ESOP Administrator
Blue Ridge ESOP Associates
in ANY STATE

DC Valuations Specialist
PenSys, Inc.
in CA, NC

Benefits Program Strategy Analyst 3
University of California Office of the President
in CA

Benefits Program Strategy Analyst 4
University of California Office of the President
in CA

Transition Manager- National Accounts
Transamerica
in CO, IA, NY

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Voluntary Fiduciary Correction Program
September 3, 2015 in MO
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Avoid the ACA New Shared Responsibility Payment to the IRS
September 9, 2015 WEBCAST
(First Advantage)

Voluntary Fiduciary Correction Program
September 9, 2015 WEBCAST
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

9th Annual Executive Forum on On-Site and Near-Site Employee Health Clinics
September 17, 2015 in IL
(World Congress)

Employee Plans Programs - Summer 2015 Updates
September 17, 2015 WEBCAST
(IRS [Internal Revenue Service])

Pension De-Risking – Where Do We Stand Now?
September 22, 2015 WEBCAST
(Western Pension & Benefits Council)

2015 Fall Conference - Be Informed, Be Strategic, and Be Connected
September 23, 2015 in CA
(Western Pension & Benefits Council - Los Angeles Chapter)

Summary of Benefits and Coverage: Reviewing the SBC Content and Distribution Rules (Plus 2016 Updates!)
September 24, 2015 WEBCAST
(ABD Insurance & Financial Services)

2015 Fall Fly-In Conference
September 28, 2015 in GA
(Southern Employee Benefits Conference)

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[Official Guidance]

Text of IRS Notice 2015-58: Application of the Cooperative and Small Employer Charity Pension Flexibility Act (PDF)
9 pages. "This notice provides guidance on certain issues relating to the application of the Cooperative and Small Employer Charity Pension Flexibility Act (CSEC Act) ... [which] specifies minimum funding requirements and related rules that apply with respect to certain defined benefit pension plans maintained by groups of cooperatives and related entities and groups of charities.... CSEC plans are generally the same plans that are covered by the delayed effective date provisions for the PPA '06 funding rules ... (as amended by PRA 2010).... In addition, the CSEC Act includes some rules that apply solely to eligible charity plans and some rules that apply to all multiple-employer plans.... [T]he guidance in this notice under Sections 414(y) and 433 also applies for purposes of sections 210(f) and 306 of ERISA in the case of a CSEC plan ... that is an employee pension benefit plan within the meaning of section 3(2) of ERISA." (Internal Revenue Service [IRS])  

[Advert.]

Feeling Left Out? It's Time to Get "Ahead of the Curve"

This October the nation's retirement industry elite will converge in our nation's capital to get "Ahead of the Curve" with insights from industry insiders, regulators, pundits and the nation's leading voices. It's ASPPA Annual. Join us.

[Official Guidance]

IRS Form 8951 and Instructions: Compliance Fee for Application for Voluntary Correction Program (VCP) (PDF)
Rev. September 2015. "Generally, a compliance fee is required with each Voluntary Correction Program (VCP) submission. Use Form 8951 to determine and submit the applicable compliance fee for the VCP submission." (Internal Revenue Service [IRS])  

[Guidance Overview]

Proposed IRS Regs Would Update and Clarify the Penalty for Nondisclosure of Reportable Transactions
"The proposed regulations ... clarify the phrase 'decrease in tax' [1] as reflecting the difference between the amount of tax reported on the filed return and a hypothetical return without the reportable transaction, taking into account 'adjustments that result mechanically from backing out the reportable transaction' and [2] as including 'any other tax that results from participation in the reportable transaction but was not reported on the taxpayer's return,' such as an excise tax on excess individual retirement account contributions." (The Tax Adviser)  

2015 Global Survey of Accounting Assumptions for Defined Benefit Plans
"The vast majority of long-term bond yields experienced a downward trend and discount rates followed suit. The average projected benefit security ratio decreased for the majority of countries ... The majority of surveyed countries have implied life expectancies between 20 and 30 years. The impact of the differences in this assumption will vary depending on whether the typical payment form is lump sum or annuity." (Towers Watson)  

Mark-to-Market Accounting for U.S. Corporate Pensions: Implementation and Impact
"Corporate plan sponsors have an ongoing management challenge with defined benefit (DB) pensions. Among the many issues is how to properly account for their associated assets and liabilities, and to provide clarity regarding the plan itself while not diluting transparency into the underlying business performance of the corporate plan sponsors. Traditional generally accepted accounting principles (GAAP) for pensions is an overly complex mechanism, attempting to balance these two often conflicting goals. There is an alternative approach: MTM accounting." (Pension Research Council, Wharton School of the University of Pennsylvania; free registration required)  

[Advert.]

SPARK Forum - November 8-10, 2015 -- The Breakers, Palm Beach, FL

Join us at the retirement services industry's leading event for top marketing, sales, administration and record keeping professionals. Comprehensive agenda to meet the needs of 401(k) Plan Providers, Financial Advisors and Third Party Administrators.

Auditors' Tests of Beginning Balances When a Small Plan Becomes a Large Plan
"The auditor must obtain an analysis of the participant accounts for as many years as necessary to build up the opening balances, possibly from inception of the plan. The analysis ought to show, for each year, the additions and deductions to the individual participant accounts, in total and by individual participant, the employer contribution, withdrawals, forfeitures, investment income and realized and unrealized gains and losses, and plan expenses.... For a defined contribution plan, it is particularly important to test the allocation of the employer contribution, forfeitures, and investment income, gains, and losses to the individual participant accounts for a sufficient number of preceding years to obtain satisfaction that the opening balance is correct." (Belfint Lyons & Shuman, CPAs)  

Generational Differences in Planning for Retirement: A Checklist for Plan Sponsors (PDF)
"[This] publication serves as a handy checklist for plan sponsors to better understand the behaviors, attitudes and communication preferences each demographic group has when it comes to retirement planning. Suggested communication points are included that plan sponsors might incorporate into participant materials and meetings." (National Association of Government Defined Contribution Administrators [NAGDCA])  

Two-Thirds of Participants Want Advice for Their 401(k)
"Sixty-seven percent of respondents said they would like personalized investment advice for their 401(k) plan ... However, only 12% indicated they currently get this type of professional advice in managing their retirement assets.... On their own, only 44% of the total indicated they were 'extremely/very' confident in their ability to make the correct decisions. With the help of a financial professional, that figure increased to 73%." (Pensions & Investments)  

Some Variable Annuities Could Disappear From IRAs
"Variable annuities (VAs) with no income guarantees will 'probably be eliminated' from [IRAs] under the [DOL's] proposed conflict of interest rule, [Ryan Krueger, head of U.S. life insurance research for Keefe, Bruyette & Woods] said.... 'We'll take a look at it, we'll adjust, we'll adapt, we'll find a path forward and ... I really believe that what's going to continue to happen is market share is going to continue to move from second- and third-tier providers to first-tier providers,' said Larry D. Zimpleman, chairman and CEO of Principal Financial." (InsuranceNewsNet.com)  

U.S. Puts Deutsche Bank, UBS, RBS Pension Businesses on Notice
"The [DOL], in mid-July letters ... told Deutsche Bank AG, UBS Group AG and Royal Bank of Scotland Group Plc that it had tentatively rejected their requests to keep managing U.S. pension money. The banks, which admitted guilt earlier this year over manipulating foreign exchange or benchmark interest rates, were required to seek the department's permission to maintain their Qualified Professional Asset Manager status. Such a rejection would be a departure for the Labor Department, and the tentative decision comes early in a process that allows for additional bank response and public comment." (Bloomberg)  

[Opinion]

Fiduciary Rule's Failure, in One Flowchart
"[This infographic] maps out the restrictions the agency's proposed change to the definition of fiduciary puts on consumers, employers and financial advisors. For starters, the change threatens to restrict retirement plan choice for small businesses. In addition, it may severely limit the advice that financial experts can afford to share with the owners of those small businesses and their workers, due to increased complexity and costs associated with the expansion of the definition." (U.S. Chamber of Commerce)  

[Guidance Overview]

Dodd-Frank and Executive Compensation: Where Are We Now?
"[T]he SEC has adopted final rules requiring pay ratio disclosures, as well as proposing rules mandating 'clawbacks' of incentive compensation from executives at exchange listed companies in the event of a restatement in certain circumstances. The purpose of this [article] is to provide a summary of these final and proposed rules and the steps that companies should consider taking to prepare to comply with the new rules. Additionally, because Dodd-Frank was enacted more than five years ago and implementation has been slow, we include a summary of the Dodd-Frank provisions relating to executive compensation and their current status[.]" (Seyfarth Shaw LLP)  

Third Circuit Rules That Plan Must Give Notice of Limitations Period
"The Court of Appeals ruled that the regulation [under ERISA Section 503] should be construed broadly and in favor of [the plan participant making a claim for benefits] because ERISA is a remedial statute and noted that both Courts of Appeals to have addressed the issue (the Sixth Circuit in 2014 and the First Circuit in 2011) have required disclosure of the plan-imposed time limit. In addition, practical considerations supported such an interpretation of the regulation, as imposing a requirement on plan administrators to inform claimants of deadlines for judicial review in documents that they are likely to actually read (i.e., adverse benefit determinations) results in only a trivial burden." [Mirza v. Ins. Admin. of America, Inc., No. 13-3535 (3d Cir. Aug. 26, 2015)] (Duane Morris LLP)  

Second Circuit Provides Test for Whether Severance Pay Policy Is an ERISA Plan
"The Second Circuit concluded that the employer's policy represented a multi-decade commitment to provide severance benefits to a broad class of employees under a wide variety of circumstances and required individualized review whenever potentially eligible employees were terminated. This review requires managerial discretion and individualized evaluation. As a result, the Second Circuit found that the employer assumed the obligation to pay severance benefits on a regular basis, and, therefore, faced periodic demands on its assets that required long-term administration and control." [Okun v. Montefiore Medical Center, No. 13-3928 (2d Cir. July 17, 2015)] (The Wagner Law Group)  

Summary of Recent ERISA Appellate Court Decisions, August 27, 2015
"The Second Circuit held that a Section 502(a)(1)(B) claim may be brought against the claims administrator who has discretion to make final benefit determinations, Section 502(a)(3) may impose a fiduciary duty arising indirectly from the [Mental Health Parity Act], and simultaneous claims under Section 502(a)(1)(B) and 502(a)(3) may proceed. The Third Circuit ... held that court orders remanding benefit claims to the administrator do not constitute final and appealable decisions under 29 U.S.C. Section 1291 ... and that a denial letter's failure to include the plan's time limitation to file a civil action renders it unenforceable. The Sixth Circuit held that a Summary Plan Description may be a controlling plan document (because apparently Amara is so 2011)." (Springer & Roberts LLP)  

How Can Employee Benefits Play a Role in Corporate Branding?
"[E]mployees who are very satisfied with their benefits are almost four times more likely to be very satisfied with their jobs. Further, almost 70% of employees with a comprehensive benefits program would recommend their place of employment (versus 46% with less benefits).... '[B]enefits that are perceived as fair and competitive will motivate employees to be more committed because the organization is signaling its own commitment to them.' " (Grooms Benefit Solutions)  

Sabrina Bailey Named Global Head of Defined Contribution
Northern Trust

New Business Development Roles at RMS
Retirement Management Services, LLC

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