ASPPA

Senior Account Manager
Cammack Health LLC
in NY

ERISA and ESOP Attorney
Krieg DeVault LLP
in IN

Pension Administrator
Karel-Gordon & Associates
in IL

Benefits Claims Specialist
Smithfield Farmland, a Smithfield Company
in MO

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Integrity 101: What Every Pension Professional Should Know
RECORDED
(ASPPA [American Society of Pension Professionals & Actuaries])

Update on Recent IRS Guidance
September 24, 2015 in OH
(ASPPA Benefits Council [ABC] of Central Ohio)

Current Trends in ERISA Litigation and Best Practices to Avoid the Courtroom
September 24, 2015 in FL
(ASPPA Benefits Council [ABC] of North Florida)

Employer 1095 and 1094 Reporting
September 24, 2015 WEBCAST
(Frenkel Benefits, LLC)

ERISA Workshop
October 8, 2015 in KS
(SunGard Relius)

Advanced Plan Design Workshop
October 9, 2015 in KS
(SunGard Relius)

Don't Do That with Your ESOP: Financial and Administrative Issues
October 13, 2015 WEBCAST
(National Center for Employee Ownership [NCEO])

Affordable Care Act: Where Are We Now? Where Are We Going?
October 15, 2015 WEBCAST
(Worldwide Employee Benefits Network [WEB])

Ethics
December 2, 2015 WEBCAST
(Conference of Consulting Actuaries)

Responsibilities of Internal ESOP Fiduciaries
January 6, 2016 WEBCAST
(Beyster Institute)

View All Webcasts and Conferences

[Official Guidance]

DOL Extends Comment Period on Proposed Conflict of Interest Regs to September 24
"To submit a comment use one of the following methods: [1] Email: e-ORI@dol.gov and include RIN 1210-AB32 in the subject line of the message; [2] Federal eRulemaking Portal: regulations.gov, follow instructions for submitting comments; or [3] Mail or Hand Delivery/Courier: Office of Regulations and Interpretations, Employee Benefits Security Administration, Attn: Conflict of Interest Rule, Room N-5655, U.S. Department of Labor, 200 Constitution Avenue NW., Washington, DC 20210. The comment period will close September 24, 2015." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

[Advert.]

PPA DB & Cash Balance Plan Submission Deadline is October 30th

The IRS deadline to sponsor Pre-Approved DB and/or Cash Balance Plans is fast approaching! Contact ASCi today to learn more about the submission details and all the great features the ASCi Document Generation and Management System offers! Click here.

[Official Guidance]

IRS Publication 1220: Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G for Tax Year 2015 (PDF)
134 pages; rev. September 2015. "[Y]ou are required to establish an account on the FIRE System before transmitting files electronically.... The [file] format must conform to the specifications found in Part C, Record Format Specifications and Record Layouts. Filers may contact an outside vendor to purchase software or transmit files.... Filers are not required to submit a test file; however, the IRS encourages the submission of a test file for all new electronic filers to test hardware and software.... Review Part B, Sec. 7, Common Problems to avoid common processing and/or format errors before submitting your file." (Internal Revenue Service [IRS])  

[Guidance Overview]

IRS Final Rules Govern Required Minimum Contributions for Single-Employer DB Plans
"The regulations provide the due dates for each installment, and they permit the plan sponsor to make a standing election to allow the enrolled actuary to use the funding standard carryover balance and the prefunding balance to satisfy any otherwise unpaid portion. This election may be suspended by written notice to the actuary." (The Tax Adviser)  

DOL Issues Transcripts of Public Hearing on Proposed Conflict of Interest Regs
The DOL has provided a separate PDF document for each day of the public hearing: August 10, 2015 (350 pages); August 11, 2015 (333 pages); August 12, 2015 (368 pages); and August 13, 2015 (256 pages). (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

Does 401(k) Fiduciary Outsourcing Actually Increase an Employer's Fiduciary Liability?
"[Multiple employer plan (MEP)] providers claim two primary advantages over single employer 401k plans -- low cost investment buying power (due to 'economies of scale) and the ability to delegate certain fiduciary responsibilities (including plan sponsorship) from the employer to MEP fiduciaries. There is a problem with each of these claims. 401k plans do not need scale to offer low cost investments today and a MEP's complex fiduciary hierarchy can make it difficult for employers to monitor MEP fiduciaries for job performance." (Employee Fiduciary)  

[Advert.]

PSCA's 68th Annual National Conference, Oct. 14-16, Chicago, IL

Your DC plan is the first step in helping employees be prepared for retirement. Attend PSCA's National Conference and learn how to get your employees to financial wellness using the plan's design, investments, compliance and education. Register NOW!

Do Financial Advisers Influence Savings Behavior? (PDF)
27 pages. "While there is limited evidence that suggests that advisers have a direct impact on their clients' savings behaviors, there is evidence to suggest that individuals who receive advice tend to be more likely to have a plan for retirement, more likely to feel confident about their retirement preparations, and more likely to have retirement goals. However ... much of this work is correlational and unable to establish whether advisers are causing improvements in retirement-planning outcomes, especially over the long term. Moreover, research examining the impact of workplace retirement seminars suggests that some of the same benefits might be conferred through less personalized interactions." (RAND Corporation, prepared for the U.S. Department of Labor [DOL])  

2015 DC Plan Benchmarking Survey: Ease of Use Drives Engagement in Saving for Retirement (PDF)
68 pages. "The 2015 survey showed that the average employee participation rate remained high at 75% and consistent with 77% reported in 2013-14.... 60% [of plan sponsors rank] 'high level of participation' as the top indicator of plan effectiveness, compared to 51% last year. From a participant perspective, the average account balance grew in 2015 to $99,011, up almost 4% from $95,227 in 2013-14.... 34% of employers view lack of awareness or understanding as the primary reason employees do not participate.... [Of] employers who sought employee feedback, 40% of employees indicated that 'where to invest and which funds to use' was a top concern." (Deloitte, for the International Society of Certified Employee Benefit Specialists [ISCEBS])  

401(k) Index and Observations Monthly Details, August 2015
"On Friday, August 21st, while equities were off by about 3%, trading activity was approximately twice the normal level. On Monday, August 24th, as stocks plunged further, the 401(k) Index had the highest trading day since 2011 -- approximately 7 times normal trading levels. In August, an average of 0.026% of total balances transferred. This was slightly higher than the averages for July (0.021%) and June (0.024%) but less than May's average of 0.031%.... Target-date funds continued to receive the majority of new contributions into individuals' accounts." (Aon Hewitt)  

The Misclassified Worker: Employee Benefit Plan Considerations
"[M]any plans include a provision which provides that if a leased employee or independent contractor is reclassified as an employee by a government agency or a court, then such worker shall not become eligible to become a participant in the plan by reason of such reclassification. These types of plan provisions may be drafted to exclude participation on a retroactive basis or on both a retroactive and prospective basis, provided applicable plan coverage and nondiscrimination tests can be met. Such a provision is meant to evidence the clear intent of the plan sponsor." (Epstein Becker & Green, P.C.)  

Syllabus and Reading List for 2015-16 Actuarial Exams (PDF)
35 pages; dated July 2015 (updated August 19, 2015). Covers November 2015 Pension EA-2 (Segment F) Examination; May 2016 Basic (EA-1) Examination; and May 2016 Pension EA-2 (Segment L) Examination. "Candidates are urged to develop a thorough understanding of the conditions generally or specifically applicable to all examination questions as set forth later in this examination program. Conditions for each examination will be included in the applicable examination booklets." (Joint Board for the Enrollment of Actuaries [JBEA]; American Society of Pension Professionals and Actuaries [ASPPA]; and Society of Actuaries)  

The Future of the Recordkeeping Industry (PDF)
"In 2014, thirteen merger/acquisition deals were made among retirement plan recordkeepers, a record number of consolidations and ownership changes. Looking ahead, [the authors] predict continuing changes as the recordkeeping industry evolves. Recordkeeping is experiencing its industry shakeout phase, which has real-world impacts for plan sponsors as services and costs adjust." (Arnerich Massena)  

A Fiduciary Solution to the Social Security Problem
"Social Security today is vastly different than what it was when it was created during the Depression. At that time, it was meant to be a short-term payout for the few years retirees had on this Earth before passing. Today, it represents a major -- if not the bulk of -- one's retirement income as well as a form of life insurance for one's dependents and a form of disability insurance for the beneficiaries.... Perhaps the real question isn't 'How do we fix Social Security,' but 'How do we address the significant retirement funding gap that has come from greater life expectancy?' " (Fiduciary News)  

[Opinion]

Three States That Abandoned Their DB Plans -- and Suffered the Consequences
"Alaska, Michigan, and West Virginia demonstrate the failure of switching to a defined contribution system to provide retirement security for public employees.... [C]osts for the defined benefit plan exploded after it was closed and new employees were moved to a defined contribution system. The reason is simple: without new employees paying into the plan, the pension was not receiving enough of the required contributions to cover its payouts." (National Public Pension Coalition)  

[Opinion]

DOL Fiduciary Proposal Neglects Several Hidden Fees
"It's difficult for plan sponsors and/or plan participants to determine the fees in group annuities because of legal exemptions and the fact that group annuities are regulated by state insurance commissioners. However, there is research showing these group annuities can have fees paid by the participants in excess of 4% annually. Not disclosing material expenses like these to plan participants or investors in mutual funds conceals substantially higher fees and costs that are more widely used than the relatively narrow and low cost associated with some of the DOL's proposed 'prohibited transactions.' " (Financial Planning)  

[Opinion]

Disability Insurance Benefit Offset Could Harm Beneficiaries and Discourage Work (PDF)
"Congress is considering whether to replace the 'cash cliff' for Social Security Disability Insurance (DI), under which beneficiaries lose their entire benefit if they earn more than $1,090 a month for a sustained period, with a 'benefit offset,' under which DI benefits would gradually decline as earnings rise. Proponents of such a change often describe it as a way to reduce work disincentives and spur more work. Eliminating the cash cliff and substituting a gradual benefit reduction ... could result in a net decrease in work, harm vulnerable beneficiaries, and increase DI overpayment rates." (Center on Budget and Policy Priorities)  

Employer Costs for Employee Compensation, June 2015
"In June 2015, average costs in private industry for retirement and savings benefits were $1.24 per hour worked, or 4.0 percent of total compensation. The average cost per hour worked for defined benefit plans ... was 55 cents or 1.8 percent of total compensation. The average cost for defined contribution plans ... was 69 cents or 2.2 percent of total compensation.... Private industry employer costs for paid leave averaged $2.15 per hour worked or 6.9 percent of total compensation, supplemental pay averaged $1.10 or 3.5 percent, insurance benefits averaged $2.57 or 8.2 percent, and legally required benefits averaged $2.50 per hour worked or 8.0 percent." (U.S. Bureau of Labor Statistics [BLS])  

Pensionmark Adds to Executive Team with Industry Veteran Jennifer Tanck
Pensionmark

Pacific Life Insurance Company Completes Pension Buy-In De-Risking Transaction with Androscoggin Valley Hospital
Pacific Life

Census Bureau Announces Schedule for Income, Poverty and Health Insurance Statistics and American Community Survey Results
U.S. Census Bureau

ERISA Industry Committee Leads Charge for Uniform Telehealth Regulations
ERISA Industry Committee

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