NAPA

Recordkeeping Specialist (DC plans)
Schneider Downs & Co., Inc.
in PA

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[Official Guidance]

Text of PBGC Submission of Information Collection for OMB Review, Comment Request: Locating and Paying Participants
"PBGC is requesting that OMB approve modifications to an information collection needed to locate and pay participants and beneficiaries who may be entitled to pension benefits under a defined benefit plan that has terminated.... PBGC will add one new form to the information collection, Form 717, Benefit Inquiry Questionnaire. PBGC will send this form to individuals who contact PBGC to inquire whether PBGC is holding any benefits to which they are entitled. The questionnaire will request information that PBGC needs to determine whether the individual is owed benefits and, if so, the benefit amount" (Pension Benefit Guaranty Corporation [PBGC])  

[Advert.]

Retirement Loan Eraser improves retirement outcomes.

Retirement Loan Eraser™ "RLE" improves retirement outcomes by restoring balances when loans default because of job separation. Help participants stay on track while maintaining plan assets with RLE protection. Learn more.

Disability and Death Probability Tables for Insured Workers born in 1995 (PDF)
"The projected probabilities of death before normal retirement age have decreased between the 1966 and 1995 cohorts, reflecting in part the actual improvement in mortality experience between 1986 and 2015. The projected probability of becoming disabled before normal retirement age has decreased for insured men between the 1966 and 1995 cohorts, but has increased for insured women. For the 1995 birth cohort, we project that the probability of surviving from age 20 to normal retirement age without ever being disabled is 64 percent for males and 69 percent for females. Comparable probabilities projected for the 1966 birth cohort are 58 percent for males and 70 percent for females." (Office of the Chief Actuary, Social Security Administration)  

Multinationals Grapple with Global vs. Local in DC Plans
"In [a] survey of multinational companies ... PIMCO found a diversity of strategies for managing DC plans in multiple countries. For example, 27% of respondents said they had a DC plan leader for each country; 23% said they had a global DC leader; and 19% said they had a DC leader for each region. Another 31% offered a mixture of responses ranging from a hybrid of the above answers to not having a specific global DC leader." (Pensions & Investments)  

Individual Inquiries Predominate in 401(k) Litigation
"In denying class certification in an action against Transamerica Life Insurance Company (TLIC), the Central District of California noted that the 'sheer number of participants and plans' potentially involved in this litigation meant that 'any difference in facts or legal posture among plans is potentially multiplied by a thousandfold[.]'... [The Court] noted that its holding was limited and that '[i]f the question of evaluation of total plan expenses against total plan fees were more directly presented, or if the class more narrowly drawn (so that individualized inquiries, even if present, would not overwhelm common questions), the holding might well be different.' " [Santomenno v. Transamerica, No. CV 12-02782 (C.D. Cal. Aug. 28, 2015)] (Carlton Fields via Lexology)  

Ten Liability Pitfalls Retirement Plan Sponsors Should Avoid (PDF)
"The ERISA bond does not protect plan sponsors from liability.... The use of a corporate trustee does not protect the plan sponsor from liability ... Avoid the one stop shop; plan sponsors should hire at least one retirement plan provider who is independent.... Plan sponsors are responsible for the errors and malfeasance by the retirement plan providers they selected ... Just because a plan is participant directed, plan sponsors may still be on the hook." (Ary Rosenbaum, Esq.)  

[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

Use Your Employer's High-Cost 401(k) to Your Advantage
"[If] market returns going forward were 8%, a high-cost plan with 2% costs might generate a net return of 6% to participants.... There's a base amount of tax reporting and compliance work that needs to be performed on every 401(k) plan every year, regardless of size. When you spread that cost across a smaller asset base, it's going to represent a higher percentage of assets. It's not a rip off. It's a simple matter of scale, or lack thereof." (MarketWatch)  

Happy New Year: Time to Determine Your Spending Budget for 2016
"[T]his post will illustrate the Actuarial Approach for Richard Retiree, the hypothetical retiree we have visited each year around this time for the past three years.... For 2016, Richard (who is now age [68] has decided that he will break up his total spending budget into several different component categories and dedicate assets to each separate category: Long-term care ... Unexpected Expenses ... Essential Health-Related Expenses ... Essential Non-health Related Expenses ... Non-Essential Expenses." (Ken Steiner, FSA Retired)  

Don't Let These Unexpected Costs Derail Your Retirement: Plan Ahead
"On average, retirees can expect housing to represent about one-third of expenses in retirement, health care, 10% to 15%; transportation, 15%; food, 12%; and apparel, insurance and discretionary expenses making up the rest.... But there are several costs that many retirees fail to consider when calculating their retirement expenses. Those include: Unexpected medical costs.... The cost of adult children and grandchildren.... Infrequent expenses.... Don't forget Uncle Sam." (USA TODAY)  

[Opinion]

For Younger Workers, Creeping Doubts About Retirement
"Many employers would like us to believe that pensions are for a bygone generation. They say young people crave the flexibility of a 401(k), taking it with them as they move from job to job. In fact, the opposite is true. Only 17 percent of workers under 40 say they like their company's 401(k) plan, according to a 2011 survey ... And in a 2013 study ... 95 percent of millennials agreed the retirement system needs repair, with 84 percent in support of a new pension system." (American Federation of State, County and Municipal Employees [AFSCME])  

How a High-Deductible Health Plan Can Boost Your Retirement Savings
"Owing to HSAs' flexibility, investors should attempt to maximize their HSA deposits before maxing out their 401(k) contributions. Those supersavers who are already hitting their 401(k) contribution limit can use HSAs as a way to maximize their pretax deposits and minimize their taxable income for the year." (MarketWatch)  

Blue Cross Members With Advanced Illnesses Will Receive Enhanced Benefits To Improve Their Quality Of Life
Blue Cross Blue Shield of Massachusetts

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