Senior Quality Manager - ESOP Administration
Principal
in AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY, Telecommute

Experienced Retirement Plan Administrator
M2B Retirement Consulting, LLC
in PA

Client Service Manager, Retirement
TRI-AD
in AZ, CA, Telecommute

Retirement Plan Compliance Analyst QKA
Newport Group
in AL, AZ, CA, FL, IA, IL, MD, MN, MO, NC, NY, TX, VA, VT, WI

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Advanced Plan Design Workshop
September 27, 2018 in KS
FIS Relius Education

Advanced Plan Design Workshop
October 4, 2018 in TN
FIS Relius Education

ESOP Overview - An Introduction to ESOPs
October 23, 2018 WEBCAST
National Center for Employee Ownership [NCEO]

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Text of IRS Publication 4344: 2018 Report of Recommendations of Advisory Committee on Tax Exempt and Government Entities (PDF)

87 pages. The Employee Plans Subgroup provided 2 reports: [1] Recommendations regarding re-opening the determination letter program in certain circumstances (begins on page 9); and [2] Recommendations regarding missing participants (begins on page 21). Advisory Committee on Tax Exempt and Government Entities [ACT]

You're Invited! ftwilliam.com's Regional One Day Conferences

Join ftwilliam.com and industry experts for an insightful day covering ERISA, Compliance Testing & Reporting, Distributions, Ethics and more -- and secure CE, ERPA, and ethics credits. August 2nd in California, Sept. 6th in Washington D.C. Learn More!

Suit Against Vanderbilt University Amended to Include Use of Participant Data for Marketing

"Jerome Schlichter, ... attorney for the plaintiffs, said ... 'Vanderbilt allowed TIAA to use its access to confidential sensitive financial information about participants to benefit itself by selling insurance and other products outside the plan. We also allege that not only was this improper but that Vanderbilt violated its duty to work for the exclusive benefit of plan participants rather than TIAA's benefit.' " [Cassell v. Vanderbilt Univ., No. 16-2086 (M.D. Tenn., 164-page amended complaint filed June 6, 2018)]
Pensions & Investments

Deutsche Scales Back Employees' Claims Ahead of 401(k) Fee Trial

"Deutsche Bank Americas Holding Corp. workers ... can move forward with their claims of fiduciary breach based on the offering of in-house funds that carried excessive fees and performed poorly, as well as Deutsche's alleged failure to monitor high fees and fiduciaries ... The workers, however, can't proceed with their claims that Deutsche engaged in prohibited transactions under [ERISA] by offering proprietary mutual funds in the plan[.]" [ Moreno v. Deutsche Bank Americas Holding Corp. , No. 15-9936 (S.D.N.Y. June 6, 2018)]
Bloomberg BNA

Latest Investment Return Assumptions for Public Employee Pension Plans

Chart shows latest distribution of investment return assumptions for over 100 state and local government pension plans. Updated May 2018. National Association of State Retirement Administrators [NASRA]

Reasons You Might Not Want to Choose an Annuity at Your Retirement

"You're comfortable investing.... You have a retirement plan and can stick to it.... Your financial plan includes spending.... You can live on 3 to 5 percent of assets a year.... You have sources of stable income." U.S. News & World Report

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401(k) Deferrals: How Much Should Employees Be Contributing?

"We are back-loading contributions into our accounts rather than front-loading, contributing a lot at the end of our careers and very little at the beginning. As a result, we are missing out on all of that compounding that takes place over time. So we end up with a 401k account balance that is way too low." Lawton Retirement Plan Consultants

American Academy of Actuaries' Answers to Questions Posed by Joint Select Committee on Multiemployer Plans (PDF)

39 pages. "On behalf of the Pension Practice Council of the American Academy of Actuaries, I appreciate the opportunity to provide the following responses for the record to questions provided us pursuant to [April 18, 2018 hearing on] The History and Structure of the Multiemployer Pension System[.] ... The Pension Practice Council ... stands ready to help you at each step of the way with objective and nonpartisan input." [Editor's note: Includes more than 40 questions from legislators, with detailed answers.] American Academy of Actuaries

What Does the Increasing Gap in Retirement Ages Mean for Pensions?

"In 2016, ... men with a high school degree retired at age 62.8 and men with a college degree retired at age 65.7. This age gap matters when it comes to saving for a secure retirement." National Public Pension Coalition

ARA Letter to EBSA Protesting Letters to Plan Sponsors Threatening 'Alternative Enforcement Measures' (PDF)

"[R]ecent letters to plan sponsors from Chris Davis, Associate Regional Director of the Chicago Regional Office of the [DOL] ... threaten 'alternative enforcement measures' against plan fiduciaries who choose to correct the late deposit of employee contributions outside of the Voluntary Fiduciary Correction Prog ram (VFCP). Such threats are inappropriate and clearly are intended to scare plan sponsors into participating in what is supposed to be a voluntary program.... ARA respectfully requests that DOL immediately cease using such threats as a means to increase VFCP filings." American Retirement Association [ARA]

Number of Contingent Workers Inches Higher

"The number of U.S. workers classified as 'contingent' (including those in the gig economy) increased from 5.7 million to 5.9 million ... Employers may want to revisit staffing logistics, assess risk related to wage-and-hour laws, re-evaluate benefits, reclassify workers as employees or independent contractors, and even implement creative employee-relations solutions[.]" Jackson Lewis P.C.

What the Employee Benefits Business Can Learn from Retail Industry

"[As] employer health plan design continues to shift costs onto employees, and more retirement plans move from a defined benefit model to a defined contribution model, the 'best-seller' benefits are no longer enough to differentiate employers in the eyes of workers.... [T]he greatest opportunity for employers, in terms of both talent attraction and cost-effectiveness, lies in more non-traditional voluntary benefits that have begun to emerge." Benefitfocus

Fears Over Downside to Clawbacks May Be Unwarranted

"[T]he great majority of firms in the S&P 1500 have on their own adopted rules that enable them to claw back compensation that executives received on the basis of misstated financial reporting.... [A recent study] suggests that companies with clawback rules generally seek to protect accounting integrity. And they do so while maintaining, and even enhancing, the advantages of performance-based CFO pay." CFO

Post NRD Actuarial Increase for Mortality -- Updates?

A few years ago, the PBGC, in a post-termination audit of a client, required mortality increases for late retirees although the plan had no forfeiture upon death. Their position was that it was required because the document did not specifically state that there was no pre-retirement mortality. This became a big deal and went national and various organizations and experts were involved. Has anyone had recent experience with this issue and the PBGC? If I pick up a plan that provides a QPSA (not fully actuarial equivalence) upon death and defines actuarial equivalency as being based on a specific interest and mortality table must the benefit be increased for both interest and mortality if paid after NRD (assuming no SOB notice) (or risk a problem upon PBGC post termination audit)? Looking for recent experience or insight.
BenefitsLink Message Boards

Plan Documents Must Be Signed Before Effective Date of Plan?

What is the timing for adoption agreements for new plans to be executed? Must they be signed before the effective date of the plan? If a plan isn't adopted timely, do you need to file with the VCP? Would this be considered a nonamender failure? BenefitsLink Message Boards

2017 1099-R Never Issued or Filed for Rollover

We are preparing the year-end valuation for a small 3-life 401(k) Plan. For 2017, one participant rolled their account to an IRA (direct rollover). A 1099-R was never issued. At this point, how should this be corrected? Because this was a non-taxable event for the participant, would it be OK to let it go? BenefitsLink Message Boards

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Press Releases

Fixed Annuities On The Rise Insured Retirement Institute [IRI]

Catherine M. Keating Appointed CEO of BNY Mellon Wealth Management, Effective July 9, 2018 BNY Mellon

TIAA Introduces TIAA Bank, Serving Consumer, Institutional and Commerical Clients Nationwide TIAA

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