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Navigating Employment, Labor and Benefits Integration Issues in Media Industry Mergers and Acquisitions
October 17, 2018 WEBCAST
Jackson Lewis LLP

Spousal Rights Under ERISA Plans: Avoiding Loss of Benefits After Divorce, Ensuring Regulatory Compliance
November 15, 2018 WEBCAST
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Mistakes Made in Processing Elective Deferrals -- Now What?

"Two common [plan sponsor] errors ... are when they fail to implement an employee's election (so that intended deferrals are not made), or they process the election incorrectly so that the wrong amount is withheld from the employee's paycheck and deposited to the plan. When this happens, the employee ... was taxed on compensation that was supposed to be deferred, and the contribution failed to earn an investment return in the plan.... [This article discusses] how to fix elective deferral contribution mistakes." Ferenczy Benefits Law Center

The hottest trend in pensions made easy with DATAIR!

DOUBLE, even triple, the benefits your clients could receive over new comparability designs! Increase your opportunity for new revenue while also protecting against revenue lost to competitors! Contact us at 888-328-2474 or www.datair.com for more information.

Retirement Related Provisions of Tax Reform 2.0 Released

"Retirement-related provisions of interest to governmental plan employers and employees include: [1] Modification of pick-up contribution rules.... [2] Penalty-free withdrawals, and allowed repayment, of up to $7,500 from retirement plans in connection with a birth or adoption.... [3] Exemption from required minimum distribution rules for individuals with aggregate accounts ... not exceeding $50,000.... [4] Universal savings account.... [5] Repeal of maximum age, currently 70?1/2, to make traditional IRA contributions.... [6] Portability of lifetime income investments."
ICMA-RC

Ethics Is Future of Investment Advice, Charles Schwab Says

"Technology has radically changed wealth management, but the future of the industry hinges on something else, according to Charles 'Chuck' Schwab.... Schwab, 81, said he was worried about fiduciary duty. He asked the audience to think about what constitutes good advice, noting how changes in how Americans save for retirement have upended obligations. 'The responsibility we have for people's savings is awesome. If people are not sophisticated, it is so easy to lead them down an incorrect path,' Schwab said." Financial Planning

ETFs Still Missing From 401(k)s

"ETFs generally represent less than 10% of investment vehicles in the different investment categories available. Mutual funds have the lion's share of business.... ETFs' availability in 401(k)s comes down to cost and infrastructure, as the other traditional ETF benefits are mostly unnecessary in 401(k)s." ETF.com

September 2018 Pension Finance Update

"September was another month of modest improvement in pension finance, due to higher interest rates.... [T]raditional Plan A improved for the sixth straight month -- up less than 1% in September and now ahead almost 9% for the year, while the more conservative Plan B was flat last month but remains up almost 2% year-to-date[.]" October Three Consulting

J.P. Morgan Retirement Link: Turning retirement resolutions into reality

Our 2018 survey finds that although DC plan participants are making progress and gaining confidence overall, more work is needed to: understand the state of the participant, motivate participants to save, and streamline investment decision-making.

Oregon Retirement Savings Board to Discuss Expanding OregonSaves

"The proposed changes include: [1] expanding OregonSaves to allow individuals, such as the self-employed, to sign up and participate in the program; [2] adding a traditional IRA as an investment option, in addition to the Roth IRAs currently available; [3] providing that employers of various sizes are to register for OregonSaves by certain dates, unless the program administrator permits them to do so at another date[.]" National Association of Plan Advisors [NAPA]

ERISA Advisory Council to Meet November 5-6

"The purpose of the sessions on November 5 and the morning of November 6 is for the Advisory Council members to finalize the recommendations they will present to the Secretary of Labor [at] the November 6 afternoon session ... The Council recommendations will be on the following issues: [1] Evaluating the Department's Regulations and Guidance on ERISA Bonding Requirements and Exploring Reform Considerations and [2] Lifetime Income Products as a Qualified Default Investment Alternative (QDIA) -- Focus on Decumulation and Rollovers." Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Text of IRS Notice 2018-76: Deductibility of Expenses for Business Meals under Code Section 274 (PDF)

"This notice provides transitional guidance on the deductibility of expenses for certain business meals ... As amended by the [Tax Cuts and Jobs Act], Section 274 generally disallows a deduction for expenses with respect to entertainment, amusement, or recreation. However, the Act does not specifically address the deductibility of expenses for business meals. This notice also announces that the [Treasury Department] and the [IRS] intend to publish proposed regulations under Section 274, which will include guidance on the deductibility of expenses for certain business meals. Until the proposed regulations are effective, taxpayers may rely on the guidance in this notice for the treatment under Section 274 of expenses for certain business meals." Internal Revenue Service [IRS]

Are You 'Doing Enough' to Avoid ERISA Statutory Penalties?

"Many employers, by handing off plan administration to an insurer or other third-party administrator -- arrangements usually handled by their insurance broker, assume they have what amounts to a 'turnkey' plan, and that mundane plan chores, such as responding to participant document requests, are not any concern of theirs. Members of the ERISA plaintiff's bar are well aware of this dangerous complacency among many uninformed employers and are ready, willing, and able to take advantage of it." Jackson Lewis P.C.

Nondiscrimination Testing Needed for 403(b) Plan with Limited Definition of Compensation?

We have a 403(b) plan that excludes commissions and bonuses for deferral purposes. Is there any nondiscrimination testing involved or is this OK? BenefitsLink Message Boards

Participants Won't Cash RMD Checks

Several 401(k) plan participants haven't been cashing their required minimum distribution checks for a few years. The plan administrator is moving the funds from the stale checks into a forfeiture account, to be used to pay plan expenses. Kosher? I suppose the participants already have been taxed on the distributions. BenefitsLink Message Boards

Change of Employer Identification Number

I just took over a plan who changed their EIN number during 2017. I'm not sure why. Anyone have any experience on notifying the IRS of this change, so we don't have an issue when filing the Form 5500? BenefitsLink Message Boards

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Press Releases

Fiduciary Retirement Plan Services Announces New Employer-Sponsored Retirement Plan Consulting Services Fiduciary Retirement Plan Services

Compliance Assistance for Association Health Plans Now Available at Employer.gov Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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Most Popular Items in the Previous Issue

Success Factors for Small Employer Non-Qualified Plans (PDF) Gallagher

Earnings on Corrective Contributions: When and How to Calculate Ferenczy Benefits Law Center

IRS Updates EPCRS Plan Correction Procedure Bradley