Retirement Plans Newsletter

April 17, 2017 logo logo
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Employee Benefits Jobs

Defined Contribution Account Manager (Combo Plans)
Nova 401(k) Associates
in AZ, TX, Telecommute

Retirement Plan Administrator
Benefit Professionals, Inc. / Stevens Dowd & Company
in AL, MS

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[Official Guidance]

Text of IRS Publication 590-B: Distributions from IRAs (PDF)
60 pages, for use in preparing 2016 returns. "You can make only one rollover from an IRA to another (or the same) IRA in any 12-month period regardless of the number of IRAs you own. However, you can continue to make unlimited trustee-to-trustee transfers between IRAs because it is not considered a rollover.... If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you.... For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan ... However, these distributions are taken into account when determining the modified adjusted gross income threshold."
Internal Revenue Service [IRS]


The Advisor's Guide to the DOL Fiduciary Rule

Sponsored by The National Underwriter Company

Authored by ERISA experts at The Wagner Law Group, this Guide delivers a powerful combination of expert explanations and legal analysis along with vital Q&As that provide reliable, direct answers to vital questions before they arise. BENLINK for 10% discount.

[Official Guidance]

Text of IRS Notice of Application to Reduce Benefits Filed by United Furniture Workers Pension Fund A
"The Board of Trustees of the United Furniture Workers Pension Fund A ... has submitted an application to Treasury to reduce benefits under the plan in accordance with [MPRA]. The purpose of this notice is to announce that the application ... has been published on the website of the Department of the Treasury, and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers[.]"
U.S. Department of the Treasury

Trump Signs Bill Ending Safe Harbor for City 'Secure Choice' Programs
"Rules allowing cities and other large political subdivisions to set up private-sector retirement savings programs were reversed [April 13] when President Donald Trump signed legislation disapproving them. Similar legislation disapproving safe harbors for states was passed by the House of Representatives but has not been scheduled for Senate action."
Pensions & Investments

Reporting Lifetime Retirement Income for DC Plan Participants Can Be Simple and Effective
"[W]hat [Bob Collie has] long argued for is the addition of a lifetime income equivalent alongside the existing account balance.... A simple and objective way to calculate this lifetime income equivalent is by providing an estimate of how much income an individual's current account balance would buy in the immediate annuity market at today's interest rates for an older version of themselves who has reached retirement.... Legislation reintroduced recently in Congress is the latest attempt to push forward the reporting of lifetime retirement income in 401(k) plans and other defined contribution arrangements."
Russell Investments

Sharp Attention Needed to Interpret Retirement Plan Fee Data
"Even with huge amounts of data available, there is not very much simple or straightforward about retirement plan fee benchmarking.... Perhaps even more helpful to plan sponsors and participants than the massive amounts of raw data on their own product choices is the increased prevalence of third-party fee comparison studies, which aggregate and benchmark information from broad pools of retirement plans and investment providers."


Form 5500 Reporting Update

Sponsored by Lorman and BenefitsLink

Apr. 26 webinar. Learn when you need to file a Form 5500 and what you need to file, with focus on some recent changes that may impact your filings.

GOP Proposes Radical Change to 401(k) System
"One idea being floated would treat all 401(k) deferrals as after-tax contributions, as Roth 401(k) deferrals are now treated. That would create a seismic change to the country's employer-based retirement system, and poses potential unintended consequences that industry insiders fear will disincentivize employers from offering defined contribution retirement savings plans."

Fiduciary Rule Comments Due Today
"All public comments on the controversial [DOL] fiduciary rule must be filed by 11:59 p.m. Monday [April 17].... [This] deadline is [for comments] on the substance of the rule and the directive set forth by President Donald J. Trump.... Evidence indicates the DOL takes the feedback seriously. The agency has indicated it will remain open to helpful comments even after the deadline."

DOL Faces Tough Road in Revising or Repealing Fiduciary Rule
"If the agency makes changes -- as the Feb. 3 directive from President Donald J. Trump seems to foreshadow -- it could generate lawsuits from proponents. But the DOL will not get the same benefit of the doubt from the courts in that round of lawsuits that it has in current litigation brought by opponents of the rule."


Morningstar Comment Letter to DOL on Fiduciary Rule
16 pages. "[Morningstar has] estimated ... possible expenses from class action lawsuits stemming from [BICE[ ranging from approximately $70 million to $150 million annually.... One potential alternative would be for financial institutions to agree to operate under certain uniform prudence standards, including submitting certain data elements to demonstrate compliance with the prudence standard.... [An] auditable big-data system provided by a neutral third party for reviewing individual portfolios across a firm, as well as the reasons advisors recommended rollovers to IRAs and in support of advice within IRAs, could substitute for [BICE] while still protecting investors.... [S]uch a uniform prudence standard and data assembly system will likely be developed in any case to help firms defend against lawsuits."

Press Releases

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

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