Retirement Planning Consultant
Transamerica
in CA

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Farmer & Betts
in GA, WA

Retirement Plan Analyst
Innovest Portfolio Solutions
in CO

Senior Plan Administrator
American National
in TX

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Ascensus
in AZ

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Pentegra Retirement Services
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ERISA Compliance: Implementing Effective Claims Procedures Under Section 503 and DOL Regulations
June 27, 2018 WEBCAST
Strafford

Getting It Right - Know Your Fiduciary Responsibilities
July 10, 2018 in IL
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Fraud Prevention Institute for Employee Benefit Plans
July 16, 2018 in MA
International Foundation of Employee Benefit Plans [IFEBP]

Benefit Communication and Technology Institute
July 23, 2018 in OR
International Foundation of Employee Benefit Plans [IFEBP]

Don't Do That With Your ESOP
November 13, 2018 WEBCAST
National Center for Employee Ownership [NCEO]

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What Expenses Can We Pay from Plan Assets?

"What does the plan document say about using plan assets to pay for reasonable plan administrative expenses? ... Is the expense a 'settlor' expense or a 'fiduciary' expense? ... Is the expense prudent? Is the amount reasonable? ... When can plan assets be used to pay for plan amendments? ... Must plan administrative expenses be allocated to participant accounts on a pro rata basis? ... Can a plan sponsor be reimbursed from the plan for paying plan administrative expenses? ... Is there a correction program available to address an error related to the payment of expenses from plan assets?" Drinker Biddle

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Have You Checked Your Plan's Definition of Compensation Lately?

"While many plan sponsors rely on the expertise of the vendors and assume they will properly carry over the terms of the plan, many times there are errors in carrying over provisions when a plan changes providers or is restated. It is the plan sponsor's responsibility to ensure that the document states what they want it to state before they sign the document making it the legal document governing the terms of the plan. It is imperative that a plan sponsor thoroughly review a plan document before executing it or even better ask counsel to review it to ensure everything was carried over correctly." Graydon

Supreme Court Workplace Arbitration Decision: Potential Impact on ESOPs

"Although the Supreme Court's recent decision ... was not a case under [ERISA], the Court's analysis indicates that it would likely reject an argument that an arbitration provision with a class action waiver in an [ESOP] is fundamentally unenforceable under ERISA. However, the decision leaves open numerous questions about the practical effect of including such provisions in ESOPs." [ Epic Systems Corp. v. Lewis , No. 16-285 (S. Ct. May 21, 2018)]
Holland & Knight

Social Investing: What the Latest DOL Guidance Means for Plan Fiduciaries

"First, fiduciaries cannot accept lower investment returns or higher risks for participants in order to serve social policy goals. Second, fiduciaries can use factors such as environmental, social and governance (ESG) considerations to 'break ties' between otherwise-equivalent alternatives.... [ FAB 2018-01 ] does not discourage the use of social considerations entirely. To the contrary, it provides helpful insight as to ESG investments in 401(k) and other participant-directed plans."
Drinker Biddle

University of Chicago Settles Fee Lawsuit

"In addition to the [$6.5 million cash] settlement, the university has agreed to 'retain certain structural changes to the Plans that will further benefit the Plans and their participants,' including agreeing 'not to increase per-participant recordkeeping fees for three years from the date of Final Approval of the Settlement, and to use commercially reasonable best efforts to continue to attempt to reduce recordkeeping fees.' " National Association of Plan Advisors [NAPA]

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U.S. Corporate Pension Buyouts Exceed $1 Billion for 12th Straight Quarter

"It is the 12th consecutive quarter of sales exceeding $1 billion and the third year in a row that first-quarter buyout sales exceeded that amount, although it was slightly less than the $1.42 billion in sales during the first quarter of 2017.... The majority of pension buyout sales traditionally take place in the third and fourth quarters." Pensions & Investments

Millennials Are Better Prepared for Retirement than Their Parents

"51% of Millennials have set specific retirement goals, compared with just 44% among both Gen X and Boomer participants. Of the 51% of Millennials who have set goals, 83% say they believe they are on track to meet them.... Nearly two-thirds (61%) of Millennials have at least $25,000 in total retirement savings, and 27% of them have more than $100,000, with an average of 30-35 years before retirement. By contrast, 75% of Boomers have more than $100,000 in savings with an average of just three years until retirement age." J.D. Power

Asian Americans More Cautious Retirement Investors Than Other Demographics

"According to [a recent study], Asian American retirees and pre-retirees worry more than other Americans about taking too much risk (69% vs. 44%) or making a poor investment decision (67% vs. 54%) within 15 years before or after retirement. Asian American pre-retirees (75%) are especially concerned about taking too much investment risk." PLANSPONSOR

Think Saving for Retirement Is Unrealistic? Try Retiring with No Savings

"One of the most unrealistic goals of those who responded to the survey may be the preference to continue living in their current homes. The majority -- 85% -- of respondents said they wanted to age in place, even though 76% of those who say they rent or have a mortgage have no retirement budget or intend to rely on Social Security for half of their income." MarketWatch

Using Deferred Income to Fund Your Startup Business Could 'ROB' Your Future

"[T]his process is complicated and fraught with peril. If the plan is found to be discriminatory or the IRS concludes that a prohibited transaction took place, the entire arrangement will be invalidated. The result is a bill for taxes and penalties going back to the date of the initial ROBS transaction!" Slott Report

The Dirty Little Secret of Auto-Enrollment?

"[A]uto-enrollment is not a panacea. For example, it has negatively impacted the average account balance size of many plans, particularly where there is high turnover; and smaller average account balances equals higher fees.... [If] we are forcing people to save their earnings via auto-enrollment, this earnings reduction can only be offset by either increasing earnings, reducing expenses or incurring debt for something the earnings would have normally been used to finance." Cammack Retirement Group

Sixth Circuit Highlights Importance of 'Firestone' Language

"A reviewing court would still apply the contra proferentum doctrine when determining whether the plan contains Firestone language, but once the court has identified such language, the doctrine ceases to apply. The court would then defer to the plan administrator's interpretation of any other disputed plan provision -- so long as that interpretation is not arbitrary and capricious." [ Clemons v. Norton Healthcare Inc. Ret. Plan , Nos. 16-5063 and 16-5124 (6th Cir. May 10, 2018)]
Spencer Fane

The Gig Is Up: California Supreme Court Rewrites Rules for Independent Contractors

" Dynamex applies for purposes of California wage orders only; it does not mandate changes to employee benefit plans. Employers with a California workforce affected by this decision, however, should consider ... some possible benefit plan implications.... Worker reclassification can affect [retirement] plan eligibility.... Reclassification can affect whether an employer will satisfy [ACA shared responsibility] standards as well as the extent of an ALE's liability for failing to satisfy them."
Conduent

To Require Arbitration or Not to Require Arbitration

"One of the most common arguments in favor of arbitration to resolve disputes is that it is less expensive than litigation. Litigation is expensive and time consuming.... Another argument in favor of arbitration is that an employment, severance, or other agreement could require, or the parties could agree, that all aspects of the arbitration proceeding and results are confidential." Winston & Strawn LLP

How to Design a Cash Balance Formula If Earnings Not Yet Known?

How do you advise clients to design their CB formula when they don't know their earnings until after year end? I am looking particularly at clients that are not corporations, such as partnerships and LLCs taxed as partnerships. It's a problem because they need to adopt their plan or amend their formula by the end of the year, but they don't really know their earnings until after year end. BenefitsLink Message Boards

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