WEB - Worldwide Employee Benefits Network

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

Retirement Plan Associate
Leading Retirement Solutions
in WA

Retirement Plan Administrator/Consultant
Means & Associates
in CA

Pension Administrator
The Benefits Consulting Group, Inc.
in IL

Retirement Plan Sales Consultants
Polycomp Administrative Services, Inc.
in CA

Retirement Benefit Administrator
Ekon Benefits
in MO

Post Your Job

View All Jobs

RSS Feed: All Jobs

HIPAA, HITECH and Privacy - How to Manage Privacy and Security Risks and Considerations
January 15, 2015 WEBCAST
(Worldwide Employee Benefits Network [WEB] - New York Chapter)

HIPAA HITECH 101
January 29, 2015 WEBCAST
(Clearwater Compliance)

View All Webcasts and Conferences

IRS Retirement News for Employers, December 18, 2014 (PDF)
Topics include: Plan sponsors : [1] Set up a plan by December 31; [2] Retirement plan records; [3] Form 5500-SUP; [4] Plan check-ups -- a retirement plan needs regular care; and [5] Correcting common Roth contribution mistakes. Plan participants : [1] Types of retirement plan contributions; [2] Limit your elective deferrals to the annual amount; [3] Saver's credit; [4] IRA year-end reminders; [5] Required minimum distributions; [6] Changes to the IRA one-rollover-per-year rule. Updated : [1] Mark your calendar -- deadlines for retirement plans; [2] Updates from Department of Labor; [3] Publication 1-EP, Understanding the Employee Plans Examination Process (10-2014); [4] Publication 1020, Appeal Procedures Employee Plans Examinations (11-2014); [5] Publication 4810, Specifications for Electronic Filing of Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits. (Internal Revenue Service [IRS])

[Advert.]

Fast, Integrated, Affordable Form 1099 Software.

Wolters Kluwer ? ftwilliam.com offers web-based 1099 Software that will help simplify the 1099 preparation and filing process. Need help with all that printing, mailing and e-filing? Ask about our Service Bureau. We'll take care of that for you.

Important Updates and Upcoming Deadlines Concerning Employee Benefits in Puerto Rico
"On December 15, 2014, the PR Treasury published Tax Policy Circular Letter 14-05 , announcing the limits applicable to Puerto Rico for 2015, including the limits that are incorporated into the Puerto Rico Internal Revenue Code from the U.S. Internal Revenue Code.... Senate Bill P.S. 1189 seeks to extend window period to pre-pay at a reduced rate the tax amounts accumulated under a retirement plan... [The authors] have confirmed with the PR Treasury that an amendment to reflect the outcome of the Windsor decision and the IRS guidance is considered a 'qualification amendment' and, therefore, must be submitted for qualification with the PR Treasury." (Littler)

PBGC Final Regs Clarify Treatment of Benefits Rolled Over from DC Plan If DB Plan Is Terminated and Trusteed by PBGC
"[A] benefit resulting from rollover amounts generally will be in the second highest priority category of the asset allocation among various classes of benefits and will not be subject to the PBGC's maximum guarantee or phase-in limitations.... The PBGC's goal in issuing the final regulations is to promote lifetime income options for employees by removing the fear that the amounts that 401(k) or other DC plan participants rolled over to DB plans would be restricted under guarantee limits should the PBGC step in and pay benefits." (Wolters Kluwer Law & Business)

'Cromnibus' Spending Bill Makes Significant Changes to Law Governing Multiemployer Pension Plans
"The new law makes clear that neither surcharges nor contribution increases required by funding improvement or rehabilitation plans are to be considered (i) to determine a withdrawing employer's allocable share of unfunded vested benefits or (ii) in calculating a withdrawing employer's payment amount. This provision does not apply to increases in contributions other than those required by a funding improvement or rehabilitation plan (for example, contribution increases to provide increased benefits). These changes go into effect for contribution rate increases required during plan years beginning after December 31, 2014." (Littler)

Multiemployer Pension Plan Reform: So Now What?
"The idea behind the 'Multiemployer Pension Reform Act of 2014' is that by making certain changes to multiemployer pension plans, and specifically to underfunded pension plans, PBGC finances will improve. Of course the first part of this repair is that the annual PBGC insurance premiums for multiemployer plans will double to $26 per participant in 2015, and increase over time." (Fox Rothschild LLP)

[Advert.]

Registration Now Open for NCEO Denver Annual Conference

NCEO's 2015 Employee Ownership Conference will take place at the Sheraton Downtown Denver Hotel in Denver, CO from April 21-23, 2015, with afternoon preconference sessions on April 20. Agenda and additional information now available .

Federal Spending Bill Brings Multiemployer Pension Changes in Through the Back Door
"[F]or employers participating in reasonably well funded plans (green zone), there should not be much that is needed. For the remainder (red zone or yellow zone) of plans, however, employers may need to weigh their options. They might consider doing some or all of the following: [1] Review all of their collective bargaining agreements that cause them to be participating sponsors of multiemployer plans.... [2] If withdrawal from the plan is an option, request a withdrawal liability calculation to see how painful that strategy might be. [3] Consider the pros and cons of remaining in the plan as part of the company's overall risk management strategy. [4] Consider engaging an independent actuary (not affiliated with the plan's actuary) to assist with any strategy decisions." (Benefits and Compensation with John Lowell)

Ten Steps DC Plan Sponsors should take in 2015
"[1] Evaluate the impact of competing financial priorities on employees' ability to prepare for retirement.... [2] Examine options designed to respond to participants' retirement security needs.... [3] Conduct an in-depth analysis of your current, or future, managed account provider.... [4] Design a structure that is based on the investment behaviors of your participants rather than general market assumptions.... [5] Monitor participants' progress against their retirement goals.... [6] Reconfirm the capital preservation option in your DC plan remains the most appropriate for participants.... [7] Consider the impact disability could have on employees' ability to accumulate funds for retirement ... [8] Customize the plan's auto-features to improve participant outcomes.... [9] Consider the appropriateness of liquid alternatives within the plan.... 10. Complete an annual four-point tune-up of design, fees, operation, and compliance." (Mercer)

The Future of Technology and Services for Retirement Plans
"Gary Josephs, managing principal at Retirement Benefits Group ... says participants have already benefitted strongly from digital innovation at retirement plan providers, and that it's not hard to picture what the client service portal of the future could look like. He believes providers will eventually create a digital plan experience for participants similar to that of today's iPhone or iPad user." (PLANSPONSOR)

Text of Amicus Brief by AARP to Supreme Court in Tibble v. Edison (PDF)
"Alarmist arguments that decry an outcome for the petitioners as a death knell for employee retirement plans are cast more heat than light. The ERISA duty of prudence requires fiduciaries of employer sponsored defined contribution plans to regularly monitor and re-evaluate long standing plan investment options. Industry standard of practice has borne out this requirement to include regular re-evaluation of investment share class and fees, a recommendation resoundingly echoed by responsible employers and retirement management consulting groups.... A formalized legal requirement to evaluate existing investment options for imprudent fees will not weaken the 401(k) system. Rather, it merely embraces the procedures that plan sponsors and their fiduciaries should already be following.... Requiring periodic fiduciary consideration of mutual fund fees as part of a prudent investment evaluation merely recognizes a fiduciary duty that is already embraced as standard practice." [Tibble v. Edison International, No. 13-550 (9th Cir. Aug. 1, 2013; cert. pet. granted Oct. 2, 2014)] (Joint Committee on Employee Benefits [JCEB], American Bar Association)

[Advert.]

6th Annual Financial Advisor Retirement Symposium - April 1-2, 2015

The editors of Financial Advisor and Private Wealth magazines bring together industry experts to share insights and strategies on retirement at a conference that promises to energize advisors with new practice-building ideas. BenefitsLink Discount .

ERISA Issues for Solicitor's Fees
"[T]he person making the referral is receiving 'indirect' compensation (that is, the solicitor's payment by the investment manager), which makes that person a 'covered service provider' or 'CSP.' ... The DOL takes the position that a referral to a discretionary manager is the same as the recommendation of an investment. If it is individualized, based on the particular needs of the plan (or a participant), the DOL says it's a fiduciary act.... 'The fiduciary nature of such advice does not change merely because the advice is being given to a plan participant or beneficiary.' That conclusion means that the CSP should engage in a prudent process and its compensation must be 'level'[.]" (FredReish.com)

What Do Plan Participants Consider When Choosing a Financial Advisor?
"[F]or nearly nine-in-ten (89 percent) of retirement plan participants, honesty and trustworthiness are the most important criteria in choosing a financial advisor. Eighty-five percent of retirement plan participants surveyed ... place the highest premium on a financial advisor's transparency and being kept in the look on what they are doing in regard to their investments. For eight-in-ten, a financial advisor's investment track record and fees or commissions charged are the most important factors in choosing an advisor. Other factors retirement plan participants consider important when choosing an advisor include having access to products from a variety of different companies (73 percent), website and online services offered (63 percent) and the renown of the financial advisor's brand or company (61 percent)." (Spectrem Group)

401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2013
"On average, at year-end 2013, 66 percent of 401(k) participants' assets were invested in equity securities through equity funds, the equity portion of balanced funds, and company stock.... More 401(k) plan participants held equities at year-end 2013 than before the financial market crisis (year-end 2007), and most had the majority of their accounts invested in equities.... Seventy-one percent of 401(k) plans included target-date funds in their investment lineup at year-end 2013." (Employee Benefit Research Institute [EBRI])

Pension Plans and Derivatives in the New Regulatory Environment: Capital and Margin Concerns and Possible Solutions (PDF)
13 presentation slides. "New margin and capital requirements may significantly increase costs and collateral requirements for public and private pension plans and impose significant capacity constraints on banks in connection with listed and over-the-counter derivatives. This is due to uncertainty regarding the treatment of creditors' rights to close out, net and apply collateral in a pension plan insolvency proceeding. [This presentation discusses] several solutions -- all of which will require industry participation -- to these issues." (Cleary Gottlieb, via American Benefits Council)

Target Date Funds Make Real Estate a Viable Option for DC Plans
"Although it can be difficult for individual investors with smaller portfolios to enter that asset class, more and more funds are being offered within DC plans that provide real estate exposure. Plan sponsors, however, are not adopting these plans in great numbers -- although that may be changing." (Institutional Investor)

FSI to Fight Rollout of State-Sponsored Auto IRAs
"Having states involved in retirement savings squeezes out financial advisers, said David Bellaire, executive vice president and general counsel at the [Financial Services Institute (FSI)]. 'We see this as unnecessary, unwise competition against small [financial advisers] that are working hard to address these needs,' Mr. Bellaire said. 'There's significant research that shows that investors, particularly those that are planning for retirement, have better outcomes when they work with financial advisers.' " (InvestmentNews)

Obama's myRAs Meant as Complement to Employer-Sponsored Plans, Treasury Official Says
"President Barack Obama's proposal for 'starter' retirement accounts is meant solely to jump-start savings by workers not currently with access to employer-sponsored retirement plans, a senior Treasury Department official said during a Senate subcommittee hearing. 'Employees who are eligible for employer plans will not be the target audience for the myRAs. They will have many good reasons to continue participating in those plans instead of myRAs, which will complement and not compete with 401(k) or other employer plans,' [according to J. Mark Iwry, Senior Adviser to the Secretary and Deputy Assistant Secretary (Retirement and Health Policy)]." (Bloomberg BNA)

Top Five 401(k) Plan Trends for 2015
"For many years 50% of the first 6% was the most common matching formula.... [L]eading edge employers have stretched their matching contributions to 25% of the first 12% ... Just as auto enrollment became commonplace in large plans in recent years, expect annual re-enrollment to become the norm in the next few years.... Expect to continue to see personalized education migrate to predominately online venues.... [E]xpect many more employers to offer Roth 401(k) contribution ability and an in-plan conversion feature.... As employer cost pressures continue, expect more employers to pass on all plan related costs to participants." (Lawton Retirement Plan Consultants)

Accounting for Pensions and Other Postretirement Benefits, 2014: Reporting Under U.S. GAAP Among Fortune 1000 Companies
"For fiscal-year-end 2013, the average discount rate used to calculate the present value of pension obligations was 4.77% -- an increase from 3.94% in 2012. The average return for plan sponsors was 11.46%. At the end of 2013, 76% of companies had projected benefit obligation (PBO) funded status of greater than 80% -- a substantial improvement from 2012, when just 29% had a funded status greater than 80%." (Towers Watson)

2014 Form 5500 Released to the Public
"In addition to the changes to the form, there were also two changes made to the instructions worth noting: [1] The instructions now include a warning to check the filing status after e-filing. An error message saying the filing status is 'Processing Stopped' or 'Unprocessable' may indicate a problem with the electronic signature that could cause the form not be acknowledged as being filed. [2] The instructions to line 1c(13) of Schedule H have been changed to elaborate on the definition of interest in registered investment companies." (Bond Beebe Accountants & Advisors)

Text of Federal District Court Opinion: ERISA Did Not Preempt State Law Claims by Former Executive Arising from Agreement to Terminate Benefits Under Section 457(f) Plan in Exchange for Cash Payment (PDF)
"Kirkindoll could not have brought his state-law claims regarding the March 2011 Agreement under Section 502(a)(1)(B) of ERISA....In his state-law claims regarding the March 2011 Agreement, Kirkindoll does not seek to recover benefits due to him under the terms of an ERISA plan, to enforce his rights under the terms of an ERISA plan, or to clarify his rights to future benefits under the terms of an ERISA plan. Instead, he complains that, by signing the March 2011 Agreement, he was entitled to receive $234,068.18 within 30 days, and that he was never paid as promised.... Kirkindoll does not contend that he is owed the sum of $234,068.18 under the terms of the Plan, nor could he." [Kirkindoll v. National Credit Union Administrative Board, as Conservator of Texans Credit Union, No. 3:11-CV-1921-D (N.D. Tex. Dec. 17, 2014)] (United States District Court for the Northern District of Texas)

Introducing MMA MarketLink Marsh & McLennan Companies, Inc.

Statement of the Pension Rights Center on Retiree Pension-Cut Legislation Included in Omnibus Bill Pension Rights Center

Keightley & Ashner LLP Announce Harold Ashner Named 2014 Lawyer of the Year for Washington, DC in Employee Benefits Category Keightley & Ashner LLP

QBI Introduces an Important New Fiduciary Service for Retirement Plan Clients QBI, LLC

Trinity Pension Group, LLC is Certified to Industry Best Practices Centre for Fiduciary Excellence [CEFEX]

Mercer Launches a Modern Digital Employee Experience - Mercer BenefitsCentral Mercer

View All Press Releases