Retirement Plan Consultant DWC - The 401(k) Experts Telecommute
	Retirement Plan Administrator The Finway Group West Des Moines IA / Telecommute

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[Guidance Overview]

New Pension Legislation Passes! Feeling More Secure?

"The most extensive retirement plan legislation since the Pension Protection Act of 2006, SECURE contains several of the pension industry's wish list items. In addition, it finally legislates the ability of service providers to sponsor Open MEPs, and establishes a structure for those plans clearly intended to allocate responsibility between the provider-sponsor and the adopting employer. Most of the most highly anticipated provisions of SECURE are not effective until 2021, although some of its provisions will come into effect with the New Year ... just several days away!"

Ferenczy Benefits Law Center

[Sponsored]

DOL Update on Multiple Employer Retirement Plans

Jan. 21 webinar. What are the two authorized approaches for establishing a MEP? What should an employer consider when establishing a MEP and how can an employer stay compliant? BenefitsLink discount. 

Differentiating Direct and Indirect IRA Rollovers from Transfers

"[E]ach of the various ways funds can move between retirement accounts has its own distinct set of rules and requirements. Direct Rollovers are generally preferable over Indirect Rollovers, as they are subject to neither the 60-day time limit nor the 20% mandatory withholding, but do require to be reported to the IRS. On the other hand, Transfers do not need to be reported to the IRS and are used when an individual simply needs to change custodians or consolidate accounts involving the same kind of account."

Nerd's Eye View

What if OregonSaves Went National? A Look at the Impact on Retirement Income Adequacy

"[A] 'national' OregonSaves plan would provide a 16.3 percent reduction in retirement deficits ... for the youngest age cohort simulated (those currently ages 35-39). The reduction would be smaller for those closer to age 65, with the reduction being only 3.1 percent for those currently ages 60-64. Overall, this would reduce the simulated retirement deficits by $456 billion, or 12 percent of the $3.83 trillion under the baseline assumptions."

Jack VanDerhei, via SSRN

2019 Public Pension Funding Study (PDF)

"[A]ggregate plan assets rose from $3.69 trillion as of the most recent fiscal year-ends to $3.84 trillion as of June 30, 2019.... As of June 30, 2019, the aggregate funded ratio is estimated to be 73.4%. Aggregate liabilities topped the $5 trillion mark for the first time, but asset growth modestly outpaced liability growth. Plan sponsors continued to reduce the interest rate assumptions they use for determining contribution amounts."

Milliman

What Happens to Retirees' CalPERS Pension After Divorce?

"The California Public Employees' Retirement Law in most cases prevents people with public pensions from changing their beneficiary if they divorce after retirement, even if an ex-spouse is entitled to only a tiny fraction.... CalPERS recently posted an overview document outlining how a pension is divided upon divorce, and has an entire 45-page guide to changing a beneficiary after retirement."

 

The Sacramento Bee

[Opinion]

Federal Tax Revenue Will Save Coal Miner Pensions, But What About Others?

"For the first time in 45 years of federal pension law, taxpayer dollars will be used to bail out a fund for workers in the private sector. And now that there’s a precedent, it might not be the last."

The New York Times; subscription may be required

[Opinion]

Why Pennsylvania and Other States Must Address Pension Reform Now, Before It's Too Late

"Pennsylvania's funding ratio is 29.42 percent, and it is ranked at 40 compared to other states in this field. Worse still, between 2013 and 2018 in Pennsylvania, the funding ratio fell by 2.87 percent despite the nation being in a rapid 10-year expansion in equities -- and we're not alone. State pensions across the country are funded at an average of 35 percent of what they should be. Even the best-funded states like Tennessee, Indiana and Nebraska which rank in the top three, have unfunded liabilities ranging between $8,500 and $9,000."

Washington Times

[Opinion]

The Only Way Out of Our Multiemployer Pension Crisis Is Through Bipartisan Compromise

"Today, 125 of the 1,400 plans are expected to be insolvent within the next two decades, including the Teamsters' Central States Pension Fund, due to collapse by 2025. Yet the PBGC has assets of just $2.9 billion to cover insured liabilities of $68 billion, as of Sept. 30. The only way out is bipartisan compromise, but the Democratic-controlled House and Republican-controlled Senate are pursuing different solutions."

The Washington Post; subscription may be required

New Plan Tax Credit for Multiple Employer Plan Adopters?

"The provisions of the SECURE Act that were incorporated in the legislation signed last week changed the new plan credit for employers from $500 to a maximum of $5,000 ($250 x number of eligible employees). Would the credit also apply for an employer who currently has no plan but becomes an adopting employer of a 413(c) Multiple Employer Plan?"

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Most Popular Items in the Previous Issue

SECURE Retirement Legislation Becomes Law: Overview of Provisions Affecting Retirement Plans
Morgan Lewis

SECURE Act Becomes Law
Mercer

The SECURE Act's Significant Impact on Beneficiaries
Warner Norcross & Judd LLP