ASPPA

Retirement Plan Administrator for Defined Benefit Plans
Ingham Retirement Group
in FL

401k Plan Administrator - Junior or Trainee
Capital Retirement Plan Services, Inc.
in PA

Compliance Testing & Reporting Specialist
American Trust & Savings Bank
in IA

Compliance Analyst
Lockton Companies
in MO

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Legal Issues for Workplace Wellness and Disease Management Programs
RECORDED
(Kilpatrick Stockton LLP)

DOL Guidance
November 24, 2015 WEBCAST
(Convergent Retirement Plan Solutions, LLC)

Washington Update
December 2, 2015 in FL
(ASPPA Benefits Council [ABC] of North Florida)

DOL Initiative Looking at Uncashed Checks and Missing Participants; Other Issues for 2016
December 8, 2015 in KY
(ASPPA Benefits Council [ABC] of Greater Cincinnati)

Half Day Seminar with Rich Hochman
December 9, 2015 in OH
(ASPPA Benefits Council [ABC] of Cleveland)

Spend an Education Afternoon with Bob Kaplan
December 9, 2015 in GA
(ASPPA Benefits Council [ABC] of Atlanta)

ERISA Current Development Seminar
January 14, 2016 in FL
(GrayRobinson, P.A.)

2016 NAGDCA Industry Roundtable
April 21, 2016 in DC
(National Association of Government Defined Contribution Administrators)

Financing an ESOP Transaction
September 27, 2016 WEBCAST
(National Center for Employee Ownership [NCEO])

ESOP Overview - An Introduction to ESOPs
October 4, 2016 WEBCAST
(National Center for Employee Ownership [NCEO])

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Today's Discussions on the BenefitsLink Message Boards

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[Guidance Overview]

'Socially Responsible' Investing Under ERISA: New DOL Guidance
"ETIs are not 'inherently suspect' and do not have to be subjected to 'special scrutiny' above that required for other investments, despite how previous DOL guidance has been interpreted.... When selecting investments in part because of ESG considerations, committees need to observe a prudent process to ensure that any ETI selected is reasonably expected to perform as well as other available alternatives within that category with similar risk. If a committee is not comfortable selecting ETIs, but wants to accommodate plan participants, it could consider providing a brokerage or mutual fund window through which participants may select investments, including ETIs." (Drinker Biddle)  

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Alvin D. Lurie, 1923-2015
"Many younger practitioners never heard Al speak nor read any of the plethora of articles he authored. Al's unique writing style and mastery of English were immediately recognizable. He was insightful and unequivocal -- whether it be praise or criticism.... We have lost a friend and one of the great leaders of our industry." (Robert D. Richter, American Society of Pension Professionals & Actuaries [ASPPA])  

Third Quarter 2015 U.S. Pension Buy-Out Sales Top $3 Billion for Second Consecutive Quarter
"Traditionally, pension buy-out sales tend to spike in the fourth quarter with far less activity in the first three quarters. In 2015, however, pension buy-out sales have eclipsed $8 billion for the first nine months of the year. This represents a remarkable 415 percent increase over the $1.53 billion in sales for the first nine months of 2014." (LIMRA)  

Millennials Face Unique Obstacles When Saving for Retirement
"44 percent are not saving more because they want to treat themselves to things like occasional dinners out and vacations, more than Gen Xers (34%) and Boomers (29%). More than a third (37%) can't set aside more money for retirement because they are still paying off student loans. About half of Millennials (49%) feel that they don't know what their best investment options are, and only a third (34%) are extremely or very confident in their ability to make the best 401(k) investment decisions on their own. While three-quarters (76%) claim they would like help managing their 401(k), only 22 percent are likely to seek out professional investment guidance, and just 7 percent are currently receiving it." (Charles Schwab)  

Global Aging and Retirement Security in Emerging Markets
"[E]merging markets with funded state pension systems will enjoy important advantages over those with pay-as-you-go systems: [1] At the micro level, funded systems will enjoy a widening rate of return advantage that will allow them to deliver adequate retirement benefits at much lower contribution rates. [2] At the macro level, funded systems can help to speed the development of capital markets, a crucial priority as the populations and economies of emerging markets mature. [3] Depending on how they are structured and financed, funded systems may also take pressure off government budgets, which will be under growing stress from rising retirement and health-care costs, while also helping to maintain adequate rates of savings and investment." (Principal Financial Group)  

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Phased Retirement Programs: Exploring the Benefits and Issues

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Changes in Household Spending After Retirement: Results from a Longitudinal Sample (PDF)
"In the first two years of retirement, median household spending dropped by 5.5 percent from preretirement spending levels, and by 12.5 percent by the third or fourth year of retirement. But the spending reduction slowed down after the fourth year.... In the first two years of retirement, 45.9 percent of households spent more than what they had spent just before retirement. This declined to 33.4 percent by the sixth year of retirement. Households that spent more in the first two years of retirement were not exclusively high-income households; rather they were distributed similarly across income levels." (Employee Benefit Research Institute [EBRI])  

DOL Fiduciary Rule Could Decimate Number of Independent Broker-Dealers
"The Labor Department's fiduciary rule could present a one-two punch to independent broker-dealers, leading to widespread consolidation that could cut the number of firms in the industry in half.... In addition to increased expenses, the DOL fiduciary could also impact the revenue side of the ledger by significantly curbing sales of high-commission variable annuities and alternative investments, including nontraded real estate investment trusts[.]" (InvestmentNews)  

Sixth Circuit: Fiduciaries in Stock-Drop Suits Should Be Evaluated on Real-Time Conduct, Not 20-20 Hindsight
"[T]he Sixth Circuit held that an ESOP fiduciary's investment decisions satisfy the ERISA duty of prudence so long as the fiduciary uses a prudent process when the decisions are made. Further, a public company stock's current market price is deemed to be a reliable indicator of the stock's value, absent a showing of special circumstances by the plaintiffs as to why that price is not reliable. This is true even if in hindsight stock losses occur. This case represents good news for fiduciaries of plans that require investment in employer stock -- even though the days of a presumption of prudence are gone." [Pfeil v. State Street, No. 14-1491 (6th Cir. Nov. 10, 2015)] (Porter Wright Morris & Arthur LLP)  

Federal District Court Dismisses City of Providence Claim That Buck Consultants Miscalculated COLA Savings
"A U.S. district court has dismissed a lawsuit in which the city of Providence, Rhode Island, claimed a miscalculation by Buck Consultants caused it to miss out on cost savings for its pension plan by leading it to settle a lawsuit with a union and retirees. The city [had alleged] that Buck overestimated the amount the city would save by suspending cost-of-living adjustments (COLAs) for the city's pension plan[.]" [City of Providence v. Buck Consultants, No. 13-131 (D.R.I. Nov. 13, 2015)] (PLANSPONSOR)  

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CalPERS Adopts Funding Risk Mitigation Policy to Rein in Risk and Volatility in Pension System
"[A] mechanism will be established to reduce the discount rate ... in years when investment returns outperform the existing discount rate, currently 7.5 percent, by at least four percentage points. The four percentage point threshold would work to offset increases to employer contribution rates that would otherwise increase when the discount rate is lowered, and help pay down CalPERS' unfunded liability.... [M]odeling anticipates the policy will result in a lowering of the expected portfolio volatility to 8 percent in about 21 years, improve funding levels gradually over time, and cut risk in the System by lowering the volatility of investment returns." (CalPERS)  

[Opinion]

Who Put the Dagger in the Heart of Defined Benefit
"Back in 1987, just one year after passage of TRA86, Congress, in its infinite wisdom, decided that the status quo, having existed for about a year, needed change. Included in that necessary change was limiting the amount that companies could contribute (and deduct on their tax returns) to DB plans. We were switched from a regime that was sound actuarially to one that never was and never will be." (Benefits and Compensation with John Lowell)  

[Opinion]

Small Business Owners Descend on D.C. to Fight Disastrous Retirement Rule
"[A] group of small business owners from around the country flew into the nation's capital this week to meet with lawmakers and urge them to push back against the new retirement rule (sometimes called the fiduciary rule), which was proposed earlier this year.... 'If not fixed, this rule would restrict the advice that financial experts can share with small business owners and employees, raise costs, limit plan options, and perhaps even drive advisors out of this market,' [said U.S. Chamber President and CEO Tom Donohue]." (U.S. Chamber of Commerce)  

[Opinion]

Laying the Groundwork for More Efficient Retirement Savings Incentives
"Reforming the tax code to make it more efficient should prioritize refundable tax credits over new tax deductions; emphasize progressive savings matches that offer relatively higher benefits to lower-income households; create savings incentives that are simple to use; and establish new savings options, such that gaining access to savings incentives depends less on employers offering retirement plans.... The benefits of these steps would largely go to the Americans who need the most help saving more, including lower-income workers and people who work for employers that do not offer retirement benefits." (Center for American Progress)  

[Opinion]

Forcing Green Politics on Pension Funds
"This government is essentially saying: Don't you dare invest in anything that causes or is hurt by climate change, or you'll be sued for failing your fiduciary responsibilities. Energy, utilities and industrials are 20% of the market. How can pension funds now own any of them? ... Pushing politics on retirement funds will destroy returns.... [ERISA] rules drive hedge funds to avoid pension money. It slows them down. As pension funds divest, hedge funds and other managers will gladly buy up undervalued climate-challenged companies." (The Wall Street Journal; subscription may be required)  

Heffernan Retirement Services Named 2015 PLANSPONSOR Retirement Plan Adviser Team of the Year
Heffernan Insurance Brokers

My Virtual Coach from The Principal Helps Shape Up Retirement Plans
Principal Financial Group

John Hancock Retirement Plan Services Hired to Run $217 million Equity-League 401(k) Plan
John Hancock Retirement Plan Services

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