Retirement Plans Newsletter

June 17, 2019

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Jobs

Retirement Contribution Analyst
Alerus Financial
in Arden Hills MN

Experienced Plan Consultant
Randall + Hurley
in Helena MT

Retirement Plan Administrator
Benefit Equity, Inc.
in Santa Ana CA

Auditor (Pathways Intern)
Pension Benefit Guaranty Corporation
in Washington DC / Telecommute

Employee Benefits Law Specialist (Group Health Plans)
Employee Benefits Security Administration, U.S. Department of Labor
in Washington DC / Telecommute

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Webcasts, Conferences

Voluntary Fiduciary Correction Program
July 11, 2019 WEBCAST
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Getting It Right - Know Your Fiduciary Responsibilities Seminar
July 17, 2019 in IA
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

►See 137 Upcoming Webcasts and Conferences

►See 1559 Recorded Webcasts


Discussions

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New Comments and Topics

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[Guidance Overview]

Plan Problems: What's New With Self Correction and VCP?

"There are a few expanded opportunities provided under SCP and some clarification that certain activity will require correction through a VCP process.... The IRS has also issued clarification on some other items which, when corrected, should go through a VCP. The IRS has made accessing guidance on common failures, along with how to correct those failures very simple to find on their website. [This article] details some of the highlights on SCP, VCP, and where to locate the support you need."
WithumSmith+Brown, PC

[Advert.]

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Financial Reporting for Tribal 401(k) Plans

"GASB No. 84 doesn't apply to a tribe's separately issued enterprise-fund financial statements if the enterprise funds aren't legally separate. However, a 401k plan may still be included in a tribal government's statements ... To determine if a legally separate casino sponsors its own 401k plan, consider if the casino can amend the vesting schedules in the plan document, appoint trustees, select the custodian, choose the third-party administrator (TPA), and appoint other service providers of the 401k plan. If so, the 401k plan will likely be included as a fiduciary activity."
Moss Adams LLP

Understanding Settlor Functions, Plan Expenses, and Who Can Pay What

"While much of the guidance is informal, the DOL has provided plenty of instruction to plan fiduciaries to help them determine what fees may be paid by the plan and what fees must be paid by the plan sponsor."
Ferenczy Benefits Law Center

These Companies Have the Best 401(k) Plans

"What makes a high-quality plan? Low fees, of course. And a good company match.... Here are the top 401(k) plans across various industries -- including some, like health care and technology, that have above-average job growth."
Money

401(k) Plans Loosen Vesting as Labor Market Gets Tighter

"While experts agree that vesting schedules reduce costs, they question whether they indeed lower turnover, saying today's increasingly mobile workers will jump to new jobs for better-paying positions regardless of the money they leave behind in unvested company contributions."
Pensions & Investments

CalPERS Using More ESG in Investment Strategy

"CalPERS is stepping up its ESG investment program, despite evidence that funds based only on environmental, social and corporate governance strategies have tended to underperform.... CalPERS is working with Wellington Management and the Woods Hole Research Center on quantitative models and other analytical tools to improve the assessment of climate risk and investment outcomes."
Calpensions

Actuarial Equivalence and DB Plans

"Philosophically, reflecting current mortality and interest in AE is a reasonable thing to do.... Litigating the issue from one side leaves sponsors trapped unfairly between a desire to bring their assumptions up to date, and anticutback regulations restricting their ability to do so.... Safe harbor regulations allowing for periodic AE updates without anticutback concerns would illuminate this admittedly obscure topic to the benefit of sponsors and participants alike."
The Principal Blog

[Opinion]

It's Proxy Season -- Here's Why That Matters for Public Pensions

"The two largest proxy advisory firms ... control 97% of the advisory market.... These two companies recommend proxy proposals, provide suggestions to clients about how to vote on those proposals, and in some cases, vote their clients proxy.... [T]hey have the ability to control the entire proxy process which has led them to have a duopoly on how institutional investors vote.... [T]hese firms should be held to the same fiduciary standard to which money managers are held ... [T]hey should have to register with FINRA, and the SEC should assign fiduciary responsibility to them for their fiduciary advice."
Institute for Pension Fund Integrity

[Opinion]

Will the SECURE Act Increase Retirement Security?

"For years the retirement industry has bemoaned the lack of a lifetime income option in defined contribution plans.... DC plan sponsors have -- largely -- seen little upside in signing on for a decision that they see as carrying with it a liability that extends well beyond the employment relationship.... The SECURE Act attempts to resolve some of that resistance ... Arguably, a legislative safe harbor is 'safer' than one staked out by regulators, but plan fiduciaries hoping to find a fiduciary 'free pass' won't find one here, despite the concerns expressed in the Times."
Data 'Points'

[Opinion]

Establishing Dedicated Asset Reserves to Fund Different Types of Retirement Expenses

"[The authors believe] that it would be beneficial for these two types of expenses to be further segmented into recurring and non-recurring core/adaptive expenses, and [also] believe using present values to develop the required reserves for these expense categories (and other expected expenses) is superior to using variations of the 4% Rule proposed by [Michael Kitces]."
Ken Steiner, FSA Retired

Benefits in General

Supreme Court Fills Docket with ERISA Cases

"After more than two years since ... its last decision in a case involving [ERISA], the court's next term looks to be flush with ERISA issues.... The Supreme Court has granted certiorari in two ERISA cases in as many weeks, and it seems likely the court may grant review in at least one other case."
Greensfelder

District Court Finds Plan Trustees May Be 'Surcharged' to Remedy Breach That Caused Loss of Benefits Under Unrelated Plan

"The court considered and rejected the Welfare Fund's arguments that [the plaintiff] is not entitled to equitable relief. First, it found that surcharge does not require traceability. The court explained that the Welfare Fund confused restitution with surcharge which does not require unjust enrichment nor the loss of particular plan funds. Amara extended the surcharge remedy to a breach of trust committed by a fiduciary encompassing any violation of a fiduciary duty." [DeRogatis v. Bd. of Trustees of the Welfare Fund of the Int'l Union of Operating Engineers Local 15, 15A, 15C & 15D, AFL-CIO, No. 14-8863 (S.D.N.Y. June 13, 2019)]
Kantor & Kantor

Selected Discussions
on the BenefitsLink Message Boards

Summary Annual Report Model Notice Updates: What Changed?

With the newly released Summary Annual Report model notice updates, were any changes actually made to the wording from the prior version?
BenefitsLink Message Boards

What Happens If Safe Harbor Matching Contribution Is 'Late'?

Payroll-based SHM is not deposited by the end of the quarter after the deferrals were taken. What are the consequences?
BenefitsLink Message Boards

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Press Releases

OneDigital Acquires Ironview Employee Benefits
OneDigital Health and Benefits

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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 2019 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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