Retirement Plans Newsletter

August 16, 2017

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DB / DC Administrator
Edberg & Perry, Inc.
in AZ

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ftwilliam.com / Wolters Kluwer
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Webcasts and Conferences

Paid Sick and Paid Family Leave: Navigating Change
RECORDED
Conduent

Tax Traps for the Unwary in Annuity Planning
August 22, 2017 WEBCAST
American Bar Association Section of Real Property, Trust and Estate Law

Roth IRA Training
August 24, 2017 WEBCAST
Wolters Kluwer

Fast Break: ERISA
August 31, 2017 WEBCAST
Morgan Lewis & Bockius LLP

Intermediate IRA Training Part 1
September 19, 2017 WEBCAST
Wolters Kluwer

Upcoming Changes with HIPAA - 2017
September 25, 2017 WEBCAST
MentorHealth

New IRS Procedures for Pre-Approved Plans
September 26, 2017 WEBCAST
ASC

Half-Day Benefits Symposium
September 27, 2017 in NE
PSCA [Plan Sponsor Council of America]

Las Vegas ESOP Conference & Trade Show
November 9, 2017 in NV
ESOP Association

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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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Is Your Retirement Plan Overlooking Required Beginning Dates? (PDF)
"Each retirement plan document defines [required beginning date (RBD)], and is not required to adopt [the] broad regulatory definition.... A plan designed to permit the delay of RBD for non-5% owners (until retirement after age 70-1/2) will find there are non-5% owner participants who work beyond age 70-1/2 that anticipated starting RMDs at age 70-1/2 to supplement their income.... Therefore, a plan designed to delay RBD should include an in-service distribution provision to allow the plan to calculate what a participant's RMD would have been and distribute it when requested, but as an in-service distribution rather than an RMD."
William Grossman, via PenChecks

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ftwilliam.com -- Ethics and Case Studies Webinar

Sponsored by Wolters Kluwer

We will cover ethical principles through case studies, including building an ethical organization and how ethics impact retirement services firms and their employees. Register for this FREE webinar & earn 1 CE credit. Date: Sept 12 Time: 1 pm (CT)


Top Misperceptions About Re-Enrollment
"If I conduct a re-enrollment, my participants will push back.... A re-enrollment is too much of a fiduciary risk.... My plan is well diversified at an aggregate level, so everything is fine.... I added target date funds to the plan's lineup, but there is nothing I can do about my participants not taking action." [Infographic]
J.P. Morgan Asset Management

Practical Use of the Retirement Plan Reporting Service: Solving Oversight Issues in the Retirement Market
"Before the [Retirement Plan Reporting (RPR) solution provided by the Depository Trust & Clearing Corporation (DTCC)] was available, data gathering involved performing manual data entry from paper statements and custom data exchanges ... The RPR service, launched in 2013, provided the necessary infrastructure to get the data needed to solve for the supervisory challenge. The core data inputs needed to come from the retirement recordkeeping community: plan administrators, banks, trust companies, and custodians.... Over time, as the number of firms both on the advisory and retirement-plan provider side grows, the value extracted by using the service will continue to grow for all participants in the industry."
Investment Company Institute [ICI]

How to Select the Right Target Date Fund for a 401(k) Plan
"Few plans have a homogenous participant pool that would clearly dictate the selection of a specific glide path perfectly fitting all participants' needs. It is also true that many plan participants, even those investing in 'through' TDFs, liquidate their retirement plan assets upon retirement.... Having lifetime-income (annuity) and target-risk (flat glide path) options can provide important flexibility to meet the needs of participants who don't fit the mold of a plan's chosen TDF series."
InvestmentNews

Ways Employers Can Promote Retirement Security
"[1] Be an aging-friendly employer ... [2] Enable workers to work past age 65 ... [3] Adopt a flexible retirement program ... [4] Enhance retirement and employee benefit offerings."
HR Daily Advisor

[Advert.]

70-1/2 Year Olds NOT in Pay Status?

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Federal Magistrate Recommends Dismissal of ESOP Challenge Against Wilmington Trust
"The judge noted that stock must be purchased at an inflated price and sold at a loss for an economic injury to occur.... Chief U.S. Magistrate Judge Mary Pat Thynge of the U.S. District Court for the District of Delaware found that the plaintiffs lack standing for subject matter jurisdiction because they did not allege an economic injury."
planadviser

Everything You Need to Know About the Fiduciary Rule Delay
"The delay is not a done deal until OMB reviews the proposal and approves it, but the delay is consistent with the timeline requested by many parties within the financial industry when it came to phasing in this rule. The delay gives the DOL more time to conduct a review before the other parts of the rule are enforced, which include the Best Interest Contract (BIC) exemption rule. It also opens up the opportunity for the SEC to weigh in."
BenefitsNav

ETFs Are Hot -- Except Among Retirement Plans
"Of the $5 trillion in assets in company-sponsored 401(k) plans, two-thirds are held in mutual funds... ETF assets ... are a mere fraction of the pool left over... Among retail investors, ETFs are favored for tax efficiency, intraday trading and cheap fees.... In a tax-advantaged 401(k) plan, where investors are in it for the long-haul, those advantages matter less."
Reuters

[Opinion]

American Academy of Actuaries Comments to ERISA Advisory Council on Annual Funding Notice for DB Plans (PDF)
"We have three suggestions for improving the notice: narrow the focus, encourage helpful narrative, and provide generic information on the internet. We have included a sample of the first two pages of the notice incorporating the key suggestions in the appendix to this letter."
Pension Committee, American Academy of Actuaries

Discussions on
the BenefitsLink Message Boards

Use IRS Correction Procedure for Slightly Late Matching Contribution?
"I have an 5500 audit plan client; they they made one late discretionary matching deposit in 2016. It was 2 weeks late, due to a glitch in their payroll system. The plan document was amended to allow matching contribution made on an a payroll basis, effective 2/1/2016. All their 401(k) deferral deposits are fine. CPA wants the employer to go through SCP or VCP in case the plan ever gets audited by IRS. And he wants us to submit a letter saying this was not an operational failure. Do you agree?"
BenefitsLink Message Boards

New Pricing for RecordKeeperDirect Platform: Suggestions for Alternatives?
"I understand that the RecordkeeperDirect platform, which was perfect for micro plans, is changing pricing from an average account balance basis to a total assets basis. A plan that was no cost with average assets of $5,000 is now going to be $500 setup for a startup and $750 + $20/participant per year. It's a punch in the gut for us as recordkeepers; it's tough to add those prices to our fees when selling a plan for a handful of people. So...what are the options? I really really hate using individual brokerage accounts and effectively recordkeeping in house, manually."
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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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