Retirement Plans Newsletter

July 26, 2017 logo logo
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Employee Benefits Jobs

Senior Java Developer
in NY

Distributions Manager
Professional Capital Services
in PA

Defined Benefit Analyst
Georgia Municipal Association
in GA

Retirement and ESOP Account Administrator, Senior
Alerus Financial
in MI, MN, ND, NH

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Webcasts and Conferences

EPCRS Case Studies
August 3, 2017 WEBCAST

Thoroughbred ESOP Conference
August 9, 2017 in KY
ESOP Association

Top 10 FMLA Policy Mistakes: How to Avoid the Most Hazardous Compliance Tripwires
August 16, 2017 WEBCAST

Cybersecurity: Data and Asset Protection Duties of ERISA Fiduciaries
September 7, 2017 WEBCAST
American Bar Association Joint Committee on Employee Benefits [JCEB]

Large Versus Small DB Plans: A Comparison for DB Practitioners
November 29, 2017 WEBCAST
ASPPA College of Pension Actuaries [ACOPA]

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New Topics on the BenefitsLink Message Boards

New Comments and Topics

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How Millennials Are Building Better 401(k) Accounts Than Older Workers
"[O]nly 59.4% of millennials have an account vs. 63.6% of Gen Xers and 66.1% of baby boomers. But millennials are leaders in what may be the single most important trait. As a group, they are on track to replace a higher portion of their pre-retirement income once they retire."
Investor's Business Daily


Certificate in Global Benefits Management

Sponsored by International Foundation of Employee Benefit Plans [IFEBP]

Save The Date -- The Certificate in Global Benefits Management provides the comprehensive knowledge needed to administer and manage a global benefits program. Build your network of peers and interact with industry experts while earning your certificate.

Who Participates in Retirement Plans? (PDF)
28 pages. "Of those most likely to save for retirement in the current year, 77 percent participated in an employer plan, either directly or through a spouse ... Younger and lower-income households are more likely to report that they save primarily for reasons other than retirement -- for example, a home purchase, for the family, or education.... Retirement plan participation increases with age and income; consistent with their stated reasons for saving, younger and lower-income workers are less likely to participate.... Tabulations of administrative tax data offer an alternative source for retirement plan participation statistics."
Investment Company Institute [ICI]

Tips for 401(k) Loan Program Design
"Help employees learn about the loan.... Avoid 'endorsement effect.' ... Add service fees.... Simplify repayment.... Protect savings."
International Foundation of Employee Benefit Plans [IFEBP]

Investment Manager and Recordkeeper Changes Driven by Fees
"Plan sponsors' desire to reduce plan costs is substantially impacting their approach to investment menu design and their relationships with defined contribution (DC) plan investment managers ... Overall, 7% of plan sponsors intend to add at least one manager to their investment lineup in the next year. At the same time, 2% plan to drop a manager and 16% intend to do a combination of adding and dropping managers."

DOL Fiduciary Rule Causing DC Plan Record Keepers to Change Business Models with Insurance Agents
"Independent insurance agents have been among the most affected by the [DOL's] fiduciary rule ... Record keepers such as Principal Financial Group have told independent agents who sell or service retirement plans, and who are not licensed with a broker-dealer or registered investment adviser, that they can't receive compensation after January without changing their business model, in the name of compliance with the regulation."


IRS Determination Letter: Recent Changes and New Guidance

Sponsored by Lorman and BenefitsLink

July 27 webinar. Learn how employers can ensure that their individually designed retirement plans, with various amendments and design changes, remain in compliance with the voluminous requirements for tax-qualified status. CE Credits. BenefitsLink discount

Task Force Struggles to Cut $5 Billion from Oregon Pension Costs
"A special task force convened by Gov. Kate Brown is deciding how to cut $5 billion from the Oregon Public Employees Retirement System's $22 billion in unfunded liability without hurting the retirement benefits of government workers who draw from it. Options that could be on the table ... include selling some state lands and partially or wholly privatizing state agencies, with the proceeds going to the pension liability[.]"

Washington State Commerce Dept. Updates Small Business Retirement Marketplace Rules
"The amendments state that the Washington State Department of Commerce will approve a diverse array of verified plan options to be offered in the marketplace and the myRA retirement program to be offered in the marketplace. They also say that a verified plan which is proposed to be offered in the marketplace must be submitted to the department for review and approval, including all documentation, in a form prescribed by the department and comply with applicable laws and rules, including federal tax laws."
National Association of Plan Advisors [NAPA]

Another Question is Answered in the Who's the Employer Q&A Column
"Dad is a dentist who owned and operated a solo practice. Son, also a dentist, was an independent contractor at the practice. Son has bought the practice. Son wants to start a new retirement plan that disregards for eligibility purposes the years of service the employees performed for Dad. Can he do it?"
S. Derrin Watson, on BenefitsLink


Retirement: Pursuing the Non-Monetary Rewards of Work?
"[R]esearch on what actually motivates us reveals that 'money' is a remarkably inferior motivator (both to incentivize and reward desired behavior, and to punish bad behavior) compared to the motivation we derive from interpersonal relationships with other people.... [This] implies the whole concept of 'retirement' may be predicated on a mistaken understanding of our own motivators... a realization that most people don't have until they actually retire (or at least, are on the cusp of it), and suddenly discover that 'not working' isn't nearly as enjoyable as expected, despite all the sacrifices of potentially undesirable work that was done to earn the money to retire along the way."
Nerd's Eye View


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Benefits in General

Benefits Communication: Find the Right Channels, Frequencies and Messages
"Nearly eight in ten employees are in the wrong benefit plan for them. Roughly three out of four believe their plan options are not personally relevant. And only 20 percent of employees feel their employer communicates benefits effectively. This is a potential recipe for disaster in terms of employee satisfaction and productivity. In order for your benefits program to inspire loyalty and generate ROI, your employees need to understand and appreciate the value it provides. So, how do you do this?"

Discussions on
the BenefitsLink Message Boards

Mid-Year Change of 401(k) Plan's Non-Safe Harbor Allocation Formula
"401(k) plan with no safe harbor provisions. Current NEC PS allocation is an integrated allocation. Participants employed at the end of the year have a 0 hours service requirement. Participants that are not employed at the end of the year have a 500 hours of service requirement. As of today no participant has terminated employment in 2017 with greater than 500 hours. Can the plan sponsor do an amendment now to change the allocation formula to individual classes?"
BenefitsLink Message Boards

Allocable Share of Qualified Plan Deduction When Some Partners Wind Down Their Practices
"A partnership sponsors a 401(k) plan. Partnership consists of multiple partners receiving a K-1. Three of the partners in the partnership are winding down their practices. They're still treated as equity partners but they're paid a percentage of their collections (reported on their K-1s). Due to some of the partners winding down their practices, the ownership shares have changed mid-year. For determination of the allocable share of qualified plan deductions for each partner, should I use the beginning percentage or ending percentage found in Part II, Box J?"
BenefitsLink Message Boards

Self Employment Tax Calculation for Partners (K-1s)
"401(k) Plan sponsored by LLC taxed as partnership. When computing [1] the 1/2 Self Employment Tax offset and [2] the resulting 'plan compensation' for allocation purposes, are Box 14 code A Self Employment Earnings first reduced by the Box 12 Section 179 Deductions before computing the Self Employment Tax? I do not see this reduction (adjustment to Box 14 SEI) on Schedule SE (Form 1040) in the computation of the self employment tax."
BenefitsLink Message Boards

Press Releases

Manager of Health Care Network to Reimburse Plans for Fees
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Connect   LinkedIn logo   Twitter logo   Facebook logo, Inc.
1298 Minnesota Avenue, Suite H
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, 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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