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IRA Institute Online - Session 2
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Text of PBGC Proposal for Survey of Multiemployer Pension Plan Withdrawal Liability Information

"The [PBGC] intends to request that OMB approve, under the Paperwork Reduction Act, a survey of terminated and insolvent multiemployer pension plans to obtain withdrawal liability information. PBGC needs the withdrawal liability information to estimate its multiemployer program liabilities for purposes of its financial statements. This notice informs the public of PBGC's intent and solicits public comment on the collection of information." Pension Benefit Guaranty Corporation [PBGC]

Certificate in Global Benefits Management

From understanding the power of world views to defining your company strategies, the Certificate in Global Benefits Management provides the comprehensive knowledge needed to administer and manage a global benefits program.

Text of PBGC Disaster Relief Ann. 18-06, in Response to Volcanic Eruptions and Earthquakes in Hawaii

"[PBGC] is waiving certain penalties and extending certain deadlines in response to volcanic eruptions and earthquakes that began on May 3, 2018, in Hawaii.... The relief generally extends from May 3, 2018 through September 17, 2018. The disaster area consists of Hawaii county." Pension Benefit Guaranty Corporation [PBGC]

Interesting Angles on the DOL's Fiduciary Rule, Part 95

"[It] does not appear that the best interest standard would apply to recommendations to plans that are not participant directed. For example, a recommendation to take a distribution from a defined benefit pension plan or a cash balance pension plan does not seem to be a securities recommendation, because the participant does not have the ability to liquidate plan investments. On the other hand, a recommendation by an RIA to take a distribution from any type of plan would be covered by the best interest standard. Similarly, for RIAs a recommendation about the investments in the rollover IRA would also be covered by the best interest standard." FredReish.com

Defending Against Class Actions: Four Strategies for ERISA Litigation

"A defense strategy focused on dismissing the lawsuit or narrowing the class at the earliest opportunity will help to reduce the pain. Raising some of the following arguments in a motion to dismiss or in opposition to a motion for class certification may advance that strategy.... [1] Standing ... [2] Statute of Limitations ... [3] Exhaustion ... [4] Rule 23(b)(3)." Faegre Baker Daniels

Recent DOL Settlement Agreements with ESOP Trustees

"When viewed in its entirety, the [GreatBanc Trust Company (GBTC)] Agreement emerges as the most relevant guidance for ESOP trustees by laying the groundwork for subsequent settlement agreements. While there are differences and departures, subsequent agreements ... largely follow the principles laid out in the GBTC Agreement.... [T]he most recent settlement reached in May of 2018, is notable in that it is identical to the GBTC Agreement." The Wagner Law Group

Delivering ERISA Disclosure for DC Plans: Why the Time Has Come to Prefer Electronic Delivery (PDF)

"This document provides a 2018 update to the 2011 study ... This 2018 update concludes that the reasons to shift to electronic delivery have become even stronger during the intervening seven years.... Paper delivery costs significantly more than electronic delivery, and the government norm in other settings has become electronic delivery.... For tens of millions of people, access is better with electronic rather than paper delivery ... The internet has become a pervasive technology, similar to the telephone, so concern about lack of access to the internet is not a sound basis for preferring paper delivery." Peter Swire & DeBrae Kennedy-Mayo

Who Is Eligible to Make 401(k) Plan Catch-Up Contributions?

"[T]he plan document is not required to allow catch-up contributions; however, if catch up contributions are permitted, it must be so stated.... A plan participant is deemed to be age 50 any time during the calendar year in which he turns 50. Thus, in a non-calendar year plan, a participant is permitted to make catch-up contributions even if he will not turn age 50 until the next plan year." EisnerAmper

Retired California Employees Must Pay Back Pension Overpayment

"The [California Appellate Court] affirmed a trial court decision that two retired officers must pay the San Diego City Employees' Retirement System more than $30,000 combined, finding that the overpayments had been a mistake, albeit a costly one for the former officers." [ Krolikowski v. San Diego City Employees Ret. Sys. , No. D-071119 (Cal. Ct. App. June 14, 2018)]
LegalNewsLine.com

Catholic Bishop of Providence, Hospital Operators Accused in Pension Lawsuit

"The suits filed in state and federal courts accuse Bishop Thomas Tobin and hospital operators of deliberately underfunding St. Joseph Health Services's pension plan and then lying about the plan's financial condition to beneficiaries and state regulators.... The pension was set up as a 'church plan' ... The federal lawsuit, however, says the plan did not qualify as a church plan at least since 2009, meaning the plan's operators would have been required to meet specific funding thresholds." Rhode Island Public Radio

Wake Up, Millennials: What the Latest Social Security Trustees Report is Telling You

"If Congress takes no action to close this gap prior to 2034, system benefits will effectively be reduced by 21%, across-the-board at that time. To put the program back in long-term balance prior to 2034 will require something like a 22% across-the-board decrease in benefits or a 28% increase in the payroll tax[.]" Ken Steiner, FSA Retired

A Pension Plan Sponsor's Readiness Guide to Plan Termination: Prepare to Communicate (PDF)

"Start planning now ... Designate the project team ... Consider final changes and design the prospective retirement program ... Be informed about the financial impact ... Determine the investment strategy ... Review the data ... Prepare to communicate." Findley

DCIIA Testimony Before the ERISA Advisory Council: Lifetime Income Solutions as a QDIA -- Focus on Decumulation and Rollovers (PDF)

24 pages. "Those in QDIAs near retirement are more likely to have shorter tenures, lower balances and potentially lower salaries ... The idea of long-tenured participants retiring and utilizing the LTI features in a QDIA may be less common than initially anticipated. As LTI solutions continue to develop, it is important to consider these demographics when assessing their effectiveness." Defined Contribution Institutional Investment Association [DCIIA]

Dividing Retirement Benefits at Divorce Shouldn't Be This Hard

"Hundreds of people contact the Pension Rights Center every year seeking help in obtaining benefits awarded under a divorce decree.... The Pension Rights Center is currently working to bring together many different groups -- including employers, family law judges, retirement plan administrators, family law specialists, women's organizations, pension experts, and advocates for survivors of domestic violence -- to engage in a dialogue about ways to make the QDRO process more affordable and less complex." Pension Rights Center

Text of FASB ASU 2018-07: Stock Compensation (Topic 718) -- Improvements to Nonemployee Share-Based Payment Accounting

188 pages. "The areas for simplification in this Update involve several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation -- Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. Some of the areas for simplification apply only to nonpublic entities." Financial Accounting Standards Board [FASB]

Could Your 401(k) or Pension Plan Help Mitigate the Loss of Deductions Under Section 162(m)?

"The QSERP or SERP-Swap was a highly tax-efficient method for providing deductible and secure compensation for executive employees under a tax-qualified 401(k) or pension plan ... The possibility of providing additional tax deductible benefits to executives under a pension plan is a strategy that may not work for most companies, but definitely will work for some public companies." Winston & Strawn LLP

Can We Reinstate a Terminated Plan?

Client sponsored a 401k plan and terminated it a few years ago for various reasons. All participants became fully vested and received a complete distribution except one remaining participant, who still has a brokerage account. The business situation has changed and the client would like to start a new plan. Even though this plan was terminated, they continue to file Form 5500. What are their options? If they finally get this participant paid out, typically they cannot start a new plan for at least 12 months. Is there a possibility of reinstating the existing plan because it has not yet been fully paid out and a final Form 5500 has not yet been filed? BenefitsLink Message Boards

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Conrad Siegel Brings on Two New Investment Consultants Conrad Siegel

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