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August 23, 2018 WEBCAST
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S Corporation ESOPs: Valuation Issues
September 18, 2018 WEBCAST
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PBGC Proposes to Amend Valuation, Reporting, and Disclosure Regs for Terminated and Insolvent Multiemployer Plans

"The proposed regulations would reduce the number of plans that are required to prepare an annual actuarial valuation by increasing the monetary threshold from $25 million to $50 million.... The proposed regulations would add the annual actuarial valuation requirement for: [1] Insolvent plans (active and terminated) receiving financial assistance from the PBGC. [2] Plans terminated by plan amendment that are expected to become insolvent." Thomson Reuters Practical Law

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Cyber Security Risk for Plan Sponsors

"The plan sponsor should have cyber security policies and procedures in place and all employees should be well trained in them. There should be consequences in place to ensure that all employees follow proper procedures.... Plan sponsors also need to do their research regarding vendors. Here are some important questions to ask[.]" PlanPILOT

Ways for Plan Sponsors to Increase 401(k) Participation and Employee Deferrals

"[1] If you haven't adopted automatic enrollment and auto-escalation, consider it.... [2] Look carefully at how you structure the match.... [3] Communicate effectively.... [4] Keep enrollment as simple as possible.... [5] Think carefully about naming a 'go-to person' for the 401(k) plan.... [6] Create a small budget for fun educational activities.... [7] Use tools ... to create competitions and increase engagement.... [8] Create one-on-one opportunities for employees to talk about their 401(k) benefits." Bronfman Rothschild

Inexpensive Ways to Promote Your 401(k) Plan to Employees

"[Y]ou probably have at least a couple of all-star investors who are maximizing their contributions, diversifying properly, and attaining sizeable retirement balances as a result.... Consider tapping into this group the next time you have a benefits awareness program or communication, or when you conduct enrollment or education meetings ... [P]articipants are more likely to read a company newsletter article since it tends to be less technical, plus the plan sponsor is the one doing the communicating, which may also offer an advantage." Conrad Siegel Actuaries

Retirement Savings Proposals Introduced in Senate, Under Discussion in the House

"A bipartisan group of senators introduced a package of retirement savings bills ... that includes making it easier for small employers to join pooled employer plans and giving employers incentives to use automatic enrollment and automatic escalation features.... [O]ne of the package's bills ... would lower the administrative cost of employers offering a 401(k) plan, but it also would reduce the fiduciary risk of selecting and monitoring open multiple employer plans and shift that responsibility to the pool providers." Pensions & Investments

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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!

DOL Guidance Impacts Consideration of ESG Factors in Investment Decisions and Shareholder Engagement

"In response to FAB 2018-01 , fiduciaries may wish to: [1] review their investment policies and practices (or investment manager contracts, as relevant) to ensure the fiduciary's consideration of ESG factors is tied to economic factors over an appropriate time horizon, and that such decision-making is well documented; [2] review their shareholder engagement policies to ensure the decision to engage will enhance the value of investments, after considering costs, and that the decision is well documented; and [3] review their proxy voting policies to document academic research findings that connect the proxy voting issue ... with economic value."
Reinhart Boerner Van Deuren s.c.

Key Issues for Fiduciaries When Investing for a Cause

"Millennials ... are interested in more than pursuing social policy goals through their investments; they are also greatly interested in the growth of their 401(k) balances and retirement security, having entered the job during the Great Recession. And that is where we see convergence between plan participants and the DOL guidance: plan sponsors and fiduciaries absolutely have to keep their eye on retirement income." Bloomberg BNA

Brown University Wins Dismissal of Many Claims in 403(b) Plans Challenge

"[The District Court judge] found the plaintiffs' allegation that a prudent fiduciary would have chosen one -- rather than two -- recordkeepers suffices to state a plausible claim. In addition, he said the plaintiffs' claim that a prudent fiduciary in like circumstances would have solicited competitive bids plausibly alleges a breach of the duty of prudence." [ Short v. Brown Univ. , No. 17-318 (D.R.I. July 11, 2018)]
planadviser

Public Pension Funds Adopt Cost-Sharing Mechanisms to Stem Volatility

"[T]he collapse of the internet bubble and the Great Recession caused by the financial crisis of 2008 ... resulted in pension debt exceeding $1 trillion. Between 2003 and 2013 the cost of making required pension payments almost doubled... [S]ome pension systems have adopted formal cost-sharing mechanisms, adjusting contributions or benefits, instead of making unplanned benefit cuts or contribution increases. Almost 30 defined benefit pension plans in 17 states use cost-sharing mechanisms to manage risk[.]" Pensions & Investments

PBGC Reports Multiemployer Program Continues to Face Insolvency by 2025

"Consistent with findings in last year's Report, the multiemployer program is likely to become insolvent by the end of fiscal year 2025 without changes in the law or additional resources. The Agency's single-employer pension program continues to improve and is likely to eliminate its deficit sooner than previously anticipated." Wolters Kluwer Law & Business

IRA Aggregation Rules Every Advisor Must Know

"[1] Return of excess IRA contribution: aggregation does not apply ... [2] Application of basis for traditional IRAs: mandatory aggregation applies ... [3] Application of basis for inherited traditional IRAs: limited aggregation applies ... [4] Qualified Roth IRA distributions: mandatory aggregation applies ... [5] Required minimum distributions: optional aggregation applies ... [6] Inherited IRAs: limited aggregation applies ... [7] One per year limit on IRA to IRA rollovers: mandatory extended aggregation applies among Roth and traditional IRAs ... Proper record keeping is essential." Appleby Retirement Dictionary

Delaying Qualified Plan RMDs with the 'Still Working' Exception

"[D]efining precisely what it means to be 'still working' (e.g., 1 hour per week, 10 hours, 20 hours?) is not something that the IRS has done. However, the general interpretation based on a plain reading of the law is that, as long as the employer still considers an individual employed, that person is 'still employed' for the purpose of the still-working exception (even if the ongoing work is of a relatively limited nature).... Another complication with determining whether an individual is 'still working' is the exclusion of the rule for 5% owners of a business.... Fortunately, this complexity does create planning opportunities which individuals can use to reduce (or at least delay) their tax bill." Nerd's Eye View

Be Wary of 401(k) Robo-Fiduciaries -- Especially the Human Ones

"Some institutional consultants have turned to the outsourced chief investment officer model, while others have moved down-market. Mercer created a robo-fiduciary called '401kWise' that offers to serve as the plan administrator and named fiduciary for even the smallest 401(k) plan, promising reduced costs and better outcomes, which includes financial wellness. But the chances for success are limited because 401(k) plans are sold, not bought. Few plan sponsors are likely to abandon a person for a phone number." InvestmentNews

New Colorado Data Privacy Requirements Apply to Organizations That Employ Workers in Colorado

"The key provisions in the new law are its requirements that covered entities: [1] maintain reasonable security procedures and practices; [2] establish and follow a written policy for the destruction of personal information when it is no longer needed; [3] ensure that third-party service providers handling their personal information have implemented and maintained reasonable security procedures and practices; and [4] follow the law's notification procedures when it becomes aware that a security breach 'may have' occurred." Holland & Hart LLP

Privately Held Companies and the SEC: New Legislation Doubles Rule 701 Soft Cap Limit

"Under the new law the $5 million 'soft cap limit' for Rule 701 exemption from additional disclosures required by Rule 5 has been increased. In fact, the limit has doubled.... This change should make it easier -- particularly for larger privately held companies -- to offer share-based compensation to their employees without bumping up against the enhanced Rule 701 cap limits." Holifield Janich Rachal Ferrera, PLLC

Incorrect Valuation by Previous Actuary; Amended 5500 Needed?

We have a new client with a defined benefit plan. The prior actuary did the valuations wrong for several years. Do you think we need to file amended 5500s, or should we just fix it on the next 5500 and move forward, perhaps with an explanatory note. Had the valuations been done correctly, nothing would have been different in terms in things like excise taxes, etc. BenefitsLink Message Boards

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Press Releases

Seyfarth's Peter Varney Appointed Chair of the State Bar of Georgia's Employee Benefits Law Section Seyfarth Shaw LLP

SageView Sponsors Women in Pensions Network (WiPN) SageView Advisory Group

Alliance Benefit Group Expands its Footprint in the Sunshine State Alliance Benefit Group

National Business Group on Health Launches Major Initiative to Enhance Employee Engagement with Health and Well-being Programs National Business Group on Health [NBGH]

Russell Investments Expands Distribution of Adaptive Retirement Accounts OneAmerica

Pension Inspector Launches ERISA Plus Dashboard, a New SaaS Integrating Prior and Present Form 5500 Filings National Retirement Programs, Inc.

Introducing Appley Health, A Next-Generation Technology Platform Slicing Real Cost From Healthcare Appley Health

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