Relationship Manager (401k)
SunTrust Bank
in GA, VA

Retirement Services Technical Specialist
HK Financial Services
in IA

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Sentry Insurance
in AZ, CA, CO, MN

Plan Implementation Specialist
BCG, Inc.
in NJ

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New 403(b) Plan Documents Part I: Why March 2020 Is Important to 403(b) Employers
February 28, 2018 WEBCAST
National Tax-Deferred Savings Association [NTSA]

401(k) Plans: Beyond the Basics
April 2, 2018 in IL
FIS Relius Education

FIS Connect 2018
April 9, 2018 in FL
FIS Relius Education

Fundamentals of Qualified Retirement Plans Series - Part 5
April 26, 2018 WEBCAST
ASC

10th National Conference on Pension Plans
May 18, 2018 in UT
National Pension Partners

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Text of IRS Notice of Proposed Rulemaking: Eliminating Unnecessary Tax Regulations
67 pages. "This notice ... proposes to streamline IRS regulations by removing 298 regulations that are no longer necessary because they do not have any current or future applicability under the Internal Revenue Code and by amending 79 regulations to reflect the proposed removal of the 298 regulations.... Written or electronic comments and requests for a public hearing must be received by May 14, 2018."
Internal Revenue Service [IRS]

ftwilliam.com -- The Market Leader in Form 5500 Software and Filings

Are you tired of Form 5500 software problems with your current provider? Now is the time to learn more about ftwilliam.com's 5500 solution: Fast, reliable, world-class customer support and easy conversion with our patented 55AutoFill technology. Learn more .

Text of IRS Notice 2018-16: Weighted Average Interest Rates, Yield Curves, and Segment Rates Applicable for February 2018 (PDF)
"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3) , and the 24-month average segment rates under Section 430(h)(2) ... In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I)."
Internal Revenue Service [IRS]

Impact of Recent Legislation on 401(k) Hardship Withdrawals
"When a plan document specifically cross references deductibility under Section 165, permitting a withdrawal for expenses that result from an isolated incident could now be contrary to the plan's terms.... It isn't clear whether Congress intended to narrow the circumstances in which a hardship withdrawal may be taken when enacting the change to Section 165, and it's possible that the IRS will publish guidance obviating the need to impose the Federally-declared disaster requirement in the hardship context."
Mayer Brown

Budget Act Contains Retirement Plan Changes
"The current rules have the dual effect of reducing the amount available to a participant who has suffered a hardship, as well as complicating recordkeeping by requiring that a plan keep track of the 'principal' deferrals made by participants. The new rules resolve both issues.... There is no rush to change plans and procedures: all of these provisions go into effect for plan years beginning January 1, 2019, and later."
Ferenczy Benefits Law Center

DOL Grants Individual Exemptions to Allow Asset Managers to Use QPAM Exemption (PDF)
"The [DOL] recently issued a series of individual prohibited transaction exemptions that will allow asset managers affiliated with five financial institutions -- JPMorgan Chase & Co., Deutsche Bank AG, Citigroup, Barclays Capital Inc. and UBS AG -- to continue managing assets of ERISA plans and IRAs ... Because the financial institutions or affiliated entities had been convicted of certain crimes, the Affiliated QPAMs ... required individual relief in order to continue using the QPAM Exemption. The DOL provided the requested relief, but at a substantial cost."
Groom Law Group

PSCA's 60th Annual Survey of Profit Sharing and 401(k) Plans

Does your plan offer Roth? 63 percent of plans do. Does your plan use automatic escalation to help employees save more? Three-fourths of plans do. Find out what other plans are doing to ensure your plan remains a competitive, best-in-class benefit.

GAO Legal Decision on DOL Fiduciary Rule and Accompanying Prohibited Transaction Exemptions
"GAO found that [1] the final rule (a) extends the transition period under sections II and IX of the Best Interest Contract Exemption and section VII of the Class Exemption for Principal Transactions in Certain Assets between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs for 18 months; and (b) delays the applicability of certain amendments to Prohibited Transaction Exemption 84-24 for the same period; and [2] Labor complied with applicable requirements in promulgating the rule." [B-329764, Feb. 9, 2018]
U.S. Government Accountability Office [GAO]

Workplace Retirement Plans Tend to Sharpen Focus on Financial Futures
"Few workers have tried in the past two years to figure out how much income they would need in retirement.... Most workers said they get planning guidance from online tools and calculators ... Guesstimating -- informal or 'back of the envelope' calculations -- is common, but more so for workers without access to a workplace plan (43 percent) than those with access (31 percent).... 27 percent of those without access to a plan said they have any retirement savings."
The Pew Charitable Trusts

America Saves Week: How to Sell and Deliver a Financial Wellness Program
"Because there is no standard definition of financial wellness, you're in the driver's seat -- or at least riding shotgun -- in defining such a program. Elements can include basic budgeting, debt management, college savings, buying a house, and healthcare savings, not to mention, retirement itself.... A program should address a spectrum of financial topics that can benefit employees of all ages and varied income levels."
Fi360

California Cities' Pension Bills May Rise with CalPERS Move
"[CalPERS] is advancing a staff recommendation that would shorten the amortization period for new pension liabilities from 30 years to 20. That would boost the system's funded ratio, require localities to pay off the debt sooner and allow the pension to recover faster from market downturns... The ramped up schedule ... would make market losses felt more swiftly by local governments and require them to pay more into the retirement fund in at least the first few years."
Bloomberg

Budget Bill Establishes Joint Committee to Address Solvency of Multiemployer Plans
"Even if the select committee is able to agree on a solution to the multiemployer program, there is still a long and difficult process before any bill can be enacted. Thus, it will be critical for members to hear from affected individuals and families. The cost to the Federal government may be a factor in any relief that is provided."
Cheiron

2017 in Review: ERISA Guidance and Enforcement (PDF)
11 pages. "In 2017, the principal focus in the administration of [ERISA] by the [DOL] appropriately remained one of the extraordinary developments under DOL's new fiduciary definition and related exemptions (Fiduciary Rule). DOL's regular program of issuing advance guidance and enforcing the statute continued in a more conventional manner as well ... The regulatory guidance plans under ERISA and the Internal Revenue Code, as they relate to employee benefits and executive compensation, were also recently updated."
Eversheds Sutherland

Correcting an Impermissible Mid-Year Change to a Safe Harbor Plan
Last year, Plan Sponsor amended their document mid-year to change from a safe harbor non-elective to a safe harbor match. A new notice was issued and safe harbor matching contributions have been made ever since. Previously, the plan provided for a discretionary match as well. I understand that this was an impermissible change mid-year re-Notice 2016-16 and needs to be corrected. How to fix? I'm also struggling on handling of the match, because participants likely signed up once changed to the safe harbor match in expectation that they would receive 4%.
BenefitsLink Message Boards

SEP and 401(k) 'Maintained' in Same Year
There seems to be a consensus, based on various Q&As on this forum, that an employer cannot maintain a 5305-SEP and a 401k in the same year . I'm not sure I agree. I see on the IRS website that an employer may not use a Form 5305-SEP if it maintains any other qualified plan, where "maintained" status occurs even when no contributions are made, but if an employer terminated the SEP as of 2/28/18 and then started up a 401(k) plan on 3/1/18, wouldn't that be OK? In such a case, the employer is not "maintaining" both plans. Yes, it would have had both plans in 2018, but they weren't maintained at the same time.
BenefitsLink Message Boards

Must Include LLC Partner Taking Draw from Plan Sponsor (No W-2 Comp) When Doing ADP Testing?
We have a 401(k) plan sponsored by a Limited Partnership (a hotel) where one of the 5%+ owners is a working manager taking draws but no W-2 wages. Would she be included in ADP testing? Her daughter also works for the hotel but does receive W-2 wages (she owns 2.5%). Definition of compensation in the plan document is W-2 compensation (no exclusions).
BenefitsLink Message Boards

Allocate 401(k) Safe Harbor Match Among Participating Controlled Group Members?
Company A and Company B form a controlled group. Company A sponsors a safe harbor match 401(k) Plan, which Company B has adopted as a participating employer. One employee receives compensation from both entities, but all of the deferrals have been made through Company A. For purposes of calculating the safe harbor match, should I aggregate the compensation from both companies? For deduction purposes, should the safe harbor match contribution for this person be divided pro rata based on compensation, or should the entire deduction be taken by Company A, since the deferrals were made by the employee from his Company A compensation?
BenefitsLink Message Boards

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