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Investment Insights - Cybersecurity Responsibilities for Investment Advisers
May 17, 2018 WEBCAST
Winstead PC

ERISA Fiduciary Overview
May 23, 2018 WEBCAST
Ohio State Bar Association

RITA IRA Institute
September 5, 2018 in IL
Retirement Industry Trust Association [RITA]

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Text of PBGC Disaster Relief 18-04, in Response to Severe Storms and Flooding in Indiana

"[PBGC] is waiving certain penalties and extending certain deadlines in response to severe storms and flooding that began on February 14, 2018, in Indiana.... The relief generally extends from February 14, 2018 through June 29, 2018. The disaster area consists of the Carroll, Clark, Elkhart, Floyd, Harrison, Jefferson, Lake, Marshall, and St. Joseph counties." Pension Benefit Guaranty Corporation [PBGC]

Free ASC CE Credit Webcast!

Join us to review new PPA documents, the new restatement process and timing requirements: Volume Submitter Defined Benefit Plan, Volume Submitter Cash Balance Plan and Volume Submitter Defined Benefit - Governmental Plan. Register Now at No Cost!

DOL Issues Temporary Enforcement Policy with Respect to Investment Advice Fiduciaries

"[ FAB 2018-02 ] was prompted by expected issuance ... of a mandate from the U.S. Court of Appeals for the Fifth Circuit effectuating its opinion vacating the entire Fiduciary Rule, the BIC Exemption, the Principal Transactions Exemption, and related amendments to existing prohibited transaction exemptions... [The DOL] wanted to provide guidance as to the breadth of the prohibited transaction exemptions that remain available for investment advice fiduciaries.... [W]ith the Fiduciary Rule vacated, the number of individuals who may be investment advice fiduciaries will be significantly reduced."
The Wagner Law Group

DOL Announces Temporary Enforcement Policy in Response to Fifth Circuit Decision

"DOL indicated that the Treasury Department and the IRS have confirmed that a similar non-enforcement policy will apply with respect to the prohibited transaction excise tax provisions under Internal Revenue Code section 4975.... DOL specifically notes that it will 'consider any applications for additional relief' and indicates that it is evaluating the potential prospective and retroactive prohibited transaction relief."
Groom Law Group

SEC Proposes New Interpretation of Fiduciary Duty

"The views expressed in the Proposed Interpretation appear to broaden the judicial views of the fiduciary duties under the Advisers Act ... [T]he Proposed Interpretation appears to shift the Advisers Act from a disclosure statute, as is the case in other securities statutes, to one of substantive duties." Akin Gump

Interesting Angles on the DOL's Fiduciary Rule, Part 89

"[T]he 5th Circuit also vacated the exemptions that were associated with the fiduciary regulation. As a result of the loss of the exemptions, including the Best Interest Contract Exemption (BICE), many advisors (including their broker-dealers and RIAs) have inadvertently engaged in prohibited transactions during the time since the Fiduciary Rule first applied on June 9, 2017. As a result, relief was needed. This article discusses the guidance from the DOL and IRS, as well as some of the implications." FredReish.com

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.

It's Not the Professional Title, But This Written Document That Creates a Fiduciary Relationship

"While many argue about how many financial professionals can dance on the head of the fiduciary pin, the answer to 'Who is a fiduciary?' has always been there. It comes in the form of a written document called a 'Limited Power of Attorney.' Registered Investment Advisers, at least those with the direct authority to trade client assets, can only do so under this legal agreement. Indeed, it can be argued that fiduciary 'advice' cannot be given without the existence of a Limited Power of Attorney ('LPOA'). This makes the LPOA a very special instrument. Here's why." Fiduciary News

Many Small-Business Leaders Express Limited Knowledge of Retirement Plan Fees

"Although two-thirds of employers said that they were 'somewhat' or 'very familiar' with their plan fees, only 49 percent said they had read their fee disclosure in the prior year and had understood it; 44 percent said they had not read it; and 7 percent said they had read the disclosure but did not understand it." The Pew Charitable Trusts

The $1 Trillion Target Date Fund Landscape

"Assets in target-date mutual funds totaled roughly $1.11 trillion at the end of 2017, up from $880 billion at year-end 2016.... Industry assets amounted to only $158 billion at the end of 2008.... Nearly 95% of the $70 billion estimated net flows to target-date funds in 2017 went to target-date series that invest predominantly -- at least 80% of assets -- in index funds." Morningstar Advisor

How Plan Sponsors Should Address Increased Market Volatility

"Given that increased volatility is likely inevitable as 2018 progresses, plan sponsors should take certain steps ... Employees nearing retirement should be shifting toward a more conservative asset mix.... An even more prudent option plan sponsors can offer are target date funds ... It's vital for plan sponsors to urge their employees to stay the course ... In all but the most extreme cases, selling in response to a correction is a potentially damaging and preventable decision." PlanPILOT

Plan Sponsor Returns See First Dip Since 3Q 2016

"In aggregate, U.S. Master Trust Universe plans reported a one-year return of +10.13%, surpassing its 3-year annualized return of +6.37% and 5-year annualized return of +7.64%. In a reversal from 4Q 2017, corporate and health care plans underperformed, with quarterly returns of -478bp, and -432bp respectively." BNY Mellon

OPM Proposes Legislation to Tighten Retirement Benefits for Current and Former Federal Employees

"The request ... would save taxpayers $143.5 billion over the next decade ... [T]he proposed changes reflect the move by private sector businesses away from defined-benefit pensions in recent years." Government Executive

Sen. Gillibrand Introduces Pro-ESOP Legislation

"[The Main Street Employee Ownership Act of 2018 (S2876)] would provide $500 million in support of [ESOP] programs and would operate through the Small Business Administration."
The ESOP Association

When Multiemployer and Public Pension Funds Run Out of Money

"[T]he problem with all these [multiemployer] pension plans is they weren't conceived properly to begin with and they definitely weren't managed properly. Unions promised their members generous pensions they knew were unsustainable and they did a lousy job managing these pensions, doling out huge fees to Wall Street sharks which delivered mediocre long-term results." Pension Pulse

Text of IRS Disaster Relief Notice IN-2018-01, for Victims of Severe Storms and Flooding in Indiana

"Individuals who reside or have a business in Carroll, Clark, Elkhart, Floyd, Harrison, Jefferson, Lake, Marshall, and St. Joseph counties may qualify for tax relief.... [T]he IRS gives affected taxpayers until June 29, 2018, to file most tax returns ... that have either an original or extended due date occurring on or after Feb. 14, 2018 and before June 29, 2018." Internal Revenue Service [IRS]

Benefits and Beyond: How Employers Think About Financial Wellness (PDF)

"[A] significant majority of employers (83%) offer financial wellness programs, and another 14% plan to offer them in the next one or two years.... Twenty-six percent only offer programs to their full-time employees, 27% also include part-time employees, and 30% also include contractors." Prudential

Initial Readings of the CEO Pay Ratio

"Companies with large numbers of part-time or seasonal employees are reporting the highest CEO pay ratios, especially if those workers are located in developing countries.... Among sectors, there appears to be a strong relationship between lower median employee pay and a higher CEO pay ratio." Farient Advisors

Offset Using a Hypothetical Account Balance?

Cash balance plan defines the accrued benefit as the actuarial equivalent of the hypothetical account balance (where the hypothetical account balance is the usual sum of principal and interest credits), reduced by the actuarial equivalent of the balance of the "hypothetical offset account." The hypothetical offset account for each participant is credited with an allocation equal to the lowest allocation rate from [Sponsor Name] Profit Sharing Plan plus the actual rate of return from the participant's account in the profit sharing plan. The profit sharing plan uses a new comparability allocation formula with each participant in their own group. The idea seems to be that although the participants are not getting a uniform allocation in the DC plan, they are getting a hypothetical uniform allocation in the form of the hypothetical offset account, and it is that account balance which is being used to offset the accrued benefit. Does this seem permissible? BenefitsLink Message Boards

Currently Have Solo(k); Does It Make Sense to Add a Cash Balance Plan?

I am a 1099 independent contractor who has incorporated with an S-corp (one person/employee, which is myself). I've set up a solo-401k in order to make salary deferrals and employer profit-sharing (up to 25% of employee gross pay) to maximize the $55,000 contribution limit. Recently I learned about cash balance plans. If my annual 1099 income is somewhere in the range of $300-400k, would it make sense to consider adding a cash balance plan? BenefitsLink Message Boards

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Press Releases

EBRI Names This Year's Winner of the Lillywhite Lifetime Achievement in Employee Benefits Award EBRI [Employee Benefit Research Institute]

Minnesota Health Action Group Benefits Survey Shows Employers' Top Benefits Priorities and new Initiatives Aimed at Reducing Health Care Spend Minnesota Health Action Group

DOL Reaches Agreement with Defunct Springfield, Ohio, Company to Restore Losses to Retirement Plan Employee Benefits Security Administration [EBSA], U.S. Department of Labor

HUB International Acquires the Assets of Tennessee-Based the Barnett Group HUB International

Fidelity Expands Student Debt Offering to Include Access to Refinancing Platform, Credible.com Fidelity Investments

Charles Privitera Receives Accredited Investment Fiduciary Designation from The Center for Fiduciary Studies Westminster Consulting

Court Requires Fiduciaries to Pay $2,450,000 to Vermont ESOP And Civil Penalties Following U.S. Department of Labor Investigation and Litigation Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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