DST Retirement Solutions

Retirement Services Consultant
CUNA Mutual Group
in WI

Defined Contribution Practice Manager
Profit Planners, LLC
in IL

Account Manager
Verisight
in CA

Senior Policy Analyst
National Business Group on Health
in DC

Retirement Plan Specialist / Client Service Advisor
Favia Group
in IL

Manager, Plan Services
The Standard
in OR

Experienced Qualified Plan Professional
Compensation & Benefit Solutions, LLC
in CO

Benefits 401 (K) and Compensation Senior Associate
Bayada Home Health Care
in NJ

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EBSA Insights on Healthcare Organization’s Employee Benefit Plan Rights and Responsibilities Under ERISA
September 15, 2015 in TX
(North Texas Healthcare Compliance Professionals Association [NTHCPA])

How to Navigate the New IRS Determination Letter Process: What is the Impact on Your Clients
September 24, 2015 WEBCAST
(ABA Joint Committee on Employee Benefits)

Plan Corrections
September 28, 2015 in PA
(ASPPA Benefits Council [ABC] of Western PA)

Full Day Seminar with Ilene Ferenczy
September 29, 2015 in OH
(ASPPA Benefits Council [ABC] of Cleveland)

An Update on the DOL’s Fiduciary Rule Proposal
October 15, 2015 WEBCAST
(fi360)

EBRI Policy Forum
December 10, 2015 in DC
(EBRI [Employee Benefit Research Institute])

View All Webcasts and Conferences

[Official Guidance]

Text of PBGC Final Regs: Reportable Events and Certain Other Notification Requirements
"PBGC is publishing this final rule to make the requirements of the sponsor risk-based safe harbor more flexible, make the funding level for satisfying the well-funded plan safe harbor lower and tied to the variable-rate premium, and add public company waivers for five events. The waiver structure under the final rule will further reduce unnecessary reporting requirements, while at the same time better targeting PBGC's resources to plans that pose the greatest risks to the pension insurance system. PBGC anticipates the final rule will exempt about 94 percent of plans and sponsors from many reporting requirements and result in a net reduction in reporting to PBGC." (Pension Benefit Guaranty Corporation [PBGC])  

[Advert.]

Keep up with what's useful for your plan at DC West 2015.

October 18 – 20, San Francisco: Learn how to effectively maximize your DC plan's resources to achieve better retirement outcomes for your participants directly from your peers at the industry's leading educational and networking event.

[Guidance Overview]

Text of PBGC FAQs on Reportable Events, Including Effects of Final Regulations
17 Q&As, including: "What are the major changes in the final regulation? ... When do the regulatory changes take effect? ... How does a company meet the new low-default-risk waiver? ... When does a company determine whether it meets the low-default-risk waiver? ... How does a plan qualify for the well-funded plan waiver? ... How does a company qualify for the public company waiver? ... How are small plans affected by the final regulation? ... Have the rules changes for determining if and when an event occurs? ... Does the final regulation make any changes to advance reporting requirements? ... Are case-by-case waivers or extensions available?" (Pension Benefit Guaranty Corporation [PBGC])  

[Guidance Overview]

PBGC Shifts Reporting Focus to Large Plans and Sponsors with Highest Default Risk
"Under the final rule, some reportable events waivers will be based on whether plans and their sponsors pose a risk of not being able to maintain their pension plan. This approach is a departure from the old regulation, which focused solely on plan funding levels.... Historically, just 4 percent of plans annually experienced an event and were required to report it. Under the final rule, PBGC expects to receive filings from a reduced number of plans when compared to the old regulation. PBGC also has the authority to grant waivers on a case-by-case basis." (Pension Benefit Guaranty Corporation [PBGC])  

[Guidance Overview]

DOL Q&As on 'Small IRA Savers' and the Proposed Conflict of Interest Rule (PDF)
"Who are small IRA savers? ... How do conflicts of interest impact low- and middle-income small savers? ... How do low- and middle-income small savers receive advice in the existing IRA market? ... Will small savers still be able to receive retirement and investment education under the new rule? ... Will the new rule prevent advisers from providing financial advice to small savers? ... How will small savers benefit from the new rule?" (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])  

Final Minimum Funding Rules Contain Few Changes
"Under the proposed rules, employers that were subject to the quarterly contribution requirements and were using credit balances had to make an election of a specific dollar amount each quarter, which isn't really a 'huge deal' except when someone misses a contribution, she said. The final rules allow plan sponsors to elect a formula instead of a dollar amount, which allows much more flexibility and certainty[.]" (Bloomberg BNA)  

[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!

More Ways to be Hit With Multiemployer Pension Plan Withdrawal Liability
"ManWeb claimed that it could not be responsible for Old Company's obligation because the withdrawal liability did not arise until after the sale was completed.... The court concluded that the federal policy in this case was to provide protection to multiemployer plans in the event an employer withdraws. Although ManWeb did not have notice of the exact amount of the withdrawal liability since that could not be assessed until after the withdrawal occurred, ManWeb was aware that there was likely to be withdrawal liability." [Tsareff v. ManWeb Services, Inc., No. 14-1618 (7th Cir. July 27, 2015)] (Stinson Leonard Street)  

Corporate Pension Funded Status Drops by $22 Billion in August (PDF)
"The deficit rose to $282 billion primarily due to August investment losses. The funded status loss was mitigated by the rise in the benchmark corporate bond interest rates used to value pension liabilities. As of August 31, the funded ratio dropped to 83.4%, down from 84.9% at the end of July. Adding in July's loss, the funded status deficit has grown by $36 billion in the third quarter." (Milliman)  

Understanding the Impact of Negative Cash Flow on a Public Pension Plan (PDF)
"Although a plan has negative cash flow, it does not necessarily imply it is in trouble. In fact, some would say that the primary purpose of pre-funding is so the investment return can pay a significant portion of the benefit payments.... [A] larger (i.e., more negative) cash flow may require the system's assets to be managed more conservatively, with a larger allocation to more liquid assets in order to meet current benefit payroll requirements. This is likely to result in the plan's actuary recommending a reduction in the investment return assumption and a significant increase in the annual contribution requirement of the plan." (Gabriel Roeder Smith & Company)  

State Pension Asset Allocation and Performance: Overall Strong Returns Over the Past 10 Years
13 pages. "State pensions collectively earned a median 7.3% annualized return over the 10 years ended June 30, 2014, combining a weak 3.1% return over the first five years ending 2009, followed by a strong 11.7% return covering the five subsequent years.... Individual 10-year annualized pension fund returns ranged from a low of 5.7% to a high of 9.0%, a difference equal to 64% of assets when compounded over 10 years.... State pensions outperformed managed defined contribution plan returns by 0.4% over the last 10 years." (Cliffwater LLC)  

BlackRock Co-President Charles Hallac Dies
"Mr. Hallac, who joined the firm in 1988 as its first employee, became BlackRock's chief operating officer in 2009 and co-president in 2014. He was instrumental in creating the firm's end-to-end investment and risk management operating system, Aladdin." (Pensions & Investments)  

[Opinion]

Testimony of ICI to House Subcommittee Hearing: 'Preserving Retirement Security and Investment Choices for All Americans'
"[S]upporters of the proposal claim that retirement savers are suffering $17 billion a year in harm due to broker-provided advice. This claim is false -- an exercise in storytelling.... [T]he Department ignores the significant societal harm that its proposed rule would cause. Its economic analysis takes no account of the costs the rule would impose on investors by forcing them to move from commission-based advice to fee-based accounts.... The Department also ignores the harm that investors with small accounts will suffer when they lose access to advice.... [T]he Department's overly expansive and ambiguous fiduciary definition will impede commonplace interactions that retirement savers now take for granted.... [T]he Department's 'Best Interest Contract' exemption will not mitigate the harm caused by this expansive and ambiguous fiduciary definition." [Also available: ICI written statement.] (Investment Company Institute [ICI])  

[Opinion]

Text of Written Statement for House Oversight Subcommittee Hearing: Preserving Retirement Security and Investment Choices for All Americans
"[H.R. 1090, the Retail Investor Protection Act (RIPA)] would require the [SEC] to study whether it is necessary to establish a uniform standard of care for providing investment advice to retail customers for investment advisors, brokers, and dealers and, if so, to develop a rulemaking. RIPA would also enhance coordination between the SEC and the DOL by prohibiting the DOL from issuing an expanded definition of fiduciary under [ERISA] until sixty days after the SEC issues a final rule. Without this coordination and comprehensive review, 9 million small businesses may be unable to provide their employees with retirement benefits." (U.S. Chamber of Commerce)  

[Guidance Overview]

Form 5500 Deadline Extensions Begin Next Year
"[B]eginning with calendar year 2016 returns to be filed in 2017, the automatically extended due date for the calendar-year return could be as late as November 15, 2017 ... [T]he automatic extensions that are linked to a sponsor's income tax filing deadline should likewise be subject to the extended limitation, and the filing deadline applicable to [a 'direct filing entity,' such as a master trust, pooled separate account, or certain other commingled vehicles,] should be extended by a month ... Until the effective time, however -- including the next filing season, i.e., returns for plan years beginning in 2015, that will be filed for the most part during 2016 -- the maximum extension available will remain at two and one-half months." (Ford & Harrison LLP)  

Government Workers Happier with Retirement Plans, Other Benefits
"Public and private sector workers are similarly satisfied with most of the 13 job aspects Gallup asks them about, but government employees are more likely to be satisfied with their retirement plans, health insurance and vacation benefits." (Gallup)  

Assurant Announces Sale of Employee Benefits Business and Enhances Capital Management Program
Assurant

Society of Actuaries Announces 2015 Board of Directors Election and Bylaws Amendments Results
Society of Actuaries

ESOP Companies Report Continued Economic Growth in 2014
ESOP Association

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