ASPPA

Account Manager
National Retirement Services, Inc.
in CA

Relationship Manager
John Hancock Retirement Plan Services
in GA

Retirement Education Specialist
The Newport Group
in NC

Manager, Plan Compliance Risk Oversight
TIAA CREF
in CO, NC

Actuarial Analyst
The Segal Group
in CA

Retirement Plan Consultant
BPAS [Benefit Plans Administrative Services]
in PA

Senior Benefits Analyst (Health)
The Segal Group
in AZ

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Learn How to Avoid the #1 Error Found in IRS Audits!
October 8, 2015 WEBCAST
(ASC Institute)

Effectively Handling Leave & Accommodation Issues Under the ADA
October 21, 2015 in VA
(Littler Mendelson)

Welfare Plan Issues for Same-Sex Married Couples: The Impact of Windsor and Obergefell
October 23, 2015 WEBCAST
(Western Pension & Benefits Council)

Serving as an Internal ESOP Fiduciary: Essential Knowledge and Skills
November 3, 2015 WEBCAST
(National Center for Employee Ownership [NCEO])

Controlling Health Care Costs With Self-Funded Plan Options
December 14, 2015 WEBCAST
(Lorman Education Services)

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401(k) Document Retention Rules Made Simple
"In general, 401k plan records must be kept for a period of not less than six years after the filing date of the IRS Form 5500 created from those records. However, records necessary to a participant's claim for plan benefits must be kept ... 'as long as a possibility exists that they might be relevant to a determination of the benefit entitlements of a participant or beneficiary.' This can mean indefinitely. Some of the most common plan records a 401k sponsor must retain are itemized [in this article]." (Employee Fiduciary)  

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Wolters Kluwer - ftwilliam.com has a solution no matter the size or needs of your firm. Our innovative 5500 productivity and automation tools make the tedious task of creating and electronically filing 5500s easy. Sign up for our free demo and learn more.

2015 Defined Contribution Plan and Fee Survey: What a Difference a Decade Makes (PDF)
"Fixed-dollar arrangements now account for 47% of plans in [this] Survey. While previously popular among larger plans, that is, those with $1 billion or more in assets, fixed-dollar arrangements are now increasingly prevalent among mid-size plans with $100 million to $500 million in assets ... [T]he recordkeeping fees for half of all retirement investment accounts are still calculated using pricing models based on assets within the plan. In addition, recordkeeping fees include some element of revenue sharing for most plans." (NEPC, LLC)  

Retirement Plan Communications Failed to Adequately Disclose Implications of Wear-Away Period to Retirement Plan Participants
"The court found that ... [the] human resources employees who helped draft these communications deliberately concealed the negative impact that wear-away would have on participants' benefits. Although Foot Locker asserted that it relied on the advice of counsel when drafting the communications, the court found that inside and outside counsel did not have all of the facts necessary to provide a clear understanding of the number of participants affected by wear-away." [Osberg v. Foot Locker, Inc., No. 07-cv-1358 (S.D.N.Y. Sept. 29, 2015)] (Practical Law Company)  

Chart of 401(k) Fee Litigation, September 2015
"Nearly forty lawsuits have been commenced relating to 401(k) plan fees. Initially, the suits were brought by plan participants against plan sponsors ... [L]awsuits have [also] been brought against 401(k) plan service providers." [This 67-page chart identifies suits filed to date, describes claims asserted, and summarizes substantive court rulings and the procedural status of the cases. Updated Sept. 30, 2015.] (Groom Law Group)  

IRS Cracks Down On Lump Sum Pension Buyouts
"[F]or those in poor health or who fear their underfunded defined benefit plan may default (and don't want to rely on PBGC backing), the new rules have taken a potential buyout offer off the table. And ironically, while the purpose of the new rules was to shore up protections for pensioners, the elimination of yet another means by which plan sponsors can 'de-risk' their pension exposures may only serve to further accelerate the slow-motion demise of the defined benefit plan altogether." (Michael Kitces in Nerd's Eye View)  

[Advert.]

Now is a great time to join Worldwide Employee Benefits Network (WEB)

WEB members represent more than 25 professions and 30 areas of expertise within the pension and benefits industry-including administrators, consultants, attorneys, accountants, investment managers, communications experts and benefits managers. Join today.

Some Pension Fallacies Debunked (PDF)
"Tax deferrals enable business owners and employees at all compensation levels to retain control of income that is otherwise paid to IRS for its use. Assuming a 6.0% annually compounded discount rate, $1 paid to a pension plan at age 40 rather than paid to IRS in taxes has a discounted value of $.23 when taxed as a pension distribution at age 65 for an immediate $.77 profit. Or, that $1 pays $4.29 of taxes on retirement income at age 65. This clearly debunks the notion that tax deferrals from a pension plan are of little or no value because taxes are ultimately paid on distributions at retirement." (H.C. Foster & Company)  

Teamsters' Pension Fund Warns 400,000 of Cuts
"Any reorganization of the decades-old Central States Pension Fund would take months and would probably be a brutal battle as workers, retirees, union leaders and employers all seek to protect competing interests.... [The] plan has caused consternation for many years, because if it failed, it could wipe out a federal insurance program that now pays the benefits of a million retirees. If the reorganization ultimately proves successful, however, it could serve as a model for other retirement plans with similar, seemingly intractable financial problems." (The New York Times; subscription may be required)  

Central States Pension Fund Announces Proposed Pension Cuts
"Retirees have questions about these proposed cuts and what the letter means.... [H]ere is what we can tell you right now. [1] Check the calculation.... [2] If you are a Central States' retiree, participate in the plan's town hall meeting.... [3] Ask your members of Congress to support the Keep Our Pension Promises Act.... [4] Contact local media.... [5] Spread the word ... [6] Add your voice to our story bank.... [7] Timeline." (Pension Rights Center)  

Rollover Options within Employer Plans
Topics include: [1] Plan sponsor considerations for in-plan rollovers; [2] Participant considerations for in-plan Roth rollovers; and [3] New guidance for rolling over after-tax assets. (Neuberger Berman LLC)  

Sidestep a Tax Hit by Reconstructing IRA Basis
"Although Morles did not properly report his nondeductible IRA contribution, the court said he could prove that he had basis (after-tax funds) through other means. Furthermore, it indicated that there is nothing in the tax code that explicitly prevents an IRA owner from claiming basis that was not initially reported correctly. The court noted that Morles did not take a deduction for his IRA contribution at the time it was made. Accordingly, his $1,000 contribution for 2008 was a nondeductible IRA contribution that created basis." [Morles v. Comm., No. 2015-13, (T.C. Summary Opinion Feb. 23, 2015)] (On Wall Street)  

Three Former SEC Chairmen Call for Agency to Adopt Fiduciary Rule
" 'It doesn't matter what you are called; it matters what you do,' said Harvey Pitt, who led the agency from 2001 to 2003. 'If people are giving advice, they should be held to the same standards. What we really need is just an overarching standard.' ... The officials noted that while the [DOL] is developing its own updated fiduciary standard, a similar SEC effort first discussed in 2008 'is harder than perhaps it ought to be,' said Christopher Cox, whose tenure ran from 2005 to 2009. 'There are enormous interests at stake here.' " (Pensions & Investments)  

[Opinion]

DOL Urged to Heed Constructive Ideas to Fix Fiduciary Proposal
"The [DOL] should restart the process by being clear about the proposed regulation's substantial, adverse impact on savers and account for the extensive laws and processes that already punish people and firms for failing to act in their customer's interest. Financial professionals will not be in business very long if their customers' needs aren't met." (Roll Call)  

[Opinion]

Comment Letter to PBGC on Annual Financial and Actuarial Information Reporting; Changes to Waivers (PDF)
"[If] a plan has at least 500 participants, it should be permitted to use non-stabilized rates to determine it meets the dollar threshold. While this may create additional expense for the plan, it will generally be less expensive and onerous than complying with the reporting requirements. In addition, the PBGC should consider increasing both the dollar threshold and the participant count." (U.S. Chamber of Commerce, American Benefits Council, and Financial Services Roundtable)  

[Official Guidance]

Tax Relief for Victims of Severe Storms and Flooding in South Carolina
"The President has declared Berkeley, Charleston, Clarendon, Dorchester, Georgetown, Horry, Lexington, Orangeburg, Richland, Sumter and Williamsburg counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief. The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Oct. 1, and on or before February 16, 2016 have been postponed to February 16, 2016." (Internal Revenue Service [IRS])  

Upcoming Amendments to Federal Rules of Civil Procedure Will Impact ERISA Litigation
"On December 1, 2015, barring action by Congress, amendments to the Federal Rules of Civil Procedure will take effect. A number of these amendments are intended to fine-tune the discovery process, and they may have an impact on ERISA-related discovery. Of particular note are the increased emphasis on proportionality in discovery; additional requirements in objecting to discovery requests; and a significant limitation on sanctions for loss of electronically stored information." (Begos Brown & Green LLP)  

[Opinion]

Does the CEO Pay Ratio Rule Have Merit?
"This is an introduction to a package of three opinion articles debating the merits of the new CEO pay ratio rule. One opposes it, another is in favor of it, and a third offers a very different take on the matter.... Two of the three articles in this package take diametrically opposing positions: the rule has merit, or it does not. The third article proceeds from the viewpoint that this rule is now the law of the land, and whatever we think of its merits, what use can we make of it?" (CFO)  

Navera Announces New Employer-Sponsored Retirement Planning Module for Benefits Education and Engagement
Navera

HHS Issues Rules to Advance Electronic Health Records with Added Simplicity and Flexibility
U.S. Department of Health & Human Services

Wyoming Retirement System Selects Northern Trust for Global Custody Services
Northern Trust

American Retirement Association Hires Industry Expert to Focus on Large Clients
American Retirement Association

Joanne Pecina joins ERISApedia.com as National Sales Manager
Burrmont Compliance Labs LLC

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