ASPPA

401(k) Plan Administrator, Full time
Benefit Associates, Inc.
in CA

Specialist - Bundled Client Services
Nationwide
in OH

Sr. Benefits Analyst
MB Actuarial Services
in CA

Small Market Account Manager
Lincoln Financial Group
in IL, IN, Telecommute

Retirement Specialist
Nationwide
in MT

Marketing Director, Participant Experience
John Hancock
in MA

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Compensation Planning for Tax-Exempt Entities: Navigating IRC Section 457(f)
June 8, 2016 WEBCAST
(Trucker Huss)

Health Benefits Laws Compliance Assistance Seminar
June 28, 2016 in NJ
(Employee Benefits Security Administration [EBSA], U.S. Department of Labor)

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Simplified 401(k) Roth Rollover Rules Finalized
"The Proposed Rules were just finalized and are effective for distributions on and after January 1, 2016. The final rules do not change the tax treatment of rollovers that were made between September 18, 2014 and January 1, 2016 or the notices provided with respect to those distributions. In fact, the revised notices will be able to continue to be used under the final rules because the proposed changes were adopted substantially without any changes other than clarifying changes." (Winstead PC)

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PBGC Increases Penalties for Failure to Provide Certain Notices
"These penalty amounts, which have not increased since 1997, generally were due for adjustment. More significant is that going forward, these new maximum penalty amounts will adjust annually for inflation. Plan sponsors will want to be careful to be aware of the due date for notices to the PBGC, or else risk substantial penalty assessments." (Cheiron)

Mobile Enhancements Sweep the Retirement Sphere
"While the growing reliance on mobile devices in the financial space is due in part to millennials entering the workforce, this trend crosses generational gaps; ... more than half of consumers age 55 and up now own smartphones. Retirement firms have responded to this trend and, in the new year, many firms ... have unveiled enhancements to their mobile platforms." (Corporate Insight)

The DOL Fiduciary Rule, Seller's Exception and Independent Fiduciaries
"How does a service provider determine whether it is making a recommendation to 'independent fiduciaries of plans and IRAs with financial expertise?' This is a key question that could determine whether an organization or individual is tagged as an ERISA fiduciary and subject to added liability as a result." (Pension Risk Matters)

'Best Interest,' BICE and Class Action Targets, Part 2
"Unless Financial Institutions and their Advisers understand and successfully adapt to the shift from a culture of 'suitability' to the more demanding 'fiduciary/"best interest"/prudence' culture required under the DOL's new fiduciary rule and BICE, the likelihood of successful class actions against them will definitely increase.... [This article addresses] the issue of 401(k) Rollovers and IRAs, variable annuities and equity/fixed index annuities." (The Prudent Investment Adviser Rules)

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2016 SPARK National Conference -- June 19-21, Washington DC

The retirement services industry's leading event for top marketing, sales, administration and record keeping professionals. Comprehensive agenda is designed to meet the needs of 401(k) Plan Providers, Financial Advisors and Third Party Administrators.

Q&A on the DOL's Fiduciary Rule: Is This Covered?
"HSAs are covered under the new Rule. Are Coverdell IRAs also covered? ... If the SEC comes out with a uniform fiduciary standard, will it trump the DOL ruling? What is the future for taxable accounts and fiduciary advice? ... Will a bank teller's referral of a client to an advisor, and receiving a bonus for doing so, be considered a fiduciary act? ... Under the rule will all retirement investment advisors be ERISA 3(21) fiduciaries with some operating under the BIC exemption?" (fi360)

For IRA Investors, a Warning on DOL Fiduciary Rule
"[T]he DOL's 'best interest' rule does indeed represent a substantial 'watering down' of the ERISA standard that covers advice on pension assets, such as 401(k)s, but now doesn't apply to rollovers into IRAs. While the DOL initially sought to close this legal 'loophole,' in the department's willingness to compromise with the securities industry, it has shifted from a strict rules-based approach, with essentially 'no tolerance' for financial conflicts of interest, to a much more lenient 'justify your actions' standard." (ThinkAdvisor)

The Three Types of Broker-Dealers After DOL Fiduciary
"[T]he DOL fiduciary rule will likely splinter the broker-dealer community into three types of broker-dealers: the level-fee fiduciary broker-dealer, the full-BIC broker-dealer, and the non-qualified-only broker-dealer, each of which will have different compliance obligations, different products and services available, and different limitations on the oversight and scope of advice their brokers can provide." (Michael Kitces in Nerd's Eye View)

Crash Landing for Central States
"Treasury opined that the estimated 10-year average rate of return should have been 6.43% reflective of the Horizon Survey of investment forecasts. However, adoption of that rate would have resulted in even deeper reductions in core benefits to participants. Significantly, a review of several other multi-employer funds reveals that an investment return assumption of 7.50% is not uncommon. Based on Treasury's 'scrutiny,' it seems probable that the other pending applications will suffer a similar fate to Central States." (Jackson Lewis P.C.)

Trends in 2015 Pension Fund Data (PDF)
24 presentation slides. "Top 5 concerns of US corporate [DB] plan sponsors in 1H 2016: [1] How to achieve their return targets in a low return environment; [2] Impact of higher plan costs from increased [PBGC] flat and variable rate premiums; [3] Equity risk still dominates asset risk in their portfolios despite steady reductions to this asset class in recent years; [4] Want to hedge more interest rate risk, but concerned about doing it at these levels as well as reallocating capital away from growth seeking assets when still underfunded; [5] They have lots of good ideas, but have difficulty from a governance perspective getting them approved and implemented." (Goldman Sachs Asset Management)

Arizona Voters Approve Public Employee Pension Reforms
"New hires will be able to choose between defined contribution plan (like a 401(k)-style savings plan) or a hybrid defined benefit plan rather than the traditional pension system. New hires will have the salary cap for pension calculations reduced from $265,000 to 110,000 per year, seriously limiting incentives for finding ways to 'spike' pensions with bonuses or unused vacation time to jack up what retiring employees will be receiving. The eligibility age for new hires will be increased from 52.5 to 55.... The Reason Foundation calculates savings of $1.5 billion over 30 years and a reduction of retirement costs for new employees by 20 to 43 percent." (Reason.com)

The Hidden Costs of Public Pension Plan Reform
"Changes to a retirement system may be actuarially appealing if they have the potential to decrease unfunded liabilities, but can lead to unintended or unrecognized impacts on teacher retention and morale that have a direct bearing on the effectiveness of the entire educational program. Modeling retention provides insight into at least some of the overall impact, helping to guide policymakers and stakeholders to more informed decisions." (RAND Corporation)

There's No 'Tooth Fairy' for Pension Fund Bailout
"Anger predictably ensued when Central States administrators proposed cuts for 270,000 drivers and retirees as part of their rescue plan.... But the Treasury Department rejected the Central States restructuring and benefit cuts.... The reality, however, is that rejecting the least bad option simply means that the other solutions are worse. The plan's dire finances have not changed. And without reform, pensioners' cuts eventually may be even deeper.... The debate going forward needs to honestly acknowledge the long odds of a congressional bailout for the Central States fund and what can realistically be done to preserve pensions." (StarTribune)

Treasury Regs Clarify That Partners Providing Services to a Disregarded Entity Owned by the Partnership Are Treated as Self-Employed
"In response to certain practitioners interpreting the regulation to permit partners to be treated as employees of the disregarded entity and allowing such partners to participate in a disregarded entity's tax-favored employee benefit plans, the Treasury Department issued these regulations to clarify that if a partnership is the owner of a disregarded entity, the partners of such partnership are subject to the same self-employment tax rules as if they directly owned the disregarded entity. As a result, such partners cannot be employees of the disregarded entity and should not be eligible to participate in certain tax-favored employee benefit plans of the disregarded entity." (Haynes and Boone, LLP)

New Proposed Rules for Financial Institutions' Incentive Compensation (PDF)
"[F]or certain larger covered financial institutions (based on average total consolidated net assets), the re-proposed rules mandate a clawback period of up to 7 years as well as hold-backs (mandatory deferrals) of up to 60% of incentive-based compensation for up to 4 years. These provisions may eventually be viewed as appropriate for non-financial companies, as was done with TARP companies' vote on pay that ended up forming the basis for Dodd-Frank's 'say-on-pay vote.' " (ExeQuity)

CalPERS Picks OptumRx as New Pharmacy Benefits Manager CalPERS [California Public Employees' Retirement System]

Principal Encourages Retirement Savers to ?Move to the Green? Principal Financial Group

Andrew Michie, Andy Wilkinson Earn Promotions to OneAmerica SVP OneAmerica

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