Retirement Plans Newsletter

May 5, 2017

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Webcasts and Conferences

DB / DC Update on New Regulations Opens Retirement Plan Innovation
May 11, 2017 WEBCAST
Western Pension & Benefits Council

Executive Compensation: Current Trends and Design Challenges
May 16, 2017 WEBCAST
Morgan Lewis & Bockius LLP

Offering the Right Mix of Medical Plan Choices
May 17, 2017 WEBCAST
Fidelity Health Marketplace

Defined Contribution Compliance Reboot
May 18, 2017 WEBCAST
Western Pension & Benefits Council

Trends Impacting Pharmacy Affordability: Potential Strategies to Preserve Benefit Affordability
May 25, 2017 in DC
Worldwide Employee Benefits Network [WEB] - Washington Metropolitan Chapter

Plan Sponsors' Biggest Surprises about 3(38)
May 31, 2017 WEBCAST
CAPTRUST Financial Advisors

California Leaves of Absence Compliance Including FMLA, Pregnancy Disability, and Military Leave
June 8, 2017 WEBCAST
ComplianceOnline

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[Official Guidance]

Text of EBSA Information Request Submitted to OMB: 'On the Road to Retirement Surveys'
"[DOL] is submitting the [EBSA] sponsored information collection request (ICR) proposal titled, On the Road to Retirement Surveys, to [OMB] for review and approval ... Public comments on the ICR are invited.... The Department is planning to undertake a long-term research study to develop a panel that will track U.S. households over several years in order to collect data and answer important research questions on how retirement planning strategies and decisions evolve over time."
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

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[Guidance Overview]

IRS Technical Advice Memo Considers Limit on Annual Additions When Two Employer-Aggregation Rules Apply
"The controlled group and affiliated service group rules were created to prevent avoidance of the Code's nondiscrimination rules by setting up multiple corporations or partnerships providing benefits to the same employee. As [TAM 201715001] illustrates, sometimes both rules are needed to achieve that goal, so both must be met -- 'separately and in their entirety.' "
Thomson Reuters / EBIA

[Guidance Overview]

Oregon Board Adopts Final Rules to Implement Retirement Savings Program
"Oregon employers play a limited role under OregonSaves, consisting of: [1] collecting contributions and remitting those amounts to the Program Administrator; [2] providing information to the Program Administrator; [3] retaining notice of any employee elections or election changes for no less than three years; [4] recording participating employees' elections in their payroll system in a manner enabling accurate deductions from employee's paychecks; and [5] making clear that the employer's involvement in the program is limited to collecting contributions and remitting them to the Program Administrator."
Littler

Senate Halts Rule on State-Run IRAs
"The blocked rule allowed states and their subdivisions to design and operate retirement savings programs that would be exempt from certain [ERISA] provisions -- granting them a safe harbor from ERISA reporting and disclosure requirements that employers, as retirement plan fiduciaries, must abide by."
Society for Human Resource Management [SHRM]

House Financial Services Committee Approves Bill to Replace Dodd-Frank, Repeal DOL Fiduciary Rule
"The Financial CHOICE Act ... makes substantial changes at many financial regulators, including the [SEC] ... The bill would also repeal the [DOL's] new fiduciary rule until 60 days after the SEC issues its own standard, which is not underway ... The DOL fiduciary rule would have to be 'substantially similar' to the SEC's rule."
Pensions & Investments

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The Tiered Investment Menu: A Behavior-Based Approach to Menu Design (PDF)
"Prior to [the DOL's 403(b)] regulations, multi-vendor arrangements with expansive fund menus were common.... [F]urther redesign of the investment menu ... is being done through investment menu segmentation into behavior-based levels or tiers. Many plan sponsors and financial educators are finding this new tiered menu approach easier to communicate and simpler for employees to understand how to select investment options that may be most suitable for them."
Fiduciary Investment Advisors

3M's $19.7B Pension Plan Under DOL Investigation
"3M Co. announced that its $19.7 billion pension plan is under investigation by the Labor Department. The investigation, which began in April 2015, is related to certain private equity investments, plan expenses, securities lending and distributions of plan benefits ... 3M's pension plan is fully funded, and it currently doesn't have a minimum required contribution. In the past three months, 3M contributed $247 million to its U.S. and international plans and expects to contribute approximately $300 million to $500 million more in 2017[.]"
Bloomberg BNA

An Experimental Analysis of Modifications to the Survivor Benefit Information within the Social Security Statement
"When workers are compelled to consider the effect that their claim age has on their survivor benefit, they appear to incorporate this into deciding when to claim. Each modification increased the expected claim ages of respondents by roughly one year relative to the control.... [It] was sufficient for respondents to merely see that their spouse would receive a lower survivor benefit at lower claim ages."
Center for Retirement Research at Boston College

Social Security Benefits: What Retirees Get Right and Wrong
"[Certain] aspects of the Social Security program remain confusing to vast numbers of pre-retirees. For instance: 38% incorrectly believe they can easily switch their claiming strategy after making an initial choice.... Two-thirds do not realize you must file for benefits 3 to 4 months before receiving your first check.... Only a quarter know their full retirement age[.]"
Money

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David Rhett Baker, J.D., Editor and Publisher  davebaker@benefitslink.com
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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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