Retirement Plans Newsletter

August 8, 2017

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Employee Benefits Jobs

Plan Administrator
Atlantic Pension Services Inc.
in PA, Telecommute

Investment Change Specialist
Aspire Financial Services LLC
in FL

Principal Pension and Retirement Analyst
University of California Office of the President
in CA

Associate Attorney
Trucker Huss APC
in CA

Client Executive
Transamerica
in TN

Retirement Plan Specialist
Transamerica
in FL

Senior Retirement Plan Administrator
Growing TPA
in CT, GA, IL, IN, KS, MA, MD, MI, NC, NH, NJ, NY, OH, PA, TN, VA, WI

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Webcasts and Conferences

Repeal, Replace, Retreat or Revolt: What’s Next for the Affordable Care Act?
August 17, 2017 in GA
Worldwide Employee Benefits Network [WEB] - Atlanta Chapter

Affordable Care Act: Key Compliance Issues for Employers in 2017 and Beyond
August 21, 2017 WEBCAST
ComplianceOnline

LGBT Issues in the Workplace
August 23, 2017 in IL
Worldwide Employee Benefits Network [WEB] - Chicago Downtown Chapter

Understanding Retirement Plan Fees
August 29, 2017 WEBCAST
Multnomah Group

Future of Employee Benefits
September 13, 2017 WEBCAST
Conference of Consulting Actuaries

Half-Day Benefits Symposium
September 20, 2017 in WA
PSCA [Plan Sponsor Council of America]

Health Benefits Laws Compliance Assistance Seminar
September 20, 2017 in CA
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Form 5500 Reporting Update
October 2, 2017 WEBCAST
Lorman Education Services

Certificate Series San Jose
October 9, 2017 in CA
International Foundation of Employee Benefit Plans [IFEBP]

2017 Executive Compensation Conference
November 7, 2017 in NY
The Conference Board

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Discussions

New Topics on the BenefitsLink Message Boards

New Comments and Topics

All Topics, Grouped by Forum


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[Guidance Overview]

Plans Must Comply with Rules of U.S. Treasury's Office of Foreign Asset Control (PDF)
"Under OFAC guidance, both governmental and private employee benefit plans are required to comply with OFAC compliance programs. Failure to comply can lead to reputational damage and/or civil and criminal penalties.... Many ERISA and governmental benefit plans may view trade sanctions as something that applies to banks but that doesn't impact our retirement system. This view is wrong....[This article provides] a high level overview of things that a plan would want to consider in evaluating/developing an OFAC compliance program."
Groom Law Group

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Evaluating Fees, Features and Service Providers for Your 401(k) Plan: Start Planning Soon for 2018
"Most plan sponsors who decide to make 401k plan changes like to have those new features in place by January 1 of the new plan year.... Fees have come down, so it is reasonable to expect a fee reduction for each piece of business you evaluate.... Investment advisers, trustees, custodians, recordkeepers and consultants are constantly adding new features to better serve their clients.... Make sure that you offer a balanced investment option, like target date funds.... Make sure that the investment adviser you work with has signed on to your plan as a fiduciary."
Lawton Retirement Plan Consultants

Are We Ready to Provide Annuities and Other Drawdown Solutions from DC Plans?
"DC plans have been focused on the accumulation of assets for retirement, and the DC industry has spent considerable effort to improve investment offerings, control costs, encourage participation, and streamline the technology of the participant's interaction with the plan. But what about the distribution of accumulated savings to retirees?"
Callan Associates

Seven Ways a Fiduciary Can Follow Procedural Prudence
"[1] Appoint an individual or committee as Plan Administrator.... [2] Prepare a Fiduciary Roster.... [3] Carefully review the principal policy provisions of fiduciary liability insurance you have/are considering.... [4] Be aware of the scope of indemnification coverage.... [5] Make sure investment responsibility has been properly delegated.... [6] Understand that selection of service providers is a fiduciary decision.... [7] Assume your plan will be audited."
The Retirement Plan Blog

The Multiemployer Pension System: Simulations of the Status Quo (PDF)
"This paper presents simulations of the multiemployer pension system under various sets of assumptions, so as to assess the range of possible outcomes should the basic features of the multiemployer system remain unchanged. Metrics presented include the number of plans projected to become insolvent, the number of participants in these plans, and the projected year of insolvency of the PBGC's multiemployer guarantee fund. The simulations were performed using the Multiemployer Pension Simulation Model (MEPSIM) ... [which] simulates almost all of the 1,300 plans in the multiemployer universe, excluding only those plans that lack sufficiently complete 5500 data."
The Pension Analytics Group

[Advert.]

SPARK Forum - November 5-7, 2017 -- The Breakers, Palm Beach, FL

Sponsored by SPARK

Join us at the retirement services industry's leading event for top marketing, sales, administration and record keeping professionals. Comprehensive agenda to meet the needs of 401(k) Plan Providers, Financial Advisors and Third Party Administrators.


401(k) Rollovers: To Roth or Not to Roth?
"[1] Can you afford to pay the tax that results from a conversion? ... [2] Will a conversion bump you up to a higher tax bracket? ... [3] Beyond the impact on federal taxes, what's the impact on your state tax? ...[4] Will this have an impact eligibility for Medicare or other government programs? ...[5] When do you need the money? ... [6] Do you want a diversification of taxable/non-taxable accounts? ... [7] What professional do you wish to work with?"
Fiduciary News

[Opinion]

IRI Comment Letter to DOL on Fiduciary Rule and PT Exemptions (PDF)
43 pages. "[IRI appreciates] the opportunity to provide these comments to the [DOL] in response to [its recent] request for information ... 71 percent of advisers are planning to stop providing advice to at least some of their current small accounts due to the risk and increased costs of the Rule; 35 percent will stop serving accounts under $25,000, and 25 percent will raise their minimum account thresholds.... [D]istributor members reported that approximately 155,000 of their clients have already been 'orphaned,' with far more accounts expected to be impacted as implementation of the Rule proceeds.... More than 60 percent of the participating distribution firms have, are planning to, or are considering exiting or deemphasizing target markets such as small IRA holders and small retirement plan sponsors."
Insured Retirement Institute [IRI]

Benefits in General

Video Communication: The Master of Employee Benefits Engagement
"[It's] important to remember that your employees are consumers, and their expectations are high. In most all other aspects of their lives, they have immediate access to the information they need to make a purchase, tutorials to help them solve an immediate need or expert advice to support their decision making. They want convenient guidance, and they find that in video.... In fact, 75 percent of people are more likely to watch a video than read."
Benefitfocus

Executive Compensation
and Nonqualified Plans

The CEO-to-Employee Pay Ratio Rule: Consider Your Company's Messaging
"[1] Consider the entire range of stakeholders who will review your pay ratio disclosure ... [2] Consider how your operations may differ from your competitors and what data is under your control ... [3] Consider disclosing additional ratios that may provide greater context ... [4] Consider highlighting validating messages ... this new disclosure is likely to have important, and possibly unforeseen, implications for engagement regarding compensation as well as the potential to impact proxy voting decisions."
Bloomberg BNA

Discussions on
the BenefitsLink Message Boards

Custody and Other Aspects of a 401(k) Plan's 'Outside Asset'
"Our client is merging a existing profit sharing plan into an existing 401(k) plan that uses American Funds [AF]. The 401(k) plan is pretty close to being open architecture although it's bundled. All work is completed and $25 million in assets have been liquidated and are ready to transfer. At the 11th hour we have discovered a small Wells Fargo stable value position that we cannot liquidate because this isn't a plan termination and is only a merger. AF will not hold or record keep but they say it can be held as an 'outside asset' until maturity in 2018. They will include the value in their reporting if provided. Who should be the custodian of this asset, etc.?"
BenefitsLink Message Boards

Canceling a Safe Harbor Cancellation
"An employer adopts an amendment to cease the safe harbor nonelective provision with the appropriate 30 day notice. Less than a week later, after speaking with the financial advisor, the sponsor wants to rescind that amendment. Is that possible? The amendment was executed and the notice distributed but is not yet effective."
BenefitsLink Message Boards

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Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President  loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher  davebaker@benefitslink.com
Holly Horton, Business Manager  hollyhorton@benefitslink.com

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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