401(k) Administrator
Pollard & Associates, Inc.
in MD

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FSA Regs Transformed: Employer Action Items -- Recorded
January 13, 2014 WEBCAST
(Employee Benefit Adviser)

Wellness Plan Trends for 2014 -- Recorded
January 16, 2014 WEBCAST
(Employee Benefit Adviser)

Understanding the Patient Protection and Affordable Care Act Workshop
February 27, 2014 in MA
(Employee Benefits Security Administration (EBSA), U.S. Department of Labor)

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Text of PBGC Final Regs on Payment of Premiums; Large-Plan Flat-Rate Premium
"[The PBGC] is moving the flat-rate premium due date for large plans to later in the premium payment year -- to the same date as the variable-rate premium due date for such plans -- starting with the 2014 plan year. Thus, large calendar-year plans' 2014 flat-rate premiums will be due October 15, 2014. This action implements part of a PBGC project to make its premium rules more effective and less burdensome by simplifying due dates, coordinating the due date for terminating plans with the termination process, making conforming and clarifying changes to the variable-rate premium rules, providing for relief from penalties, and making other changes. The rest of the project will be implemented by a separate final rule." (Pension Benefit Guaranty Corporation)

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An enrolled retirement plan agent (ERPA) is an individual who has been approved by the IRS to practice before the IRS on certain retirement plan issues. Become a member of the elite group of IRS-designated ERPAs and register for the exam today!

Text of PBGC Monthly Interest Rate Statement, December 31, 2013
"The immediate interest rate for valuing lump sum payments for the month of January 2014 is 1.75% and the deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%.... The spot first, second, and third segment rates for determining the variable rate premium amount for premium payment years commencing in December 2013 are, respectively, 1.19%, 4.53%, and 5.66%. The spot first, second, and third segment rates for determining the variable rate premium amount for premium payment years commencing in November 2013 were, respectively, 1.24%, 4.47% and 5.52%." (Pension Benefit Guaranty Corporation [PBGC])

Lump Sum Windows: It's in the Details (PDF)
"A one-time lump-sum cash-out opportunity offers many advantages to both participants and plan sponsors ... [P]ractical administrative issues to look at to ensure that the final results match your company's business goals: [1] Condition of data; [2] 'Missing' participants; [3] Choosing the optimal lump-sum window; [4] Milestones and other deadlines; [5] Participant communications; [6] Expectations and definition of success; [7] Activity after window is closed." (Milliman)

Calculating the 'Replacement Rate' Needed During Retirement
"Some people may find that their actual replacement rate is under 54 percent ... [C]onsumption tends to decline as they settle into retirement. Many expenses also go away, such as Medicare and Social Security taxes.... [H]ow much you need is contingent on many factors." (Michelle Singletary in The Washington Post; subscription may be required)

The Benefits of Incorporating a Full Range of Lifestyle Options on an Investment Menu
"While the inclusion of at least one lifestyle option on a Plan's investment menu is a strong positive, a single lifestyle option is unlikely to meet the investment objectives of all participants. Therefore, a Plan's investment menu would be further enhanced by the inclusion of a coordinated family of lifestyle options that would provide investment solutions for a wide range of participants, ranging from extremely risk tolerant and/or fairly new to the workforce to extremely risk adverse and/or in retirement. Likewise, lifestyle providers that offer a full family of options, covering the entire risk/reward spectrum, should recognize that individuals with similar time horizons may have varying investment goals." (Manning & Napier)

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Securing Brighter Futures with New Opportunities in QDIAs - Feb. 24-25, Boston

Hear directly from plan sponsors, advisors and industry leaders on the latest trends in default investment alternatives -- managed accounts, target-date, balanced funds, target-risk, and stable value. Mention FMP164 during registration for 10% discount.

As Equities Surge, Corporate Pensions Approach Fully Funded Status
"Defined benefit plans are finally climbing out of the hole. Now their sponsors face a new set of issues, like whether to retain a plan or not.... The last time corporate pension sponsors enjoyed such a happy New Year was 2007. Lacking a crystal ball, corporations for the most part made no special effort to maintain pension surpluses, even as they stood on the edge of crisis and recession. This time will be different ... as sponsors look to take advantage of their recent good fortune and lessons learned from the financial crisis." (Institutional Investor)

Corporate Pension Plan Funding Levels Increased Sharply in 2013
"The pension funded status of the nation's largest corporate sponsors increased sharply in 2013 due primarily to rising interest rates (which lowered liabilities) and a strong stock market ... 2013 pension plan funding levels increased by 16 percentage points to reach their highest levels since 2007." (Towers Watson)

Change in Average 401(k) Account Balances as of January 1, 2014 (PDF)
Report shows change in average account balances grouped by age and tenure, from January 1, 2011 through December 1, 2013, for "consistent" participants (those who had an account balance at the end of each of those years). (Employee Benefit Research Institute [EBRI])

Top Ten New Year's Resolutions for Retirement Plan Fiduciaries
"[10] Obtain/review fiduciary liability insurance policies/riders.... [9] Consider retaining professionals and other service providers to help perform certain fiduciary tasks.... [8] Conduct a compliance review of your plan documents.... [7] Adopt, review, and if necessary revise, your plan's investment policy statement.... [6] Hold regular plan fiduciary/committee meetings.... [5] Monitor performance of investment funds and investment managers.... [4] Review and monitor plan expenses and fees.... [3] Consider an audit to ensure compliance with the ERISA 404(c) and qualified default investment alternative (QDIA) requirements.... [2] Provide fiduciary education and training to plan fiduciaries.... [1] Practice procedural prudence." (Benefits Bryan Cave)

Understanding the Two 5-Year Rules for Roth IRA Contributions and Conversions
"[T]he first 5-year rule applies to Roth contributions and determines whether earnings will be tax-free, while the second 5-year rule applies to Roth conversions and determines whether conversion principal will be penalty-free. Each of the 5-year rules are measured from the beginning of the tax year for which they apply, which means in reality tax-free earnings or penalty-free conversion principal may be accessible in less than 5 years in certain circumstances.... Ultimately, being able to effectively navigate the various Roth 5-year rules creates several planning opportunities as well." (Michael Kitces in Nerd's Eye View)

A Case for Index Fund Portfolios
"A prudent mutual fund selection strategy is important to an investor's wealth accumulation.... Overwhelming evidence is found in support of an all-index-fund strategy.... The probability of outperformance using the simplest index fund portfolio started in the 80th percentile and increased over time. A broader portfolio holding multiple low-cost index funds nudged this number closer to the 90th percentile. These results have significant and practical implications for investors seeking a strategy that can give them the highest chance of reaching their investment goals." (IndexUniverse)

Machinists Chief Once Called Pensions 'Sacred'
"The national union chief who has forced a vote on a pension-freezing Boeing contract proposal once called those retirement plans sacred and derided alternatives as risky.... Tom Buffenbarger has advised union members about the importance of protecting defined-benefit pensions. He also warned that the union shouldn't 'fall prey to the trap that's been set elsewhere by other companies and other industries where we don't have pensions for new hires.' Boeing workers, predominantly in the Puget Sound area, are set to vote Friday on a proposal that would freeze existing pensions and deny fixed pensions to new employees." (Reuters via Yahoo News)

The Top Five Reasons Congress Should Reform Social Security in 2014
"Social Security has spent more than it received in taxes for each of the past four years.... Social Security will run an average deficit of 12 percent over the next decade.... While technically considered solvent, Social Security is already adding to the federal deficit.... Without reform, Social Security benefits drop 23 percent by 2033.... Payroll taxes would have to rise by one-third to cover the 2033 shortfall." (The Heritage Foundation)

District Court Finds Waiver of Right to Civil Action Upon Electing Independent Review Was Ineffective
"[N]either the letters nor the Grievance and Appeal Rights enclosure 'includ[es] a statement of the claimant's right to bring a civil action under section 502(a) of the Act following an adverse benefit determination on review[.]' 29 C.F.R. 2560.503-1(g)(1). The language that Defendant points to in the Grievance and Appeal Rights enclosure is not a statement of Plaintiff's right to bring a civil action. Defendant argues Plaintiff should have inferred this right based on that language. I disagree. In addition to being hidden in a paragraph that focuses on the IRO process, a statement that requires Plaintiff to infer that she has a right to sue does not meet the requirements of the regulations. I find that Defendant's notification was inadequate to alert Plaintiff to her right to file a civil action and thus, Plaintiff did not waive her right to sue." [Yox v Providence Health Plan, No. 3:12-cv-01348-HZ (D.C. Oregon Dec. 13, 2013)] (U.S. District Court for the District of Oregon)

Text of Comments by SHRM to SEC on Proposed Pay Ratio Disclosure Rules (PDF)
"The Commission should limit the employees included in the identification of the median employee to those employed within the United States or who are paid through a U.S. payroll system.... The final rule should allow employers to annualize the compensation of non-full-time employees.... The Commission should establish a safe harbor method which provides for estimating median employee compensation, such as through the use of a formula or algorithm.... SHRM recommends that the initial compliance date be at least two years from the effective date of the final rule. Such a delay would allow employers to gather necessary information, and to review various approaches for compliance.... Finally, the pay ratio disclosure provided by registrants to the Commission should be considered to be 'furnished' rather than 'filed'.... By requiring that these disclosures be 'filed' in an annual or quarterly report, a registrant's chief executive officer and chief financial officer will be required to certify the accuracy of the disclosure pursuant to Section 302 of the Sarbanes-Oxley Act of 2002." (Society for Human Resource Management)

Cities Have New Website Options to Communicate Benefits To Employees with Colonial Life Colonial Life

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