Senior Retirement Plan Administrator
Goldberg, Swedelson & Associates
in CA, Telecommute

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Non-ERISA 403(b) Plans May Be Subject to Proposed SEC Regulation Best Interest

"[T]he proposed [SEC] regulation could apply to a non-ERISA plan, such as a non-ERISA 403(b) plan.... [T]he employee owning the annuity contract would likely be treated as a 'retail customer' and subject to the protections of the Best Interest rules. To that end, although they are treated differently for tax purposes, the participant in the non-ERISA 403(b) plan would seem to be in the analogous position to the owner of an IRA." The Wagner Law Group

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Anthem 401(k) Investor Ordered to Disclose Facebook Messages

"A participant in Anthem's 401(k) plan must disclose to the company's attorneys some of her Facebook private messages concerning her lawsuit accusing Anthem of allowing excessive fees in the plan. The Facebook private messages ... discussed the participant's emotional status over her upcoming deposition, a future meeting with the attorneys, and that she wanted to be a 'good representative'[.]" [Bell v. Pension Comm. of ATH Holding Co., No. 15-2062 (S.D. Ind., order on motion to compel , June 14, 2018)]
Bloomberg BNA

The Pension Plan is Paid in 35 Years, but the Lawyers are Paid in 2 Years?

"The class action plaintiffs are paid $150 million in 35 years, if at all. The plaintiffs' lawyers are paid fees of $5 million in 2 years.... The case was settled with an experienced and respected mediator. Yet the Fifth Circuit was quite concerned about the payment of legal fees and sent the case back to the District Court ... The Fifth's concern about payment of class counsel's fees may have been misplaced." [ Jones v. Singing River Health Services Foundation , No. 16-60550 (5th Cir., revised July 27, 2017)]
Bob Blum Mediation

BofA Weighs Allowing Commissions on Merrill Lynch Retirement Accounts

"The firm's wealth-management unit may allow retirement-account customers flexibility in fee structures after a review is completed in about 60 days ... Merrill Lynch decided in 2016 it would stop offering commission-based retirement accounts and instead impose fees based on assets managed as it prepared to comply with the [DOL's] fiduciary-duty rule ... The firm was alone among wealth managers inside large U.S. banks to force the move on brokers and their clients[.]" Bloomberg

Fidelity Lowers Fees on Some Target Date Funds

"For the Freedom Index Funds institutional premium class, the net expense ratio has been cut to eight basis points from 10. This reduction applies to institutions that have at least $100 million in target-date assets. For the Freedom Index Funds investor class, for retail clients, the expense ratio has been reduced to 14 basis points from 15." Pensions & Investments

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The 'Public Pension Crisis' Is a Myth, Part Eight

"The proposed change [to an Actuarial Standard of Practice (ASOP)] would require actuaries to calculate ... a 'defeasement number' for public pension plans. [This] is basically what it would cost, in total, for an employer to close its plan and pay an insurance company to take care of its pension obligations ... [T]his is a meaningless number for almost all public plans, as they are neither closing their plans nor selling them to insurance companies." National Public Pension Coalition

Should We Continue to Count on Employers to Meet Society's Need for Secure Retirement?

"Employees are a captive audience.... Employers are also able, if they're large enough ... to select low-fee fund options for their employees ... [But] an employer-based system misses those without conventional employment (part-timers, freelancers, contractors, small business employees or owners) ... The very employer match that serves as an incentive to make a contribution, can act as a ceiling, in which employees take the match as the recommended maximum contribution level." Elizabeth Bauer, in Forbes

Do Your Benefit Plan Provisions Match Your Actual Practice?

"[If] the plan document reserves the right to amend to the plan sponsor's board of directors and in actual practice amendments are routinely executed by an individual or administrative committee, this may call into question the validity of any amendments so executed[.]" Baker McKenzie

Hardship Withdrawal for Medical Bills -- Any Time Limit?

A participant has requested a hardship withdrawal to pay medical bills. They have old medical bills that are in collections at this time, and the date of service was back in 2015 and 2016. They even have a couple from the end of 2017, but nothing in the past 6 months. Is there a time limit on the medical bills, or is there a point in time where it changes from medical expenses to debt? What are the thoughts on approving this hardship? BenefitsLink Message Boards

New Comparability Plan Would Have No Highly Compensated Employees

We have a prospect who has a work force of non-owner, non-HCE employees. In the profit sharing component of their potential 401(k) plan, they would like to provide a higher contribution to one manager than the contribution for the other employees. Because there are no HCEs and no Keys, they should be able to do this, agreed? Any issues we're overlooking? BenefitsLink Message Boards

DOL Overreach as to the VFCP Program?! Threatening Letters?!

What if I'm a small plan sponsor and I've done my own lost earnings calculation and deposited it into the participant accounts. I've done an amount-involved calculation and have filed and paid an excise tax with Form 5330. And yet (it appears) the DOL is going to come after me for not filing a VFCP as well? Anyone else find this alarming?! BenefitsLink Message Boards

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Global Atlantic Financial Group Joins Alliance for Lifetime Income, Focused on Protecting Americans' Finances in Retirement Global Atlantic Financial Group

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