Executive Director
United Steelworkers Benefit Funds
in TN

Retirement Plan Manager
Board of Regents of the University System of Georgia
in GA

ERISA Compliance Associate
Slevin & Hart, P.C.
in DC

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Managing Your 401(k) or 403(b) Plans
April 24, 2018 in MI
Miller Johnson

409A Guidance on Nonqualified Deferred Compensation Plans: Compliance Strategies
March 7, 2018 WEBCAST
Strafford

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Text of 2017 IRS Publication 721: Tax Guide to U.S. Civil Service Retirement Benefits (PDF)
33 pages, Jan. 25, 2018. "This publication explains how the federal income tax rules apply to civil service retirement benefits received by retired federal employees (including those disabled) or their survivors. These benefits are paid primarily under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS)."
Internal Revenue Service [IRS]

Tools & Techniques of Employee Benefit and Retirement Planning

Practical analysis of the entire range of employee benefit planning. 15th Edition includes updated information on the new DOL fiduciary rule, Form 5500 filings, QSEHRAs and more. Use code BENLINK for 10% discount.

PBGC Missing Participant Program: It's Not Just for Defined Benefit Plans Anymore
"[E]ven though an uncashed check was originally reported as taxable and had the 20% withholding taken at the time the check was cut, the amount paid to the PBGC for this distributee must reflect the original value of the benefit.... The preamble to the regulations reflects that the plan administrator may be able to request a refund of the tax withholding ... Because of the statute of limitations on refunds, it will often not be possible to claim a refund for all of the withheld taxes."
Vorys

Court Sets Method for Determining Damages Due to Breach of Loyalty in Fund-Mapping Case
"In its third look at damages, the trial court ... [concluded] that the proper method of calculating damages for the fiduciaries' breach of loyalty is to compare the performance of the replaced fund with the performance of the new funds. The court rejected the employee's request to treat the divestiture of the original fund and mapping of the proceeds into the new funds as different acts that require separate damage calculations, because the breach involved both.... Here, the court suggested, the damages should restore the plan to the position it would have occupied but for the disloyal decision." [ Tussey v. ABB , No. 06-4305 (W.D. Mo. Dec. 12, 2017)]
Thomson Reuters / EBIA

Text of District Court Order Dismissing Participant's Excessive Fee Claim Against Capital Group (PDF)
"It may not be necessary for Plaintiff to allege that the challenged funds underperformed, but Plaintiff must at least allege facts that plausibly suggest the fees were unjustified. That Defendants 'could' have chosen funds with lower fees, that 'similar' Vanguard funds charged lower fees, and that all or most of the challenged funds were Defendants' own financial products are insufficient, when viewed in context, to create a plausible inference of wrongdoing." [Patterson v. Capital Group Companies, Inc., No. 17-4399 (C.D. Cal. Jan. 24, 18)]
U.S. District Court for the Central District of California

Hardship Withdrawals for Personal Casualty Losses Under the Tax Cuts and Jobs Act (PDF)
"[B]efore approving a hardship withdrawal request for repair to damage of the participant's principal residence it is important to make sure that the 'immediate and heavy financial need ' has been caused by an event that meets the revised definition of 'disaster' under Internal Revenue Code Section 165. To meet this new requirement the event must be the result of a federally declared disaster."
VOYA Financial

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Pension Plan Termination: Consider Final Changes to Benefits and Design the Prospective Retirement Program (PDF)
"The team should be equipped to consider crucial questions, such as: [1] Are any plan provision changes desirable? ... [2] Are any compliance amendments needed? ... [3] What is the objective of the termination? ... [4] What do we want employees to think, feel, or do about this benefit change? ... [5] How can we make this process easier on participants?"
Findley Davies | BPS&M

Small Business Owners Not Confident About Retirement
"Sixty-nine percent of small business owners have zero to little confidence they will be able to retire comfortably ... Only 20% said they were very confident they will have enough money to retire comfortably."
planadviser

Biggest 401(k) Changes of This Decade
"Effects of the [DOL's] fiduciary rule ... Shifting lawsuit environment ... Required fee disclosures ... Increase in plan audits ... Revenue sharing phase out."
Forbes

With Sustainable Investing Pledge, Voya Joins Industry ESG Debate
"While some voices have emerged in the last several months arguing that the use of ESG investing programs has growth too political in the U.S.... leaders at Voya say this move is coming at the behest of clients and is simply the right thing to do, financially and otherwise.... Practically speaking, it is of course still unclear whether and to what degree signing the pledge will result in a change in Voya's investing approach."
PLANSPONSOR

Oregonians Start Saving with Auto-Enroll Retirement Plan
"OregonSaves, the first state retirement savings program for private-sector employees to go into effect, had about 300 employers registered with the system and 19,230 employees with active accounts as of Jan. 24 ... The plan took effect in October and is paving the way for similar plans in other states."
Bloomberg BNA

New Disability Claims Procedure Rules Take Effect April 1 (PDF)
"The Final Rule is very likely to increase the administrative costs and burdens of administering disability benefits under ERISA plans and is likely to make it easier for claimants to pursue their claims in court. Key changes to the procedures that ERISA plans must use to process disability claims include: ... [1] Disclosure of the basis for disagreeing with a third party.... [2] Right to review and respond to new information before final decision.... [3] Strict compliance and possible de novo review."
Groom Law Group

Tax Law Fueling Changes to Employer Benefits, Compensation Programs
"Two-thirds of those (66%) surveyed are planning or considering making changes to their benefit programs or have already taken action. The most common changes ... include expanding personal financial planning (34%), increasing 401(k) contributions (26%) and increasing or accelerating pension plan contributions (19%)."
Willis Towers Watson

Annual Reporting Requirements for Incentive Stock Options and Employee Stock Purchase Plans
"[A] separate Form 3921 or Form 3922 [must] be filed with the IRS for each transaction ... even if one participant has multiple transactions during the year. If a company provides participants with an information statement that meets the substitute statement requirements, ... the company may aggregate transactions and provide only one substitute statement to each participant who had multiple transactions during the year."
Orrick

Press Releases

Ascensus Continues to Add to Defined Contribution and Defined Benefit Expertise with Agreement to Acquire Qualified Plans LLC Ascensus

Willis Towers Watson?s Asset Management Exchange Appoints Kimberley West to Lead Expansion in U.S. Willis Towers Watson

NTSA Honors Paul Indianer with Lifetime Achievement Award National Tax-Deferred Savings Association [NTSA]

Lockton launches Retirement practice in Omaha Lockton

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