Senior Defined Contribution Administrator
Dunbar, Bender & Zapf, Inc.
in PA

Relationship Manager, Client Services
Charles Schwab
in OH

Qualified Plan Ops & Compliance Manager
T Bank NA
in TX

Regional Vice President of Sales
The Retirement Plan Company
in GA, NC, SC, TN, VA

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IRS Appears Likely to Expand Determination Letter Program in 2019

"The end of the [cycle-based program in 2017] left plan sponsors with no way to obtain a confirmation from the IRS that their plans continued to satisfy the formal requirements for qualification after multiple amendments and changes to the law. Based on recent IRS announcements, however, it appears that individually designed plans will have restored access to the program, possibly as soon as next year." Verrill Dana LLP

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When It Comes to the Proposed SEC Advice Rule, Words Matter

"Regulation Best Interest would establish a new conduct standard for broker-dealers that provide investment recommendations to retail customers.... To differentiate the existing standard for RIAs from the new one for brokers, the SEC proposes to reinterpret 'best interest' in non-fiduciary terms for broker-dealers. The words 'fiduciary' and 'loyalty,' which have long been part of the lexicon associated with 'best interest,' are nowhere to be found in the enhanced suitability standard now under consideration." InvestmentNews

Matrix Trust Company Accused of Making Unauthorized Transfers of 403(b) Plan Assets

"Matrix [allegedly] ... did not verify that the transfers were authorized by the participants in the 403(b) plans or permissible under the terms of the plans. [Plaintiffs allege that] the plans for which Matrix was custodian could only be invested in certain mutual funds as specified by the 403(b) plans' documents, [and that] the bank account maintained by Vantage or its agents was not one of them." planadviser

Three Reasons Cryptocurrency Is Making Its Way Into Retirement Plans

"[C]ryptocurrencies represent one of the newest, fastest growing and most intriguing asset classes around. But do they belong in a retirement account? ... [R]easons some are starting to create a cryptocurrency IRA as part of their overall retirement portfolio: [1] Diversification ... [2] Government Hedge ... [3] Long-Term Growth Potential." Forbes

Questions (with Answers) about Benefit Plan Best Practices

"What does 'best practices' mean? ... What activities do best practices embrace? ... Are the steps needed to perform the fiduciary disciplines defined? ... Isn't our plan's recordkeeper obligated to enforce best practices? ... I know that managing our plan's fees is a required practice, but how do I know if our vendors' fees are fair and reasonable?" Roland|Criss

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What's Hindering Millennials' Retirement Savings?

"Lack of 'traditional' employment.... Lack of access to retirement plan at work.... Lack of eligibility for a retirement plan at work.... Job turnover.... Other priorities." Data 'Points'

The Multiemployer Pension System: An Analysis of Cohort Equity (PDF)

10 pages. "Cohorts that retired before 2003 will experience, or have already experienced, an average [internal rate of return (IRR)] in excess of 9%. As a result of contribution increases without commensurate benefit increases, a dramatic decline in IRR began in 2003. For a typical plan, the marginal IRR ... declined from over 6% in 2002 to about 2% in 2015.... A plan that avoids insolvency and manages to gradually pay-down its funding deficit could, in the long run, reduce its contributions or raise its benefits, leading to a rebound in the marginal IRR." The Pension Analytics Group

FAS87 ASC715 Discount Rates and Moody's Rates, Updated June 29, 2018

An unofficial monthly report as of June 29, 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

June 2018 Pension Finance Update

"June was another decent month for pension sponsors, rounding out a solid quarter and first half of 2018 for pension finance ... Both model plans ... held steady again last month -- traditional Plan A gained 1% while the more conservative Plan B was unchanged during June. For the year, Plan A is 6% ahead, while Plan B is up 1%:." October Three Consulting

Having Too Much Employer Stock in Your 401(k) Is Dangerous -- Just Look at GE

"[A] large holding in employer stock doubles your risk: If your company runs into major problems, you may lose your job and your retirement security.... At the center of the problem is federal pension law, which establishes a 10 percent limit on employer stock in defined benefit plans, but not in defined contribution plans such as 401(k) plans." Robert C. Pozen and Ming Liu, via The Brookings Institution

Preparation for an Outsourcing Renegotiation

"The first question is whether or not the outsourcing should continue.... All options available in the market should be considered before beginning a renegotiation.... Clients should review the relationship that exists with the service provider to develop an understanding of what is going well and what needs improvement.... It is important to calendar upcoming expiration and potential termination dates to avoid surprises and provide for adequate time to properly prepare." Morgan Lewis

Amending a DB Plan After Submitting to PBGC, to Raise Cash-Out Threshold?

Can a plan whose termination has been submitted to the PBGC be amended? Specifically, we want to raise the cash-out threshold from $1,000 to $5,000. The plan has 4 participants to whom we have spoken, and to whom we have sent distribution forms by email and postal mail. These individuals still have not returned signed forms pertaining to their distributions -- and we have no clue as to why. We're running into the 501 filing deadline. BenefitsLink Message Boards

ESOP's Upcoming Liability for Large Distribution

Client's ESOP has a participant with a very large balance. Distribution is in five years. Cash flow is an issue for the company. Does anybody have any good suggestions? BenefitsLink Message Boards

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Press Releases

ConnectYourCare Appoints Mike Wright as Chief Sales Officer ConnectYourCare

DOL Reaches Agreement to Restore $5.45 Million to Texas-Based Employee Stock Ownership Plan Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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