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Plan Administrator
Tennessee Pension Administrators
in Knoxville TN

Financial Client Services Representative
Mutual of America
in Blue Bell PA

Account Manager

RPS Business Development Officer
Heartland Financial
in Denver CO

Benefit Account Manager
BASIC pacific
in Roseville CA

Relationship Manager
The Retirement Plan Company (TRPC)
in Brentwood TN / Telecommute

Health Insurance Specialist (Data Analysis and Studies)
Centers for Medicare & Medicaid Services, U.S. Department of Health and Human Services
in Woodlawn MD / Telecommute

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[Official Guidance]

Treasury Department Notice of Multiemployer Pension Plan Application to Reduce Benefits: Composition Roofers Local 42 Pension Fund

"The Board of Trustees of the Composition Roofers Local 42 Pension Fund ... has submitted an application to reduce benefits under the plan in accordance with [MPRA]. The purpose of this notice is to announce that the application ... has been published on the website of the Department of the Treasury, and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Composition Roofers Local 42 Pension Fund."
U.S. Department of the Treasury


Is Your Fund in the Red? Join Us This Fall in Boston!

Sponsored by International Foundation of Employee Benefit Plans [IFEBP]

You cannot afford to ignore your collections program. Collecting benefits payments is a complex process -- The Collection Procedures Institute this September will provide you with the information you need to fulfill your responsibilities. Register now!

[Guidance Overview]

If You Sponsor a MEP You May Need to Act Before October 15!

"While a Form 5558 is not required to qualify for this extension, a MEP sponsor may still file the form. This may be particularly important for a MEP that is not run on a calendar year basis. While the relief of the FAB is not specifically limited to calendar year plans, the language granting automatic extension is not clearly worded. One other word to the wise: if a Form 5558 is not filed, the MEP will not have the same automatic extension for the filing of Form 8955-SSA with the IRS."
Ferenczy Benefits Law Center

Does Jander Signal the Liberalization of Pleading Standards in Stock-Drop Cases? Signs Point to No

"[If] it is upheld, Jander would establish an 'inevitable disclosure' road map by which plaintiffs could allege a duty of prudence claim.... in its first opportunity to evaluate the sufficiency of duty of prudence claims after Jander, the court found a complaint for which there was no 'inevitable disclosure' to be deficient." [O'Day v. Chatila, No. 18-2621 (2d Cir. Jun. 7, 2019)]

DOL Provides Form 5500 Transition Relief for MEPs

"The DOL recently reviewed Form 5500 data and found that some MEPs ... have not properly included a list of participating employers with the Form 5500.... [FAB 2019-01] addresses the upcoming July 31, 2019, filing deadline for Form 5500 and Form 5500-SF for calendar year plans. The DOL is granting MEPs a special filing extension of up to two and a half months to file a 2018 annual report that is in compliance with ERISA Section 103(g)."
Thomson Reuters Practical Law

Estimates of the Financial Effects on Social Security of the 'Equal Treatment of Public Servants Act of 2019' (PDF)

"Over the period 2020 through 2029, ... the net program cost for the OASDI program would be increased by about $23.1 billion.... [E]nactment of [HR 3934] would have no significant effect on the OASDI actuarial balance over the 75-year projection period as a whole."
U.S. Social Security Administration [SSA]


House Passes Bipartisan Bill to Avert National Retirement Crisis

"The 'People's House' on July 24 passed the Rehabilitation for Multiemployer Pension Act, HR 397, in a bipartisan 264-169 vote ... The bill, better known as the Butch Lewis Act, offers an innovative way to save from insolvency about 130 financially troubled multiemployer pension plans[.]"
Pension Rights Center

Benefits in General

Family-Friendly Benefits on the Rise

"Check out these 4 benefits offerings that are top of mind for many prospective employees: [1] Fertility preservation ... [2] Parental leaves of absence ... [3] Flexible working arrangements ... [4] Adoption assistance programs."
OneDigital Health and Benefits

Executive Compensation
and Nonqualified Plans

Common Mistakes by Private Companies When Granting Stock Options

"[1] Option exercise price.... [2] Grant date.... [3] Treatment of option post-termination.... [4] Change in control treatment.... [5] Securities and other compliance."
Morgan Lewis

Selected Discussions
on the BenefitsLink Message Boards

Buying Annuity Contracts for Terminating DB Plan: Insurance Co. Recommendation Needed

One of our DB plans is considering termination by buying annuity contracts from an insurance company. This plan has about 40 participants, half of whom are nonresident aliens. The plan does not allow for lump sums (other than for small benefits). The plan's assets are about $18 million. We've contacted several insurance companies but none would provide a quote, either because the plan is too small or because it covers nonresident aliens. Can anybody recommend an insurance company that would be willing to sell annuities for this type of plan?
BenefitsLink Message Boards

How Would a TPA Know That a Plan's Assets No Longer Qualify for Exemption from the Audit Requirement?

29 C.F.R. Section 2520.104-46 provides its exemption from an audit of a plan's financial statements if, among other conditions, at least 95% of the plan's assets are qualifying plan assets -- much of which involves regulated banking, insurance, and securities businesses. Imagine a small-business retirement plan with 100% of its assets in non-qualifying assets. An officer of the plan's sponsor serves as the plan's trustee. If a TPA goes about its work normally, how likely or unlikely is it that a TPA would see information from which the TPA would know that the assets don't qualify for a Section 2520.104-46 waiver?
BenefitsLink Message Boards

Exclude Union Employees from Safe Harbor Match?

Can I allow union employees to make elective deferrals but exclude them from the safe harbor match, or do I need to set up a separate plan for them?
BenefitsLink Message Boards

Failure to Provide Auto-Enroll Notice: Any Cap on $1,700 per Day Penalty?

The DOL penalty for failure to distribute auto enroll notices is $1,700 per participant per day, if I am reading things correctly. This failure is not eligible for relief under the Voluntary Fiduciary Correction Program, so was hoping to find an overall penalty cap, at least. Is anyone aware of a cap on this penalty? Since VFCP is not available, simply provide the notices ASAP, include the error as an operational error in a VCP, and hope for the best?
BenefitsLink Message Boards

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Most Popular Items in the Previous Issue

Text of DOL Field Assistance Bulletin 2019-01: Annual Reporting Requirements for Multiple Employer Plans (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

The Self-Employed Are Defying and Redefining Retirement (PDF)
Transamerica Center for Retirement Studies, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2019, 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, 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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