Defined Contribution Account Manager
Nova 401(k) Associates
in AZ, ID, NV, UT, Telecommute

Plan Termination Account Manager
Nova 401(k) Associates
Telecommute

ERISA / Employee Benefits Attorney
Ogletree, Deakins, Nash, Smoak & Stewart, P.C.
in AZ, CA, CO, CT, DC, FL, GA, IA, IL, IN, KS, LA, MA, MI, MN, MO, MS, NC, NJ, NV, NY, OH, OK, OR, PA, SC, TN, TX, VA, WA, WV

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10th Annual Qualified Plan Fiduciary Summit
June 20, 2018 in TX
Qualified Plan Advisors

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Common Compliance Issues in 401(k) Plans

"Compiled from lists published by the IRS and plan auditors, here are 10 items to check and review to make sure your 401(k) plan is operating in line with IRS expectations ... [1] Failure to understand and follow the plan's definition of compensation ... [2] Late or erratic contribution of employee deferrals ... [3] Failure to amend the plan document for tax law changes ... [4] Misunderstanding of eligibility and vesting rules ... [5] Growing forfeiture accounts ... [6] Impermissible in-service withdrawals." QBI

New Resource! How the New Tax Law Impacts Employee Benefits

Law, Explanation and Analysis of the Tax Cuts and Jobs Act of 2017 - expert guidance for benefits professionals that highlights the immediate impact of key changes and delivers practical guidance to help you navigate the most pressing issues. Learn More!

Multiple Employer Plans (MEPs): Employer Considerations

"[W]hen multiple adopting employers use different payroll providers and varying methods of transmitting payroll data, there may be the need for an outside party, such as a data aggregator, to convert the required payroll data feeds of the adopting employers into one common format acceptable to the MEP's recordkeeper.... Depending on how it is outlined in the master plan document, adopting employers may not have the ability to terminate 'their plan' and distribute participant assets. Rather, termination may require the lead employer to spin off the terminating adopting employer's plan to a new stand-alone plan." Cammack Retirement Group

Missing Participants Procedure

"Some search steps involve so little cost and such high potential for success that a fiduciary should always take them before abandoning efforts to find a missing participant, regardless of the size of the participant's account balance. The failure to take such steps would violate the fiduciary obligations of prudence and loyalty, as set forth in section 404(a) of ERISA."
QBI

Funded Status Improves in April by $20 Billion (PDF)

"The funded status of the 100 largest corporate defined benefit pension plans increased by $20 billion during April ... The deficit fell to $140 billion from $159 billion at the end of March due to an increase in the benchmark corporate bond interest rates used to value pension liabilities.... As of April 30, the funded ratio rose to 91.6%, up from 90.6% at the end of March." Milliman

How Living Longer Will Impact Your Retirement

"Rather than quit the workforce at age 65, many Americans continue to work either to supplement their retirement income or because they miss the routine of the workplace.... Health care costs may eat up funds.... In the past, pulling out 4 percent of a fund's principal each year was considered safe. However, that rule of thumb may not work anymore.... [M]oving investment money upon retirement into conservative funds, such as those based on bonds or cash, may no longer make sense." U.S. News & World Report

For over 20 years, we've helped employers find the best-informed candidates to fill their benefits job openings -- learn more!

Some Risks Can't Be Modeled

"The shortcoming of [Monte Carlo] simulation is not that it will create unrealistic scenarios -- quite the opposite -- it won't generate many highly unlikely outcomes. So, even after we test retirement plan risk with simulation we still don't know much about the effects of low-probability catastrophic events.... [At] some point we must face the fact that our retirement plan can't manage every risk by relying on good fortune in the stock market.... The best spending rules won't eliminate these risks." The Retirement Cafe

Text of GASB Implementation Guide No. 2018-1: Implementation Guidance Update, 2018

This 25-page Implementation Guide addresses new questions about application of the Board's standards on pensions, other postemployment benefits, the statistical section, regulatory reporting, and tax abatement disclosures. The Implementation Guide also includes amendments to previously issued implementation guidance on relevant topics. Governmental Accounting Standards Board [GASB]

Disability Benefits Claims May Settle Faster Under New Claims Procedures Regs

"If the plan administrator fails to strictly comply with the new rules, then the Labor Department has strongly suggested that any court review of a disability claim denial should be under a de novo standard.... In California, de novo review always will occur for litigated insured disability benefit claims. This is the case even if the new Labor Department rules are precisely followed by the plan administrator and if the plan is well drafted to give decision discretion to the plan administrator." Bob Blum Mediation

How Does Your Pay Compare to the Bottom Half of Your Company?

"This is the first year that publicly traded companies are required to tell investors how their CEO pay compares to the rest of the work force with ... the CEO pay ratio. Some companies braced for backlash as they revealed headline-grabbing numbers: Toy maker Mattel Inc. paid its CEO 4,987 times the median of all pay packages in the company.... [T]his is the first time people can see how pay disparity looks inside an individual company. More importantly, employees can now see for the first time how close their pay is to the bottom half of their own organization." WCPO

Company with 401(k) Buys Company with SIMPLE IRA

Client currently has a 401k plan. It has just acquired a company with a SIMPLE IRA. It is my understanding that SIMPLE IRAs cannot be terminated during the year. But what if the company is sold? Must the new company allow the employees to continue their contributions to the SIMPLE IRA? And so they continue the acquired company's employer contribution? BenefitsLink Message Boards

New Hardship Distribution Means New 6-Month Suspension Period?

A participant takes a hardship distribution on 1/3/2018. Suspension period goes through 7/3/2018. If participant then takes another hardship 5/3/2018, does the suspension period go through 11/3/2018? The plan has a match provision. Does a new hardship distribution require a new 6 month suspension? BenefitsLink Message Boards

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