Retirement Plans Newsletter

November 16, 2015

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Employee Benefits Jobs

Associate - ERISA Fiduciary
Groom Law Group
in DC

Retirement Plan Administrator/Consultant
Means & Associates
in CA

Director Retirement Benefits
Baylor Scott & White Health
in TX

401(k) Plan Administrator
Southern Pension Services
in FL

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Webcasts and Conferences

Administrative Service Agreements for Health and Welfare Plans: Anticipating and Addressing Potential Pitfalls
RECORDED
(Thomson Reuters / EBIA)

S Corporation ESOPs: Valuation Issues
August 9, 2016 WEBCAST
(National Center for Employee Ownership [NCEO])

Is an ESOP Right for You?
August 16, 2016 WEBCAST
(National Center for Employee Ownership [NCEO])

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[Official Guidance]

Text of IRS Hearing Notice: Administration of Multiemployer Plan Participant Vote on an Approved Suspension of Benefits under the Multiemployer Pension Reform Act
"This document provides notice of public hearing on proposed regulations relating to the administration of a multiemployer plan participant vote on an approved suspension of benefits under the Multiemployer Pension Reform Act of 2014 (MPRA) ... The public hearing is being held on Friday, December 18, 2015, at 10 a.m. The IRS must receive outlines of the topics to be discussed at the public hearing by Monday, November 30, 2015." (Internal Revenue Service [IRS])  


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[Official Guidance]

Text of IRS Notice 2015-80: Weighted Average Interest Rates, Yield Curves, and Segment Rate Applicable for November 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) ... 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)." (Internal Revenue Service [IRS])  

New Rules Would Make It Easier for Small-Business Workers to Save for Retirement
"Perez will be announcing in Illinois [today, Nov. 16,] guidelines that will reduce liability concerns for both states and employers and give states authority to proceed. Yet, at this stage, the rules are proposed and are not likely to be final until 2016.... 'We cannot guarantee anyone that they won't get sued,' Perez said. But the proposed rules that will be announced [today] 'can mitigate the risk.' " (Chicago Tribune; subscription may be required)  

DOL Pushes Back on Legislation to Kill Fiduciary Rulemaking
" 'Make no mistake, this effort would establish a best-interest standard in name only and undermine the Obama Administration's efforts to protect the retirement savings of America's working families,' a DOL spokesman said ... The DOL spokesman added: 'It is puzzling and disappointing that after the department's five-year extensive and inclusive outreach process, Congressman Neal would embark on a closed-door initiative -- in partnership with Republican leadership and a select few from Wall Street -- that lacks the inclusiveness and thoroughness he and others have called for.' " (InvestmentNews)  

Will the Alternative Assets Intel Added to Its 401(k) Plan Backfire Legally as Well as Financially?
"[T]he investment committee ... at Intel Corp. might have been hailed as heroes for calling a market top in 2007 and rotating funds from the company's 401(k) plan into hedged investments. Indeed, in 2008 Intel's loss in the pension funds was mitigated slightly because its hedge fund portfolio lost 17% in the 2008, whereas in the same time period, the S&P lost 38.5%. But since then, Intel has continued to double down on hedge and private equity-style exotica with its 401(k) assets and the results have sparked what could be a nasty precedent-setting ERISA-invoking class action." (RIABiz)  

Handling a Frozen Pension Plan: Termination Strategy, Part 2
"The issue of the equity risk premium -- available under the plan but not available with an annuity purchase -- is sometimes left out of that analysis. Leaving it out may make sense, e.g., where the plan's population is very mature (and the plan's investment horizon is 'short) or where the sponsor has a preference for certainty. If it is reasonable to consider the equity risk premium, however, continuing the plan may in many cases be cheaper -- a better financial deal -- than terminating it." (October Three Consulting)  

Women's Perspectives on Saving, Investing, and Retirement Planning
24 pages. "Only one in five women consider themselves 'do it yourself' investors, compared to 40 percent of men.... Women place extreme importance on a number of advisor characteristics concerning communication and relationship skills.... Women are much more likely to say they are 'very concerned' about saving enough to realize their visions for retirement ... 78 percent of women and 75 percent of men say they are currently contributing to their company's retirement plan, though fewer say the same about their spouses or partners. The fact that many are contributing, but also are very concerned about not being able to retire when and how they want to, implies that they may not be saving enough to feel secure about reaching their retirement goals." (Insured Retirement Institute [IRI])  

How Will Near-Retirees Manage Retirement Savings for Retirement Income? (PDF)
18 pages. "Among near-retirees who are extremely likely to annuitize, one-quarter report that they are required to do so with some of their retirement savings, one-third are not required to do so and the others are not sure if they will be required to annuitize any savings ... Near-retirees likely to annuitize and those likely to not annuitize share the same top financial priorities for retirement, though the rank ordering differs somewhat. Annuitization is consistent with each top priority. So is there a disconnect between priorities and intentions among those likely to not annuitize?" (TIAA-CREF Institute)  

How Retirees Manage Retirement Savings for Retirement Income (PDF)
17 pages. "There was no difference in retirement confidence among annuitants and non-annuitants at the time of retirement ... Annuitants are more likely to have experienced an increased standard of living in retirement and a retirement lifestyle that has exceeded expectations.... [V]ery few annuitants were specifically advised to not annuitize. 80% of non-annuitants were advised to not annuitize or received no advice about annuitization. Non-annuitants are more likely to have a fair or poor understanding of annuities and annuitization." (TIAA-CREF Institute)  

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