Health & Group Sales Manager
Milliman
in TX

Non-Qualified Retirement Plan Administrator
The Hebets Company
in AZ

Sr. Plan Administrator/Consultant
RetirementPlans.com, LLC
in TX

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Employee Benefits Breakfast Briefing
November 4, 2015 in NY
(Nixon Peabody LLP)

Effects of Class Action Litigation on Retirement Plan Fiduciaries
November 9, 2015 in NY
(Jackson Lewis LLP)

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[Official Guidance]

Text of IRS Notice 2015-71: Weighted Average Interest Rates, Yield Curves, and Segment Rate Applicable for October 2015 (PDF)
"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Section 430(h)(2) of the Internal Revenue Code. In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I)." [Also available: recent corporate bond yield curve spot rates (XLS)] (Internal Revenue Service [IRS])  

[Advert.]

The ERISA Outline Book: an invaluable resource for retirement plan business.

Both a reference book and a study guide on qualified plans, the ERISA Outline Book is now available in a special online edition, constantly updated to reflect the very latest developments. Search, take notes and bookmark content.

[Guidance Overview]

Impact of Platform Provider Carve-Out on 401(k) Plans Remains Unclear (PDF)
"Like its predecessor, the new carve-out would likely have a substantial impact on platform providers that deliver advisory services regarding the selection of plan investment alternatives. This activity would prevent them from relying on the carve-out, even if the required disclaimers were made. This would be especially true for those platform providers delivering such services in exchange for any type of direct or indirect compensation. These providers could provide nonconflicted advice by adopting an asset-based fee, although this change would require the provider to become registered as an investment adviser. The alternative would be to restrict the advice rendered in accordance with the proposed carve-out and continue to receive variable compensation." (The Wagner Law Group via 401[k] Advisor)  

Safe Harbor 401(k) Plan Options for 2016
"When deciding between a QACA and a traditional safe harbor plan, employers need to consider at least two issues: Will employee turnover in the first two years result in savings due to the two-year cliff vesting schedule permitted for safe harbor matching contributions? Will the QACA's maximum match of 3.5% for all eligible participants cost more than the traditional safe harbor's maximum match of 4% for only those who elect to defer?" (McKay Hochman)  

Reducing Leakage to Keep Participants on Track for Retirement
"As a plan sponsor, you can consider some action steps to help keep participants from cashing out when they leave employment. Look at your automatic cash-out features and adjust them to promote positive saving behavior. You might consider reducing or eliminating plan features that automatically cash out low balances.... A plan sponsor can also help new hires by accepting rollovers from other qualified plans and by relaxing eligibility requirements so participants can move money as quickly as possible." (Pension Consultants, Inc.)  

A Blueprint for Lifetime Participation in 401(k) Plans
"Portability solutions are a proven method for facilitating and actively encouraging participants to keep their hard-earned savings in the retirement system.... Embracing the roll-in is the best practice which is at the heart of portability solutions. And while the vast majority of 401(k) plans can accept roll-ins from other plans, roll-ins only benefit participants who know about them and have access to a service provider that will help them through every step of the process." (Employee Benefit News)  

Active Target Date Managers Make Tweaks Ahead of Fed Rate Hike
"TDF managers have a handful of ways to hedge against rising rates while also maintaining the integrity of the glidepath, which governs how the mix of stocks and bonds in a portfolio changes over time. Moving into fixed-income positions with shorter durations and adding exposure to alternative or non-traditional bond funds have been the most popular strategies[.]" (InvestmentNews)  

Chicago Park District Union Files Suit on Constitutionality of Pension Reform Law
"A union for Chicago Park District employees, along with one active and one retired worker, filed a lawsuit challenging the constitutionality of a 2014 Chicago pension reform law for members of the $424.5 million Chicago Park Employees' Annuity & Benefit Fund.... SB 1523, signed into law by then-Gov. Pat Quinn in January 2014, raised the minimum retirement age, increased both employer and employee contributions and lowered retiree cost-of-living adjustments for members of the park district retirement fund." (Pensions & Investments)  

W. Thomas Reeder Jr. Confirmed as PBGC Director
"Mr. Reeder, who was nominated by President Barack Obama in May, has served as health-care counsel at the IRS and senior benefits counsel on the Senate Finance Committee staff, as well as private law practice." (Pensions & Investments)  

[Opinion]

I Am Not a TPA -- and Neither Are You!
"Where did the TPA moniker come from? From the health insurance industry, where they really do have third party administrators.... Somehow, someone in our industry decided that we are also third party entities, despite the fact that we are not actually a third party to anything -- our relationship is between the client and ourselves, on behalf of the plan. If anything, it's the plan that's the third party, not us. So what are we? We are the employer's service provider. 'Retirement plan consulting firm' works just as well. But 'third party administrator'? No; never!" (American Society of Pension Professionals & Actuaries [ASPPA])  

[Opinion]

Democrats Against ObamaSave: Bipartisan Opposition Builds to DOL's Proposed Fiduciary Rule
"Labor Secretary Tom Perez has told legislators that 'we're all ears,' but bipartisan opposition is mounting because there's no indication Team Obama is altering its regulatory course. Nearly 100 House Democrats signed a letter to Mr. Perez on Sept. 24 requesting changes to the adviser regulation.... Even as it seeks to drive many financial advisers out of the retirement business, the Administration is also cooking up a plan to help state governments grab a share of this market." (The Wall Street Journal; subscription may be required)  

[Opinion]

The Retirement Gap: Time for Congress to Step Up
"With companies that have established plans, why haven't they done these things? It is optional at the plan-sponsor level.... Some of them decide to offer auto-enrollment just for new employees. Some offer auto-enrollment one time, rather than every year like your health plan.... [It] should be annually, especially for people who aren't participants. You're enrolled unless you tell us not to.... It's not a mandate. A mandate leaves you no option.... It's just a structure for the system that has proven to work. Why not do it?" (Morningstar)  

Termination of a Nonqualified Retirement Plan with a Traditional Defined Benefit Formula
"The most interesting aspect of this case is how willing the court was to read a broad grant of authority into a very simple and concise reservation of an employer's right to terminate a nonqualified retirement plan. The court was willing to infer that the power to terminate necessarily includes the power to commute annuity payments to lump sums and to discount the value of those annuity payments using appropriate actuarial assumptions, including discount rates." [Taylor v. NCR Corp., No. 1:14-cv-2217-WSD (N.D. Ga. Sept. 23, 2015)] (Benefits Bryan Cave)  

DOL Obtains Consent Judgment Restoring More Than $40K in Contributions to 401(k) Plan of Dental Practice in Douglassville, Pennsylvania
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Morningstar to Acquire Portfolio Rebalancing Firm Total Rebalance Expert
Morningstar, Inc.

2016 Supplement to the Governmental Plans Answer Book Published
Calhoun Law Group, P.C.

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