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[Official Guidance]
Text of PBGC Interest Rate Update for Benefits Payable in Terminated Single-Employer Plans, July and Third Quarter 2017
"The third quarter 2017 interest assumptions under the allocation regulation will be 2.44 percent for the first 20 years following the valuation date and 2.74 percent thereafter.... The July 2017 interest assumptions under the benefit payments regulation will be 1.00 percent for the period during which a benefit is in pay status and 4.00 percent during any years preceding the benefit's placement in pay status."
Pension Benefit Guaranty Corporation [PBGC]
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Does Front-Loading Taxation Increase Savings? Evidence from Roth 401(k) Introductions (PDF)
43 pages. "Using administrative data from eleven companies that added a Roth contribution option to their existing 401(k) plan between 2006 and 2010, [the authors] find no evidence that total 401(k) contribution rates differ between employees hired before versus after Roth introduction, which implies that take-home pay declines and the amount of retirement consumption being purchased by 401(k) contributions increases after Roth introduction.... Results from a survey experiment suggest two behavioral explanations: [1] employee confusion about and neglect of the tax properties of Roth balances and [2] partition dependence."
Harvard University and NBER
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Supreme Court Decision Offers Some Relief to Church-Affiliated Nonprofits Using ERISA Church Plan Exemption
"[C]hurch affiliates relying on the principal-purpose organization basis to classify their plans as church plans should review their plan governance structure to ensure that they can show that their plans are maintained by an organization that is controlled by or associated with a church and that has the principal purpose of overseeing employee benefit plans of churches or church affiliates. Control of a principal-purpose organization by a church can be shown by a church's control over the appointment of the organization's manager or majority of board members. Association with a church is a subjective analysis that considers whether the organization shares common religious bonds and conventions with that church." [Advocate Health Care
Network v. Stapleton, No. 16-74 (U.S. June 3, 2017)]
Ford & Harrison LLP
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Thoughts and Questions on the DOL Fiduciary Rule and Its Impacts
"[M]ost of the problems exist when a person tries to wear two hats. In the end, you either represent the manufacturer of a product well (in an arms-length relationship, typically), or you represent the client well (as a fiduciary).... Do the factors you apply in selecting investment products (to implement your strategy) flow from either common sense or do they possess academic support? Are you examining all of the fees and costs of the fund at hand? Are you comparing the product to all others in the marketplace?"
Ron A. Rhoades, JD, CFP
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[Opinion]
Why an RIA's Willingness to Get Fired by Clients Is a Mandatory Mindset
"Advisors prove their worth when they make good advice happen bolstered by the implicit, and sometimes explicit, threat that if something's gotta give, it's the advisor's lucrative arrangement with the client. You have two choices: Take my advice or fire me.... It's always been good business yet because of the DOL rule, managed assets under fiduciary care are set to skyrocket. It'll be better for advisors to grow a spine today than explain in court why they didn't later down the road."
RIABiz
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Executive Compensation and Nonqualified Plans
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Why Proper Disclosure of Executive Perks Is Important (PDF)
"Between 2009 and 2014, [MDC Parners Inc.] disclosed in its proxy statements some, but not all, of the perquisites paid to [former CEO, Miles S. Nadal] and on his behalf. The estimated $11.285 million worth of perquisites that MDC failed to disclose included private aircraft usage, club memberships, cosmetic surgery, yacht- and sports car-related expenses, jewelry, charitable donations, pet care, and personal travel expenses.... The SEC not only took action against MDC as an issuer, but also against Nadal individually since his compensation was not fully disclosed.... The SEC penalties may not be MDC's or Nadal's only legal problem."
King & Spalding
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Discussions on the BenefitsLink Message Boards
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Tax Treatment of 'Supplemental Compensation' to Owner After Retirement
"One of the owners is retiring. The company has decided to pay him $50,000 per year for 10 years after retirement. If he dies during that time, the payments would continue to his spouse. The accountant says it will be taxable income but not subject to FICA or FUTA. Is that right?"
BenefitsLink Message Boards
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Different Eligibility Provisions for Different Job Classes
"I know a plan can have secondary eligibility for people hired after a certain date, but can it have different eligibility provisions depending on job class? For example, bank tellers would be eligible to enter the plan after three months of service while loan officers would need to wait one year and have at least 1,000 hours of service."
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BenefitsLink.com, Inc.
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Winter Park, Florida 32789
(407) 644-4146
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.
Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.
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