ASPPA

Benefits Associate
Ogletree Deakins
in OR

Health & Welfare Project Manager
Towers Watson
in MA, NJ, PA, VA

401(k) Administrator
Heartland Consulting Group, Inc.
in KS, MO

Sr. ERISA Consultant
Empower Retirement
in WI

Defined Contribution Analyst
Aon Corporation
in MD

Post Your Job

View All Jobs

RSS Feed: All Jobs

DOL Proposal On ERISA Fiduciary Status For Investment Advisers
June 9, 2015 WEBCAST
(National Society of Compliance Professionals [NSCP])

All-Day Seminar with Derrin Watson
June 16, 2015 in MN
(ASPPA Benefits Council [ABC] of Greater Twin Cities)

IRA Basics
June 16, 2015 WEBCAST
(Ascensus)

Form 5500 Update: New Issues and Best Practices for the 2014 Filing Season
June 18, 2015 in NY
(Worldwide Employee Benefits Network [WEB] - New York Chapter)

Safe Harbor 401(k) - Appleton
June 25, 2015 in WI
(SunGard Relius)

Advanced Cross-Tested Plans: Adding More Tools - Appleton
June 26, 2015 in WI
(SunGard Relius)

IRA Conversions
July 28, 2015 WEBCAST
(Ascensus)

View All Webcasts and Conferences

The DOL's Re-Proposed Definition of Fiduciary: Its Impact on Large Retirement Plans
"While the fiduciary and prohibited transaction rules set out in ERISA and the Code impact small and large plans alike, the practical compliance requirements applicable to these two cohorts of plans could not be more different. Individuals who act as fiduciaries for large plans tend to be more sophisticated on the general subject of investing than their small-plan counterparts. The Department of Labor has recognized this to be the case in its proposed regulations and drafted the regulations accordingly." (Mintz Levin)

[Advert.]

Sign up for our 4th Annual ftwilliam.com Customer Conference, August 5-7 in downtown Chicago!

We are thrilled to have industry renowned experts Sal Tripodi and Sarah Simoneaux as featured speakers this year.

PBGC Regulatory Agenda, Spring 2015
In the Proposed Rule stage: [1] Missing Participants; Pension Protection Act of 2006; [2] Multiemployer Plans; Electronic Filing Requirements; [3] Benefit Payments; [4] Annual Financial and Actuarial Information Reporting; Changes to Waivers. In the Final Rule stage: [1] Reportable Events and Certain Other Notification Requirements; [2] Multiemployer Plan Partitions; Multiemployer Pension Reform Act of 2014; and [3] Cash Balance Plans; Benefit Determinations and Plan Valuations for Statutory Hybrid Plans; Pension Protection Act of 2006. (Pension Benefit Guaranty Corporation [PBGC])

Text of Ninth Circuit Opinion Amending Harris v. Amgen in Consideration of Supreme Court's Dudenhoeffer Decision (PDF)
63 pages. Excerpt from the syllabus: "In the amended opinion, on remand from the United States Supreme Court for reconsideration in light of Fifth Third Bancorp v. Dudenhoeffer , the panel reversed the district court's dismissal of a class action brought by current and former employees of Amgen, Inc., and an Amgen subsidiary under [ERISA], alleging breach of fiduciary duties regarding two employer-sponsored pension plans.... The panel held that the plaintiffs sufficiently alleged that the defendants violated their duty of loyalty and care by failing to provide material information to plan participants about investment in the Amgen Common Stock Fund. Agreeing with the Sixth Circuit, the panel held that the defendants' preparation and distribution of summary plan descriptions, including their incorporation of Amgen's SEC filings by reference, were acts performed in their fiduciary duty. The panel also reversed the dismissal of derivative claims, as well as a claim that the defendants caused the plans directly or indirectly to sell or exchange property with a party-in-interest." [Harris v. Amgen, No. 10-56014 (9th Cir. May 26, 2015)] (U.S. Court of Appeals for the Ninth Circuit)

Is it Education or Is It Advice? (PDF)
"The proposed regulations closely follow the Financial Industry Regulatory Authority's guidance. Like the proposed regulation, FINRA provides an exclusion for certain communications, as long as they do not include (either standing alone or in combination with other communications) a recommendation of a particular security or securities. FINRA notes that as allocation information becomes narrower or more specific, it gets closer to becoming a recommendation. DOL says it believes that the proposal's guidelines on investment education cover information that is generally provided to participants, but the agency encourages input that will help clarify the line between advice and education." (ERISAdiagnostics, Inc., via Thompson Pension Plan Fix-It Handbook)

Ten Unexpected Changes the Tibble Decision Brings to 401(k) Fiduciaries, Service Providers and Plan Sponsors
"The most unexpected impact is... nothing changes ... You're going to see a lot more dead trees ... There will be increased demand for 3(38) advisors ... Revenue sharing will be treated very differently, if it exists at all ... Institutional class and low-cost index funds will dominate ... A 'Race to the Bottom' on fees will lead to poorer investment performance ... You're going to see a lot fewer investment options ... More law suits, but not just for the reasons you think ... There will be fewer 401k Service Providers ... There will be fewer 401k Plans." (Fiduciary News)

The Process of a Fiduciary's Decision Is Often a Determinant of Prudence
"Often times, whether a fiduciary has breached his or her duty is not determined by the outcome of a decision but the process that went into the decision, and whether the process demonstrated prudence. Many cases hinge on the following three simple questions: [1] Did the fiduciary take reasonable measures to stay informed? [2] Did the fiduciary give due consideration to the issue? [3] Did the fiduciary consult an expert when appropriate to do so? Whether a fiduciary should or should not have acted can always be debated but a lack of process leading up to an act or omission is often fatal to the defense in a breach of fiduciary duty case." (Holland & Knight)

An In-Depth Report on Target Date Fund Glide Paths (PDF)
"Safety at the target date is the most important benefit ... There is no fiduciary upside to taking risk at the target date. Only downside.... There is a 'risk zone' spanning the 5 years preceding and following retirement during which lifestyles are at stake.... Most participants withdraw their accounts at the target date, so 'target death' (i.e., Through) funds are absurd, and built for profit. All TDFs are de facto 'To' funds.... Employers should educate employees about the importance of saving, and report on saving adequacy." (Target Date Solutions)

The Retirement 'Danger Zone'
"Data from T. Rowe Price ... indicate that underexposure to stocks past a certain point can actually hurt performance and send investors into retirement with less money saved.... A Prudential study of retirement savings found that an extended period of low interest rates could increase the risk that a retiree would run out of money from 21 percent to 54 percent." (NBC News)

Preparing for Pension Risk Transfer (PDF)
"This paper will focus on the 'how,' outlining the steps involved in the most complete form of pension risk transfer: a buy-out transaction. Whether or not a buy-out is imminent, there are preparations a plan sponsor can undertake to make a future transaction easier and to shorten the timeline for execution." (Prudential)

Expenses Paid by Defined Benefit Plans: Survey Results (PDF)
"Most plans' total expense ratios are between 0.50% and 1.50% ... Investment Management is the largest expense.... Source of payments varies widely.... In-house pension management resources are constrained." (Penbridge Advisors, LLC; free registration required for full report)

DOL Audit Quality Study: Employee Benefit Plan Auditors Are Not Making the Grade
"[The DOL recently] compared auditing retirement plans to brain surgery.... [after releasing] a report from a study that the agency conducted on the quality of retirement plan audits. The results are not favorable. As one would expect, the number of deficiencies the DOL noted show a direct correlation to the size of a firm's employee benefit practice. It appears that many general accounting practitioners are performing these audits and do not have adequate experience or knowledge to perform sufficient audits under the professional standards." (Belfint Lyons & Shuman, CPAs)

IRA Balances, Contributions and Rollovers, 2013 (PDF)
36 pages. "The average account balance decreased from $91,864 in 2010 to $87,668 in 2011 before increasing to $119,804 in 2013 -- an increase of 30.4 percent from 2010 to 2013, and 14.1 percent from 2012 to 2013.... The percentage of individuals who contributed to their IRA was relatively consistent ranging from 12.1 percent in 2010 to 13.8 percent in 2013.... The percentage of contributors who contributed the maximum rose from 43.5 percent in 2010 to 53.5 percent in 2012.... When examining the same individuals that were in the database each year from 2010 to 2013, the median percentage change in these individuals' account balances was a 33.6 percent increase." (Employee Benefit Research Institute [EBRI])

Bank Guilty Plea Limits Non-Felon Choice of Service Providers
"Last May the $26.2 billion Employee Retirement System of Texas responded to Credit Suisse Group AG's guilty plea for tax fraud by saying that it had 'a policy against hiring firms convicted of felonies.' Last week, five more global banks joined the list of those admitting to criminal behavior ... Texas ... confirmed that it will continue doing business with four of the five, including Citigroup Inc., JPMorgan Chase & Co., Barclays Plc, and UBS Group AG. It has also resumed doing business with Credit Suisse.... As more and more banks enter guilty pleas, it makes it increasingly tough for clients to cut them out on principle." (Treasury & Risk)

Illinois Legislators Forge Ahead on Public Pension Liability
"SB0843 includes provisions that would make ... changes to the Cook County pension system [including] imposing a cap on salary for pension purposes; terminating the use of higher salaries earned in other retirement systems under the Retirement Systems Reciprocal Act; incrementally decreasing 'highest average annual salary' incrementally increasing the required retirement age ... change funding, including the tax rate limitation ... [and] requiring additional employee contributions." (National Tax-Deferred Savings Association [NTSA])

'Best Interests' for Fiduciaries 101
"In most cases ... the issue of 'best interests' is really not confusing at all. Is recommending a fund that has consistently underperformed its applicable benchmark in a client's best interests? Is recommending a 'closet index' fund in a client's best interests? Is recommending a fund whose annual fee is 300% higher than a fund with a comparable historical performance in a client's best interests?" (The Prudent Investment Adviser Rules)

DOL Regulatory Agenda, Spring 2015
EBSA items in the Proposed Rule stage include [1] Pension Benefit Statements; [2] Conflict of Interest Rule -- Investment Advice; [3] Amendment to Claims Procedure Regulation; [4] Revision of the Form 5500 Series and Implementing Related Regulations Under ERISA; [5] Coverage of Certain Preventive Services Under the ACA; [6] Fiduciary Requirements for Disclosure in Participant-Directed Individual Accounts Plans -- Timing of Annual Disclosure; and [7] Summary of Benefits and Coverage and Uniform Glossary. Items in the Final Rule stage include [1] Amendment of Abandoned Plan Program; [2] Electronic Filing of Apprenticeship & Training Notices, and Top Hat Plan Statements; and [3] Adoption of Amended and Restated Voluntary Fiduciary Correction Program. (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])

Treasury Department Regulatory Agenda, Spring 2015
IRS items in the Proposed Rule stage include [1] Application of Section 409A to Nonqualified Deferred Compensation Plans; [2] Implementation of Windsor; [3] Health Insurance Provider's Fee; [4] Nondiscrimination Relief for Closed Defined Benefit Plans; [5] Request for Information on Suspensions of Benefits Under the Multiemployer Pension Reform Act of 2014; and others. Items in the Final Rule stage include [1] HIPAA Portability: Special Enrollment Procedures, Tolling, and Interaction with FMLA; [2] Cafeteria Plans; [3] Accrual Rules for Defined Benefit Plans; [4] Determination of Minimum Required Pension Contributions; [5] Notice to Participants of Consequences of Failing to Defer Receipt of Qualified Retirement Plan Distributions; Expansions of Applicable Election Period and Period for Notices; [6] Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057; [7] Modifications to Minimum Present Value Requirements for Defined Benefit Plan Distributions; [8] Removal of Rollover Allocation Rule from Designated Roth Regulations; [9] Minimum Value of Employer Sponsored Coverage; [10] Health Insurance Premium Tax Credit Additional Issues; and [11] Coverage of Certain Preventive Services Under the ACA. (U.S. Department of the Treasury)

Midwest Business Group on Health Announces New Officers and Directors Midwest Business Group on Health

Ascensus Appoints New Regional Vice President Ascensus

MetLife Launches Retirement Income Insurance QLAC MetLife

MassMutual Appoints Michele Baldasarre to Manage Relationships with Institutional Retirement Plan Providers MassMutual

View All Press Releases