Relationship Manager (Team Lead) - Institutional Trust & Custody
U.S. Bank
in MN

Relationship Manager - Institutional Trust & Custody
U.S. Bank
in IA

Marketing Manager
Employee Fiduciary, LLC
in ANY STATE, AL, FL

401k Administrator
Guardian Life
in MA

Defined Benefit Administrator
Alliance Pension Consultants, LLC
in IL

Retirement Education Specialist
MassMutual Financial Group
in ANY STATE

Pension Administrator/Consultant
PenServ, Inc.
in NY

Pensions Field Service Manager
Nationwide Financial
in AZ, IL, TX

Pensions Field Services Representative
Nationwide Financial
in CA

Pensions Field Services Representative
Nationwide Financial
in CT, NJ

Pensions Field Service Manager
Nationwide Financial
in GA, OH

Client Relationship Manager
Nationwide Financial
in AZ, CA

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Affordable Care Act 101 Webinar
January 30, 2014 WEBCAST
(U.S. Small Business Administration (SBA))

Summit 2014
May 1, 2014 in IL
(bswift)

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From the IRS: Compliance Issues of Defined Contribution Plans with Less than $250,000 in Assets
"We examined approximately 50 Form 5500 returns of defined contribution plans with: assets valued between $100,000 and $250,000; a plan effective date of January 1, 1997 (or earlier); and disclosed plan distributions.... The two most common issues were: not timely amending the plan to comply with current law, or not having adequate fidelity bonding." (Internal Revenue Service)

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ASPPA On Tour- Coming to a City Near You!

ASPPA on Tour is the ultimate conference experience for retirement plan professionals. With the perfect balance of national and regional content, each of our five stops will stimulate, motivate and challenge you. Registration for LA is now open!

FINRA Holiday 'Reminder': Broker-Dealer Responsibilities for IRA Rollover Recommendations (PDF)
"[M]ost registered representatives and the BDs that supervise them will be surprised by the breadth and depth of the challenging compliance requirements outlined by FINRA in the Notice.... While the Notice applies only to FINRA members, the guidance it contains appears to be a harbinger of the more broadly applicable approach that the [DOL] is likely to take in its effort to change the definition of 'fiduciary' under [ERISA].... The Notice suggests that, at least with respect to the rollover question, FINRA's views are moving into alignment with DOL's and concerns about uncoordinated guidance may be somewhat less compelling." (Groom Law Group)

11th Circuit Discredits Company's Intent for Pension Claim
"[A] corporate employer undergoing bankruptcy reorganization cannot pursue an action for the benefit of its bankruptcy estate, and thus its unsecured creditors, against the employer's former owner for liabilities arising from the termination of a pension plan.... The court said it was the duty of the PBGC to pursue payment of those unfunded benefit liabilities.... 'In this case, the PBGC could have brought an action against members of the former controlled group for termination liability. It declined to do so.'" [ Durango-Georgia Paper Co. v. H.G. Estate, LLC , No. 11-15079 (11th Cir. Jan. 7, 2014)] (PLANSPONSOR.com)

2013 International Pension Plans Survey Finds Savings Feature Gaining in Popularity
"Towers Watson's 2013 Survey of International Pension Plans (IPPs)... offers some interesting insights: IPPs are increasingly viewed as savings plans rather than retirement vehicles. None of the new plans set up in the previous year were defined benefit (DB). A trend noted in last year's survey to cover local workforces in countries that lack tax-efficient retirement vehicles continues to gain momentum. A disproportionate number of plans set up in the previous year were in the Middle East." (Towers Watson)

Retirement Readiness: 2013 Generational Research (PDF)
24 pages. Excerpt: "Millennials (i.e., employees under age 30) ... are struggling with debt and have yet to prioritize saving and investing for their retirement, despite a variety of challenges they will face. Generation Xers (i.e., employees age 30 to 44) have improved in all categories including cash management, but they still trail the younger and older age groups in this area.... Late Baby Boomers (i.e., employees age 45 to 54) have also improved in all categories but their retirement savings could be jeopardized by growing college bills and long-term care costs. Early Baby Boomers (i.e., employees age 55 to 64) are generally in the best financial shape, and an improving stock market has helped bolster retirement and investment confidence. However, a lack of emergency savings appeared as a top vulnerability this year[.]" (Financial Finesse)

How to Reach Participants and Boost Engagement (PDF)
"[S]ervice providers are successfully using simple, direct language to help participants make more effective decisions. That simplicity is effective in one-on-one interactions -- and it's a necessity on social media, where brevity is key. Innovative plan sponsors recognize that participants congregate on social media, and they are tailoring their communications plans to capitalize on this medium's strength." (State Street Global Advisors)

Open-Group Valuations: A Proposed New Funding Method for Certain Public Sector Plans (PDF)
"Open-group valuations include an assumption regarding future plan members, i.e., members who have not yet been hired or have not yet become eligible for plan participation.... The method [the authors] propose entails an open-group forecast 75 years long, a period of the same length that the Social Security Administration uses to study the long-range balance of its programs.... [C]ontribution rates are much more stable under the open-group method, regardless of whether that method includes smoothing of investment gains and losses." (Buck Consultants)

Strengthening the Security of Public Sector Defined Benefit Plans (PDF)
60 pages. Excerpt: "Even if painful actions to date were enough to resolve the underfunding -- and they are not -- the flaws that allowed this underfunding to develop remain in place. It would be a mistake to leave this situation uncorrected.... Bad incentives and inadequate rules allowed public sector pension underfunding to develop. They mask the true costs of pension benefits and encourage underfunding, undercontributing, and excessive risk-taking, trapping pension administrators and government funders in potentially destructive myths and misunderstanding." (The Nelson A. Rockefeller Institute of Government at the State University of New York [SUNY])

Michigan Lawmakers Weigh Aid for Detroit on Pensions
"Opening up the delicate question of how much help the State of Michigan ought to provide its ailing largest city, state leaders are weighing whether to devote hundreds of millions of dollars to help spare the pensions of Detroit retirees, while also saving the city's prized art collection from the risk of sale in bankruptcy.... Details of the proposal, including the precise source of the money, are in flux. But one option would be for Michigan to provide $300 million to $400 million over several decades[.]" (The New York Times; subscription may be required)

Systematic Withdrawal Strategies Examined in Recent Stanford/SOA Study Leave Much to Be Desired
"[T]he paper encourages defined contribution plan sponsors to take steps to make annuity and systematic withdrawal options available to their plan participants. This is a well written paper that makes some excellent points and suggestions. While ... the arguments set forth for including annuity options in DC plans are somewhat more compelling than including specific systematic withdrawal strategies, the only real bone [the author has] to pick with the paper is the choice of systematic withdrawal strategies it [chooses] to discuss and examine." (Kenneth A. Steiner, FSA Retired)

Blip Theory: The Downfall of 401(k) Outcome Theory
"[In] order to get the best outcomes, participants should begin saving at the beginning of their working career, increase the percentage of their pay that they save over time and convert their account balance (one way or another) to an inflation-adjusted annuity for longevity protection. That's great. And, when a smart person models what will happen if a young adult follows this guidance, that person will always be destined to have a highly prosperous retirement. But, it seems that very few people ... are actually on target to have that very prosperous retirement. Why not? What happened?" (Benefits and Compensation with John Lowell)

Deadline Approaches for Reporting Incentive Stock Option Exercises and Employee Stock Purchase Plan Transfers that Occurred in 2013
"For ISO grants and ESPP transfers that occurred in 2013, the required information statements must be provided to employees and former employees no later than January 31, 2014. In addition, employers must file a corresponding return with the Internal Revenue Service (IRS) by February 28, 2014 for paper filings and March 31, 2014 for electronic filings." (Snell & Wilmer L.L.P.)

Dodd-Frank's Pay Versus Performance Disclosure Requirement: What We Can Expect in Rule Timing and Content (PDF)
[T]he required pay and performance disclosure has seemingly received the least amount of public commentary through blog postings or articles.... [T]his lack of public discussion may be due, in part, to the vague language of Section 953(a).... [A]lthough the specifics of the Dodd-Frank pay versus performance disclosure requirement remain unknown, the market appears to be anticipating a multi-year disclosure comparing CEO compensation and company relative TSR performance." (Meridian Compensation Partners, LLC)

Complete Versus Conflict Preemption In ERISA Cases
"When a claimant sues in state court, however, removal to federal court should not be a forgone conclusion just because ERISA issues may be involved. Because only certain types of cases are subject to removal and because of rigid time and procedural requirements, an analysis of whether to remove a case involving ERISA issues must be prompt and informed. This article provides a reminder and summary of one key consideration -- complete versus conflict preemption." (Lewis Roca Rothgerber LLP, via DRI)

City of Detroit Issues Statement on Pension 'Swaps' Settlement and Post-Petition Financing Decision City of Detroit

Constangy's ERISA Practice Grows with Addition of Partner James R. Napoli Constangy, Brooks & Smith, LLP

Actuaries Unveil Critical Approach to Assessing Nation?s Retirement-Income Challenges American Academy of Actuaries

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