Retirement Plans Newsletter

March 23, 2017

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401(k) Administrator
Blue Ridge ESOP Associates
in VA, Telecommute

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Ascensus
in AZ

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Webcasts and Conferences

Reference Based Reimbursement
March 28, 2017 in TX
Worldwide Employee Benefits Network [WEB] - Dallas Chapter

Fiduciary Rule Limbo: How Advisors can Adapt and Deliver No Matter Where the Fiduciary Bar is Set
April 4, 2017 WEBCAST
InvestmentNews

Recruiting and Retaining Millennials in Retirement Services
April 6, 2017 WEBCAST
ftwilliam.com

EPCRS Part I - Overview and Update
April 11, 2017 WEBCAST
ERISApedia.com

Inside the Beltway Update
April 25, 2017 WEBCAST
Drinker Biddle & Reath LLP

Employment and Employee Benefits Law Update: The Impact of the Trump Administration for Hawaii Employers
May 10, 2017 in HI
Jackson Lewis LLP

Managing Benefit Options for Part-Time, Seasonal and Hourly Employees
May 11, 2017 WEBCAST
Lorman Education Services

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[Guidance Overview]

Notable Changes to Form 5500 for 2016
"The IRS decided not to require certain information to be entered on the form ... The new maximum penalty for a plan administrator who refuses to file or fails to file a complete or accurate return has been increased to $2,063 per day ... Schedules H and I: Line 5c is added which asks plans if it is a defined benefit plan does it maintain coverage by the PBGC insurance program.... Schedule SB: Updated for guidance issued in the Cooperative and Small Employer Charity Pension Flexibility Act, Pub. L. No.113-97 (CSEC Act)."
WithumSmith+Brown, PC

[Advert.]

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Managing Risk While Investing for Governmental Retirement Plans
"[T]here is lasting confusion arising from the fact that these big state-run plans are not subject to [ERISA]... 'But this cannot be taken as these plans having free reign to invest however they please,' [George Michael Gerstein, of Stradley Ronon Stevens & Young] warns. 'They are all subject to state law -- and these state laws vary tremendously. Some are very strict and lay out very specific requirements as to how state money can be allocated.... Many have at least some restrictions on certain vehicles or transactions.' "
planadviser

Sparks Fly as DOL Nominee, Sen. Warren Spar Over Fiduciary Rule's Fate
"President Trump's nominee to head the [DOL] is pledging a thorough review of the fiduciary rule that could lead to a repeal or revision of the controversial regulation. At his confirmation hearing on [March 22], Alexander Acosta sparred with Senator Elizabeth Warren (D-Mass.) over the rule's fate, but insisted that, if confirmed, he would abide by Trump's directive that explicitly calls for a review of the fiduciary regulation."
Financial Planning

Three Things to Know About DC Plan Participants Under 30
"A majority identify as 'do it for me' investors.... In general, they expect their employers to take responsibility for helping them save and invest for retirement.... They are among the strongest proponents of the 'automatic 401(k).' "
J.P. Morgan Asset Management

A New Measure of Financial Literacy: The Personal Finance Index (PDF)
26 pages. "U.S. adults are split 50/50 between those who could and those who could not answer over one-half of the P-Fin Index questions correctly.... Personal finance knowledge is lowest in the area of comprehending risk; on average, 39% of these questions were answered correctly.... While 10% of young adults (under age [45] have a relatively high level of financial literacy, 30% have a relatively low level."
TIAA Institute and Global Financial Literacy Excellence Center (GFLEC)

[Advert.]

2017 SPARK National Conference -- June 1-2, National Harbor, MD

Sponsored by SPARK

The retirement services industry's leading event for top marketing, sales, administration and record keeping professionals. Comprehensive agenda is designed to meet the needs of 401(k) Plan Providers, Financial Advisors and Third Party Administrators.


Know What to Expect from Social Security Benefit Estimators
"[If] participants use one of the free tools analyzed in this report, they will likely receive reasonably accurate benefits estimates. However, depending on the tool, participants may be more or less likely to absorb, draw meaningful inferences about and act on information. Therefore, the differences in the way Social Security benefit estimators communicate results is key, because when it comes to retirement planning, accurate information is worth little without understanding and action."
Corporate Insight

Benefits in General

Sixth Circuit Joins Six Other Circuits in Ruling Exhaustion of Plan's Administrative Procedures Not Required When Asserting Statutory Violations
"The Sixth Circuit [ruled] that the district court erred by ordering the workers to pursue a 'futile' administrative process before bringing their suit in court.... The court also highlighted that '[i]f such exhaustion were required for those statutory claims, in order for Plaintiffs to receive proper resolution from the plan administrator, the administrator would need to determine whether the retroactive amendment was properly instituted in the first place, i.e., whether the amendment was legal.' The Sixth Circuit held this not to be the administrator's role, but the role of the courts. The decision aligns the Sixth Circuit with the Third, Fourth, Fifth, Ninth, Tenth, and D.C. circuits[.]" [Hitchcock v. Cumberland Univ. 403(b) DC Plan, No. 16-5942 (6th Cir. Mar. 14, 2017)]
Greenberg Traurig

Executive Compensation and Nonqualified Plans

Will ACA Repeal Efforts Impact Executive Pay Practices?
"The American Health Care Act [AHCA] proposes to repeal the $500,000 cap on the deduction health insurers can take for executive pay.... [The AHCA also] proposes to eliminate the additional 3.8 percent tax on net investment income of certain highly compensated individuals.... [The Act] proposes to eliminate the additional 0.9 percent Medicare tax on wages paid to certain highly compensated individuals."
Bloomberg BNA

[Opinion]

CalPERS Joins Other Investors in Continued Support of Pay Ratio Disclosure
"The Investor Statement on Pay Ratio Disclosure letter was signed by more than 100 organizations representing $3 trillion in collective assets under management. Other signatories include the New York City Pension Funds, Legal & General Investment Management, Standard Life Investments, and Washington State Investment Board.... 'As a long-term investor, CalPERS believes the Pay Ratio Rule provides important information for investors regarding CEO and employee compensation,' said Anne Simpson, [of CalPERS] ... 'It shines a light on how well a company is managing its human capital.' "
CalPERS

[Opinion]

Text of Comment Letters to SEC on Reconsideration of Pay Ratio Disclosure Implementation
These letters have been submitted to SEC, in response to the Acting Chairman's request for public input on any unexpected challenges that issuers have experienced as they prepare for compliance with the rule and whether relief is needed. Deadline for submission of comments is March 23, 2017.
Securities and Exchange Commission [SEC]

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Lois Baker, J.D., President  loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher  davebaker@benefitslink.com
Holly Horton, Business Manager  hollyhorton@benefitslink.com

BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2017 BenefitsLink.com, 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 BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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