Retirement Plans Newsletter

August 29, 2016 logo logo LinkedIn logo Twitter logo Facebook logo
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Employee Benefits Jobs

PT or FT Retirement Plan Compliance Analyst QKA
Newport Group
in NC, Telecommute

Retirement Plan Analyst
PlanTech, LLP
in AL, Telecommute

Retirement Plan Administrator
Whitney Pension Associates, Inc.
in VT

Internal Sales Consultant
Newport Group
in CA

Compensation Associate
Newport Group
in IL, MN

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Webcasts and Conferences

Washington Update: How Will Recent Legislation Affect Your Clients?
September 13, 2016 in CA
Western Pension & Benefits Council - Orange County Chapter

Solutions For You to Comply with the DOL Fiduciary Rules
September 20, 2016 in CO
Castle Rock Investment Company

Higher Education Institutions Beware: New ERISA Class Action Lawsuits on the Rise
September 22, 2016 WEBCAST
Jackson Lewis LLP

401(k) BB 07: Elective Deferral Options
September 26, 2016 WEBCAST
FIS Relius Education

6th Annual IHC FORUM West + Private Exchange FORUM
November 9, 2016 in NV
Institute for HealthCare Consumerism

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[Official Guidance]

Text of IRS FAQs Relating to Waivers of the 60-Day Rollover Requirement
Updated Aug. 24, 2016, to reflect Rev. Proc. 2016-47. "Assuming other requirements are satisfied, you have 60 days from the date you receive a distribution from an IRA or retirement plan to roll it over to another plan or IRA.... The IRS may waive the 60-day rollover requirement in certain situations if you missed the deadline because of circumstances beyond your control. These frequently asked questions address when the 60-day rollover requirement may be waived."
Internal Revenue Service [IRS]


Help the Pension Rights Center celebrate 40 years of work

Sponsored by Pension Rights Center

Celebrate the Pension Rights Center's 40th anniversary by helping it continue its work to protect and promote the retirement security for American workers, retirees and their families.

[Official Guidance]

Text of IRS Form 8717: User Fee for Employee Plan Determination Letter Request, September 2016 (PDF)
"Specific user fee amounts are no longer listed on Form 8717. You must now enter the appropriate user fee when completing line 5."
Internal Revenue Service [IRS]

[Official Guidance]

Text of IRS Form 8717-A: User Fee for Employee Plan Opinion or Advisory Letter Request, September 2016 (PDF)
"Specific user fee amounts are no longer listed on Form 8717-A. You must now enter the appropriate user fee when completing line 5."
Internal Revenue Service [IRS]

[Guidance Overview]

Accepting Late Rollover Contributions
"Plans and IRA trustees can rely on the self-certification only for the purpose of accepting a rollover that doesn't meet the 60-day requirement and not as to whether the contribution satisfies other requirements for a valid rollover. Plans and IRA trustees may also provide the Model Letter to their clients seeking to self-certify a late rollover."
Internal Revenue Service [IRS]

[Guidance Overview]

Simplified Process for Obtaining a Waiver of the 60-Day Rollover Limitation (PDF)
"The IRS intends to change the instructions for IRS Form 5498, IRA Contribution Information, to require financial organizations to report a rollover contribution accepted after the 60-day deadline. Individuals using the certification process can report the rollover as a valid rollover unless later informed otherwise by the IRS."


The Ultimate Retirement Professional Conference Experience

Sponsored by ASPPA

Limited travel budget? Let ASPPA bring the conference to you. Register for one of four ASPPA Regional conferences - Chicago, Boston, Cincinnati, or Philadelphia! We'll get you up to speed without the travel.

[Guidance Overview]

SEP Plan Fix-It Guide
Updated Aug. 26, 2016. Chart includes tips on how to find, fix, and avoid common mistakes.
Internal Revenue Service [IRS]

Multiemployer Pension Plans: Solving the Anticipated Insolvency of PBGC Program -- A Bipartisan Endeavor (PDF)
"[R]eading the CBO and PBGC reports may cause many to lose confidence and reinforce beliefs that efforts to improve the financial condition of the PBGC's multiemployer plan insurance program will be anything but successful. Notwithstanding, employers and plan sponsors with multiemployer plans may want to get a better understanding of the gravity of the situation, as well as potential fixes that would impact them if implemented."
Xerox HR


The Trillion Dollar State Pension Fund Gap?
"[S]witching to a DC pension plan won't stop the pension Titanic from sinking, it will only accelerate widespread pension poverty and increase social welfare costs (and the national debt).... [A recent report from Pew Charitable Trusts] gives us a snapshot of state pension funding gaps using the net amortization measure (and even that is deficient because they use their own assumed discount rates), but if offers little in terms of insights and policies that will improve retirement security in the United States."
Pension Pulse


A Longevity Insurance Benefit for Social Security: An Innovation from the Past
"A longevity insurance benefit as part of Social Security would be particularly desirable as part of a reform package to restore solvency if the package also included a reduction of benefits, such as raising the Normal Retirement Age. The longevity insurance benefit would reduce or eliminate the adverse effects of such a cut on the most vulnerable age group. A simple form of such a benefit would be to exempt persons age 82 and older from any benefit cuts."
National Academy of Social Insurance [NASI]

Press Releases

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David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2016, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of that content. You may not alter or remove any trademark, copyright or other notice from copies of the content.

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