Benefits Program Manager
University of California Office of the President
in CA

Financial Analyst - Health & Welfare Plans
University of California Office of the President
in CA

Chief Operating Officer
Alpha Pension Group
in MA

ESOP Analyst
Newport Group
in AL, AZ, CA, FL, IA, IL, KS, MA, MO, NC, TX, VA, WI

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Impact of the Tax Cuts and Jobs Act of 2018
March 20, 2018 in FL
ASPPA Benefits Council [ABC] of North Florida

Mastering IRC 457(f): Guidance for ERISA Counsel in Structuring Deferred Compensation Plans for Nonprofit Entities
April 10, 2018 WEBCAST
Strafford

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Massachusetts Securities Regulator Finds MetLife 'Missing' Pensioners
"MetLife provided the names to Secretary of the Commonwealth William F. Galvin's office after its securities division opened an investigation in December. At the time, the insurer announced that it had failed to make payments to thousands of retired workers because it was unable to locate them.... Through its own searches, the state has been able to identify better addresses for a majority of the Massachusetts retirees affected[.]"
Pensions & Investments

Bring Employee Benefits Education to You

With On-Site Education from the International Foundation, your staff can receive high-quality education in a customized, one-of-a-kind learning experience. Avoid the cost and inconvenience of travel, and let us bring the education to you! Learn More.

Wells Fargo's Wealth Management Unit Attracts Justice Department Attention
"The Justice Department in late 2017 told the bank to conduct an independent investigation of its wealth-management business ... The bank said the board's review is assessing 'whether there have been inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants, certain alternative investments, or referrals of brokerage customers to the company's investment and fiduciary services business.' "
The Wall Street Journal; subscription may be required

401(k) Hardship Withdrawals Made Easier by the 2018 Budget Act
"While the 2018 Budget Act makes hardship withdrawal rules less restrictive and easier for plan sponsors to administer, plans will need to be amended to incorporate the new rules for plan years beginning after December 31, 2018."
Schneider Downs

Help for Small Employer Plans: Congressman Neal's 'Automatic Retirement Plan' Proposal
"[T]hree major policy innovations ... are all designed to expand small employer plan coverage: [1] The proposed automatic contribution plan requirement effectively mandates this result for all but the smallest employers. [2] The creation of a new 401(k) 'deferral only' safe harbor provides ... a 'lite' 401(k) testing safe harbor, requiring no employer contributions. [3] The authorization of Open MEPs is intended to reduce small employer plan-related administrative costs and relieve very small employers ... of most fiduciary responsibility."
October Three Consulting

FAS87 ASC715 Discount Rates and Moody's Rates, Updated February 2018
An unofficial monthly report, as of Feb. 28, 2018, of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).
David Rigby, via BenefitsLink Message Boards

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Pension Finance Update, February 2018
"February was a difficult month for investments, but a so-so month for pension finance due to higher interest rates. Both model pension plans ... were close to flat last month. For the year, Plan A remains 5% ahead, while Plan B is up 1%[.]"
October Three Consulting

CalPERS Reduces Amortization Period with Impacts to Employer Contribution Rates
"[R]educing an amortization period, as well as eliminating direct rate smoothing for most sources of unfunded liability, can provide faster recovery of funded status following market downturns and decrease expected cumulative contributions, according to a CalPERS Finance and Administration Committee report."
Liebert Cassidy Whitmore

How to Avoid Penalties on Unpaid 401(k) Loans
"Let's say you leave your job in June, while still owing $2,000 on a 401(k) loan. If you extend your tax return for that year until October, you'd have about 16 months to pay back your loan; that's $125 per month.... Because it is unclear what type of documentation the IRS will require, make sure to keep all forms and communication you receive and consult your tax professional to help you reflect this process on your tax return. Keep in mind that this process could take a few back-and-forth letters with the IRS, due to the timing of when the 1099-R and Form 5498 are mailed."
Financial Finesse

New Employer Refused Rollover Check; Participant Wants to Put Back into Former Employer's Plan
A former participant had his account balance distributed in February 2017. The distribution was processed as a direct rollover to his new company's 401k. The check was deposited in February by the rollover institution, Empower. The plan administrator never gave the authorization to Empower so Empower issued a check payable to our Trust, FBO the former participant, as a refund. The check was issued and mailed to the former participant in April 2017. The former participant sent us the refund check this week. He has held on to the check for almost a year. Do we need to accept the funds back? The Form 1099R already was issued. Also, we couldn't accept the check as we have since changed custodians and the check is made payable to our old bank. What options does the former participant have?
BenefitsLink Message Boards

Records Retention: How Long?
How long is my plan sponsor client required to retain records (employment and other)? Her auditor says to keep records forever. We generally keep paper copies for 7 years though we keep electronic records forever. Any formal guidance on this?
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Press Releases

International Foundation of Employee Benefit Plans Introduces Innovative New Program by Harvard Medical School International Foundation of Employee Benefit Plans [IFEBP]

403(b)wise launches the 403(b)wise Fiduciary Advisory Directory 403(b)wise

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