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ERISA Services, Inc.
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401(k) Plans: Beyond the Basics
March 22, 2018 in NC
FIS Relius Education

401(k) Plans: Beyond the Basics
March 26, 2018 in MO
FIS Relius Education

Nontraditional or Alternative Assets Held in IRAs
April 19, 2018 WEBCAST
American Bar Association Joint Committee on Employee Benefits [JCEB]

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New Comments and Topics

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Liberalized Hardship Withdrawals and California Wildfire Relief in Budget Act
"The Bipartisan Budget Act of 2018, which President Trump signed into law [February 9], makes several changes affecting retirement plans.... [E]limination of six-month suspension following hardship withdrawals.... Elimination of requirement to take available loans before a hardship withdrawal.... Expansion of amounts available for hardship withdrawals.... Participants affected by recent wildfires in California [have] greater access to retirement funds.... Tax-favored withdrawals.... Repayment for home purchases.... Loan relief.... Extended amendment deadline."
Mazursky Constantine LLC

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401(k) Hardship and Retirement Plan Rollover Rules Modified By the Bipartisan Budget Act of 2018 with Rapid Effective Dates
"The hardship withdrawal modifications that are to be made will apply to plan years after December 31, 2018 and will also require modifications to most 401(k) plan documents.... [The] modification to the levy provision now permits the individual to rollover the amount returned ... any time up to the due date (without any extension) for the individual to file the tax return for the year in which such property or money seized was returned. It also permits the interest on the amount returned from the seizure to be eligible to be rolled over."
Winstead PC

PSCA Annual Survey of Profit Sharing and 401(k) Plans
"More participants made contributions in 2016 -- 84.9 percent. Roth availability increased again -- now offered at 63.1 percent of companies. Company contributions increased to an average of 4.8 percent of participants' pay. Target-date funds are now offered in nearly three-fourths of plans.... Sixty percent of plans use automatic enrollment. Three-fourths of those plans automatically increase default deferral rates over time."
Plan Sponsor Council of America [PSCA]

An Annual Retirement Plan 'Check-Up' May Be Just What the Doctor Ordered!
"Some common mistakes to check for during any review of your retirement plans include: [1] failing to timely enroll eligible employees in the plan or inadvertently allowing ineligible individuals to participate in the plan; [2] using incorrect elements of 'compensation' under the plan when determining deferral amounts or employer contributions; [3] incorrectly calculating a participant's hours or years of service under the plan; [4] failing to timely deposit employee deferrals or employer contributions; [5] failing to provide employees necessary notices and plan information; [6] improperly administering plan loan repayments; and [7] failing to satisfy IRS maximum contribution limits."
Foley & Lardner LLP

Gig Workers Saving for Retirement: What's in Their Best Interest?
"The form of business entity controls many factors when it comes to saving for retirement. The new tax law may have subtly changed the calculus ... Most freelancers ... have stand-alone business structures. Being the sole employee within their operation, they have long benefited from certain structural advantages in terms of retirement saving. Their choice of legal structure can impact those advantages."
Fiduciary News

2018 SPARK National Conference -- June 14-15, National Harbor, MD

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 Record Keepers.

Tax Reform May Have Unintended Consequences for Broker-Dealers
"[F]or many registered representatives, their federal income tax position will be improved if they are independent contractors rather than employees of a broker-dealer firm. The 20% deduction of QBI means that a self-employed individual will be taxed at a lower rate than an employee performing substantially the same work with a broker-dealer firm."
The Wagner Law Group

Budget Proposal Seeks Hike in Multiemployer PBGC Premiums
"Aimed at improving the [PBGC] multiemployer program's finances, the proposal would raise $16 billion over the 10-year budget window, with the agency's current $32 billion deficit wiped out by fiscal year 2020."
Pensions & Investments

Funded Status Improved for Largest Corporate Pension Plans in 2017
"The projected funded status of pension plans sponsored by the nation's largest corporations realized modest gains in 2017, rising from 81% to 83%.... These companies' estimated pension deficit declined by $25 billion, dropping from $317 billion at year-end 2016 to $292 billion by year-end 2017."
Willis Towers Watson

Congress Establishes Committee to Address Multiemployer Pension Plan Crisis
"The creation of the bipartisan, bicameral Committee provides a unique opportunity for companies to address the issues related to multiemployer pension plans, including withdrawal liability.... While it is too early to address the Committee's direction, several large plans are facing imminent insolvency. Thus, it is likely that some legislation, whether narrow or broad in scope, has a possibility for passage by the end of the year."
Akin Gump

Administration Proposes Postal Service Cuts to Retirement, Health Benefits in $80B Savings Package
"The White House suggested USPS bring its retirement benefits in line with the same changes proposed for the rest of the federal workforce, which would save the agency $35 billion over the next decade. Under Trump's plan, the postal service also would increase employees' contributions toward their health and life insurance."
Government Executive

Are Your Executive Compensation Arrangements Safe from the New Disability Regs?
"[W]hether the Final Rule applies to an executive compensation arrangement is dependent on [1] whether the particular executive compensation is subject to ERISA and thereby ERISA's claims procedure requirements, [2] whether there is a disability payment trigger under the executive compensation arrangement and [3] how the disability determination is made under the executive compensation arrangement."
McDermott Will & Emery

The Next Generation of Compensation Clawback Policies
"BlackRock's clawback voting policy [has] changed substantially, and [is reprinted in this article].... [C]ompanies are considering (and investors are demanding) the next generation in clawback policies in light of some of the corporate 'scandals' during this period."
Winston & Strawn LLP

Gateway Minimum in a Top Heavy Plan; 'Compensation' Is Comp While a Participant
I have a Top Heavy Safe Harbor/Cross Tested Plan. Compensation for plan purposes is compensation received while a participant. Obviously the Top Heavy Minimum must use the entire year's compensation. Must the Gateway be based on the entire year's compensation?
BenefitsLink Message Boards

Amending Plan to Use Forfeitures to Fund SH Contributions
Has anyone seen any successful document amendments for a plan to begin using forfeitures to fund safe harbor contributions?
BenefitsLink Message Boards

Reporting Employer's Payment in Settlement of Benefits Claim
A company incorrectly made contributions to a defined contribution plan on behalf of an employee for over 20 years. The employee received monthly statement and was told a year prior to retirement she had excess of $120K in benefits in the account. Error was discovered and funds forfeited, but the company settled with her on the side to pay her the amount of the benefit. Question: what kind of W-2 compensation is this reportable as? Is this wages that go in box 1? It was agreed that 2/3 of the settlement amount would be W-2 and 1/3 reported on a 1099-MISC. Thanks in advance.
BenefitsLink Message Boards

Deadline for Wind-Up of PS Plan After Sale of Sponsor?
We currently administer a profit sharing plan. The employer may be selling the business. The purchaser would be buying the assets of the company and changing the name of the company. I know you can't have a plan without a sponsor, but is there a specific time limit (excluding the IRS 12 month rule) within which to distribute, rollover, etc. after the company is no longer in business?
BenefitsLink Message Boards

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Press Releases

Hodges-Mace Moves into Expanded Headquarters in Lakeside Office Park; Doubles Office Space to Accommodate Continued Growth

Boston Private Selected as NEEBC?s 2017 Emerging Benefits Award Winner for its Caregiver Benefit and Support Solution

EPIC Grows Stadion Relationship with Addition of StoryLine Managed Account Solution to Retirement Platform

PNC Institutional Advisory Solutions Makes Technology Investment in RiskFirst?s PFaroe to Boost Flourishing Institutional Pension Business

Corporate Synergies Launches HealthDiscovery.org, a Health, Wellness and Benefits Literacy Website

Defined Contribution Institutional Investment Association (DCIIA) Announces Two Senior-Level Staff Hires to Lead Operations and Research

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