NAPA

Counsel - Compensation and Benefits
Ameriprise Financial
in MN

Senior Benefits Consultant
Lockton Companies
in PA

Sales Representative - Retirement Services
Principal Financial Group
in TX

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Multiple Plan Compliance Testing Webcast
December 8, 2015 WEBCAST
(ASC)

Voluntary Fiduciary Correction Program Workshop
December 8, 2015 in CA
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Regulatory Update and Emerging Issues in the Retirement Plan Marketplace
December 8, 2015 in FL
(ASPPA Benefits Council [ABC] of Central Florida)

Voluntary Fiduciary Correction Program Workshop
December 9, 2015 in CA
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Impact of the U.S. Supreme Court's Affordable Care Act Decision - Part II
December 15, 2015 WEBCAST
(Wagner Law Group P.C.)

ESOP Plan Processing Webcast
December 15, 2015 WEBCAST
(ASC)

Health Benefits Laws Compliance Assistance Seminar
January 12, 2016 in MD
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Commercial Agility to Maximize Your Life Sciences Business
January 13, 2016 WEBCAST
(Healthcare Web Summit)

Health Benefits Laws Compliance Assistance Seminar
January 13, 2016 in MD
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

ERISA Plan Investment Committee Governance: Avoiding Breach of Fiduciary Duty Claims
January 27, 2016 WEBCAST
(Strafford)

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Today's Discussions on the BenefitsLink Message Boards

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[Official Guidance]

Text of IRS FAQs Regarding the Compliance Questions on the 2015 Form 5500-Series Returns
"The IRS has introduced new compliance questions on the 2015 Form 5500-series returns. These IRS compliance questions will help the IRS to effectively focus on specific factors and issues of federal tax law compliance. Although responses to these new questions are optional for the 2015 plan year, we strongly encourage you to answer them. These [nine questions and answers] clarify some of these new questions." (Internal Revenue Service [IRS])  

[Advert.]

2016 Employee Ownership Conference -- April 12-14, 2016 - Minneapolis, MN

The National Center for Employee Ownership announces that registration is now open for the 2016 Employee Ownership Conference -- April 12-14, 2016; Preconference day on April 11. For further information and to register, go to www.nceo.org/conference

[Guidance Overview]

IRS Issues Final Minimum Required Contribution Rules for Defined Benefit Plans (PDF)
"The final minimum required contribution rules affect sponsors of qualified single-employer and multiple employer defined benefit plans. These final rules do not affect multiemployer, governmental plans or church plans that do not elect to be covered by ERISA (non-electing church plans) ... If the plan's assets are less than the funding target, the minimum required contribution for the year is equal to the plan's target normal cost plus the amortization of the funding shortfall. If the plan's assets equal or exceed the funding target, the minimum required contribution is the target normal cost, which is reduced by the plan assets in excess of the funding target." (Prudential)  

ESG Interest and Implementation Survey (PDF)
10 pages. "Twenty-nine percent of all survey respondents have 'incorporated ESG factors into decision making,' ... up from 26% in 2014 and 22% in 2013. An additional 11% are currently considering doing so.... Corporate funds have the lowest overall integration of ESG factors at 15% in 2015, but this figure is substantially different for corporate defined contribution plans (24%) and corporate defined benefit plans (7%)." (Callan Associates)  

Corporate Pension Funded Status Drops by $3 Billion in November (PDF)
"The funded status of the 100 largest corporate defined benefit pension plans fell by $3 billion during November, as measured by the Milliman 100 Pension Funding Index[.] The deficit widened to $286 billion due to flat investment performance of the assets of the Milliman 100 companies during November. Interest rates did not change at all in November, and there was no corresponding liability change. As of November 30, the funded ratio slipped back to 83.3%, from 83.5% at the end of October." (Milliman)  

Fighting Inflation in Retirement
"The inflation rate experienced by seniors often runs higher than the CPI-W reflects.... But the higher elderly inflation rate also has implications for portfolio management and pocketbook management for retirees. Retirees are especially vulnerable because they don't have the capacity to counter inflation by seeking higher wages, and returns on low-risk fixed-income investments aren't getting the job done in a time of near-zero interest rates." (Morningstar)  

Use the Actuarial Approach to Address QLAC 'Challenges'
"[A recent] report cites three key challenges for retirees and their advisors when buying QLACs: [1] Determining the percentage of initial assets devoted to the QLAC. [2] Developing a ... withdrawal and asset allocation that minimizes disruptions in the amount of income between ages 84 and 85. [3] Deciding whether the QLAC pays a death benefit before age 85, with the resulting drop in expected retirement income. This post will discuss how these challenges can be addressed utilizing the Actuarial Approach[.]" (Ken Steiner, FSA Retired)  

Insurers Slow to Introduce QLACs for 401(k) Market
"In the year and half since the Treasury Department issued guidelines on qualified-longevity-annuity contracts, or QLACs, just over 10 insurers have developed such products. However, aside from one insurer, MetLife Inc., all have launched QLACs for the retail-retirement rather than defined-contribution market, even though Treasury's new rules allow for both." (InvestmentNews)  

Compliance Nightmare Possible in 2016, SIFMA Says
"The wealth management industry might be headed towards a 'compliance nightmare' next year should the Labor Department move ahead with its proposed fiduciary rule, SIFMA warned in its annual state of the industry briefing.... [T]he organization's leaders repeated their preference that the SEC lead the effort on creating a fiduciary rule instead of the Labor Department, citing concerns that the department's proposed rule would be unworkable in practice." (On Wall Street)  

[Opinion]

New Rules Are Costly, Confusing Bureaucratic Maze for Most Investors
"Since the Department of Labor is only one of the many regulators in this space, their proposal would result in at least six different sets of standards depending on what type of investment you are making. Want advice on buying a mutual fund from your broker? One set of rules. Want advice on what to do with your 401(k) when you switch jobs? Another set of rules. Have a question about which option to choose within your current 401(k)? Yet another set of rules. How is this more clear and better for investors?" (U.S. Chamber of Commerce)  

[Opinion]

Bipartisan Lawmakers Finalizing Bill to Ensure Retirement Advisors Protect Clients' Best Interests
"Bipartisan concerns have been raised that the [DOL] proposal could cause individuals to lose access to trusted financial advisors, raise the cost of receiving financial advice, and lead to fewer small businesses offering retirement plans. In response, Republican and Democratic lawmakers introduced a set of principles to form the basis for a legislative solution that will strengthen retirement security without harming working families and small businesses." (Committee on Education and the Workforce, U.S. House of Representatives)  

[Opinion]

Towers Watson Comments on Curtailment of Determination Letter Program
"The scaled-back program will require plan sponsors to change the way they manage compliance with the rules for plan qualification. [These] comments [suggest] changes to the preapproved plan program that would enable some larger employers to adopt preapproved plans. The comments also [address] challenges for individually designed plans and [suggest] changes to the determination letter program that would be helpful." (Towers Watson)  

[Guidance Overview]

Form 5500 for 2015 Plan Year Released, Including New IRS Compliance Questions
"The addition of the IRS retirement plan compliance questions to the Form 5500 series and the draft Form 5500-EZ for 2015 is not a surprise, but since the first draft of these questions was released only a year ago, retirement plan sponsors and their advisors will welcome the news that they are optional for the first reporting year. Few adjustments will be needed for welfare plan filings, as the changes from the 2014 form are quite minor." (Thomson Reuters / EBIA)  

[Guidance Overview]

Consider New IRS Guidance on 162(m) When Drafting Proxy Statement Disclosures
"Issuers that are not smaller reporting companies or emerging growth companies may want to make clear that the description of Section 162(m) included in their proxy statement does not include the application of Section 162(m) for those issuers entitled to rely in Item 402(m). Obviously, smaller reporting companies and possibly emerging growth companies will want to consider tailoring their description of Rule 162(m) to [IRS Chief Counsel Memorandum 201543003 (the CCA)] as well as considering the substantive implications of the CCA." (Dodd-Frank.com, a blog by Stinson Leonard Street)  

End of Year Considerations for Equity Compensation Plans
"[Determine] whether the term of a corporation's plan is set to expire in the coming year.... [R]eview the shares remaining available for issuance for future grants to ensure that there are a sufficient number of shares available for grant to cover the expected grants for the coming year.... [R]eview the per-person limit under the plan to ensure that grants are not made in any year that exceed the applicable limits." (Morgan Lewis)  

Court Declines to Dismiss Claims Against TPA for Benefits and Equitable Relief
"The TPA argued that it should be dismissed from the lawsuit because it did not have discretion to make eligibility determinations and was not a fiduciary. But the court disagreed, applying Ninth Circuit precedent under which the logical defendants in an ERISA lawsuit include not only the plan and plan administrator but also other parties able to redress the violation and provide the requested relief[.]" [Radevska v. Noble Americas Energy Solutions, LLC, No. 15-cv-0271-GPC-RBB (S.D. Cal. Nov. 9, 2015)] (Thomson Reuters / EBIA)  

The Effect of Health Reform on Retirement
"[The authors] analyze whether these new health insurance options led to an increase in retirement or part-time work among individuals ages 55 through 64 during the first 18 months after the policy took effect. Using data from the basic monthly Current Population Survey from January 2005 through June 2015 ... there was no increase in retirement in 2014 either overall or in Medicare expansion states relative to nonexpansion states. [The authors] also find no change in the fraction of older workers who are working part-time." (University of Michigan Retirement Research Center)  

Signature Select Expands into Texas
Signature Select LLC

Open Window Financial Solutions, Ltd. is Certified for Fiduciary Excellence
Centre for Fiduciary Excellence [CEFEX]

John Hancock Retirement Plan Services Hires Jerry Lopez As Regional Vice President in the Central Division
John Hancock Retirement Plan Services

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