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February 18, 2020 logo logo
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Job Openings

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Bates & Company
Winter Park FL

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Edina MN / Telecommute

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North Haven CT

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Aimpoint Pension
Pompano Beach FL / Telecommute

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The MandMarblestone Group, llc
Philadelphia PA / Telecommute

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Webcasts, Conferences

Introducing the Latest Update to Fi360's Prudent Practices

Stewardship and Employee Ownership Culture
February 18, 2020 WEBCAST
National Center for Employee Ownership [NCEO]

IRS and PBGC Audits of Defined Benefit Plans
March 25, 2020 WEBCAST
American Society of Enrolled Actuaries [ASEA]

►See 111 Upcoming Webcasts and Conferences

►See 1469 Recorded Webcasts


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[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 25

"Regulation Best Interest (Reg BI) and the Interpretation Regarding Standard of Conduct for Investment Advisers (RIA Interpretation) require that broker-dealers and investment advisers evaluate the account types their firms offer -- in light of the investor's investment profile -- to make a best interest recommendation. In other words, both types of firms, and their advisors, must first consider the account type that is appropriate for the investor. That raises the obvious question of 'What is an account type?' "


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Plan Advisers Get Some Relief on Proposed California Privacy Regs

"[T]he proposed changes to the law arguably show that a single disclosure from an employer about the data gathered for benefits plans is sufficient, meaning that not every service provider or adviser serving a plan would have to make subsequent disclosures ... The new law tasks employers with notifying employees and job candidates about what data the company keeps. Employers must also take steps to ensure that the information is secure."

InvestmentNews; subscription may be required

Another Lawsuit Challenges Use of Participant Data (PDF)

"[The complaint includes claims that] 'Defendants allowed the Fidelity Defendants to use Plan participants' highly confidential data, including social security numbers, financial assets, investment choices, and years of investment history to aggressively market lucrative non-Plan retail financial products and services, which enriched Fidelity Defendants at the expense of participants' retirement security.' [The] Complaint alleges that Fidelity is a party-in-interest and owes a fiduciary duty to the Plan participants and beneficiaries[.]" [Harmon v. Shell Oil Co., No. 20-021 (S.D. Tex. complaint filed Jan. 24, 2020)]

Experiential Wealth

New Orleans Employees' Retirement System Claims Mattel and Auditing Firm PwC Misled Investors

"The lawsuit claims the company understated its income tax expense by $109 million in the third quarter of 2017 and then worked with its auditor, PwC, to manipulate its accounting to conceal this misstatement, according to the suit." [New Orleans Employees' Retirement System vs. Mattel, No. 20-1056 (C.D. Cal. complaint filed Jan. 31, 2020)]

What 'Rothifying' 401(k)s Would Mean for Retirees

"One idea ... is to repeal the current structure of pretax contributions to retirement accounts in favor of a system where contributions would come only from after-tax income -- as contributions to Roth IRAs do now.... Rothification ... could be given new life by the government's current enormous need for revenue to plug budget gaps and rein in the nation's debt.... How would such a system affect workers saving for retirement? The short answer: poorly."

The Wall Street Journal; subscription may be required


Do you know where your distributions are?

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An Introduction to Police and Fire Pensions

"[1] Pension and retiree health benefits for public safety workers are more expensive than those of other local government workers, largely due to earlier retirement ages. [2] Perhaps surprisingly, though, their retirement benefits make up only a very small share of total local government spending. [3] Some evidence suggests that public safety workers could work longer, which may have implications for plans' retirement age. [4] However, raising retirement ages would have little impact on government finances, particularly since it might involve higher wages to maintain a quality workforce."

Center for Retirement Research at Boston College

Railroad Retirement Board: Retirement, Survivor, Disability, Unemployment, and Sickness Benefits (PDF)

16 pages. "The Railroad Retirement Act (RRA) authorizes retirement, disability, and survivor benefits for railroad workers and their families. RRA is financed primarily by payroll taxes, financial interchanges from Social Security, and transfers from the National Railroad Retirement Investment Trust (NRRIT). Railroad retirement payroll taxes have two tiers: the Tier I tax is essentially the same as the Social Security payroll tax and the Tier II tax is set each year based on the railroad retirement system’s asset balances, benefit payments, and administrative costs." [Report RS22350, updated Feb. 14, 2020]

Congressional Research Service [CRS]

Planning for Retirement: How to Calculate Your Life Expectancy

"Most people plan for retirement using an estimate of their life expectancy.... Here are some strategies for estimating how long you will live: [1] Consider the average life expectancy. [2] Use a life expectancy calculator. [3] Factor in your health. [4] Plan for a long life."

U.S. News & World Report

Benefits in General

Multiemployer Trustee Boards: Takeaways From a New Survey

"Significant expected turnover on multiemployer benefit fund trustee boards and the increasing complexity of serving as a trustee are among the key challenges faced by these boards. To address this changing landscape, trust funds are deploying a wide range of initiatives to recruit, select and retain the next generation of trustees."

International Foundation of Employee Benefit Plans [IFEBP]

Press Releases

Upcoming Events About Retirement Plans or Executive Compensation

Feb. 19
Sizing Up The SECURE Act
Ogletree Deakins
Fee is required
Feb. 20
Basics of Qualified Retirement Plans: Session 3
Fee is required
Feb. 20
Voluntary Fiduciary Correction Program
Employee Benefits Security Administration [EBSA], U.S. Department of Labor
Feb. 20
Answering the SECURE Act Insecurities
Feb. 20
Step 4 of the Fiduciary Process: Monitoring the Client Engagement
Feb. 20
Is Your Plan Data Secure? Best Practices for 2020
Worldwide Employee Benefits Network [WEB] - New York Chapter
Fee is required
Feb. 24
IRA Institute
Fee is required
Feb. 25
Accredited Investment Fiduciary Designation Training
Fee is required
Feb. 25
Accredited Investment Fiduciary Designation Training
Fee is required
Feb. 25
Accredited Investment Fiduciary Designation Training
Fee is required
Feb. 25
A Deep Dive on RMDs
Western Pension & Benefits Council
Fee is required

Most Popular Items in the Previous Issue, 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

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020, 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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