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Christian Retirement Ministries
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The Newport Group
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United Retirement Plan Consultants
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Goldleaf Partners
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A National Trade Association
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Plan Sponsor Basics: Preparing for and Managing Plan Audits
September 10, 2014 WEBCAST
(Morgan Lewis & Bockius LLP)

Retirement Plan Hot Topics
September 11, 2014 WEBCAST
(IRS [Internal Revenue Service])

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NIPA [National Institute of Pension Administrators]

Procedure and Checklist for Missing Participants in Terminated DC Plan
"If the plan fiduciary reasonably determines that a missing participant cannot be located after completing the 'Required Search Steps' and 'Additional Search Steps' (if required), then the plan fiduciary may distribute the missing participant's benefit in accordance with the 'Distribution Steps.' If the plan fiduciary properly distributes the missing participant's benefit, the individual will no longer be covered under the plan, and the benefits will no longer constitute 'plan assets' that are protected under ERISA." (Quarles & Brady LLP)

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ASPPA Annual Conference on October 26-29 in Washington DC

We don't just set the bar, we're constantly raising the bar for America's Retirement. And we unleash that tenacity at every ASPPA Annual Conference.

Section 4062(E) Liability in Transition: Planning for an Uncertain Future (PDF)
10 pages. "Both the PBGC moratorium and the HELP Committee's action, which follow a number of noteworthy 4062(e) developments over the past eight years, appear to reflect an increasing momentum for reform. These two key developments highlight the importance of the need for awareness of -- and effective planning regarding -- potential 4062(e) issues in a regulatory and legislative environment that could change significantly in the near-term -- whether as a result of policy or regulatory changes within PBGC or as a result of the enactment of reform legislation, or some combination of both." (Keightley & Ashner LLP, via Bloomberg BNA Pension & Benefits Daily)

IRS Employee Plans News Issue 2014-13, September 2, 2014 (PDF)
Topics: [1] Changes to 81-100 group trust rules -- include allowing assets in an insurance company's separate account to be invested in a group trust under certain conditions. [2] Retirement plan hot topics Webinar: September 11 at 2 p.m. EDT. (Internal Revenue Service [IRS])

Text of Enrolled Actuary Program Booklet, Revised August 20, 2014 (PDF)
36 pages; covers [1] November 2014 Pension EA-2 (Segment F) Examination; [2] May 2015 Basic (EA-1) Examination; and [3] May 2015 Pension EA-2 (Segment L) Examination. (Joint Board for the Enrollment of Actuaries [JBEA]; American Society of Pension Professionals And Actuaries [ASPPA]; and Society of Actuaries [SOA])

DOL Requests Information on Brokerage Windows in 401(k) Plans
"In background comments to the RFI, the DOL notes its concern ... that brokerage windows have been marketed by some providers as a device to avoid making the disclosures required under the participant-level fee disclosure regulations. The DOL had stated in FAB 2012-02R that a plan fiduciary's failure to designate investment alternatives other than a brokerage window raises questions under ERISA's fiduciary duties of prudence and loyalty. With this RFI, the DOL is trying to determine 'how best to assure compliance with these duties in a practical and cost-effective manner.'" (Thomson Reuters / EBIA)

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PSCA's 67th Annual National Conference, Sept 15-18,Turnberry Isle, Miami

Attend PSCA's 67th Annual National Conference, Expanding Perspectives - Adapting to your changing landscape September 15-18, at Turnberry Isle, Miami. Join plans sponsors and industry leaders in General Sessions, Workshops and Roundtables centered around you and your plan. Register NOW!

Court Allows Contract Breach Claims Alleging Failure to Defend Stock-Drop Case
"Federal Insurance Co. was unable to convince a federal district court in Nevada to dismiss complaints against the insurer for its failure to defend a gaming company in a stock-drop case, which the gaming company settled with its employees in June 2013.... [T]he court determined that the question of whether the securities exclusion applied to all of the ERISA claims asserted in the stock-drop case was still an unsettled question of material fact.... The court found that the securities exclusion was sufficiently ambiguous so as to require that the court err on the side of coverage for the ERISA claims and thus deny the summary judgment motion from Federal." [ International Game Technology, Inc. v. Federal Insurance Co. , No. 3:13-cv-00026 (D. Nev. Aug. 26, 2014)] (Bloomberg BNA)

Employer Has No Claim Against Multiemployer Trustees for Mismanagement
"[A] key issue that led to the MPPAA was the problem of employer withdrawals, and how rising costs as a result of the diminished contribution base caused by withdrawals forced further withdrawals that could lead to the demise of pension plans. Granting employers the ability -- as any other interested party -- to sue in court to ensure plans are well-managed will improve the stability of those plans and eliminate the need for employers to withdraw." [ DiGeronimo Aggregates v. Zemla , No. 13-4389 (6th Cir. Aug 14, 2014)] (Seyfarth Shaw LLP)

ERISA Exemptions in Jeopardy: Preparing for a New (and Demanding) Set of Rules (PDF)
"Recent class-action lawsuits have challenged the ERISA exemption claimed by church-affiliated hospital sponsors of defined benefit plans. While the courts debate the issue, what would a negative outcome mean for affected plan sponsors? Perhaps more importantly, what can sponsors do now to position themselves for the possible need to comply with a demanding new set of regulations?" (Russell Investments)

The Financial Status of Private Sector Multiemployer Pension Plans
"While most multiemployer pension plans are finding their financial footing, a substantial minority face serious problems. The key reason is a declining financial base, which results in negative cash flow.... To date, plans have focused on raising contributions and cutting adjustable benefits, with less emphasis on cutting benefit accruals for active workers. Nevertheless, a simple model suggests that one third of 'critical' plans could exhaust their assets within 30 years." (Center for Retirement Research at Boston College)

Public Pension Funds Stay Mum on Corporate Expats
"Public pension funds may be so meek on the issue of inversions because they are conflicted.... Some pension managers say that their job is strictly about generating cash for pensioners and that they shouldn't take other issues into consideration.... Not all officials who oversee pension funds are focused only on the immediate bottom line.... Where are the investors? Happily watching their returns rise." (The New York Times; subscription may be required)

The World's 300 Largest Pension Funds -- Year End 2013
"Assets under management (AUM) of the world's largest pension funds totalled $14.9 trillion in 2013. North America remained the largest region in terms of AUM, accounting for 41.4% of the total worldwide assets. Sovereign and public sector pension funds accounted for 67% of the total assets.... Defined benefit (DB) funds account for 67% of total assets, down from 75% five years ago. During 2013, DB assets grew by around 3%, compared to reserve funds (15%), defined contribution (DC) plans (over 9%) and hybrids (over 8%)." (Towers Watson)

Change in Average 401(k) Account Balances from January 1, 2013 Through September 1, 2014 (PDF)
This report shows change in average account balances grouped by age and tenure, from January 1, 2013 through September 1, 2014, for 'consistent' participants (those who had an account balance as of December 31, 2012). (Employee Benefit Research Institute [EBRI])

More Parents Use Retirement Accounts to Pay for College
"[A recent] survey of 1,601 college students and parents of undergraduate students found that 7 percent of families took a withdrawal from a retirement account to help cover college costs in 2014, up from 5 percent in 2013. The average retirement account distribution also grew from $2,710 in 2013 to $8,870 in 2014. And 1 percent of families took retirement account loans to pay for college, with loans averaging $5,062 in 2014, up from $3,952 in 2013." (U.S. News & World Report)

Managing Your Spending in Retirement -- It's Not Rocket Science
"This is not a 'set-and-forget' process. You need to periodically [revisit this process] to reflect investment gains and losses, changes in assumptions, deviations of actual spending from the budget or other changes.... Under [the author's] smoothing algorithm, you generally increase your budget by the increase in inflation over the previous year unless your budget falls outside a 10% corridor around the 'actuarial value' produced by the spreadsheet. Depending on actual results, your budget may increase or decrease from year to year." (Ken Steiner, FSA Retired)

Fastest-Growing Part of the Pension Universe, Cash Balance Plans Could Become as Numerous as 401(k) Plans
"Advantages [include]: Higher Deductions ... Age neutral results ... Flexibility in design ... Flexibility in contribution ... Disadvantages [include]: Special rules ... Duplications ... PBGC premiums ... Unfunded Liabilities." (Retirement Management Services)

Text of Actuarial Note 2014.1: Unfunded Obligation and Transition Costs for the OASDI Program (PDF)
"The purpose of this actuarial note is to present, explain, and clarify the various measures of unfunded obligation and transition cost used in the context of the OASDI program.... Estimates of the open group unfunded obligation for the 75-year projection period are given in Table 1 for annual valuation dates starting with January 1, 1979... Estimates of the open group unfunded obligation for the infinite future are also shown ... for valuation dates of January 1, 2003 through January 1, 2014... Table 2 separates the unfunded open group obligation over the infinite future in to two components from a generational perspective." (Office of the Chief Actuary, U.S. Social Security Administration [SSA])

ERISA's 40th Birthday -- Private Plan Performance
"Many describe the 70's and earlier as the 'good old days' for retirement: 25% of those over 65 in 1975 reported pension income ... There are about 700,000 plans today as compared to 300,000 when ERISA was enacted.... The proportion of workers who are active retirement plan participants has increased from under 40 million to over 85 million, and that it is about the same proportion of the workforce as it was in 1975. The proportion of participants gaining vested benefits has more than doubled, as vesting periods have grown shorter, with 46% of workers participating and 43% of workers having vested rights." (Dallas Salisbury, Employee Benefits Research Institute [EBRI])

A Landmark Law at 40: How Well Is It Protecting Workers' Retirements?
"Evidence is mounting that we need to get focused on income again. Performance of the defined contribution system is a mixed bag. Some higher-income workers have accumulated sizable sums, though most don't have a clue how their nest eggs will translate into income. Lower-income workers have negligible savings. Most public sector workers are covered by defined benefit pensions, but coverage in the private sector has evaporated since ERISA's passage." (Reuters)

Let's Save Retirement ... by Killing the 401(k)
"[A] recent paper calls for wholesale changes to the way Americans currently save for retirement, including suspending all defined contribution savings arrangements because 'they are complex, costly, and challenging for employers and employees to manage.' ... Perhaps the most egregious aspect of this proposal to 'save retirement' is that not only does it eliminate any incentive for employers to contribute money for their employees' retirement, but it actually seems to penalize workers for those contributions. This would have a terrible impact on the vast majority of the 60 million or more working Americans currently participating in employer-sponsored defined contribution plans." (National Association of Plan Advisors [NAPA])

Unhappy 40th Birthday, ERISA: So Much for Retirement Security
"From 1974 to 2004 the percentage of Americans covered by a pension shrank from 44 percent to 17 percent ... Companies instead set up 401(k) plans, which were never intended to be a retirement plan but a supplement to an existing pension ... As a result, we are looking at a retirement catastrophe. According to the Federal Reserve Board, the median amount saved for those age 55 to 64 was $100,000 in 2010 -- or a measly annual income of $4,000, or about $77 a week." (Jane White, via The Huffington Post)

What If ERISA Had Applied to Public Plans Too?
"[H]owever you choose to address the question of funding, you cannot legislate away the fact that good pension provision is expensive. You cannot legislate away the fact that guarantees cost money, and the cost is often felt at the times you least can afford it. You cannot make pension provision cheaper by ignoring, denying or disguising the cost: chickens come home to roost eventually." (Russell Investments)

The False Premise of Retirement Planning
"The reason this discussion about ways to secure a financially secure retirement has been going on for years and posing the same limp answers to complex questions, is that it intentionally avoids the essential political component which is at the base of the answer about why one-third of average working Americans do not have enough to retire in comfort, including many who will suffer a serious decrease in their quality-of-life in retirement." (MutualFundReform.com)

Is a Country Wide Pension System Needed? No!
"The pension system is not broken. The pension system does not need 're-energized'. And 401k plans are not trees. On a plan by plan basis they can change, and for the better. At greater issue is corporate and individual apathy, and a general lack of financial acumen, not the 401k plan. The foundation of the 401k plan is fine." (Tom Zgainer, America's Best 401k)

Ninth Circuit Upholds 'Right to Control' as Primary Test of Independent Contractor or Employee Status
"The court held that the primary factor in determining whether a worker is an independent contractor or employee in California is the right to control the manner or means by which a result is obtained, regardless of whether that right is exercised. The court found the evidence overwhelmingly established that FedEx Ground retained the right to control the manner and means by which the work was performed. While drivers might have been permitted limited freedom to make certain decisions in performing the work, FedEx Ground retained all necessary control over the drivers." [ Alexander v. FedEx Ground Package System, Inc. , No. 12-17458 (9th Cir. Aug. 27, 2014) and Slayman v. FedEx Ground Package System, Inc. , No. 12-35525 (9th Cir. Aug. 27, 2014)] (Kilpatrick Townsend)

ERISA Advisory Council to Meet on September 22 (PDF)
"[T]he 173rd open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be held as a teleconference on September 29, 2014.... The purpose of the open meeting is to discuss report s/recommendations for the Secretary of Labor on the issues of [1] PBM Compensation and Fee Disclosure, [2] Outsourcing Employee Benefit Plan Services, and [3] Issues and Considerations around Facilitating Lifetime Plan Participation." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

40 Years of ERISA: Test Your Recollection
"ERISA has been modified by many pieces of legislation since it was signed into law on this day in 1974. In honor of ERISA's 'Big 4-0' we invite you to [1] find all of the abbreviations below for different acts that have amended ERISA and [2] come up with the full name for each abbreviated act." (Benefits Bryan Cave)

Text of Comments by American Academy of Actuaries to GASB on Exposure Draft on Reporting for Pension Plans Not Administered Through Certain Trusts, and Amendments to Certain Provisions of GASB Statements 67 and 68 (PDF)
"For pension plans that are not administered through trusts, the pay-as-you-go benefit payments can increase rapidly due to retirements. Consequently, we suggest that the Notes to the financial statements include a disclosure of the projected benefit payments for current members for the next ten years.... Given an objective of preventing the use of a discount rate equal to the long-term expected return when assets are not actually expected to accumulate significantly in advance of paying the benefits, we recommend GASB develop appropriate additional parameters to the crossover test while retaining the basic structure established in GASB 67 and 68." (Public Plans Subcommittee, American Academy of Actuaries)

Financing the Golden Years Among Senior Retail Executives
"The retail sector has demonstrated keen sensitivity to the potential financial impact of having unfunded benefit plan liabilities. This sensitivity is reflected in the fact that 88% of [non-qualified deferred compensation] plans sponsored by retail corporations are informally funded, according to [a] recent survey; this compares to only 75% of overall responses to the survey. Corporate-owned life insurance has emerged as the prefer red informal funding vehicle being utilized to reduce the risk of these unfunded benefit obligations." (Fulcrum Partners LLC, via PSX Magazine)

Segal Rogerscasey Adds Senior Investment Consultant Segal Rogerscasey

The Unified Trust Company Chooses Axis Retirement Analytics Platform's Efficient and Transparent Benchmark Reporting Castle Rock Innovations

OneAmerica Completes Acquisition of City National Bank Retirement Services Division OneAmerica Financial Partners

Voya Financial Debuts Brand Campaign To Consumers; Launches New Advertising And Website Voya Financial

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