Senior Health Benefits Analyst
The Segal Group
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OneAmerica
in IN

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Hot Topics in Employee Benefits: What We're Seeing
June 13, 2018 WEBCAST
Morgan Lewis & Bockius LLP

EBRI Retirement Security Projection Model (RSPM) - Analyzing Policy and Design Proposals
June 20, 2018 WEBCAST
EBRI [Employee Benefit Research Institute]

Executive Compensation Landscape - How The Present Will Inform The Future
November 8, 2018 in NY
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Budget Act Means Plan Sponsors Must Analyze 401(k) Plan Administration

"The Budget Act's changes included easing some hardship distribution requirements and extending to victims of certain wildfire disasters the favorable distribution options that TCJA had given to hurricane victims. As a result of these changes, many 401(k) plans may need plan amendments to either bring them into compliance with TCJA and the Budget Act, offer the distribution opportunities now permitted following this legislation, or comply with regulations implementing these provisions that have yet to be written. The deadline for adopting these amendments may not be until December 31, 2019, or later and some plans may not require amendments at all." HR Daily Advisor

Today Is The Last Day to Save $300 -- Fraud Prevention Institute

Employee benefit plans are packed with personal and sensitive information. The Fraud Prevention Institute will uncover the many areas where fraud can occur, how to detect it and preventive measures to implement. Register by June 4 and save $300.

Reviewing Your 401(k) Record Keeper Service Agreement

"If you are like many plan fiduciaries, you haven't looked at your agreements since you signed them. However, the provisions in your agreements that set forth the responsibilities of the provider and the employer are not written in stone, and you may now have the opportunity to negotiate a better deal. There's a focus on fees and competition in the market today, and size matters. If your plan has grown, you now have more bargaining power to negotiate lower fees." 401kTV

Lump Sums Are Most Common Payment Option for Participants in Defined Contribution Retirement Plans

"As workers approach retirement, they might wonder how their retirement savings will be paid out. Among private industry workers in defined contribution plans in 2017, most participated in savings and thrift plans (73 percent). Other common plan types include deferred profit sharing (25 percent) and money purchase pensions (18 percent). A lump sum was the most common payment option available to workers in these plans. A lump sum provides retiring workers the full amount of their retirement savings and earnings with no further benefits received from the plan." U.S. Bureau of Labor Statistics [BLS]

Advantages of Unbundling Services in a Defined Benefit Plan

"Unbundled services in a defined benefit plan means the various functions are performed by separate entities, which presents advantages for employers as outlined below. [1] Accountability ... [2] Expertise ... [3] Consulting toward the plan sponsor's business objectives ... [4] Multiple professionals sharing varying experiences ... [5] Transparency of cost ... [6] [A] working environment where the plan sponsor stays familiar with the plan." Watkins Ross

Though More Comfortable with Volatility, Americans Still Lean Toward Protecting Retirement Savings

"35% of Americans said they are comfortable with market conditions and ready to invest -- up from 26% in 2015. 37% admit that recent volatility is making them anxious about their nest egg. 57% are willing to give up potential gains for a product that protects a portion of their retirement savings -- up from 48% in 2015." Allianz Life Insurance Company of North America

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The Case for a New Social Contract for Retirement

"People are today living longer than at any other time in history.... [We] need to ensure the long-term sustainability of social security benefits.... The traditional career trajectory of taking on additional responsibilities over time before abruptly stopping work at pension age ... needs to be replaced by a more flexible approach and the ability to transition into retirement, be it by reducing hours or working in a different capacity." Aegon

Most 2018 Calendar-Year Multiemployer Plans Are in the Green Zone (PDF)

"90% of plans are not in critical and declining (C&D) status.... Nearly two-thirds of plans in the survey have a Pension Protection Act of 2006 (PPA '06) funded percentage above 80%, and more than one-quarter of plans in the survey are fully funded on that basis." Segal

Pension Finance Update, May 2018

"Pension sponsors saw modest improvement in funded status during May, due mainly to higher stock prices. Both model pension plans ... gained ground last month -- both traditional Plan A and the more conservative Plan B improved a fraction of 1% in May. For the year, Plan A is 5% ahead, while Plan B is up 1%[.]" October Three Consulting

FAS87 ASC715 Discount Rates and Moody's Rates, Updated May 31, 2018

An unofficial monthly report, as of May 31, 2018, of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans). David Rigby, via BenefitsLink Message Boards

Illinois Budget Bill Features Pension Buyout for State Workers

"Under the bill, current public workers can exchange the 3% compounded cost-of-living adjustments for a lump sum payment of 70% of the value and a 1.5% COLA that is not compounded. Also, vested former workers can opt to receive a lump-sum payment amounting to 60% of the value of their pension balance.... Up to $1 billion in pension obligation bonds would be issued to fund the accelerated pension payments[.]" Pensions & Investments

Supreme Court Decision Allows Employers to Bar at Least Some Employment Class Actions: What Could This Mean for You?

"[In] what is often an extraordinarily complex area of the law, an employer could be stuck with an arbitrator's legally erroneous (and large exposure) ruling with no meaningful chance for reversal.... The large exposures [under ERISA Section 502(a)(3) ] typically come from the aggregation of individual claims into a class action, which are the types of exposures that may be mitigated by requiring these claims to be arbitrated individually."
Holifield Janich Rachal Ferrera, PLLC

New European Data Privacy Law Impacts U.S. Employers' Handling of Human Resources Data

"Although 'data subject' will often mean someone who lives in the EU, it could also describe someone who travels in the EU and creates data while she is there (as we all do, regardless of our location, by using computers, personal devices, or the internet). Employers that have an active and ongoing practice of sending and receiving HR data to an affiliated company in the EU (for instance, a parent-subsidiary or franchise relationship) are those most likely transferring or processing GDPR-protected HR data." Reinhart Boerner Van Deuren s.c.

Hacking Longevity: Understanding the Implications of Living to 100

"[This] research ... explores the key inflection points that people face as they enter each new stage of their lives between ages 35 to 80+, and how living longer informs their planning, expectations, and perceptions across domains such as health, finance, social connection, and learning." AARP

Different Level of Matching Contributions for Part-Time Employees?

Client has a plan with age 21 and 6 months of continuous service. The plan has a discretionary match, which typically has been $2,000 per participant. Client will be hiring some employees on a part-time basis (24 hours a week) and wants to know if it can "pro rate" that $2,000 match for these part-time employees. That is, someone who only works 24 hours per week would not receive the same match as someone who works 40 hours per week. I'm thinking that maybe the client should just go to a certain percentage of pay instead. Any other suggestions? BenefitsLink Message Boards

Is Participant Required to Repay a Defaulted Loan?

I know a participant can continue to make repayments on a defaulted loan (if an after-tax account is set up), but are they required to? BenefitsLink Message Boards

ESOP Question: Non-Allocation of Section 1042 Shares

Assume A and B are participants under ESOP and that A and B have combined $100K of cash in their ESOP accounts. A and B sell shares to the ESOP and they both elect 1042 tax treatment on all of the shares sold. Is there any way that the ESOP can use the $100K cash in A's and B's accounts in this transaction? BenefitsLink Message Boards

Correction Required for Former Participant After Account Completely Distributed?

Is a corrective contribution required for a former participant who has taken a complete distribution and no longer has an account in the plan? Section 6 02(5)(b) of Rev. Proc. 2016-51 states, "Corrective contributions are required to be made with respect to a participant with an account under the plan." But I cannot find anything specifically addressing individuals without an account.
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Press Releases

Voya Financial Completes Annuities Transaction Voya Financial

NPPG Appoints Jim Brambilla as Defined Contribution Plan Administrator Northeast Professional Planning Group [NPPG)]

Sarah Kanter Joins Health and Welfare Group at Trucker Huss Trucker Huss

James Kelley, President, Strategic Benefit Services Joins the Retirement Advisor Council Retirement Advisor Council

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