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Fiduciary Fly-in
June 12, 2018 in DC
Groom Law Group

Getting it Right - Know Your Fiduciary Responsibilities
June 14, 2018 WEBCAST
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Choosing a Retirement Solution for Your Small Business Workshop
June 14, 2018 WEBCAST
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Just for ERPAs Workshop
September 4, 2018 in IL
FIS Relius Education

Advanced Pension Conference
September 5, 2018 in IL
FIS Relius Education

Operating Under the IRS Pre-Approved Plan Document Program
October 30, 2018 WEBCAST
ASPPA [American Society of Pension Professionals & Actuaries]

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New Topics on the BenefitsLink Message Boards

New Comments and Topics

All Topics , Grouped by Forum

What Plan Sponsors Can Do to Avoid Fiduciary Liability from Common Fee Blunders

"[Plan sponsors should] get a detailed list of expenses [being charged by their] TPA... Adviser... funds... etc. Think of the dollars you pay for the plan as your money, especially if it is an employee cost.... Ask questions and gain a general understanding of the concept that mutual funds have different share classes. The share classes are different only in price.... Benchmarking is a matter of due diligence and documentation.... [B]enchmarking can be included within vendor contracts." Fiduciary News

ASC CE Credit Webcast: Cash Balance Plans

Cash Balance Plans can increase retirement benefits for designated employees, no wonder Cash Balance Plan Designs are popular amongst both DC and DB professionals. Join our upcoming webcast to learn about Cash Balance plans for your clients.

Unapproved 403(b) Plan Documents: Plan Sponsors Can Take Remedial Steps Now

"[1] If your plan was established or restated in the last year, confirm whether or not your current document is a pre-approved prototype or volume submitter plan with an opinion or advisory letter. If so, it is likely that no further action is required. [2] If the current plan document does not have an opinion or advisory letter, consider adopting ... a pre-approved plan document retroactively to January 1, 2010 or, if later, the plan's effective date." Benefits Bryan Cave

TDF Investor Behavior Improves, But Allocation Mistakes Remain Common

"Vanguard reports that more than half of 401(k) participants are now invested in a single target-date fund (TDF), compared to only 13% just a decade years ago.... Vanguard researchers estimate that 77% of the participants on the firm's recordkeeping platform will be invested in a single TDF by 2022.... [W]hen constructing their own retirement portfolios, about 10% of participants still tend to hold extreme allocations -- defined here as holding either 0% or 100% equities in a retirement-focused portfolio." planadviser

How Brokers and Retirement Plan Consultants Differ

"Investment brokers, who collectively still advise millions of plan sponsors nationwide, play a relatively narrow role in managing retirement plans. Their focus, essentially, is limited to selecting the investments that optimize returns given the details of the plan itself. Under the proposed DOL fiduciary rule, any financial professional advising retirement plans would also have to assume the responsibility of fiduciary.... In addition to sharing the same fund selection responsibilities taken on by brokers, consultants can also advise plan sponsors on how to maintain regulatory compliance, increase plan participation and minimize risk for participants. Consultants are co-fiduciaries." PlanPILOT

GAO Report: Investment Policy Decisions and Challenges Facing the Central States Pension Fund

"GAO found that CSPF's investment returns and expenses were generally in line with similarly sized institutional investors and with demographically similar multiemployer pension plans.... In addition, GAO found that CSPF's investment fees and other administrative expenses have also been in line with other large multiemployer plans." [GAO-18-106, Jun. 4, 2018] U.S. Government Accountability Office [GAO]

Now is a great time to join Worldwide Employee Benefits Network (WEB)

Worldwide Employee Benefits Network represents more than 30 areas of expertise within the Benefits Industry. Join today .

GAO Report: DOL Activities Under the Central States Pension Fund's Consent Decree and Federal Law

"Since 1982, the plan has operated under a court-enforceable consent decree which, among other things, requires that the plan's assets be managed by independent parties. Within 7 years, CSPF estimates that the plan's financial condition will require severe benefit cuts. GAO was asked to review the events and factors that led to the plan's critical financial status and the oversight DOL provides under the consent decree and under other federal laws." [GAO-18-105, Jun. 4, 2018] U.S. Government Accountability Office [GAO]

The Possibility of a 'Provider's ERISA'

"This new system could take a number of different forms -- robust outsourcing, open multiple employer plans (MEPs), Australian-style superannuation funds, or all of the above. But a key issue for policymakers will be how, in such a system, to produce better outcomes for savers when there is no longer an employer-fiduciary looking out for them." PLANSPONSOR; free registration may be required

ERIC Comment Letter to IRS on the Determination Letter Program

"Plan sponsors should be allowed to request a determination letter during the 2019 calendar year with respect to a plan merger that has occurred since the plan's last determination letter was issued ... Hybrid plans, employee stock ownership plans (ESOPs) and plans incorporating a non-safe harbor accrual or allocation formula should be allowed to request a determination letter with respect to certain matters on which the IRS did not previously opine ... IRS should consider establishing or providing official recognition of a third-party certification system that would fill the void left by the suspension of the determination letter program[.]" The ERISA Industry Committee [ERIC]

American Benefits Council Letter to IRS in Support of Expanded Determination Letter Program for Individually Designed Plans

"[C]ertain types of individually designed plans and transactions [are] particularly in need of access to the program.... [1] Significant plan design changes, especially defined benefit plan changes ... [2] Multiple employer plans and multiemployer plans ... [3] Corporate transactions ... [4] Significant changes in the law." American Benefits Council

American Benefits Council Letter to EBSA Recommending Cooperative Effort to Develop Guidance for Missing Participants

"[1] Create an opportunity ... to meet with the appropriate DOL officials who are directly engaged in finding participants so we can learn specific tactics the agency has implemented that might be replicated by employers. [2] Consider a pilot program where the DOL could work collaboratively with a few companies to reach missing participants.... [3] The Council also would be pleased to reach out to service providers ... to either arrange separate meetings with DOL officials or include those service provider organizations in the aforementioned meetings with plan sponsors." American Benefits Council

Premature Denial of Long-Term Disability Benefit Claim Mitigates Claimant's Failure to Exhaust Administrative Remedies

"The Ninth Circuit ... held that genuine issues of fact remain regarding whether Liberty properly handled and denied Plaintiff's LTD claim before the full amount of time authorized under the Policy to submit materials had expired. Even though Plaintiff did not complete his claim submission until nearly a year after the policy deadline, the court apparently found that of no moment." [ Cuaresma v. Farmers Group Disability Income Plan , No. 16-16946 (9th Cir. May 31, 2018)]
Kantor & Kantor

White House Nominates Senate Aide as SEC Commissioner

"Elad Roisman, chief counsel to the Senate Banking Committee, has been nominated to the [SEC]. Mr. Roisman is the Republican nominee to the five-member commission to replace Michael S. Piwowar, whose term is set to end in June." Pensions & Investments

SEC Provides Updated Guidance on Proxy Disclosures for Compensation Plan Proposals

"Twelve of the CDIs relate to Item 10 of Schedule 14A, which sets forth the disclosure rules when a compensation plan is submitted to shareholders for approval, but only [one] interpretation, CDI 161.03, is identified as a substantive change:... [T]he new CDI confirms that it's acceptable to provide information on individuals or groups who did not receive contingent grants or will not otherwise receive determinable awards in a narrative along with the table, rather than in the table itself." Baker McKenzie

Taxes, Culture, and Big Investors: Effects on Executive Comp

"Institutional investors seem to be influencing pay programs. How are they tipping the scales? ... How should incentive design shift during times of disruption? After all, the bull market won't last forever.... How are compensation plans shaping culture -- or is it the other way around? ... [Is] there much ado about nothing when it comes to pay ratio reporting?" Meridian Compensation Partners, LLC

Preventive Care for Executive Compensation Programs

"The compensation committee should consider conducting a review of market data on program design. Doing so would inform committee members about competitive practices and how the design of the current incentive compensation programs compares to others in the market. Where variances exist between the company's approach and majority market practice, the committee should be comfortable with discussing the reasons for such variances." Meridian Compensation Partners, LLC

Terminating Pre-Approved Plan; Must Update Document?

I am unclear as to whether a pre-approved plan must be updated to reflect any changed qualification requirements prior to termination of the plan. A favorable Determination Letter was received for the pre-approved plan for the 2nd remedial cycle (addressing the 2010 Cumulative List of Changes). Does it need to be updated for the 2017 Cumulative List prior to termination? BenefitsLink Message Boards

New Loans to Terminated Participants

If a 403b loan policy is amended to permit loans to terminated participants -- in distinction from allowing an active participant to take the loan and then continue loan payments after he terminates. Is there any downside to this? The loan policy provides for repayments via ACH so provided the terminated participant is able to set up the ACH deductions correctly and timely, I guess this is OK. BenefitsLink Message Boards

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Press Releases

EPIC Holdings, Inc. Adds Janine Walter, SPHR, SHRM-SCP as Chief Talent Officer EPIC

Alliance Benefit Group Growing Again - This Time in the Chesapeake Region Alliance Benefit Group

Teladoc Acquires Global Virtual Care Provider, Advance Medical Teladoc

Charles Schwab Ranked Highest by 401(k) Participants in J.D. Power Group Retirement Satisfaction Study Charles Schwab Corporation

The Retirement Advantage Announces Jeffrey Schreiber as New Director of Sales The Retirement Advantage [TRA]

Sun Life Financial Acquires Maxwell Health Sun Life Financial

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