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QBI, LLC
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National Investment Firm
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Trutina Financial
in WA

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Transamerica
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Retirement Plan Concepts & Services, Inc.
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Advanced Trustees and Administrators Institute
February 15, 2016 in FL
(International Foundation of Employee Benefit Plans [IFEBP])

Public Sector Benefits Institute
February 15, 2016 in FL
(International Foundation of Employee Benefit Plans [IFEBP])

36th Annual Conference: The Real World of Health Benefits
May 5, 2016 in IL
(Midwest Business Group on Health)

AICPA Employee Benefit Plans Conference
May 10, 2016 in NV
(American Institute of Certified Public Accountants [AICPA])

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Today's Discussions on the BenefitsLink Message Boards

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[Official Guidance]

Text of PBGC Update to Appendix D to Part 4044: Tables Used to Determine Expected Retirement Age
"This rule amends the Pension Benefit Guaranty Corporation's regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2016. This table is needed in order to compute the value of early retirement benefits and, thus, the total value of benefits under a plan." (Pension Benefit Guaranty Corporation [PBGC])  

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Monitoring Call Centers: Is It a Fiduciary Duty to Know What They Tell Participants? (PDF)
"Plan sponsors need to know what their service providers are saying to participants about distributions and rollovers. At the least, this is good risk management. But it may also be a fiduciary duty.... While that duty is not well-defined, at least in its details, it could include overseeing the communications between the recordkeeper and participants." (Fred Reish, in PLANSPONSOR)  

Divided Sixth Circuit Affirms Summary Judgment in Post-Dudenhoeffer Review Based on Prudent Process
"As the lower courts continue to grapple with the aftermath of Dudenhoeffer, the majority opinion in Pfeil II reflects the strength of having (and adhering to) a prudent process for evaluating investments in company stock. The dissenting opinion by Judge White does raise an important question though regarding the 'yardstick' that plan fiduciaries should use when making this evaluation." [Pfeil v. State Street Bank and Trust Co., No. 14-1491 (6th Cir. Nov. 10, 2015)] (Alston & Bird)  

The 403(b) Lifetime Income Lesson for 401(k) Plans
"Many defined contribution plans in the not-for-profit sector -- educational institutions, charities, hospitals, churches and the like -- have an answer to this question. Not-for-profit defined contribution plans commonly help to mimic defined benefit pensions by focusing on lifetime income. They also typically incorporate guaranteed retirement income products and provide communication, education and advice that can help keep participants focused on monthly retirement income rather than on lump-sum savings. Defined contribution plans in the for-profit sector would do well to emulate these features." (Pensions & Investments)  

DOL Proposal on State-Run Plans Raises Concerns from Providers
"Together, the proposed rules and interim guidance are being seen as a green light to states eager to provide easy ways to attract more retirement savers through the workplace, targeting small employers.... But as the prospect of more state programs for private-sector workers grows, so does resistance from retirement service providers concerned the DOL could wind up giving states an unfair advantage over private-sector offerings." (Pensions & Investments)  

Moody's Predicts PBGC Premiums Will Become Unaffordable
"Moody's predicts that despite current and potential future premium increases, there will come an inflection point where plan sponsors will not be able to afford premiums and the PBGC will run out of money. The PBGC estimates there is a greater than 50% chance it will be insolvent by 2025, and extrapolates a 90% chance of insolvency by 2031." (PLANSPONSOR)  

Moody's: PBGC Multiemployer Deficit Is a Credit Negative for Plan Sponsors
"A growing deficit in the [PBGC's] multiemployer pension program is a credit negative for multiemployer plan sponsors, Moody's Investors Service said ... Some multiemployer plan sponsors could see a credit positive if they can take advantage of Multiemployer Pension Reform Act of 2014 provisions allowing them to reduce benefits if the plan is projected to run out of money." (Pensions & Investments)  

Milliman 2015 Public Pension Funding Study (PDF)
"Strong market performance through 2014 has led to an increase in overall reported funded ratios, from 70.7% to 75.0% on a market value of assets basis. After several years of strong returns the flat market to date during 2015 will erode funded ratios, although the impact will not be fully recognized for several years in most plan sponsors' funding policies. A significant headwind for funded status is generated by the continued decline in market consensus views on long-term return expectations -- lower return assumptions mean higher liabilities. For the first time, retired and inactive members outnumber active members." (Milliman)  

Japan's Pension Fund Loses $64 Billion Amid Equity Rout
"The world's biggest pension fund posted its worst quarterly loss since at least 2008 after a global stock rout in August and September wiped $64 billion off the Japanese asset manager's investments. The 135.1 trillion yen ($1.1 trillion) Government Pension Investment Fund lost 5.6 percent last quarter as the value of its holdings declined by 7.9 trillion yen ... That's the biggest percentage drop in comparable data starting from April 2008.... The loss was GPIF's first since doubling its allocation to stocks and reducing debt last October, and highlights the risk of sharp short-term losses that come with the fund's more aggressive investment style." (Bloomberg)  

[Opinion]

Obama's New Public Pension Option Rewrites ERISA for Liberal States
"Even [the DOL] admits that its ERISA exemption is dubious. Under a 1975 Labor rule, employee benefit plans are exempt from ERISA only if they are 'completely voluntary.' ... [DOL] is overturning its own precedent on the conceit that a state government that sets 'the terms for and administers a payroll deduction savings arrangement ... is far different than when the employer' does. Yet the Supreme Court, as Labor notes, has concluded that ERISA pre-empts state laws that 'mandate employee benefit structures or their administration.' " (The Wall Street Journal; subscription may be required)  

[Guidance Overview]

The Future of Benefits for Same-Sex Spouses and Partners (PDF)
"Until recently, some employers voluntarily extended benefits to same-sex partners in recognition of the fact that same-sex couples had limited ability to marry. However, now that same-sex marriage is legal in all 50 states and recognized under federal law, employers must extend certain spousal benefits to same-sex spouses and can do so without additional administrative complexity. In addition, some employers are phasing out unmarried partner benefits by requiring partners to marry in order to be eligible for spousal benefit coverage." (McDermott Will & Emery via Bloomberg BNA Pension & Benefits Daily)  

Mercer Enhances Mercer BenefitsCentral Defined Benefit Capabilities with Launch of Online Retirement Functionality
Mercer

BlueCross Web App Helps Employers Realize Best Value from Health Plans
BlueCross BlueShield of Tennessee

Xerox to Aid City of Los Angeles in Delivering Fire and Police Pensions, Benefits
Xerox Corporation

Paul Zorn’s Retirement from GRS
Gabriel, Roeder Smith & Company

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