. "[The authors] discuss the long-term trend for growth across asset classes and the implications, as well as potential solutions, for pension funds.... [T]he first section ... looks forward at global growth, productivity and demographic trends and examines the consequences for long-term interest rates.... [T]he second section ... explores the pension landscape in more detail, looking at the portfolio implications of a low-return world and outlining potential investment considerations and solutions." (J.P. Morgan Asset Management)  

Firefighters Union Wants to Vacate Pension Deal in Providence, Rhode Island
"Paul Doughty, president of Local 799 of the International Association of Firefighters, said his request to cancel the pension deal is in response to the Elorza administration's claim that the city's current collective bargaining agreement with the union is 'void and unenforceable' because its duration is longer than state law allows. 'If the collective bargaining agreement is invalid, then the pension settlement is, as it is contingent on the ratification of the collective bargaining agreement,' Doughty wrote[.]" (WPRI.com)  

Fodder for Both Sides in Nonpartisan Review of California Pension Reform Measure
"California's nonpartisan Legislative Analyst's Office [LAO] ... released its review of the public pension reform initiative proposed by former San Jose Mayor Chuck Reed and former San Diego City Councilman Carl DeMaio ... Opponents were hot out of the gate with a statement noting that the LAO found there's 'significant uncertainty as to the magnitude, timing, and direction of the fiscal effects of this measure and its effects on current and future governmental employees' compensation.' ... But DeMaio and Reed followed up with a statement saying the LAO had confirmed 'that the mandatory requirements of the measure would produce "significant savings." Even better, in addition to what is specifically mandated by the measure, the LAO confirmed that voters would have new powers to add to the savings.' " (San Jose Mercury News)  

[Guidance Overview]

SEC Proposes Rules to Implement Dodd-Frank Act Executive Compensation Clawback
"Although the timing for the new listing rules is uncertain, they could be effective within a year. Companies should consider taking the following actions: [1] Take a fresh look at their Section 16 officer group ... and develop additional record keeping procedures to track when Section 16 reporting status terminates. [2] Review existing clawback policies to consider what kinds of changes will be needed to conform to the new listing standards. [3] Review the current incentive compensation programs to identify various elements potentially subject to clawback as well as potential design changes. [4] Review the compensation committee charter to identify changes required for the committee's new responsibilities for overseeing enforcement of the clawback policy." (Perkins Coie LLP)  

Use of Excess DB Plan Assets for Retiree Healthcare Extended to 2025
"The highway bill provision adds four years to the expiration date of Internal Revenue Code Section 420(b), which allows defined benefit pension plans that would remain funded above 125% to use assets for retiree medical costs or life insurance." (Pensions & Investments)  

Final Pay Ratio Rule to Get Green Light from SEC August 5
"For the SEC and agency Chair Mary Jo White, the August 5th pay ratio vote should mark the end of weeks during which she endured vehement personal attacks by special interests seeking to accelerate a final rule. The vote also may set the stage for the departure of senior SEC Commissioners Dan Gallagher and Luis Aguilar, the latter of whom has stated his desire to leave the SEC upon the completion of the pay ratio which has led to a messy confirmation process among Democrats for his replacement." (HR Policy Association)  

401k Essentials Launches New Website
401k Essentials

Retrofit Advances Market Expansion with Appointment of Health Management Industry Veteran to Strategic Health Plan and Partner Sales Role
Retrofit Inc.

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