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Myth of Multitasking
RECORDED
(ASPPA [American Society of Pension Professionals & Actuaries])

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Retiree Lifetime Income Initiative: Living Longer Without Income for Life
Report issued in five components: [1] Choices & Considerations -- general retirement planning considerations. [2] Product Comparisons -- high-level perspective on a few key risks and aspects related to lifetime income. [3] Legislative and Regulatory Issues -- approaches that emphasize financial literacy and education for prospective retirees, refocus plan design on lifetime income needs, and refocus federal retirement policies to support lifetime income needs. [4] Actuarial Considerations for Financial Advisers; and [5] Information for Current and Future Retirees -- how a retiree can use the concept of 'risk sharing' to help manage longevity risk through lifetime payout options and individual annuities, as well as other approaches to lessen risk." (Pension Practice Council of the American Academy of Actuaries)  

[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.

The Challenge of Longevity Risk (PDF)
36 pages. "In the context of longevity risk, a critical element is ensuring that people can make their money last a lifetime. In supporting people to do this, products that offer an income guarantee, or decumulation processes that provide reasonable assurance that the individual will not outlive his or her assets, will be an important part of retirement income default pathways. The five principles identified in this paper that frame the challenges of managing longevity risk are: Adequacy; Information; Flexibility; Equity; and Sustainability." (American Academy of Actuaries)  

Nearly Half of DB Sponsors Preparing for Risk Transfer: Top Catalyst Is PBGC Premium Increases
"When asked what type of de-risking activity they would consider, nearly half of DB plan sponsors (46%) would most likely transfer risk with an annuity buyout, including 37% who would consider a buyout in combination with a lump sum offer. Of those planning to use a pension buyout, more than half (57%) are considering a pension risk transfer option to an insurance company for their DB plan in the next two years. This percentage increases to 63% for plans with DB plan assets of $250 million to $499 million and 77% for plans with DB assets of $500 million to $1 billion." (PLANSPONSOR)  

Practically Everything You Need to Know About Choosing Your Company's 401(k) Provider
"[P]lan sponsors should be careful not to make getting the absolute lowest fees a top priority.... Open architecture has led TPAs to increasingly offer administration services for a per-head fee. That may be better for plan sponsors ... It's important to investigate a 401(k) provider's wherewithal to help you remain compliant with [ERISA]. In fact, some see that as the most important element of the selection process.... A good practice is to stagger provider searches and fee benchmarking.... But don't conduct a search only because you know you're supposed to, with the intention of staying with your current provider no matter what." (CFO)  

For 2016, 401(k) Contribution Limits Stay Put
"HR professionals should convey to employees their plan contribution limits for next year. Not all plan participants will be able to fund their 401(k) accounts up to the maximum, but the contribution ceiling is a goal they should keep in mind, and may encourage those who can defer extra dollars for retirement savings to do so." (Society for Human Resource Management [SHRM])  

Will Your Fiduciary Insurance Cover You When You Need It?
"Plaintiffs had three policies: a D&O policy, fiduciary liability insurance, and excess fiduciary coverage. They were sued by the DOL following a formal investigation for selling stock to an ESOP at an inflated price, but the court ruled that the policies didn't cover the plaintiffs for the following reasons: [1] The policies didn't cover actions taken before the effective date. [2] The D&O policy didn't cover ERISA claims at all. [3] Plaintiffs failed to give notice of the claims during the policy period, where the claim was specifically defined as including an investigation by the [DOL] or the [PBGC]. [4] The excess coverage didn't kick in until the policy limits in the basic policies had been reached[.]" [Bilyeu v. Nat. Union Fire Ins. Co. of Pittsburgh, No. 50,049-CA (La. Ct. App. Sept. 30, 2015)] (Osler, Hoskin & Harcourt LLP)  

Coming Soon: More Green And Social Options In Your 401(k)
"Investments that seek a so-called double bottom line have gotten a bad rap and have long been seen as delivering lower returns than traditional investments. Yet, recent research has sought to bust this myth. In a recent study of 10,000 mutual funds by Morgan Stanley, sustainable stock funds were found to have met or even exceeded median returns of traditional stock funds 64% of the time." (Forbes)  

DOL Opens the Door for ESG Considerations
"A 2008 interpretative bulletin from the Labor Department 'unduly discouraged plan fiduciaries' from considering environmental, social and governance factors under appropriate circumstances, [Secretary of Labor Thomas E. Perez] said in a statement. 'Changes in the financial markets since that time, particularly improved metrics and tools allowing for better analyses of investments, make this the right time to clarify our position.' " (Pensions & Investments)  

Adding Alternative Investments to DC Plans (PDF)
"Alternative investments can provide the dual benefits of diversification and low correlations to traditional asset class performance, helping reduce volatility and potentially enhancing long-term risk-adjusted returns. But ... [c]oncerns around the scalability, liquidity, and valuation needs of such plans has inhibited the use of alternatives as a viable investment option." (Northern Trust)  

Giving in Retirement: America's Longevity Bonus (PDF)
26 pages. "Over the next two decades there will be a surge in giving by retirees: America's $8 trillion 'Longevity Bonus.' Three forces are converging to create this new phenomenon: [1] The movement of the massive boomer generation into their retirement years; [2] Increasing longevity, which means more people may spend more years in retirement; and [3] High rates of giving among retired men and women (especially women) -- of both money and time.... [This study] is an in-depth exploration of the priorities, rewards, and challenges of giving in retirement." (Merrill Lynch Global Wealth Management)  

Illinois Budget Mess Spurs Historically Large Request for Cash to Pay Retirees
"The State Employees' Retirement System on Wednesday asked the Illinois State Board of Investment for $100 million on Nov. 10, and another $125 million on Dec. 10 to pay for retiree benefits in the next two months, according to Tim Blair, the system's executive secretary. The request for cash from the investment board is the largest in the system's history. The call comes one week after Comptroller Leslie Geissler Munger said Illinois's $560 million November payment to its retirement funds would be delayed, and its December payment could also be postponed as the budget stalemate approaches a fifth month." (Bloomberg)  

[Opinion]

Only in Washington: Following DOL's Rule Means Breaking SEC's Rules
"Due to a lack of coordination with financial regulators, DOL's retirement proposal would conflict with rules already on the book at the [SEC]. Specifically, a provision in the retirement rule proposal would require financial advisors to provide one-year, five-year and ten-year estimates of the total investment costs of a recommended asset, based on 'reasonable assumptions about investment performance.' However, securities laws and regulations prohibit advisers from making that exact type of performance projection due to concerns about misleading investors.... The contradictions don't end there." (U.S. Chamber of Commerce)  

[Opinion]

Raising Everyone's Retirement Age Undercuts a Key Goal of Social Security
"Workers who delay claiming Social Security for one additional year, say, from 63 to 64, after the full retirement age is raised from 67 to 68 would see little change in their monthly pension, but would receive it for one less year. The delay seems fair if the worker has enjoyed the same improvement in life expectancy as fellow workers. It doesn't seem so fair if the worker has seen little or no gain in life span. It's easy to identify a group that has missed out on recent life expectancy gains -- workers who earn low wages throughout their careers." (The Brookings Institution)  

[Opinion]

Praise for DOL's New Rules for Economically Targeted Investments
"Clean oceans and clean air, full employment, livings wages, a hospital that might serve plan participants -- those are the primary goals of good government and the charitable sector, but they can be only a collateral goal for ERISA fiduciaries. A plan fiduciary should strive first to be a Warren Buffet, not a Mother Teresa. But when we can do well by doing good, we should do both. One might even say we have a non-ERISA fiduciary obligation to each other and to future generations to do so," [said Karen Friedman, executive vice president and policy director.] (Pension Rights Center)  

[Opinion]

A Solution to America's Retirement Crisis: The Canadian Model of Pension Governance
"The central problem with U.S. public pension funds is the lack of proper governance which leaves them open to undue political interference.... U.S. public pension funds have to stop farming assets out to be managed by high fee hedge funds, private equity and real estate funds and have to adopt the right governance which would allow them to attract talented pension fund managers and pay them properly so they can manage pension assets internally at a fraction of the cost." (Pension Pulse)  

John Hancock Retirement Plan Services Hires Grant Argall As Regional Vice President, Midwest Division, Focusing on Southern Wisconsin, Eastern Iowa and Northwest Illinois
John Hancock Retirement Plan Services

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