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ERISA / Employee Benefits Attorney
Parker, Brown, Macaulay & Sheerin, P.C.
in MA

ERISA - Employee Benefits Paralegal / Compliance Consultant
Parker, Brown, Macaulay & Sheerin, P.C.
in MA

Fiduciary Administrator
Argent Trust Company
in GA

Client Transition Specialist
Pentegra Retirement Services
in SC

Senior Benefits Administrator
Ascensus
in PA

Document Plan Consultant
CUNA Mutual Group
in KS, WI

Senior Pension Administrator
Scholz & Friends Enlightened Retirement Group, Inc.
in TX

Retirement Plan Administrator
Retirement Planners
in VA, Telecommute

Pension Plan Administrator
American Pension Advisors, Ltd.
in IN

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Certificate Program for Non-Professional ESOP Fiduciaries
November 26, 2018 in CA
University of California San Diego, Rady School of Management

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Text of PBGC Statement on Sears Bankruptcy Filing

"PBGC has been working with Sears for several years to improve the funding of the company's two defined benefit pension plans. PBGC expects that its guarantees would cover the vast majority of benefits earned under those Sears plans. If circumstances require, we are prepared to step in and provide PBGC-guaranteed benefits. The plans, which cover about 90,000 workers and retirees, are underfunded by about $1.5 billion." Pension Benefit Guaranty Corporation [PBGC]

Text of IRS Notice 2018-82: Weighted Average Interest Rates, Yield Curves, and Segment Rates Applicable for October 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]

Best Practices in Providing Cybersecurity for 401(k) Accounts

"Many large third-party recordkeepers have recently unveiled programs pursuant to which the vendor will restore the participants' accounts in the event of a cyber-attack.... [B]est practices for plan fiduciaries regarding cybersecurity will require the fiduciaries to ask [certain] questions ... to their existing service providers and in requests for proposals[.]" Winston & Strawn LLP

Attributes of an Excellent DC Plan

"[1] Establish and measure the right objective ... [2] Reduce the number of complicated investment decisions for plan participants... [3] Take advantage of participant inertia... [4] Give participants the best chance of success... [5] A win/win for the sponsor and the participant... [6] Help your participants spend appropriately in retirement... [7] Focus on changing behavior." Russell Investments

Companies With Newly Flush Pensions See Chance to Unload the Risk

"Higher funding levels mean corporate sponsors get a better deal when transferring retiree obligations to insurers, so many firms are finding this to be the perfect time to transfer the risks associated with carrying pension plans. Defined-benefit pension plans of S&P 500 companies were in aggregate 91% funded at the end of September ... That is the highest level since the end of 2007, when these plans were 108% funded ... Nearly one-quarter of the plans are now either fully funded or overfunded[.]" The Wall Street Journal; subscription may be required

Pension Accounting Changes Reduce Volatility and Increase Flexibility

"Now that the items most sensitive to the interest rate environment are no longer recorded against operating income, the volatile impact of pension and retiree medical plan costs on day-to-day operations is reduced, except in times of extreme interest rate volatility.... This separation of some pension costs from operating costs may open the door to considering new strategies." Findley

What Percentage of Public Pension Income Is From Investment Returns? From Contributions?

"[T]here's no one perfect percentage the mix should be. It's demographically dependent as to what the mix of contributions-to-investment returns it should be.... The issue for CalPERS is that its contribution amounts as a percentage of active payroll is precipitously climbing, for a variety of reasons." STUMP

Joint Select Committee Facing November 30 Deadline to Vote on Report and Proposed Legislative Language (PDF)

"According to law, by [Nov. 30], the Committee shall vote on: [1] a report that contains a detailed statement of the findings, conclusions and recommendations of the Joint Committee; and [2] proposed legislative language to carry out the recommendations.... Upon receipt of the approved proposed legislative language, the language shall be introduced in the Senate on the next day on which the Senate is in session ... The statute sets strict rules governing the process of the Senate's concerning any motion to proceed to the consideration of the Bill." United Actuarial Services, Inc.

How to Effectively Take Early IRA Distributions Without Penalty

"If IRA owners design their 'series' of payments in accordance with strict IRS rules, and keep taking their series payments regularly without any 'modification' until they are over age 59?1/2 (and for at least five years), the SOSEPP payments are penalty-free.... Your clients need to get the largest possible payments allowed by IRS rules. This means they should use a single life expectancy ... the highest permitted interest rate ... [and] the amortization method[.]" Natalie Choate, in Morningstar Advisor

Corporate Pension Funds Have Come a Long Way -- Are They Ready to Derisk?

"Plan sponsors contemplating ways to get the most duration exposure for their incremental dollar need to understand the less obvious costs embedded in each alternative.... The credit markets might not be as risky as they look ... Derisking doesn't just mean buying long bonds." Amy Trainor, Connor Fitzgerald and Allan Levin, in Pensions & Investments

401(k) Fixes Needed Right Now

"[1] [B]usinesses should be allowed to join open associations based on their state or industry so they can sign up easily for efficient, large-scale group 401(k) plans and avoid administrative burdens and fiduciary liability.... [2] States or the federal government should incentivize businesses to adopt at least the basic multiemployer plan ... [3] Employees should be automatically enrolled in company-offered retirement plans, with contribution levels increasing at least 1 percentage point per year.... [4] Upon retirement, employees' 401(k) account balances would automatically convert into an annual annuity for them and their spouse for the rest of their lives.... [5] Individuals should be given access to the same broad range of investments that pension funds have by providing safe-harbor rules for qualified managers to include alternative and illiquid assets in 401(k)s as part of diversified investment strategies." Hamilton E. "Tony" James, in Pensions & Investments

Text of IRS Disaster Relief Announcement GA-2018-04, for Victims of Hurricane Michael in Georgia

"Individuals who reside or have a business in Baker, Bleckley, Burke, Calhoun, Colquitt, Crisp, Decatur, Dodge, Dooly, Dougherty, Early, Emanuel, Grady, Houston, Jefferson, Jenkins, Johnson, Laurens, Lee, Macon, Miller, Mitchell, Pulaski, Seminole, Sumter, Terrell, Thomas, Treutlen, Turner, Wilcox, and Worth counties may qualify for tax relief.... [C]ertain deadlines falling on or after Oct. 9, 2018 and before Feb. 28, 2019, are granted additional time to file through Feb. 28, 2019." Internal Revenue Service [IRS]

Text of Updated IRS Disaster Relief Announcement FL-2018-04, for Victims of Hurricane Michael in Florida

"Update 10/14 -- Added Holmes and Washington counties. Update 10/13 -- Added Calhoun, Gadsden, Hamilton, Jackson, Jefferson, Leon, Liberty, Madison and Suwannee counties.... Individuals who reside or have a business in Bay, Calhoun, Franklin, Gadsden, Gulf, Hamilton, Holmes, Jackson, Jefferson, Leon, Liberty, Madison, Suwannee, Taylor, Wakulla and Washington counties may qualify for tax relief.... [C]ertain deadlines falling on or after Oct. 7, 2018 and before Feb. 28, 2019, are granted additional time to file through Feb. 28, 2019." Internal Revenue Service [IRS]

Summary of IRS Help for Victims of Hurricane Michael

This page provides links to all IRS disaster relief notices and announcements related to Hurricane Michael, and is updated as new guidance is released. Internal Revenue Service [IRS]

In Memoriam: ERISA Attorney Nick Saakvitne Dies at 66

"Nicholas Larsen Saakvitne, 66, of Pacific Palisades, died on October 2, 2018 after suffering a ruptured cerebral aneurysm. Nick was a pension attorney and professional ERISA fiduciary and trustee in Santa Monica, California.... In 1989 with his business partner, Steven E. Rosebaugh, Nick founded his own law firm specializing in pension law and providing ERISA and ESOP fiduciary services." Los Angeles Times via Legacy.com

Wondering About the Many DB Plan Relief Rules

When will each of the recent pension relief rules we've been living under (MAP21, HATFA, etc.) expire? Will it be a big deal? BenefitsLink Message Boards

Late Deposits: Self Correction and Form 5330

Employer had two late deposits during 2017. If they correct it on their own, and deposit lost earnings, are they required to file a Form 5330 with the excise tax? BenefitsLink Message Boards

SARs and SPDs Required in Spanish?

I am being asked if there is a legal requirement to produce notices in Spanish or other languages for people whose primary language isn't English. Mind you the client agrees it is a good idea and is trying to get translations done. They just want to know if there is a requirement and if so which notices. BenefitsLink Message Boards

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Press Releases

Russell Investments Announces "Tax-Smart" Partnership with LifeYield LLC Russell Investments

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Most Popular Items in the Previous Issue

2019 Estimated Limits for Retirement Plans October Three Consulting

IRS Provides Tax Relief for Victims of Hurricane Michael Internal Revenue Service [IRS]

How Fidelity Used a Robo-Advice Exemption to Land as a Fiduciary to 401(k) Participants After the Tumult of the DOL Rule RIABiz