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

Senior Client Executive (R20010915)
Transamerica
in IL, WI, Telecommute

401(k) Account Manager
Presidio Wealth Management
in UT

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Tax Reform Offers Incentive for Companies to Accelerate Pension Contributions (PDF)
"For many corporations with underfunded or fully funded DB plans, contributing additional dollars beyond the minimum required -- or accelerating already scheduled contributions for the 2018 plan year and recharacterizing the amounts as plan year 2017 contributions -- will generate a net tax savings. This is particularly true for underfunded plans ... By increasing the plan year 2017 amounts ... a corporate sponsor may get the plan to the [PBGC] fully funded threshold and avoid paying the PBGC variable-rate premiums[.]"
Milliman

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Gannett Hit with Lawsuit Over Ex-Parent Company Stock in 401(k)
"A participant in Gannett's 401(k) plan accused the company of breaching its [ERISA] fiduciary duties by causing the plan to invest a significant portion of its assets in TEGNA Inc. stock for an unreasonable portion of time following the company's 2015 spinoff... The plan's overly concentrated position caused participants to lose millions of dollars as the price of TEGNA stock fell dramatically since June 2015."
Bloomberg BNA

Another California Court Ruling on Vested Rights to Pensions
"An appeals court ruled last week that six judges have no vested right to pensions uncut by a reform, even though they were elected a half year before the reform took effect on Jan. 1, 2013. An appellate panel unanimously ruled the judges elected to superior courts in June and July of 2012 did not obtain a vested right to a pension until Jan. 7, 2013, when they took office and began drawing a state salary." [ McGlynn v. California , No. A146855 (Cal. App. Mar. 20, 2018)]
Calpensions

Ninth Circuit: Company Owners Were Not ERISA Fiduciaries Regarding Unpaid Contributions
"The US Court of Appeals for the Ninth Circuit concluded that company owners were not fiduciaries under [ERISA] with respect to unpaid contributions owed to plan trusts for providing benefits. As a result, the owners could not be sued under ERISA regarding the unpaid contributions, notwithstanding that trust provisions treated unpaid contributions as plan assets." [ Glazing Health & Welfare Fund v. Lamek , No. 16-16155 (9th Cir. Mar. 21, 2018)]
Thomson Reuters Practical Law

Best Practices for Fund Replacements
"When replacing a poorly performing investment in a fiduciary account, follow these best practices to ensure fiduciary compliance.... [1] Document why the investment is being replaced ... [2] Identify a short list of investments that merit further research ... [3] Cut the short list down to the finalists ... [4] Make the replacement; and do it across all your plans!"
Fi360

Recent Developments in 401(k) Fee Disclosure Rules

March 28 webinar will arm plan sponsors with tools needed to understand fees, ask the right questions when disclosures are unclear, and know what and how to communicate with plan participants to meet fiduciary obligations. Discount for BenefitsLink readers .

Firing of FBI's McCabe Spotlights Benefits-Vesting Issues
"There is no legal 'bright line' for employee lawsuits involving benefits vesting. However, a good rule of thumb ... is that: [1] Any action that would deprive an employee of high-value benefits within 90 days of those benefits vesting is asking to get sued. [2] Anything in the 90- to 180-day range is the yellow zone; you might still get sued, but a court might not presume that the firing was for the purpose of denying benefits. [3] Anything 180 days or before is much safer territory."
Society for Human Resource Management [SHRM]

Three Big Reasons You're Underestimating How Much Retirement Income You Need
"[T]he 4% rule gave you a 6% chance of running out of money -- but with the intermediate-term real interest rate below historical averages, the chance of running out of money following the 4% rule went up to 57%.... 59% of retirees spend more of their Social Security benefits on healthcare costs.... [T]axes that have to be paid upon withdrawals, unless you have a Roth 401(k) or Roth IRA."
WKYC.com

The Irony of the Fifth Circuit Decision (and the Response It Generated)
"One sense of irony is the feeling that the 5th Circuit was the more political venue.... The true irony, though, is this: The 5th Circuit's decision now greases the path for the fiduciary standard to become a true standard, one unencumbered by the noose of regulation. This, in essence, is the ultimate lesson on how to fight -- and how not to fight -- the playground bully."
Chris Carosa, in BenefitsPro

Controlled Group Transition Rule Applicability
I am getting conflicting answers as to whether the transition rule for acquisition solely applies to 410(b) or whether we can apply it to 401(a)(4) testing also. Situation: Company B becomes a controlled group with Company A due to ownership change on 4/1/18. Company A and Company B each sponsor 401k plans with calendar plan years. A's is a cross tested Safe Harbor 401k, B's is a cross tested non-Safe Harbor 401k. Do we need to combine them for testing 401(a)(4) for 2018 and 2019? What about ADP testing, because B is not a Safe Harbor 401k?
BenefitsLink Message Boards

More ADP Refunds Due to Discovery of Wrong Compensation Figures?
What should we do if a plan previously corrected a failed ADP test timely but now, several years later, informs us that compensation was incorrect and that, after re-running, the refunds should have been even higher? Would this be considered a late correction (after 12 months ... and would we have to go through VCP)? Or could we simply just have extra corrections processed for the affected participants still in the plan and perhaps inform the ones that have left that they might have ineligible money sitting in whatever account they moved to? I know if the refund amounts that came out were too high to begin with, we make an effort to have the money returned to the plan.
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