DC Administrator
E.R.I.S.A., Inc.
in ANY STATE, IL

Compliance Analyst
National Retirement Services, Inc.
in NC

Dedicated Retirement Counselor
Prudential
in CA

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ESOP Distribution Policies
October 20, 2015 WEBCAST
(National Center for Employee Ownership [NCEO])

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[Official Guidance]

Text of PBGC Interest Rate Update for November 2015
"The November 2015 interest assumptions under the benefit payments regulation will be 1.25 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit's placement in pay status. In comparison with the interest assumptions in effect for October 2015, these interest assumptions are unchanged." (Pension Benefit Guaranty Corporation [PBGC])  

[Advert.]

An IRS PPA Deadline is Fast Approaching!

Are you sponsoring Pre-Approved DB and/or Cash Balance Plans? If yes, the IRS submission date is October 30th. Contact ASCi today to learn more. Click here.

[Guidance Overview]

DOL's Proposed Fiduciary Rule: Outline of Background and Issues (PDF)
25 pages. Topics: [1] Background on pensions, IRAs, and investments; [2] Regulations for pension plans and IRAs; [3] SEC Regulation of broker-dealers; [4] Protections for pension plan sponsors and participants; [5] Administration's perspective; [6] Perspectives from stakeholders; [7] Timeline for the proposed rule; and [8] Legislation in the 114th Congress. [Report No. R44207, dated Oct. 8, 2015.] (Congressional Research Service [CRS])  

[Guidance Overview]

IRA Aggregation Rule and Pro-Rata IRA Taxation
"Fortunately, ... the IRA aggregation rules do not apply when calculating substantially equal periodic payments (SEPP) under Section 72(t), reducing the danger that a withdrawal from one IRA could constitute a 'modification' of the ongoing 72(t) distributions from another that would trigger a retroactive penalty. However, even in the case of SEPPs, the IRA aggregation rules will still apply in determining how much of a 72(t) payment constitutes a tax-free return of non-deductible contributions!" (Michael Kitces in Nerd's Eye View)  

[Guidance Overview]

IRS Issues Procedures for Requesting Economic Hardship Waiver from E-Filing Forms 8955-SSA and 5500-EZ
"[T]he IRS anticipates adding items on the Form 5500 and Form 5500-SF relating solely to Code requirements and intends to provide an optional paper-only form containing those Code-related items for use by small filers. Filers that are required to electronically file Form 5500 series returns using EFAST2 and that file at least 250 returns during the calendar year would be required to answer these IRS-only questions electronically using EFAST2. Because the IRS does not believe that answering these IRS-only questions electronically would impose any significant burdens, a waiver of the electronic filing requirement will not be granted with respect to these questions." (Wolters Kluwer Law & Business)  

Email Incident Affects 9,400 Schwab Retirement Plan Services Participants
"Schwab Retirement Plan Services (SRPS) is notifying approximately 9,400 plan participants that a spreadsheet containing their personal information was accidentally emailed to a participant in another retirement plan serviced by SRPS.... The email was sent on Aug. 25." (SC Magazine)  

[Advert.]

A creative co-op to elevate the conversation about why we're here.

Committed To Outcomes (C2O) is a retirement industry work group and creative co-op to elevate the conversation about our why we're here. C2O will leverage PR and social media channels while member firms share C2O original content under their own brands. Learn more.

Delivering Investment Advice: Key Differences between 403(b) and 401(k) Plans
"Whether or not the provision of asset allocation models will be considered 'advice' for ERISA plans is one of the 'sticky' issues which is going to be resolved in the final version of the [DOL] fiduciary rule. But asset allocation models raise a whole different set of issues for the 403(b) investment adviser, whether it be an ERISA or a non-ERISA plan ... because investments in 403(b) plans do not enjoy the same exemptions from securities laws, as do 401(k) plan investments." (National Tax-Deferred Savings Association [NTSA])  

Company Stock Investment Decision Requires Two Hats
"Recent court cases have brought to life the additional layer of risk -- on top of what is already a fairly risk-laden landscape -- that can come from offering company stock as a DC investment option[.]" (planadviser)  

The Benefits of Funding an Employer Match or Safe Harbor Contribution in an ESOP
"An ESOP can be used as the vehicle for receiving the employer's matching contributions in the form of employer stock.... This allows the employer to make a cashless matching contribution to fund the match.... Employers often make a larger match than they would otherwise fund in the 401(k) plan, thus encouraging greater 401(k) participation by rank-and-file employees." (Watkins Ross)  

Proposed Cuts to Teamster Pensions Draws Fire from Retirees, Who Vow Action
" 'I was in shock as to what percentage they wanted,' [said] Mike Walden, 66, chairman of Northeast Ohio Committee to Protect Pensions who worked 31 years for now-defunct Roadway Express and retired 2010... [H]is pension would be cut from around $2,900 a month to around $1,450. 'They (Central States) had said the average reduction was supposed to 22 percent. I have not spoken to anybody whose cut is 22 percent. Most were in the 50 to 60 percent range. To me, their summary is very misleading,' Walden said." (Logistics Management)  

Longevity Gains Show Need for More Savings
"News of SOA's 2015 scale ... may help re-energize professionals as they talk with clients about longevity trends and how long the clients' retirement assets might need last.... [If] and when the general public learns about the new data from non-industry sources, that could help increase public awareness about longevity trends and the impact on retirement security. Should consumers mention this to their advisor, that could open up productive discussion about retirement planning." (InsuranceNewsNet.com)  

Former Bank of America Executive Laments $13 Trillion Retirement Gap as Women's Crisis
"The burden of the retirement savings shortfall in the U.S. will weigh heavily on women, according to Sallie Krawcheck, a former executive at Bank of America Corp. and Citigroup Inc.... Employers can help alleviate that shortfall by working to counter the gender-pay gap and educating women on investing opportunities, Krawcheck said. For financial firms, women and millennials represent two of the largest opportunities for growth, she said, but increasing business with those groups means building relationships." (Bloomberg)  

[Opinion]

Supersize Your 401(k) Accumulation With One Strategy
"Not only are 401(k)s dangerous vehicles for most people -- they consistently lose money in them -- they are loaded with middlemen fees. Most people never calculate how much these fees eat into their retirement plans.... [T]he more you automate, the lesser the chance of you getting in the way of consistent saving. Robo-plans are here to stay. You just have to pull the switch to make them work." (John Wasik in Forbes)  

401kDIRECT Introduces Fiduciary Secure Service that Includes Fiduciary Insurance Coverage -- An Industry First
401kDIRECT

Karen Eisenbach Joins Voya Financial as Chief Marketing Officer of Retirement
Voya Financial

Envisage Information Systems Promotes Christen Marsenison
Envisage Information Systems

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