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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
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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
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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
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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
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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)
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[Advert.]
2017 SPARK National Conference -- June 1-2, National Harbor, MD
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.
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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
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Benefits in General
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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
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Executive Compensation and Nonqualified Plans
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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
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[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
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Press Releases
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BenefitsLink.com, Inc.
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Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager
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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