Pension Plan Administrator
The Kenneth D. Anderson Company, Inc.
in MA

Retirement Account Administrator, Sr.
Alerus Financial
in MI, MN, NH

Pension Analyst
CS&L CPAs
in FL

Compliance Specialist III
ADP
in KY

Distribution and Loan Specialist
Independent Retirement
in OR

Compliance Specialist
LT Trust Company
in CO, Telecommute

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One-Two Punch: Cybersecurity Breaches and the Risks to Fiduciaries under ERISA
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Eversheds Sutherland

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Text of IRS Notice 2018-73: Weighted Average Interest Rates, Yield Curves, and Segment Rates Applicable for September 2018 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3) , and the 24-month average segment rates under Section 430(h)(2) ... In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I)."
Internal Revenue Service [IRS]

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Ninth Circuit: ERISA Doesn't Preempt Nevada Law Limiting General Contractors' Obligations to Pay Delinquent Contributions

"The Ninth Circuit ... explained that ... the right to recover unpaid contributions from general contractors was a result of Nevada's vicarious liability law. Therefore, SB 223 trimmed only rights available under state law and not those guaranteed by ERISA. Additionally, the Ninth Circuit observed that SB 223 applied equally to any individual or entity seeking to recover labor debts from a general contractor, which foreclosed the argument that the law impermissibly targeted ERISA plans. " [ Bd. of Trustees of Glazing Health & Welfare Trust v. Chambers , No. 16-15588 (9th Cir. Sept. 4, 2018)]
Proskauer

Does a Successful 401(k) Plan Influence a Company's Profitability?

"There's a correlation between higher gross margins and high-performing 401(k) plans.... Net income per employee indicates that investing in the 401(k) plan could correlate to increased profitability.... Well-designed and high-performing 401(k) plans can influence employee behavior." T. Rowe Price

Borrowing Limits for Participants with Multiple Plan Loans

"For purposes of this calculation, an employer's plan includes the plans of all members of a controlled group of employers, of trades and businesses under common control, and of members of an affiliated service group.... [S]pecial rules apply to a loan refinancing.... If a balance of $50,000 existed at any time during the prior one-year period, a new loan is not permitted, even if the prior loan was completely repaid." EisnerAmper

House Republicans' Tax Reform 2.0 Contains Significant Retirement Policy Proposals

"The [Family Savings Act (FSA)] also includes certain retirement plan-related proposals that are not in RESA: [1] $50,000 exemption from RMD rules ... [2] Study of PBGC single employer program: ... [3] Penalty-free withdrawals for birth or adoption." October Three Consulting

Tax Reform 2.0 Continues Lawmakers' Push for Savings Enhancements

"An employer would have until the business' tax return deadline -- including extensions -- to establish a plan, rather than the last day of the business' tax year ... Loans from employer plans that are taken under a credit card arrangement would be considered a deemed distribution for tax and other purposes.... Graduate student stipend or fellowship payments would qualify as compensation for IRA contribution purposes." Ascensus

Proposed Legislation Would Beef Up Retirement Protections for Women

"The Women's Pension Protection Act of 2018 (WPPA) would ... Expand existing spousal protections for defined benefit plans to defined contributions plans ... Change the minimum participation standards for long-term, part-time workers (most of whom are women)."
National Association of Plan Advisors [NAPA]

How to Figure Out What You Can Safely Withdraw in Retirement

"[S]oon-to-be-retirees [need] 3 years worth of expenses in cash or very short-term fixed income to start retirement. Most market downturns won't last more than 3 years and using that liquid surplus to live on during down markets can allow you to ride out the storm from a position of relative safety." Financial Finesse

Managing a Year-of-Death RMD in an Inherited IRA

"The minute Mother died Junior owned her account. It was transferred to him automatically. But the IRA provider's records still showed only Mother's name on the account. The IRA provider's paperwork had to catch up with what had already happened: It had to change its records to show that Junior now owns this money.... An IRA-to-IRA transfer is not a rollover. An IRA-to-IRA transfer is a nonevent for minimum distribution purposes or any other purpose. It's not reportable to the IRS, either as a distribution from the old IRA or as a contribution to the new IRA." Morningstar Advisor

Estimates of the Financial Effects of Specific Proposed Modifications to Social Security

"Listed below is a broad range of policy options that would address Trust Fund solvency and other issues related to Social Security benefits and financing.... Following a brief description of each option [are] estimates of the financial effect on the combined OASI and DI programs over the long-range period (the next 75 years) and for the 75th year ... [and] a link to the memorandum containing this policy option." Office of the Chief Actuary, U.S. Social Security Administration [SSA]

IRS Extends Upcoming Deadlines, Provides Tax Relief for Victims of Hurricane Florence

"Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments ... The IRS is offering this relief to any area designated by [FEMA], as qualifying for individual assistance. Currently, this only includes parts of North Carolina, but taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same filing and payment relief." Internal Revenue Service [IRS]

Upcoming Key Compliance Deadlines and Reminders for Fourth Quarter 2018

"For many plan sponsors, particularly those with calendar year plans, the final months of the calendar year bring frenetic activity as the sponsors finalize next year's benefits offerings and prepare for open enrollment." Lockton

Questions to Ask About Your Performance Share Grant

"[1] What are the performance goals and metrics as stated in your company's plan? ... [2] What is the performance period during which the goal must be reached? ... [3] Is there a sliding scale for share payout? ... [4] What would happen to your performance share grant if you were to lose your job, retire, become disabled, or die? ... [5] Is there an election to defer the delivery of the shares (and the taxes) beyond the normal time of share payout? ... [6] What happens to my performance share grant if my company is acquired?" myStockOptions.com

3% SH Nonelective Contribution is Chosen in Adoption Agreement of Plan That Does Not Include ACP Safe Harbor

Can anyone tell me a reason for choosing only the ADP Safe Harbor in the Adoption Agreement? Why wouldn't you always choose ACP as well as ADP Safe Harbor? BenefitsLink Message Boards

Use Gross Comp for ADP and ACP Testing?

If the 401(k) plan excludes bonuses from the definition of compensation for the purpose of matching contributions, can ADP and ACP testing use gross comp? BenefitsLink Message Boards

401(k) Deposits Considered 'Late' Even if Recordkeeper at Fault?

Company was changing recordkeepers for 401k plan. They got locked out of the outgoing custodian and the new one could not get everything set up on time, so the company missed timely deposits for one month. The company has been advised as to the late amount that will show up on their Form 5500, and the deposit due for the lost earnings (less than $100). The company is resisting, because it says it's not at fault. How to handle? BenefitsLink Message Boards

Recharacterize Some Elective Deferrals as Catch-Up Contributions?

An owner-participant who has W-2 income defers $18,000 in 2017. He wants to max his contributions for the year. Is it permissible to recharacterize $6,000 of the $18,000 as catch-up so the owner-employee can receive $60,000 in the aggregate, or is he limited to $54,000 because he failed to make an additional $6,000 in catch-up? BenefitsLink Message Boards

457 Status of Unfunded Promise to Employee of Nonprofit Organization

So there's a nonprofit that has an individual who has worked there for eight years (and founded the nonprofit). Over the years this individual took no money but there was an oral agreement with the board that she was owed a deferred salary of $20K per year, which will be paid the year after the individual's departure (at a rate of no less than $20K per year). This individual is about to depart and now wants this promise in writing. Obviously, because this is a nonprofit and it involves deferred compensation, it should be 457 plan. Would it be a top hat plan (covering only a member of a select group of management employees)? Would it be 457(b) or 457(f)? BenefitsLink Message Boards

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Independent Retirement Hires Veteran Plan Consultant Independent Retirement [Inde]

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Most Popular Items in the Previous Issue

NYU Wins ERISA Challenge: Thoughts for Plan Fiduciaries Drinker Biddle

Fiduciary Best Practices Helped NYU Win ERISA Class Action (PDF) Barclay Damon LLP

The New Principal-Purpose Organization Question in Church Plan Litigation: Does the Committee 'Maintain' the Plan? Bradley