ASPPA

Part Time On Call Retirement Planning Consultant
Transamerica Retirement Solutions
in AR, CA, HI, IL, MO, NJ, NY, TN, UT

Trust Officer I - Business Trust & Investments
City National Bank
in CA

Specialist I, Plan Information
National Automobile Dealers Association (NADA)
in VA

Associate Policy Administrator
The Newport Group
in FL

Benefit and Planning Counselor
The Principal Financial Group
in NC

Benefits Specialist
Ice Miller LLP
in IN

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PPA Pre-Approved Plans Workshop - Corbel and PPD Documents - Chicago
May 13, 2014 in IL
(SunGard Relius)

401(k) Plan Workshop 2014 - Chicago
May 14, 2014 in IL
(SunGard Relius)

Tax Forms Workshop: 5500 and More - Chicago
May 15, 2014 in IL
(SunGard Relius)

Due Diligence: A Guide to Evaluating Retirement Investment Advisors
May 21, 2014 WEBCAST
(University Conference Services)

View All Webcasts and Conferences

Text of 2014 PBGC Premium Payment Instructions (PDF)
"Electronic filing is mandatory for all plans.... This document provides information for plans paying premiums for plan years beginning in 2014, including instructions for each data element that must be reported. If you are filing for a previous year, you must follow the instructions for that year." (Pension Benefit Guaranty Corporation [PBGC])

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Text of IRS Notice 2014 28: Treatment of U.S. Persons Owning Stock of Passive Foreign Investment Companies Through Certain Tax-Exempt Organizations and Accounts (PDF)
"The Treasury Department and the IRS believe that the application of the [passive foreign investment company (PFIC)] rules to a U.S. person treated as owning stock of a PFIC through a tax exempt organization or account described in 1.129 8-1T(c)(1) would be inconsistent with the tax policies underlying the PFIC rules and the tax provisions applicable to tax exempt organizations and accounts. For example, applying the PFIC rules to a U.S. person that is treated as a shareholder of a PFIC through the U.S. person's ownership of an [IRA] ... that owns stock of a PFIC would be inconsistent with the principle of deferred taxation provided by IRAs. Accordingly, the Treasury Department and the IRS will amend the definition of shareholder in the section 1291 regulations to provide that a U.S. person that owns stock of a PFIC through a tax exempt organization or account (as described in 1.1298-1T(c)(1)) is not treated as a shareholder of the PFIC. This amendment will affect all regulations that cross-reference the 1.1291-1T(b)(7) and [8] definitions of shareholder and indirect shareholder, including 1.1298-1T(a)." (Internal Revenue Service [IRS])

FINRA's 'Reminder' About Rollovers Is News to Many
"[R]egulators believe that industry practices encourage retirees to make rollovers without a full understanding of their options and the relative costs for each option.... Couched as a 'reminder,' FINRA's year-end Regulatory Notice 13-45 describes practices that many broker-dealers and their registered representatives will find difficult to implement.... The guidance lists ... factors that broker-dealers and their registered representatives must consider and evaluate to determine whether a recommendation to take a distribution and rollover is suitable. In practice, broker-dealer firms and their representatives will have a difficult time obtaining this information." (DrinkerBiddle)

On Remand From Sixth Circuit, State Street Beats Stock-Drop Claim; Presumption Applies
"State Street Bank & Trust Co. is entitled to summary judgment on stock-drop claims by participants in General Motors Corp.'s Section 401(k) plans, because plan participants failed to present evidence sufficient to overcome the presumption of prudence shielding fiduciaries of employer stock plans, the U.S. District Court for the Eastern District of Michigan ruled... [This] most recent decision marks one of the few times a stock-drop case has progressed past the motion-to-dismiss stage of litigation." [ Pfeil et al. v. State Street Bank and Trust Company , No. 09-CV-12229 (E.D. Mich. Apr. 11, 2014)] (Bloomberg BNA)

ING Settles ERISA Class Action Lawsuit Over Revenue Sharing Practices
"In total, ILIAC agreed to pay $14,950,000 in damages and agreed to significant changes to its business practices regarding fees and revenue sharing.... The settlement of $14,950,000 represents just 2.33% of the original damages amount and with the plaintiffs' attorneys requesting $6,200,000 (about 42% of the settlement amount) in fees and $615,000 in expenses, this decreases to 1.3%." (FRA PlanTools, LLC)

Watch Out for the 'Risk' in Derisking!
"From a plan management standpoint, once a plan hits its 'peak liability' -- the inflection point where benefit payments will trump the interest cost and service cost going forward -- a plan sponsor has very little time.... Plan events such as lump-sum windows, group annuity purchases, and even full-scale terminations are quite popular these days as plan sponsors look to reduce the size of their pension plan liability. It's important to remember, though, that these derisking strategies are fiduciary events." (Vanguard)

Nonprofits Caught in Pension Crossfire Between Arnold Foundation, Public Employee Unions
"[I]rate public-employee unions are pressing nonprofits such as public television, the Pew Charitable Trusts and the Brookings Institution to stop taking money from the Houston-based organization. The unions argue that the Arnold Foundation is trying to sway public opinion to support replacing public pensions -- which give workers including police, firefighters and teachers guaranteed benefits at retirement -- with defined-contribution accounts similar to 401(k)s, or hybrid approaches." (The Wall Street Journal; subscription may be required)

Using Your Income Tax Refund as an IRA Contribution
"[If] you're thinking about using that refund to help save for retirement, you're in luck. The IRS allows you to have that refund check directly deposited into an IRA if you follow certain procedures when you file your federal income taxes for 2013." (The Slott Report)

Gen Y Workers Are Optimistic But Realistic About Their Financial Future
"Gen Y says their American Dream will cost $3.1 million in today's dollars.... Saving for retirement tops their list of financial goals, followed by paying off student loans and paying down credit card debt.... Almost two-thirds started saving for retirement at 25. Two-thirds plan to retire after age 65. Nearly half have not calculated the amount of money needed to retire or have a set goal." (The Principal Financial Group)

Why Don't Lower Income Individuals Have Pensions?
"Obtaining an employer pension involves four steps: [1] having a job; [2] working for a firm with a plan; [3] being eligible for the plan; and [4] taking up the plan. For lower-income individuals, the weakest links in this chain are a lack of employment and employment with firms that do not offer a plan. Take-up rates are less of a factor, but will become increasingly important as voluntary 401(k)s continue to replace mandatory defined benefit plans. The most effective policy solution for boosting pension participation would be to provide all workers with access to a plan and automatically enroll them." (Center for Retirement Research at Boston College)

Pace of Pension Reform Ebbs After 49 States Change Laws
"While the sense of urgency has diminished, reform attempts have become a legislative staple, as public retirement systems continue to grapple with unfunded liabilities and political pressure to change. The financial crisis and its aftermath sparked some kind of pension reform in every state except Idaho.... [Most] have taken steps to reduce future pension costs by some combination of increasing employee contributions, raising age and tenure requirements, trimming salary calculation formulas used to set pension levels and shrinking or stopping cost-of-living increases." (Pensions & Investments)

How Much Income Will You Need in Retirement?
"[W]hen viewed in terms of consumption rather than income replacement ... about 70% of individuals age 66 to 69 in the mid-2000s were adequately financially prepared for retirement. But some individuals, given their by education, sex, and marital status, were not financially prepared, most notably single females who lack a high school education. Just 29% of that group is adequately prepared[.]" (USA TODAY)

The Importance of Tax-Efficient Investing
"Tax-smart investors hold tax-efficient investments in taxable accounts and less tax-efficient investments in tax-advantaged accounts.... Tax-advantaged accounts such as Roth IRAs and tax-deferred accounts including traditional IRAs, 401(k)s and deferred annuities are ideal for... Individual stocks you plan to hold one year or less; Actively managed funds that may generate significant short-term capital gains; Taxable bond funds, zero-coupon bonds, inflation-protected bonds or high-yield bond funds; [and] Real estate investment trusts (REITs)." (Lawton Retirement Plan Consulting)

ASPPA Head Brian Graff Blasts Retirement Suggestions from Capitol Hill (and Others)
"[E]veryone talks about tax reform and fiduciary regulations, but ... the bigger threat is a failure of policy makers in DC to understand that retirement policy needs to be looked at from a holistic perspective and not from a parochial view within their own committees. For example, a tax committee will look at retirement policy as a pure tax policy analysis and fail to reflect any thinking on what it means for retirement.... There's no committee with the singular responsibility to look at how to focus on pure retirement policy." (Fiduciary News)

Ninth Circuit: 'Reopening' a Claim, After the Statute of Limitations Has Run, Does Not Waive That Defense
"If the statute of limitations has already run, does the claim administrator 'waive' the statute of limitations defense by agreeing to reopen a claim? NO.... Even when MetLife 'reopened' the claim in 2009, five years after claim denial, the 2004 statute of limitations defense applied, barring the 2011 lawsuit. This also is a good case to review because it discusses how an appeal denial letter should be written, when considering the statute of limitations defense." [ Gordon v. Deloitte & Touche, LLP Long Term Disability Plan , No. 12-55114 (9th Cir. Apr. 11, 2014)] (Lane Powell PC)

IRS Issues Guidance on Benefit Plans, Same-Sex Marriage, and Windsor Case
"IRS Notice 2014-19 only applies to qualified retirement plans. However, non-qualified plans, employment, change in control, severance agreements, and stock incentive plans and award agreements often include the term 'spouse' or a similar reference. Therefore, companies may need to amend some of these." (Winston & Strawn LLP)

Employee Incentives in a Family Owned Business
"You may believe that your family-owned business has no use for stock options. You are not going to issue equity outside of the family, so stock options are of no value with respect to non-family member employees. And your employees that are family member are going to inherit the business, so that is their incentive to perform and grow the business. But what if there are other tools you could be using?" (Davis Wright Tremaine LLP)

New Study Finds Growing Shift in the Benefits Plan Cost Burden from Employers to Employees HighRoads, Inc.

ConnecYourCare Among Twelve Finalists for 2014 TripleTree iAwards for Connected Health ConnectYourCare

Investment Advisor Restores More Than $340,000 To Benefit Plans After US Department Of Labor Finds Pension Rule Violations Employee Benefits Security Administration (EBSA), U.S. Department of Labor

Case Pearlman Retirement Plan Advisors, LLC is Certified for Fiduciary Excellence Centre for Fiduciary Excellence (CEFEX)

Deloitte and Penbridge Advisors Enter into Strategic Alliance for Pension Risk Transfer Advisory Services Deloitte

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