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Akin Gump Strauss Hauer & Feld LLP
in DC

Advisory Sales Associate
Fi401k Advisors, LLC
in CO

Retirement Distribution Processor III
Alerus Financial
in MN

Retirement Plan Administrator
Gateway Pension Services, Ltd.
in MO

Education Consultant
Alerus Financial
in MI, MN, NH

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Getting It Right - Know Your Fiduciary Responsibilities Seminar
May 17, 2018 in NY
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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IRS Updates Substantiation Procedures for Hardship Distributions
"Recently, the IRS updated the Internal Revenue Manual to incorporate the principles from the 2017 Memorandum [and] issued additional sub-regulatory guidance to plan sponsors that formalizes the requirements imposed on plan sponsors for substantiating hardship distributions.... The primary takeaway for plan sponsors is that failing to maintain the required records is a qualification failure that should be corrected using the Employee Plans Compliance Resolution System (EPCRS)."
Kilpatrick Townsend

Fundamentals of Qualified Retirement Plans for 2018, Part 5

It's not too late to join for Part 5 or the entire series (recorded parts 1, 2, 3 & 4). In this class, John Griffin, L.D., LL.M., will cover the following topics: Plan Documents, Plan Communications and IRS/DOL Audits. Register Now!

SEC Panel Oks Tentative Advisor Standard
"The proposal calls for a best interest standard and calls on brokers to establish policies and procedures to identify and avoid conflicts. A new 'customer relationship summary' disclosure would enhance the investor's participation in the relationship with their broker ... Additionally, the titles 'advisor' and 'adviser' would be more strictly defined. What is nowhere to be found is a private right of action giving investors the right to sue, a controversial component of the [DOL] fiduciary rule."
InsuranceNewsNet.com

401(k) Trends: Where We've Been and Where We May be Headed, Part 1
"[E]xpect the nature of automatic features to change to apply to those who were hired before automatic enrollment was adopted.... [Some plan sponsors will] change their QDIA to a series of target maturity models ... [P]lan sponsors may change how they define success for their 401(k) plan: From: An 'industry standard,' or 'competitive' 401(k) plan, or a plan mostly focused on 'successful retirement outcomes/preparation,' To: A 'Competitive Advantage,' where the new metric is the effectiveness of the 401(k) within a total rewards strategy."
Plan Sponsor Council of America [PSCA]

Improve 401(k)/403(b) Participant Education Efforts
"Developing an effective educational program starts with an assessment of current investment behavior in the plan and asking employees about their financial concerns.... [A]im to use customized topics for different segments of the workforce instead of issuing broad messages to everyone.... [P]articipant education efforts are not a one-and-done effort. Programs in place for many years tend to be more successful."
PlanPILOT

Testimony of the JCT Before the Joint Select Committee on the Solvency of Multiemployer Pension Plans
32 pages. Topics: [1] Qualified retirement plans generally; [2] Defined benefit plans: Structures, general requirements, selected requirements (including anti-cutback rule); [3] Multiemployer plans: Background, PBGC program, Exceptions to anti-cutback rules, Funding rules (including withdrawal liability), History of multiemployer plan funding issues; and [3] Brief legislative history of significant changes relating to multiemployer plans.
Joint Committee on Taxation [JCT], U.S. Congress

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.

DB Termination Investment Success
"Understanding the precise nature of plan liabilities is critical for sponsors looking to stick the landing at plan termination.... [S]tumbles at the last moment may introduce significant cost, risk and frustration regardless of how effectively an LDI strategy has been executed up to that point.... Knowing when and how much to pull out of long bond strategies is an important consideration for those looking to minimize end game risk and stick the landing on DB plan terminations."
The Principal Blog

Puerto Rico Board Ready to Certify Fiscal Plan, Pension Reform
"[A] fiscal plan for Puerto Rico that includes comprehensive pension reform and fiscal sustainability measures will be certified [April 19], the Financial Oversight and Management Board said... Covering a period of six fiscal years from 2018 to 2023, the plan provides a framework for economic growth that would allow the government to fund pension payments and restructure Puerto Rico's debt 'in a sustainable fashion,' the board statement said."
Pensions & Investments

CalPERS Releases New Pension Rates for State and School Employers
"While the rates will increase compared to the previous FY, the funded status improved for both the state and school plan. The rate increases primarily are driven by the lowering of the discount rate (assumed rate of return), continued phase-in of the effect of investment losses during the two-year period ending June 30, 2016, and various demographic changes."
CalPERS

Diocese of La Crosse Pension Plan Termination on Hold
"Bishop William Patrick Callahan informed pension members in early March of the decision to terminate the plan, which has been underfunded for years. However, according to a statement Wednesday from the diocese, that decision is on hold for an indeterminate amount of time."
Leader-Telegram

American Academy of Actuaries Testimony to Joint Select Committee on the Solvency of Multiemployer Pension Plans (PDF)
"Of the more than 10 million people who participate in about 1,400 multiemployer pension plans, in excess of 1 million are in approximately 100 plans that will be unable to pay the full benefits they have been promised under current projections.... If the PBGC fails, participants in these plans could see their benefits cut by 90 percent or more."
American Academy of Actuaries

U.S. Pension Fund Collapse?
"How bad are things in Illinois? Last June, Illinois Policy cited the state's $250 billion pension debt as the main reason why Moody's Investor Service downgraded Illinois' credit rating to Baa3, just one notch above a noninvestment-grade, or 'junk,' rating.... Illinois has a $130 billion pension shortfall.... [N]obody wants to really slay this pension dragon. To do so requires serious compromise from the state, public-sector unions, and maybe even Illinois' taxpayers."
Pension Pulse

Advisory Council on Employee Welfare and Pension Benefits Provides Report on Plan Notices and Disclosures
"[T]he Council noted that there was generally consistent agreement among the witnesses that '...the goal of providing disclosures that are understood and utilized by participants has not been fully achieved by current mandatory disclosures.... [T]he overwhelming number and content of the disclosures being provided defeat the stated purpose.' ... [T]he Council recommended simplification and streamlining the communications.... The recommendations were accompanied by sample disclosures for the DOL's consideration[.]"
Masuda Funai

Midterm Elections Are on the Horizon: What Will That Mean for Retirement and Health Plan Legislation?
"The last chance to see benefits plan legislation before the November midterms is likely to be a loophole in the spending bill that left the Federal Aviation Administration (FAA) only funded through September. This sets up FAA reauthorization as another must-pass vehicle before the midterms. Efforts are underway to encourage Congress to include beneficial retirement and health plan legislation as part of the FAA reauthorization. If that doesn't happen, the next best chance will be a possible budget deal in the fall or during the lame duck session following the midterm elections."
Lockton

Embracing the Quasi-Clawback
"In light of the difficulty of recouping compensation, companies should consider what ... the quasi-clawback, or the forfeiture of amounts that have not yet been earned, or have been earned but not yet paid....[W]ays in which companies can implement quasi-clawback features in their compensation programs: [1] Forfeiture of unvested incentive based compensation ... [2] Deferred payment of earned incentive-based compensation.... [3] Forfeiture of nonqualified deferred compensation."
Shearman & Sterling LLP

Advantages to Pre-Tax Deferral of Income in an Uncertain Tax Environment: 2018 Updates (PDF)
14 pages. "This article explains how you should consider recent and future tax rate changes when analyzing whether to participate in your company's nonqualified deferred compensation (NQDC) plan.... The only scenarios favoring the personal investment account involve high wage earners willing to settle for a meager 3% pre-tax return and invest their income over a short 10-year period. In all other scenarios, an NQDC account provided an advantage (in terms of the total amount accumulated after taxes are paid) ranging from a low of 1.75% to 47.75%."
Fulcrum Partners LLC

Plan Compensation for Employees with 'Prevailing Wage' Earnings
While working on the year-end for a new safe harbor 401k, the census and salary information that we received form the payroll company reflected some employees with "On Call" and "Prevailing Wage" Earnings. Our document uses W-2 earnings as the definition of comp. Not sure what "on call" earnings are but the prevailing wage, I believe, is under the Davis Bacon Act. Should this have been addressed when setting up the plan? Do we just ignore the prevailing wage and only use their W-2 earnings?
BenefitsLink Message Boards

Excluding some NHCE from Safe Harbor Match
I have a client that has two people (NHCE) that they would like to exclude from the Basic Safe Harbor Match; they would still be able to defer. Coverage is not an issue. But, I still don't feel I can do this. But why not?
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Press Releases

IMM, Ascensus Unveil Enhanced Version of IRAdirect eSign at Fiserv Forum Ascensus

Securities and Exchange Commission Charges Businessman with Stealing Millions from a Pension Plan U.S. Securities and Exchange Commission

Robert S. Socol Joins the GreatBanc Trust Company Board of Directors GreatBanc Trust Company

LIMRA LOMA Secure Retirement Institute Board Elects Carolyn Johnson of Voya to be 2018 Board Chair LIMRA LOMA Secure Retirement Institute

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