Retirement Plans Newsletter

June 7, 2016 logo logo LinkedIn logo Twitter logo Facebook logo
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CATTS – Integration and Work Flow Management Webcast
June 9, 2016 WEBCAST

Spring 2016 ASC System Release
June 14, 2016 WEBCAST

Benefits Boot Camp
June 16, 2016 in OH
(Worldwide Employee Benefits Network [WEB] - Cleveland Chapter)

Detangling the FMLA and ADA
September 12, 2016 WEBCAST
(National Business Institute)

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[Guidance Overview]

Expanding the Definition of a Fiduciary: What You Need to Know (PDF)
12-page webcast transcript discusses what's in the DOL's final rule, how it differs from earlier proposals, and how it impacts plan sponsors and participants. (Vanguard)  

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[Guidance Overview]

PBGC Issues Proposed Regs on Mergers and Transfers Between Multiemployer Plans
"[T]he proposed regulations ... [1] Allow plan sponsors to engage in informal consultations with the PBGC to discuss proposed mergers and transfers.... [2] Amend and reorder the plan solvency tests used to demonstrate that a merger or transfer would not cause the benefits of participants and beneficiaries to be subject to suspension ... [3] Extend the deadline for providing notice of a proposed facilitated merger from 120 days to 270 days before the proposed effective date of a facilitated merger." (Practical Law Company)  

[Guidance Overview]

Correction Program Options for Retirement Plan Errors
"If the error can be deemed to be insignificant, it is eligible for self-correction at any time [if certain conditions are met.] ... The correction of significant errors not corrected by the last day of the second year after the error is made, correction methods that are not pre-approved by the EPCRS program, and errors not eligible for self-correction (such as loan violations) should be submitted for approval through a VCP application." (Belfint Lyons & Shuman, CPAs)  

Why SIFMA and Co.'s Trip to a Friendly North Texas Court to Upend the DOL Rule Looks More Like Its Alamo
"The lawsuit suit offers a three-pronged argument for quashing the rule: First, that it would allow investors to file class-action lawsuits dealing with individual retirement accounts ... Next, that it will hurt retirement savers and 'small businesses, and tens of thousands of businesses ... that provide retirement advice, products, and services.' ... Finally, it contends that the rule stretches the term 'fiduciary' until it is unrecognizable.... Fiduciary advocates have two words for the plaintiffs: Nice try." (RIABiz)  

Central States' Strategy: Litigate Less, Recoup More?
"Once described by the U.S. Court of Appeals for the Seventh Circuit as a 'uniquely aggressive seeker of withdrawal payments,' the fund filed 52 lawsuits in 2011 seeking withdrawal liability payments. By 2015, this dropped 35 percent, to 34.... Despite the decline in lawsuits, Central States has seen the actual dollar amount of withdrawal liability collected increase from $171 million in 2011 to $548 million in 2015 ... [One] significant factor ... is that in October 2011, the [PBGC] granted Central States' application for approval of a new alternative method of determining withdrawal liability -- the 'hybrid' method." (Bloomberg BNA)  


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Pension Index Ticks Upward in May
"Capital markets remained stable in May, with mildly positive equity returns and corporate bond yields essentially unchanged. The Willis Towers Watson Pension Index ticked up 0.5% for the month to 69.4; this reduced the year-to-date decline to 5.0%." (Willis Towers Watson)  

Common Mistakes People Make Within Five Years Before Retirement
"[1] Failing to 'Catch Up' ... [2] Ignoring Investments ... [3] Failure to Take Enough Investment Risk ... [4] Taking Too Much Investment Risk ... [5] Insufficient Cash Reserves ... [6] Not Planning ... [7] Failure to Integrate Income Sources for Maximum Tax Efficiency ... [8] Carrying Too Much Debt ... [9] Failure to Budget." (Fiduciary News)  


Employers, You Should Be Appalled at the New Fiduciary Rule!
"Remember that the major thrust of the DOL's new regulations are to require brokerage firms to provide investment recommendations to their retirement clients (You!) that are in your best interest (not theirs). Right now, no such requirement exists for brokerage firms. That the brokerage community does not accept this new fiduciary standard with open arms should trouble you, especially if your 401(k) plan investment advisor works for one of these firms." (Lawton Retirement Plan Consultants)  

Press Releases

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