Retirement Plans Newsletter

June 7, 2018

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Jobs

Retirement Plan Consultant / Administrator
Bronfman Rothschild
in WI

Sr. Implementation Consultant - LMNG
Great-West Financial
in CO, KS, MA, Telecommute

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Webcasts, Conferences

Voluntary Fiduciary Correction Program
June 20, 2018 in IL
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

401(k) Plan Corrections - Correcting the Top Ten 401(k) Plan Errors
June 25, 2018 WEBCAST
ERISApedia.com

Summer 2018 Advocacy Update
July 11, 2018 WEBCAST
National Tax-Deferred Savings Association [NTSA]

S Corporation ESOPs - Legal Issues
August 7, 2018 WEBCAST
National Center for Employee Ownership [NCEO]

Advanced Plan Design Workshop
September 20, 2018 in WI
FIS Relius Education

Plan Corrections: Fixing the Broken Plan Workshop
September 21, 2018 in WI
FIS Relius Education

►See 156 Upcoming Webcasts and Conferences

►See 1381 Recorded Webcasts


Discussions

New Topics on the BenefitsLink Message Boards

New Comments and Topics

All Topics, Grouped by Forum


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Social Security's Financial Outlook: The 2018 Update in Perspective

"The 2018 Trustees Report shows virtually no change: ... Trust fund exhaustion is still 2034, after which payroll taxes still cover about three quarters of promised benefits. This shortfall is manageable, but action should be taken soon to equitably share the burden among cohorts, restore public confidence, and give people time to adjust. One concern is whether the declining fertility rate is a lingering effect of the Great Recession or a permanent shift that could worsen Social Security's finances."
Center for Retirement Research at Boston College

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House Subcommittee Chair, Ranking Member Press IRS for VCP Update

"In a letter to Sunita Lough, Commissioner of the IRS's Tax Exempt/Government Entities (TEGE) division, ... Subcommittee Chairman Dave Brat (R-VA), and Ranking Member Dwight Evans (D-PA)... [asked] [1] If the IRS planned to expand the Self-Correction Program; if so, how, and if not, why not; [2] To explain 'how the Self-Correction Program is limited because of 'real tax consequences to the participants'; [3] To provide an update on whether the program would be streamlined, if so how and when, and if not, why not."
American Society of Pension Professionals & Actuaries [ASPPA]

Are the People Running Your 401(k) Putting Your Interests First?

"Does the investment committee understand the fiduciary duties they have? Do they have training for that? Is there a regular program to monitor their performance relative to the fiduciary duties? How are costs controlled? What steps are taken there? ... Also learn how decisions are made to make sure that participants have the investment options available to them to do proper diversification."
TheStreet

ACLI to Fifth Circuit on DOL Fiduciary Rule: 'What Are You Waiting For?'

"Plaintiffs who won a big appeals court victory to stop the controversial [DOL] fiduciary rule are wondering when the final court mandate officially killing the rule will be filed.... There are rumors that the judges are considering internally whether to undertake an en banc review, which opens up the 2-1 decision to review by the entire bench. However, en banc reviews requested by AARP and a trio of states were rejected twice by the Fifth Circuit."
InsuranceNewsNet.com

Hurry Up and Kill the DOL Fiduciary Rule Already, Insurance Groups Tell 5th Circuit

"In a letter to the 5th U.S. Circuit Court of Appeals, the American Council of Life Insurers and the National Association of Insurance and Financial Advisors said the court's delay in issuing the mandate that makes effective its March 15 decision to vacate the rule is causing compliance headaches. The court was [supposed to] release the mandate on May 7, but has not yet done so."
Pensions & Investments

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Pension Finance Watch, May 2018

"Domestic equity returns in May boosted the Willis Towers Watson Pension Index for its third consecutive monthly increase. Decreasing bond yields partially offset this improvement, but the net effect was still an index increase of 0.6% to 79.3."
Willis Towers Watson

Was Kentucky's Pension Bill Legal? Court Will Decide

"Attorney General Andy Beshear says Kentucky's new pension law illegally cuts benefits of public employees and was zipped through the General Assembly in rapid process that violated state law. Gov. Matt Bevin says the bill honors all contract rights of teachers and public employees and is a badly needed step toward dealing with the worst funded public retirement system in the country, with unfunded liabilities officially reported at more than $43 billion."
The Courier-Journal

[Opinion]

How Fixing the Form 5500 Could Help Illuminate 401(k) Plans' Quality

"Here are three areas where the Form 5500 requirements are lacking key information: [1] Investment lineup information on the retirement plan disclosures are often incompatible with SEC filings, making it impossible to match information on the investments available within 401(k) plans to other data that the SEC collects.... [2] The Form 5500 also fails to require key data on popular investment types, such as collective investment trusts.... [3] Information on the administrative and investment fees participants pay is inaccurate and limited."
Morningstar Advisor

Benefits in General

Choice and Flexibility: The Win-Win Approach to Employee Benefits

"[E]mployees said they'd be willing to pay to protect those benefits, with three in five saying they'd pay for more generous guaranteed retirement benefits. That goes for millennials as well as baby boomers.... Less than half of employees believes their benefits packages offer sufficient choice and flexibility and less than a third think it meets their needs for financial or health and wellbeing.... [W]hen an employer offers greater choice and flexibility of benefits to their employees, work engagement doubles."
Willis Towers Watson

Selected Discussions
on the BenefitsLink Message Boards

Employee in Excluded Class Mistakenly Allowed to Participate. VCP? SCP?

If a member of an excluded class was allowed to participate in the plan, must the plan be amended retroactively to allow for his participation, and then file through VCP, or just amend as part of SCP?
BenefitsLink Message Boards

Multiple 401(k) Plans at Law Firm; One Has Profit Sharing, Other Does Not

A law firm has two 401(k) Plans. Plan 1 is for the partners and staff. Plan 2 is for the associate attorneys. Plan 1 has deferrals and profit sharing (new comparability design). Plan 2 has deferrals only. Both plans have some HCEs. Both plans have had no trouble passing coverage. They'd like to add a 2% match to Plan 2, if it passes coverage, is that allowable?
BenefitsLink Message Boards

Insurance Company Wants to Sell 'Section 162' Plan to My Client

Insurance company trying to sell a 162 plan to a client. From what I can tell, the company can pay premiums on a whole life life insurance policy for an executive. The premiums paid are taxable to the executive and the executive owns the policy personally. Why is this different than giving the executive a bonus and having the executive go out and buy a life insurance policy on his or her own?
BenefitsLink Message Boards

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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 2018 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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