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Security Administrators, Inc.
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Mann Associates
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Kolinsky Wealth Management
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Atlantic Pension Services Inc
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Intro to Retirement Plans
June 15, 2018 WEBCAST
Worldwide Employee Benefits Network [WEB]

Intro to Employee Benefits in M&A
June 27, 2018 WEBCAST
Worldwide Employee Benefits Network [WEB]

Is an ESOP Right for You?
July 31, 2018 WEBCAST
National Center for Employee Ownership [NCEO]

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Tax Reform Requires Plan Sponsors to Update 401(k) Plan Special Tax Notices

"In several places in the 2009 IRS model 402(f) special tax notice ... references are made to the 60-day rollover requirement and consequences that flow from failing to make a rollover within that time. Because TCJA creates an exception to these consequences, the model special tax notice ... needs to be updated ... [T]he plan administrator is ultimately responsible for making the required special tax notice disclosure to the participant, and could face a potential breach of fiduciary duty suit under [ERISA] to the extent a participant relied on any inaccurate or misleading statements." Kilpatrick Townsend

ERISA Litigation Update: New Trends and Significant Changes

May 31 webinar includes tips for avoiding litigation. key issues in defending claims for benefits, and emerging areas of specialized ERISA claims. Discount for BenefitsLink readers .

Court Dismisses Claims Regarding Investments in Former Parent Company's Stock

"Together, this case and Tatum show how spun-off employers may risk litigation whether they keep investments in their former parent company's stock or force a divestiture. But the outcome here also illustrates how plan fiduciaries who take the frozen fund approach used here can benefit from Dudenhoefer , at least in the absence of any reason to doubt the fidelity of the stock's market price." [ Schweitzer v. Investment Committee of the Phillips 66 Savings Plan , No. 17-3013 (S.D. Tex. May 9, 2018)]
Thomson Reuters / EBIA

Don't Miss These Retirement Milestones

"Age 50: The age you can begin making catch-up contributions to your retirement accounts ... Age 55: If you leave a job ... you can take penalty-free withdrawals ... Age 59-1/2: Make penalty-free withdrawals from all traditional IRAs and employer retirement plans ... Age 62: Earliest age at which you can claim Social Security retirement benefits ... Age 65: Enroll in Medicare ... Age 66 and 67: Full Retirement Age for Social Security ... Age 70: Claim the maximum benefit from Social Security ... Age 70-1/2: Begin taking [RMDs]." Fidelity

ERISA Advisory Council to Meet June 19-21

"The purpose of the open meeting is for Advisory Council members to hear testimony from invited witnesses and to receive an update from [EBSA] The EBSA update is scheduled for the morning of June 21, subject to change. The Advisory Council will study the following topics : [1] Lifetime Income Products as a Qualified Default Investment Option (QDIA): Focus on Decumulation and Rollovers, and [2] Evaluating the Department's Regulations and Guidance on ERISA Bonding Requirements and Exploring Reform Considerations. The Council will hear testimony on June 19 on the first topic and on June 20 on the second topic." Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

States Turn to New Tool to Sustain Pension System Funding

"Called stress test reporting, this new practice can show policymakers how adverse economic scenarios could affect retirement system investments and state budgets.... The stress testing model ... also allows states to account for the condition of their economy and tax collections, offering a broad look at the impact of pensions on their overall fiscal health." The Pew Charitable Trusts

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Why We Need Multiemployer Pension Reform (PDF)

"Since the passage of [MPRA], 19 multiemployer plans have applied to the Treasury Department... to cut their workers and retirees' benefits by as much as 50-70%. Five have been rejected; five have been approved, five are under consideration and the rest have been withdrawn.... [T]here are about 130 additional plans are eligible to apply to cut their retirees ' and workers' benefits ... This could affect up to 1.5 million workers and retirees.... [T]he Butch Lewis Act [ S.2147 ] ... and its House companion bill the 'Rehabilitation of Multiemployer Pension Act' [ H.R.4444 ] ... provide a common-sense way of shoring up funding in severely troubled multiemployer plans."
Pension Rights Center

Text of IRS Notice 2018-42: Update of 2018 Standard Mileage Rates Notice (PDF)

"Public Law 115-97 suspends all miscellaneous itemized deductions that are subject to the two-percent of adjusted gross income floor under Section 67, including unreimbursed employee travel expenses. This suspension applies to taxable years beginning after December 31, 2017, and before January 1, 2026. Thus, the business standard mileage rate listed in Notice 2018-03 cannot be used to claim an itemized deduction for unreimbursed employee travel expenses during the suspension." [Also see the IRS news release at IR-2018-127 .]
Internal Revenue Service [IRS]

HSAs: Untapped for Retirement

"Beyond today's benefits, HSAs can be used for medical expenses in retirement.... Those costs are projected to soar for retirees, requiring up to 59 percent of what a couple receives from Social Security. While the potential benefits may inspire investors to save with their HSAs, there are also a few drawbacks." American Century Investments

Two Cheers for Deferred Taxation of Qualified Equity Grants

"With a qualified equity grant, an employee can elect to defer income taxes -- but not FICA -- for up to five years from when compensation would have otherwise been included in income.... So qualified equity grants are more attractive to companies expecting to be sold or go public in five years." Miles & Stockbridge

Six CEO Pay Packages That Explain Soaring Executive Compensation

"This year, thanks to a rule in the 2010 Dodd-Frank banking regulation law, publicly traded corporations in the United States had to begin comparing the pay of their chief executives to the median compensation of other employees at the company. The results ... were predictably striking. Here are six pay packages that stand out." The New York Times; subscription may be required

Effective Date of a PPA Restatement?

With the DB prototypes finally getting approval letters, what dates should be used for effective date of restatement? BenefitsLink Message Boards

Physician Wants to Use IRA to Invest in REIT-Landlord; Prohibited Transaction?

Two scenarios. [1] Employee-Doctor, who is an officer of the medical practice in which he works, wants to use IRA funds to purchase closely held REIT (owned by other doctors in the practice). Practice would rent office space from the REIT. [2] A 2% owner of the medical practice wants to do the same. Are these prohibited transactions? I think they clearly benefit from the transactions as an officer and an owner of the medical practice, respectively. I do not believe the medical practice is a disqualified person under 4975. BenefitsLink Message Boards

Allocations for 415 Purposes on Leveraged S-Corp ESOP

I'm looking at an S-corp ESOP and a 401(k) -- two separate plans, handled by two separate TPAs. The ESOP TPA is saying there's a 415 violation, and that refunds of $X must be made. I think it's partially true, but I want to make sure I'm not all wet. The allocations under the ESOP, for 415 purposes, are showing as (pick a number -- say, $800,000) but the repayment of principal and interest on the loan, which is the total contribution, is, say, $700,000. As I read Treas. Reg. 1.415(c)-1(f)(2) , for 415 purposes only, the allocations under the ESOP should be based on the $700,000, not the $800,000. This would reduce, but not eliminate, the 415 violations. As an aside, share prices are higher than before, so can't use the special exception for using devalued shares. Am I missing anything on this?
BenefitsLink Message Boards

Service Agreement with Us vs. a Purchase Order

An intended future client of a one-time compliance project has asked if we can accept a Purchase Order from them in lieu of our signed service agreement. Not sure how to react... BenefitsLink Message Boards

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Press Releases

Lockton welcomes new benefits experts in North Bay area Lockton

U.S. Department of Labor Investigation Results in Federal Court Ordering Independent Fiduciary to Distribute $535,790 in Retirement Plan Assets Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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