ASPPA

Retirement Specialist
District of Columbia Retirement Board
in DC

Plan Administrator
The Newport Group
in CA, FL, TX, VA

Part-time Retirement Planning Consultant
Transamerica Retirement Solutions
in MI

Executive Assistant - Investment Industry
Financial Services Firm
in PA

Retirement Plan Consulting Actuary
Shore Tompkins Actuarial Resources
in IL

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Spring 2014 Policy Forum
May 15, 2014 WEBCAST
(EBRI [Employee Benefit Research Institute])

No Time to Slow Down ? Looking Ahead to 2015 HIX Open Enrollment
May 29, 2014 WEBCAST
(Deloitte)

Medical Savings Accounts and Cafeteria Plans Under the ACA ? What PEOs Need to Know!
June 3, 2014 WEBCAST
(National Association of Professional Employer Organizations (NAPEO))

DOL Consolidates Its Strengths In Revolutionizing ERISA Plan Enforcement
June 11, 2014 WEBCAST
(Fiduciary Doctors LLC)

401(k) Plan Workshop 2014 - Denver
June 12, 2014 in CO
(SunGard Relius)

401(k) Plan Workshop 2014 - Norfolk
June 12, 2014 in VA
(SunGard Relius)

401(k) Plan Workshop 2014 - San Francisco
June 12, 2014 in CA
(SunGard Relius)

Selling Ancillary Products on Private Exchanges: New Opportunities for Health Plans
June 18, 2014 WEBCAST
(Atlantic Information Services, Inc)

Medical Pharmacy ? The Future of Pharmacy Benefit Management
June 19, 2014 WEBCAST
(Atlantic Information Services, Inc)

2014 Webinar: QRP Beneficiary Rollovers to Inherited IRAs
June 24, 2014 WEBCAST
(Ascensus)

2014 Fall Forum
September 22, 2014 in IL
(Ascensus)

View All Webcasts and Conferences

Text of IRS Notice 2014-37: Mid-Year Amendments to Safe Harbor Plans with Respect to the Windsor Decision (PDF)
"May a sponsor of a Section 401(k) or (m) safe harbor plan adopt a mid-year amendment pursuant to Q&A-8 of Notice 2014-19? Yes. A plan will not fail to satisfy the requirements to be a Section 401(k) or (m) safe harbor plan merely because the plan sponsor adopts a mid-year amendment pursuant to Q&A-8 of Notice 2014-19." (Internal Revenue Service [IRS])

[Advert.]

Fiduciary Responsibilities Webcast: What Every TPA Should Know

Join John Griffin, J.D., LL.M. for a discussion of what you, the qualified retirement plan service provider, need to know about your ERISA fiduciary responsibilities. June 12th. 2 CE Credits. Click here for more info.

PBGC Monthly Interest Rate Update for June 2014
"The immediate interest rate for valuing lump sum payments for the month of June 2014 is 1.25% and the deferred interest rate I1 is 4.00%, I2 is 4.00%, and I3 is 4.00%. (The immediate interest rate for May 2014 was 1.50% for lump sum payments; the deferred interest rate I1 was 4.00%, I2 was 4.00%, and I3 was 4.00%.)" (Pension Benefit Guaranty Corporation [PBGC])

Text of Seventh Circuit Opinion: Statute of Limitations Applies Separately to Participants' Knowledge of Flawed Decision Process and to Actual Knowledge of Alleged Breach (PDF)
"There is no doubt that the harm alleged by plaintiff was based on the substantive terms of the buy-out, but knowledge of an unwise decision does not amount to 'actual knowledge' of an imprudent process, which is an independent breach of fiduciary duty. The district court's conclusion overlooked the procedural dimension of a fiduciary's duties under ERISA and the ability of a plaintiff to show she was harmed by a fiduciary's substantive decision precisely because the fiduciary violated ERISA by failing to comply with its procedural obligations." [Fish v. Greatbanc Trust Co., No. 12-3330 (7th Cir. May 14, 2014)] (U.S. Court of Appeals for the Seventh Circuit)

Making Sense of the Uncashed Retirement Plan Check Dilemma (PDF)
"The [DOL] holds that each distribution remains a plan asset until the check is cashed or a wire transfer is successfully made. If the funds for these checks are held in an interest-bearing account, this 'Float' arrangement is subject to scrutiny by the DOL. To make matters worse, the DOL and [IRS] have not clearly defined a resolution to this problem." (Inspira)

The Impact of the Upcoming DOL Fiduciary Regulation on Small Business Retirement Plan Coverage and Benefits
"Almost 30 % of small businesses with a plan indicate that it is at least somewhat likely that they would drop their plan if this regulation were to go into effect. Almost 50% of small businesses with a plan say that it is at least somewhat likely that the regulation would result in them reducing their matching contribution, offering fewer investment options, and increasing fees charge d to participants.... Over 80% rate the job that their current advisor or record-keeper does as very good or excellent when it comes to investment selection and over 90% are at least somewhat satisfied with the plan's investment options." (Greenwald & Associates)

[Advert.]

Please join us for our 3rd Annual ftwilliam.com Customer Conference!

Sign-up for our 3rd Annual ftwilliam.com Customer Conference, August 3-5 in downtown Chicago! Earn CE credits while learning about the latest industry news and trends, interacting with your peers, and learning more about your ftwilliam.com software tools.

Reexamining the 'To Versus Through' Debate: What New Research Tells Us About Target Date Glidepaths (PDF)
"[T]he goal of the research ... is to create a single unified framework for exploring a wide range of lifecycle investing questions. The research builds on a substantial body of academic work and seeks to incorporate investor preferences, validated by real-world income and spending data, into a single framework.... [T]he 'to versus through' debate offered us an opportunity to demonstrate the framework's value by answering and moving the debate past a persistent question." (BlackRock)

Target Date Funds Gaining Popularity with Retirement Plan Participants
"First-quarter 2014 data ... show that 26.9 percent of assets were invested in asset allocation accounts ... There are differences in the acceptance of asset allocation strategies by gender and generation. In the first quarter, 28.4 percent of women's assets were allocated to asset allocation accounts as opposed to 27.7 percent by men. Those allocations have increased in the past five years by 42 percent for women and 38 percent for men." (MassMutual)

Investors Paid Lower Expense Ratios for Equity Funds in 2013, Downward Trend Continues
"In 2013, the average expense ratio that investors paid for equity funds saw a substantial decline -- to 74 basis points (0.74 percent), representing a drop of 3 basis points from 2012. The average expense ratio of bond funds remained unchanged at 61 basis points, consistent with a small percentage decline in the total assets of bond funds last year. The average expense ratio of hybrid funds rose by 1 basis point in 2013, to 80 basis points." (Investment Company Institute [ICI])

Investment Strategies and Plan Funding Since the Financial Crisis
"Between 2008 and 2013, plan sponsors that had already shifted to a majority bond approach outperformed stock-heavy investors. Over the six years of the study, the asset/liability hedging in plans with an LDI strategy reduced funding volatility. To minimize the timing risk associated with switching pension investment strategies, sponsors might consider dynamic asset allocation or DB glide paths." (Towers Watson)

Investment Company Fact Book, 2014 Edition (PDF)
294 pages. "Each of the chapters, as well as the extensive set of data tables, provides insights about funds and their investors. The Fact Book's comprehensive summary ... provides the public and policymakers a reliable, ongoing source for data and analysis." (Investment Company Institute [ICI])

A Consideration of Pension Plan Risk
"While 2013 seemed to be a favorable year for pension plans, 2014 has the opportunity to deplete those good fortunes of returns and discount rates. Mortality rates continue to change and actuaries are seeing that participants in plans are living two to three years longer, the effect of which could be an increased obligation of 2% to 8%." (Schneider Downs)

LDI Managers Cash in on Waning Corporate Pension Business
"Last year marked a turning point for corporate pension plans as a bull market in equities and higher interest rates got them closer to being fully funded and better able to meet promises to beneficiaries. [Liability Driven Investing (LDI)] can be more attractive for better-funded plans: Freed from gunning for growth, corporations can focus on reducing risks.... There's money to be made in LDI and in helping companies mitigate the risks of offering pensions to employees who may live well into their 90s. But that may not last." (Institutional Investor)

Spring 2014 Report of Results from the Survey of Calendar-Year Multiemployer Plans' 2014 Zone Status
"In 2014, 65 percent of [multiemployer pension] plans are in the green zone, up from 61 percent in 2013. Plans in the yellow zone decreased from 11 percent in 2013 to eight percent in 2014. Plans in the red zone fell by 1 percentage point between 2013 and 2014. The PPA '06 funded percentage rose from 85 percent in 2013 to 88 percent in 2014. This year, 26 percent of plans have a PPA '06 funded percentage of 100 percent or more." (Segal Consulting)

ERISA Advisory Council to Meet June 17-19, 2014
"The Advisory Council will study the following issues: [1] Issues and Considerations around Facilitating Lifetime Plan Participation, [2] Outsourcing Employee Benefit Plan Services, and [3] PBM Compensation and Fee Disclosure. The schedule for testimony and discussion of these issues generally will be one issue per day in the order noted above. Descriptions of these topics are [ online ]." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

Pension Providers and Practitioners Caution More PBGC Premiums Will Cost Jobs
"After two years of premium increases to pay for other legislation, additional premium hikes are being considered again as legislators finish work on a transportation bill and other measures that will require new funding sources.... [T]he Pension Coalition, a group of 100 trade associations, professional organizations and companies ... released a study ... showing that further premium hikes on top of increases passed in the last two years could cause up to 42,000 job losses per year, which could cost the economy as much as $51 billion over several years." (Pensions & Investments)

Rep. Camp's Proposed Tax Reforms: Effects on Employee Benefits and Compensation
"The proposed reforms would significantly change the tax treatment of qualified retirement plans and individual retirement accounts (IRAs), thus affecting employee savings and employer plan administration. The reforms would align the rules for 401(k), 403(b) and 457 plans and streamline the types of available retirement savings plans." (Towers Watson)

How Social Security Benefits Are Computed (PDF)
10 pages. Excerpt: "Most proposals to change Social Security outlays would change the benefit computation rules. Evaluating such proposals requires an understanding of how benefits are computed under current law." (Congressional Research Service)

Public Pension Data May Be Untapped Goldmine
"Nearly all (92 percent) of surveyed decision-makers at U.S. public retirement systems believe their organizations would benefit from increased use of data analytics ... There was also substantial agreement on the potential value of analytics by retirement organizations in these critical areas: Analyzing portfolio performance statistics (69 percent); Analyzing portfolio risk (69 percent); Minimizing error and fraud (62 percent); Compliance with reform mandates (46 percent); [and] Streamlining records and transactions (44 percent)." (Accenture)

State Pension Plans' Funding Climbs in 2013 Despite Low Contributions
"[M]edian reported funding ratios of 97 state plans based on actuarial valuations rose to 71.6% in 2013, from 69.1% in 2012. The gains are attributed to strong investment returns that were generally ahead of plan discount rate assumptions. Despite the gain, actual contributions to plans still run short of actuarially calculated annual required contributions, with only 37 of the 91 state plans that provided this information receiving at least 100% of those required contributions." (Pensions & Investments)

Bill Would Exempt Federal Public Safety Officers from Early Distribution Penalty
"The bill, H.R. 4634, would reform the tax code so that federal law enforcement officers and firefighters ... aren't subject to the 10 percent tax penalty on TSP retirement funds and other 401(k)-type plans tapped before the age of 59 and a half. Federal law enforcement employees and firefighters are eligible to retire after 20 years of service at age 50; that group also is subject to mandatory retirement at age 57 because of the physical demands and hazardous nature of their jobs. Border protection and customs officers would also be exempt from the tax penalty under the bill." (Government Executive)

Maryland Governor Creates Private-Sector Retirement Task Force
"Maryland Gov. Martin O'Malley created a retirement security task force to consider ways to expand access for private-sector workers without retirement plans at work.... In addition to considering legislative or regulatory changes, the task force will study how other states and countries approach the issue." (Pensions & Investments)

Illinois Judge Halts Pension Reform Law
"An Illinois judge on [May 14] suspended the state's new pension reform law until lawsuits brought by unions, retirees and others challenging the constitutionality of the overhaul of the retirement system are resolved.... The law was to have taken effect on June 1. It would reduce retirees' benefits and raise the retirement age to save the state nearly $145 billion over 30 years." (Reuters)

PBGC Responds to Study on Premium Increases
"'We agree that PBGC premiums need to be reformed,' said PBGC Director Josh Gotbaum. 'It's important to understand that this Administration and the previous one supported premium reforms. The President's proposal would allow PBGC's Board to both raise and lower premiums in a way that is fair, affordable, and preserves pensions.'" (Pension Benefit Guaranty Corporation [PBGC])

Minnesota District Court Applies De Novo Review, Finds SPD Discretionary Language Ineffectual Where Plan Document Failed to Grant Discretion
"If the Life Policy was ambiguous as to whether it conferred discretion to [the defendant Life Insurance Co. of North America (LINA)], this SPD language may have resolved the ambiguity in LINA's favor. Because the Life Policy is not ambiguous, however, the SPD cannot by itself confer discretion to LINA at beneficiaries' expense." [Bowers v. Life Ins. Co. of North America (LINA), No. 13-891 (D. Minn. May 14, 2014)] (U.S. District Court for the District of Minnesota)

Eighth Circuit Decision Reminds Employers of Importance of Expressly Granting Plan Administrators Discretion to Interpret Plan Terms
"The Eighth Circuit's interpretation of the law in Hall provides employers with a vivid example of the importance of ensuring their plan administrators are granted the discretion to interpret plan terms and determine eligibility for benefits. When plans explicitly provide administrators with such authority, the decisions of plan administrators will be granted much greater deference by the courts and increased protection from challenges based on federal common law." [ Hall v. Metropolitan Life Ins. Co. , No. 13-1332 (8th Cir. May 8, 2014)] (Stinson Leonard Street)

Investigating and Deciding Severance Benefits Claims
"A threshold question for those charged with the responsibility for deciding severance benefit claims and appeals is [often] whether the employee was in fact terminated 'for cause.' ... What is required of plan fiduciaries under these circumstances? May they accept the employer's stated reason for the employee's discharge? Must they conduct an independent investigation into the reasons for the employee's discharge?" (Proskauer's ERISA Practice Center)

Rising Tide Lifted Most Boats in 2013, But What About 2014?
"[C]ompany-specific performance will drive stock prices in the coming months more than overall market movements. Skepticism about potentially weak or mixed financial performance has already started to catch up with some companies. While most companies were winners in 2013, in 2014 the market is differentiating between winners and losers. [This article] examines some of the implications of recent stock market and business trends for executive pay[.]" (Towers Watson)

IHC FORUM & Expo Hits Largest Number of Attendees as Industry Validates Health Care Consumerism Mega-Trend The Institute for HealthCare Consumerism

New Wrap SPD Generator Shatters Price Barriers HR360, Inc.

Merrill Lynch Clear Offers Dynamic Approach to Preparing for and Living Your Best Life in Retirement Bank of America

New ?Pay Or Play? Tools From Unum Help Businesses Evaluate Next Steps In Health Care Reform Unum

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