ASPPA

Associate Consultant / Retirement Plan Administration Specialist
Spectrum Pension Consultants
in WA

Client Communications Consultant
The Newport Group
in ANY STATE

IRT Relationship Manager 3
Wells Fargo
in NY

Account Manager
Verisight
in KS

Regulatory Services Director - ERISA
Great-West Financial
in WI

Team Lead, Operations
Newport Group
in WI

Litigation Associate
Employee Benefits Firm
in DC

Manager of Pension Administration
OneAmerica Financial Partners, Inc
in IN

Benefits Accountant
Lion Re:Sources, Inc.
in NY

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Get Ready for 2016: Avoid Getting Stuck in the Mud with ACA Reporting
October 14, 2015 WEBCAST
(Employee Benefit News)

Actuarial 101 for Non-Actuaries
November 3, 2015 WEBCAST
(ASPPA [American Society of Pension Professionals & Actuaries])

Legislative and Regulatory Update
November 4, 2015 WEBCAST
(PenServ Plan Services, Inc.)

Best Practices for Administering Auto Enrollment Plans
November 17, 2015 WEBCAST
(ASPPA [American Society of Pension Professionals & Actuaries])

Ascend 2016 Conference
October 17, 2016 in MO
(Ascensus)

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MEPs and the Common Paymaster: A Siren's Call
"[T]he siren's song's lyrics are that [DOL Advisory Opinion 2012-04] left open the question of whether or not a [multiple employer plan (MEP)] is available under a [professional employer organization (PEO)] without these sorts of [common employment] bonds ... The most recent version of that 'song' ... involves common paymaster services. Employers, the siren says, that each hire the same company to serve as its payroll agent each then form a DOL-compliant common employment bond with the others of that payroll agent's customers. This is a pretty absurd argument." (Business of Benefits)  

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Delegating Fiduciary Risk and Responsibilities
"Because the selection and subsequent monitoring of service providers is a fiduciary duty itself, plan sponsors can never entirely delegate their fiduciary responsibilities. However, plan sponsors may delegate certain fiduciary duties to service providers, usually as a 3(16), 3(21) or 3(38) fiduciary." (United Retirement Plan Consultants)  

PIMCO, Allianz Sued for Alleged Breach of Fiduciary Duty under 401(k) Plan
"The latest lawsuit ... is asking the court to grant class-action status to cover approximately 4,000 employees in the [joint defined contribution plan of PIMCO and its sister company Allianz Global Investors]. The lawsuit maintains that participants end up paying more than 75% more in fees that the average U.S. 401(k) plan because they are given a choice of only PIMCO and Allianz funds ... [and] says employees could have saved $2.5 million if lower cost options from other managers, including index funds, were included in their 401(k) plan offerings." (Pensions & Investments)  

DC Advisors Increasingly Turn to External Managers for Target Date Funds
"Nearly half (47%) of all advisors selling defined contribution (DC) retirement plans now recommend an external manager for target date funds rather than the proprietary target date funds offered by the plan recordkeeper. What's more, the likelihood of recommending external target date offerings increases by the level of DC production, with nearly six in ten (59%) DC specialists managing $50 million or more in DC AUM advising plan sponsors to look beyond current plan providers and include target date funds offered by external asset managers instead." (Cogent Reports)  

White-Labeling the Core Menu: What's Your Objective?
"An alternative approach to portfolio construction begins with the core menu framework itself. Further reducing the core menu options and categorizing them into very broad asset classes accomplishes two goals. First, the menu can be simplified into terms most individuals can understand.... Second, by simplifying the menu, fiduciaries can introduce broader mandates within each portfolio, designed to align more closely with the unique goals of retirement investors. These types of mandates are deemed 'objectives-based' mandates." (Manning & Napier)  

Investment Managers Seek Consensus on Use of ESG Factors
"As debate continues, funds such as CalPERS are working environmental, social and governance factors into their investment process.... 'As a practical matter, the definition of fiduciary duty has not changed,' notes [James Andrus], a portfolio manager on the global governance team at $286 billion CalPERS. 'But the view has developed over the past ten years that if you are a long-term investor, you have to take environmental, social and governance factors into consideration because of the adverse implications of not doing so.' " (Institutional Investor)  

Seven Qualitative Factors for Evaluating Investments
"[1] Manager quality ... [2] Staff turnover ... [3] Organizational structure ... [4] Level of service provided ... [5] The quality and timeliness of the money manager's reports ... [6] Response to requests for information ... [7] Investment education." (fi360)  

Haven't Saved Enough? Move to Harlingen, Texas
" 'I'll go out on a limb and venture that moving to Harlingen, Texas, which boasts the lowest cost of living in the country, is not a realistic option for most future retirees,' IRI President and CEO Cathy Weatherford said. 'But many Boomers will have to make some tough decisions. The good news ... is that there are some things Boomers can do to boost their savings and reduce expenses. Then by constructing a strategy -- using a combination of retirement income sources -- they can have a plan in place to meet their retirement needs.' " [14-page study, entitled Baby Boomers and Retirement Planning Strategy.] (Insured Retirement Institute [IRI])  

Employees of Not-for-Profit Employers Seem On-Track for Retirement
"Employees generally can expect to receive more than 90 percent of their pre-retirement income in retirement, with 53 percent of that coming from guaranteed sources such as Social Security (47 percent) and fixed annuities (6 percent) ... Participants younger than age 40 have an average income replacement ratio of 110 percent.... These participants are generally saving less than their older counterparts, and the projections show they are more reliant on Social Security than on their own investments for their guaranteed income. Participants age 67 or older have an average income replacement ratio of 107 percent. This is driven by higher average savings rates and account balances, but also reflects less reliance on Social Security for guaranteed lifetime income." (TIAA-CREF)  

Seven Tips Present-Day Retirees Wished They Had Known When They Were 24
"Start early, not late ... Cut spending and keep your eye on the retirement ball ... Invest wisely (i.e. for the long term) ... Warren Buffet says pick a stock and stick with it ... If you don't have time, hire a professional ... Keep a lot of cash for when the market goes down ... Don't panic and stick it out." (Fiduciary News)  

Aon Hewitt 401(k) Index Observations, September 2015
"81 percent of the trading days in September favored fixed income -- the highest ratio of days to fixed income funds in two years. September also had four days of above-normal trading activity, which is the highest number of above-normal days in a month since May.... [P]articipants' overall allocation to equities declined to 64.6% at the end of September from 65.4% at the end of August. Future contributions to equities decreased marginally to 66.7% from 66.8% in August." (Aon Hewitt)  

Participants Going Mobile with Retirement Plans
"[T]he percentage of participants who have interacted with plan recordkeepers through smartphone and/or tablet applications increased from 26% in 2012 to 40% in 2015.... Plan sponsors considering a mobile app for their plan participants should ensure that the offering includes at least the basic account data, but participants will appreciate -- and likely expect -- additional information about the program and for pre-retirees[.]" (PLANSPONSOR)  

[Guidance Overview]

Did the SEC Get It Right with Time-Based Equity in Its Clawback Proposal?
"Those who interpret statutory language for a living (mostly lawyers) might wonder how the SEC reached this conclusion.... [T]he SEC applied a nuanced reading of [Dodd-Frank section 954] and determined that the rule applies only to stock options that themselves have a performance-based vesting hurdle.... In the end, the SEC's decision made life easier for companies that would need to enforce clawbacks, but also will cause compensation committees to take a closer look to see if their pay mix is balanced properly between compensation that is and isn't subject to clawback." (Towers Watson)  

Is Your Company's Severance Policy Subject to ERISA? Should You Care? (PDF)
"There are clearly advantages to having a program governed by ERISA rather than applicable state law. However, left unsaid in the Okun decision is the sponsor's potential reporting and disclosure deficiencies under ERISA. Specifically, since [the employer] did not consider the arrangement subject to ERISA, it took no steps to file the one-time notice with the DOL, nor the annual returns that presumably would be required (assuming a small plan exception would not be applicable). This could result in substantial penalties." (Wilkins Finston Friedman Law Group LLP)  

Now's the Time to Review Compensation Arrangements Relating to Unvested Rights
"U.S. citizens who are employed by, or serve as directors of, non-U.S. entities can incur significant tax penalties (regardless of where they live) if compensatory arrangements violate Section 409A....Common provisions that make an arrangement subject to Section 409A include the requirement to pay the executive severance upon termination, or the ability of the executive to quit and be entitled to separation pay upon a change-of-control.... If the document failure is found now, it can be corrected on or before December 31, 2015, and if no change-of-control occurs before December 31, 2015, the correction will not entail a penalty or additional tax." (Dorsey & Whitney LLP via JD Supra Business Advisor)  

Retirement Elevated Now Reaches Nationwide
Retirement Elevated

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