Sr. Retirement Plan Consultant
Benefit Consultants Group
in NJ

Manager Trust Officer
Empower Retirement
in CO

RVP, Group Retirement Plans
Ohio National Financial Services
in TX

Internal Relationship Manager
Transamerica
in IA

Benefits Program Coordinator
University of California Office of the President
in CA

Senior Plan Administrator
MGA Consultants, Inc.
in ANY STATE, MD, NC

Conversion Specialist
Sunwest Pensions
in AZ

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You Love Your Job — Now Learn to Love Open Enrollment!
RECORDED
(University Conference Services)

Adjustable Pension Plan – A New Retirement Plan Strategy
RECORDED
(University Conference Services)

Primer on the Final DOL Fiduciary and Related Regulations
May 17, 2016 in MA
(New England Employee Benefits Council)

DOL Update: Compliance with the Fiduciary Rule, Other DOL Initiatives, and Recent DOL Enforcement Activities
May 25, 2016 WEBCAST
(Practising Law Institute)

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Today's Discussions on the BenefitsLink Message Boards

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[Guidance Overview]

DOL Delivers Final Fiduciary Investment Advice Rule
"The new test for determining fiduciary status based on provision of investment advice focuses on [1] whether certain types of advice have been provided for a fee or other compensation (directly or indirectly) and [2] whether the advice was provided in connection with certain types of relationships. These considerations are discussed [in this article].... The final rule identifies four non-exclusive categories of activities that are not considered to involve a 'recommendation' (as that term is described [in this article]) and thus generally would not cause the party engaging in that activity to be providing fiduciary investment advice.... [T]he final rule exempts from fiduciary status certain parties that provide advice communications in connection with specific activities, so long as those parties do not otherwise represent or acknowledge that they are acting as an ERISA fiduciary." (McGuireWoods LLP)  

[Advert.]

401(k) Answer Book, 2016 Edition

When participants, sponsors, or service providers ask you questions, this book has the answers. Covers 401(k) plan design, testing, reporting and disclosure, plan termination, investment topics and regulatory guidance. Use code BENEFIT20 for 20% discount.

Deadline for Updating Preapproved Retirement Plans Draws Near
"Employers with 401(k) and other defined contribution retirement plans that were preapproved by the IRS and adopted before Jan. 1 of this year ... [have] only until April 30, 2016 -- to sign updated plan documents incorporating new amendments into their plans... By contrast, the IRS is granting an extra year -- until April 30, 2017 -- for plans that switch after Jan. 1, 2016, from individually designed to preapproved designs.... Not everyone is happy about being pushed to make such a switch, though, which some believe helps explain the IRS decision to drop individual determination letters for individually designed plans at the end of this year[.]" (Society for Human Resource Management [SHRM])  

Two Adverse Decisions Against Church Plans Reached at Appellate Court Level
"Both the Third and Seventh Circuits ... found it significant from a plain-meaning interpretation that the phrase 'includes a plan maintained by an organization...for the employees of a church or a convention...' did not articulate that the 'inclusion' also captured a plan 'established' by such organization for the employees of the church.... Both courts determined that although the underlying health care system was affiliated with a church, the health care system itself had 'established' the retirement plan, not the underlying church. Therefore, the retirement plans failed to meet the requisite church-plan definition." (McDermott Will & Emery)  

Millennials Reshaping Path to Retirement
"Nearly half (41 percent) of the generation surveyed expects to retire when they hit a certain financial milestone or savings goal, whereas their older counterparts are focused on leaving the workforce when they hit a certain age or can no longer work due to health concerns.... The majority (53 percent) of millennials view retirement as the start of something exciting. In comparison to their elders, 21 percent of millennials are more likely to make pursuing a passion (10 percent), furthering their education (7 percent) or starting/growing their own business (4 percent) their priorities in retirement." (Merrill Lynch)  

Retirement Reset: How Re-Enrollment Can Help Strengthen U.S. Retirement Security
"For plan sponsors, a re-enrollment can bolster confidence that participants are on a sensible investing path -- and have a decent chance of staying on the path. Re-enrollment may also provide stronger protection from investing liability. Widespread misperceptions about re-enrollment mean that only 7% of all plans have implemented the strategy." (J.P. Morgan Asset Management)  

[Advert.]

The Conference is "Virtual", but the Insights are Real.

Catch up on the latest industry trends and topics — while gaining up to 7.5 hours of CE? Hear from and interact with five of the industry's top thought leaders: Ilene H. Ferenczy, Brian Graff, Craig Hoffman, Adam Pozek and Sal Tripodi.

Explain The Risk When You De-Risk
"Suggested topics to address in communications [to plan participants] include: [1] Description of the plan benefit options and explanation of the lump sum calculation; [2] Explanation of the pros and cons of the window options in an objective, unbiased tone; [3] The relative value of a lump sum compared to the normal form of benefit under the plan ... [4] Voluntary nature of the window and right to defer benefit commencement; [5] If the window includes an annuity risk transfer option, explain the difference between a plan annuity and an annuity contract outside the plan, and the change from a PBGC protected benefit to an annuity subject to State Insurance Guarantees[.]" (Westminster Consulting)  

Four Ways Financial Advisers Should Help Retirement Plan Sponsor Clients Avoid a DOL Audit
"[S]teering clear of trouble with the DOL on this front isn't necessarily complicated, so long as every small- to mid-sized business that sponsors a retirement plan takes the following top four actions: [1] Develop an investment policy statement that is clearly articulated and up-to-date.... [2] Benchmark fees against other similar plans ... [3] Provide educational resources.... [4] Engage employees routinely to maximize participation in the plan." (InvestmentNews)  

FINRA Chief Sees Improvement in Final DOL Fiduciary Rule
"FINRA chief Richard Ketchum ... credited the DOL for making 'major steps forward' in allowing for more operational flexibility under the fiduciary rule, including the explicit permission for advisors to recommend proprietary products and some modifications to the best-interest contract exemption.... Ketchum said he is hopeful that the DOL will continue the dialogue with the industry and provide more clarifying guidance in areas like the types of compensation structures that are permissible under the regulation." (On Wall Street)  

Corporate DB Funded Status Drops in March by $20 Billion (PDF)
"The funded status of the 100 largest corporate defined benefit pension plans dropped by $20 billion during March ... The deficit increased to $390 billion from $370 billion at the end of February, primarily due to a drop in the benchmark corporate bond interest rates used to value pension liabilities. Liability losses were partially offset by robust investment gains during March. As of March 31, the funded ratio fell to 77.9%, down from 78.4% at the end of February." (Milliman)  

Social Security File and Suspend Deadline Is April 29
"You can still opt to file for your Social Security benefits and then suspend them before April 30 if you are old enough to qualify, but after that date this valuable option will be terminated for all future applicants.... And if you opt for this choice before the deadline, you can also choose to receive the entire amount of your suspended benefit in a lump sum instead of receiving the higher payout." (Investopedia)  

How Many Tax Dollars Go to Public Pensions?
"[On] average, state and local governments contribute 4.1 percent of direct government spending toward pensions. This is a small amount, but it has a big impact: each dollar invested in a public pension generates $8.06 in economic output. Nationwide this amounts to $943 billion a year in economic activity." (National Public Pension Coalition)  

[Opinion]

The Fight to Move PBGC Premiums Off-Budget Goes to Capitol Hill
"The Pension and Budget Integrity Act of 2016 ... would ensure any future pension premium increases are only used towards retiree payments from the [PBGC] and not double counted for budget scoring purposes ... It removes a budget gimmick that will help to stabilize single-employer pension plans and provides more certainty for America's companies and their employees." (The ERISA Industry Committee [ERIC])  

[Opinion]

Karen Friedman's Speech to the Protect Our Pensions Rally (April 14, 2016)
"[T]he Treasury Department has good reason to REJECT the Central States application because it flunks every condition required under the law. The application unfairly distributes benefit cuts, and most important, the cuts won't save the plan. The Treasury Department should JUST SAY NO." (Pension Rights Center)  

[Opinion]

Seven Reasons Why the DOL Rule Is Flawed to the Point of 'Folly'
"[1] It's based on rules, not on principles ... [2] It's subjective, not objective ... [3] It's complex, not simple ... [4] It's exclusive, not inclusive ... [5] It's negative, not positive ... [6] It was driven by self-serving interests, not the best interests of retirement savers ... [7] It's a bronze standard, not gold." (Don Trone, in RIABiz)  

[Opinion]

Some Problems with Raising the Social Security 'Full Retirement Age'
"In fact, raising the 'full retirement age' would cut Social Security Old-Age Insurance benefits by the same proportion for rich and poor alike, and for people whose life expectancies are long or short.... In plain English, 'raising the full benefit age from 67 to 70' is simply a 24 percent across-the-board cut in benefits for all new claimants, whatever their incomes and whatever their life-expectancies." (The Brookings Institution)  

Assistant Labor Secretary: Spotlight on Gig Economy Underscores Need for Portable Benefits
"The President's proposal in February marked the first time the White House has pushed for a portable benefits system. The proposal and Borzi's comments come alongside a recent surge of support of portable benefits from both policymakers and the business community, the latter of which faces challenges in funding benefits for contingent workers without it being considered an indicia of employment that would render them fully liable under various employment laws." (HR Policy Association)  

District Court Opinion Provides a Primer on ERISA Venue Considerations
"In this claim for long term disability benefits case, the plaintiff filed suit in the Western District of Kentucky though she lived in the Northern District of Alabama for a company that was headquartered in Wisconsin. Which district is proper for venue? The district court reviewed the various factors and provides a useful overview of considerations involved in on a motion to transfer venue (which the defendant LINA filed). The plaintiff clearly wanted the case in the Sixth Circuit but the court found that Alabama was the proper venue after applying the factor analysis." [Youngblood v. Life Ins. Co. of North America, No. 3:16-CV-34 (W.D. Ky. Apr. 13, 2016)] (Health Plan Law)  

ERISA Plan's Noncompliance with Claims-Procedure Rule Prompts De Novo Review Absent Harmless Mistake
"[The DOL] advises plans that certain inadvertent and harmless errors will not trigger de novo review. The Second Circuit saw no reason why courts should not also tolerate such minor deviations, but cautioned that the deviations should not be tolerated lightly. Accordingly, the court held that when denying a claim for benefits, a plan's failure to comply with the claims-procedure regulation will result in the claim being reviewed de novo, unless the plan has otherwise established procedures in full conformity with the regulation and can show that its failure to comply was inadvertent and harmless." [Halo v. Yale Health Plan, No. 14-4055 (2d Cir. Apr. 12, 2016)] (Wolters Kluwer Law & Business)  

John Hancock Retirement Plan Services Declares April 18 the First "National Financial Advisor Day"
John Hancock Retirement Plan Services

Texas Tech University Debuts ‘Financial Planning Academy’ for High School Students Interested in Careers in Financial Advice
Charles Schwab Corporation

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