Retirement Plans Newsletter

June 18, 2019

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Jobs

401k Participant Support Manager
RPG Consultants
in Valley Stream NY

Client Services Representative
Ingham Retirement Group
in Miami FL / Telecommute

Benefits Specialist
Air Line Pilots Association
in Herndon VA

Retirement Plan Sales Associate
LT Trust Company
in Denver CO

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Dealing with the Legacy of the 403(b) 'Money Purchase' Plan

"It is a very common practice in the 403(b) market for an employer to specifically identify the percentage of compensation it will deposit as an employer contribution to their 403(b) plan ... It has been typical for 401(a) plan sponsors to treat plans with set percentage of compensation as 'Money Purchase Plans' ... But does this rule apply to 403(b) plans? This is not an esoteric issue. If you truly believe that your 403(b) plan is a 'money purchase plan' several things happen."
Business of Benefits

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Checklist: Preparing Your Employee Benefit Plan for a DOL Audit

"Whether you have a small plan that does not need an audit or a large plan and you are preparing for your first audit, the following control processes may help avoid common compliance errors and make the audit process easier to manage[.]"
Windes

Delta Pilots' Fight with PBGC Is Grounded by Supreme Court

"The U.S. Supreme Court on [June 17] declined to review an appellate court ruling in a case brought against the [PBGC] by Delta Air Lines Inc. pilots ... The plaintiffs ... are claiming the agency earned 'massive investment returns' off the recovered assets, instead of sharing some returns with participants, which they argue constitutes a fiduciary breach." [Lewis v. PBGC, No. 17-5068 (D.C. Cir. Dec. 21, 2018; cert. denied June 17, 2019)]
Pensions & Investments

New Jersey Adds Public Hearing on Fiduciary Rule Proposal

"The rule proposed by the New Jersey Bureau of Securities would require all financial advisors registered in the state to act as fiduciaries, making New Jersey one of the first states to propose a uniform fiduciary standard for all financial services professionals."
InsuranceNewsNet.com

Massachusetts Proposes Fiduciary Duty Rule Applicable to Broker-Dealers and Investment Advisers

"Massachusetts' fiduciary duty proposal is the first such action of any state in the wake of the [SEC's] adoption of Regulation Best Interest, and its close similarity to New Jersey's proposal may suggest a model is emerging."
Stradley Ronon

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Financial Planning After Retirement: Coordinating the Retirement Plan with the Estate Plan

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A Fiduciary Approach to Alternative Investments: Friend or Fad?

"[At] their respective initial stages, there's not much difference between a terrific trend and a false fad. For someone tasked with protecting the best interest of investor, it's critical to distinguish between a long-term investment trend and a short-term fad. How does a fiduciary do it?"
Fiduciary News

Stopping the Clock on Retirement: Target Wealth Stopping Time Problems

"Retirement planning attempts to build sufficient funds to retire at a fixed, predefined horizon.... [T]hese strategies either have a large risk of falling short of the goal or require excessive savings.... Instead of optimizing wealth at a fixed future time, [the authors] optimize on the stopping time at which one has sufficient wealth."
James W. Shearer and Harvey J. Stein, via SSRN

When a Pension Stabilization Trust Is 'Too Good to Be True'

"To prepare for and manage significantly increased CalPERS employer contribution rates in the coming years, California public agencies approved the establishment and funding of so-called 'pension rate stabilization trusts.' ... [M]any, if not most, agencies are setting aside funds on an 'irrevocable' basis ... exclusively for pension funding purposes, but with an 'understanding' that they can gain access to these monies for general agency purposes if needed later. Unfortunately, they can't -- and should not -- use these trusts in this way."
Best Best & Krieger LLP

[Opinion]

Achieving Economies of Scale in State-Facilitated Retirement Savings Programs

"By joining together, states have the potential to offer better services and reduce the cost of building or supporting a retirement savings platform. A multi-state approach of one kind or another can make the process easier and more cost-effective -- and can accelerate the date when a program can become self-sustaining and fees can be reduced."
AARP

Benefits in General

[Official Guidance]

GASB Issues Implementation Guide on Fiduciary Activities

"[GASB] has issued a new Implementation Guide that contains questions and answers about the GASB's recently issued standards on accounting and financial reporting for fiduciary activities. Implementation Guide No. 2019-2, Fiduciary Activities, answers many questions about how to apply the provisions of GASB Statement No. 84, Fiduciary Activities."
Governmental Accounting Standards Board [GASB]

Selected Discussions
on the BenefitsLink Message Boards

Pension Deductions: Section 412 vs. 404(a)(6)

I have a pension plan with a $300,000 minimum funding requirement for 2018. Plan and fiscal year are the calendar year. The client funded $125,000 in Jan 2019 and filed his corporate return without extension. The balance of $175,000 was funded in May. The issue is whether the $175,000 is deductible for the 2019 fiscal year.
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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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