Employee Benefits Associate
Morgan Lewis & Bockius LLP
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Defined Contribution Pension Administrator
Pension Investors Corporation of Orlando, Inc.
in FL

Pension Administrator
Retirement Programming Ltd.
in NY

ESOP Administrator
Blue Ridge ESOP Associates
in VA, Telecommute

401(k) Account Manager
ABG Retirement Plan Services
Telecommute

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ERISA Class Actions After Epic Systems: Challenges and Potential Opportunities for Plan Sponsors
December 4, 2018 WEBCAST
Strafford

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PBGC Guarantee Limit for Single-Employer Plans Increases for 2019

"[PBGC] announced today the guarantee limits for single-employer plans that fail in 2019. The table [in this announcement] shows those limits for sample ages and forms of payment.... The guarantee limit for 2019 is about 3.5% higher than 2018's limit.... [T]he multiemployer guarantee is not indexed (i.e., it remains the same from year to year) and does not vary based on the retiree's age or payment form." Pension Benefit Guaranty Corporation [PBGC]

401(k) Rule Change Would Ease Small Companies' Path to Joint Plans

"The [ proposed regulations on multiple employer plans ] -- which the [DOL] said could go into effect as soon as early 2019 after a period for comments and possible revisions -- would loosen those restrictions by allowing companies in other types of business associations to join together to offer a retirement plan. Examples might include a Chamber of Commerce ... According to the [DOL] participants in 401(k) plans with assets that range from $1 million to $10 million pay a median 1.11% in fees, versus 0.27% for a plan with assets over $1 billion."
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Evaluating Target Date Funds: A Fiduciary's Guide (PDF)

"[This] guide is focused on the practical steps to take during the evaluation process -- which may include comparison and selection of TDFs, understanding their underlying investments, reviewing fees, developing communications, and documenting the process. It provides a checklist for periodic reviews, key questions to ask when following the DOL guidelines, and items to consider." Vanguard

The Evolution of Target Date Funds: Using Alternatives to Improve Retirement Plan Outcomes (PDF)

"Target date funds (TDFs) have gained popularity ... in part because of their prudent risk management and simplicity.... An advantage offered by TDFs is that the underlying investments can be broadened to include asset classes that have traditionally benefitted other types of long-term investment pools ... without increasing complexity for the participant ... The strategic use of alternative assets in a TDF structure ... demonstrates that including these asset classes can improve expected retirement income and mitigate loss in downside scenarios." Willis Towers Watson, for Georgetown University Center for Retirement Initiatives

Fund Companies Sued by Their Own Employees Over Pricey 401(k) Plans

"Corporate 'self-dealing' isn't allowed when setting up and running employee pension plans. But a wave of lawsuits accuse fund companies (and others) of filling employees' pool of 401(k) retirement investments with their own funds and charging excessive fees for them, using the pension plans as corporate cash cows and putting the firms' financial interests ahead of those of their employees." Barron's

Dignity Health 'Church Plan' Litigation Defeats Dismissal Motions

"The case already made it once to the Supreme Court ... The District Court [now has ruled] that the plaintiffs plausibly allege that Dignity is not associated with a church. The successful arguments are based on the fact that Dignity does not impose any denominational requirement on its employees; has a practice of affiliating with hospitals that claim no religious affiliation; provides non-denominational chapels; and does not impose any denominational requirement on its patients." [ Rollins v. Dignity Health , No. 13-1450 (N.D. Cal. Sept. 6, 2018)]
PLANSPONSOR

Do 401(k) Plans Need the High Fees, Complexity of Liquid Alts?

"At a time when defined contribution plan sponsors can't switch fast enough into low-fee index funds, the Washington State Investment Board ... [is] pushing to incorporate private equity and other alternatives into its DC investment options.... [T]he initiative is about providing better performance to DC participants as well as responding to changes in the markets, including the decline in the number of publicly listed companies that are available to investors." Institutional Investor

Retirement Plan Auto-Portability

"Auto-portability offers a novel solution to a problem that exists in many retirement plans: participants leaving one employer to move to a new employer and forgetting about the retirement plan account balances they left behind.... Both the previous and new plan sponsors stand to benefit: the previous from eliminating a potentially missing participant and/or a small account balance; and the new from having a larger account balance in their plan from the start, ultimately increasing their average account balance." Cammack Retirement Group

HITBLITS: Charles Barkley and Saving for Retirement

"Having it and losing it seems to be heavy on the minds of many near-retirees who see record equity prices and who have lived long enough to know that bull markets don't last forever.... For most of us, losing capital after we have 'won the game' would generate a lot more pain than increasing our savings by that same amount would generate happiness. Earlier in our careers, the scenario is reversed." The Retirement Cafe

Global Pension Index Reveals U.S. Needs to Enhance Its Retirement

"Measuring 34 pension systems, the Index shows that the Netherlands and Denmark (with scores of 80.3 and 80.2 respectively) both offer A-Grade world class retirement income systems with good benefits -- clearly demonstrating their preparedness for tomorrow's ageing world.... [C]ommon across all results was the growing tension between adequacy and sustainability.... There continues to be room for improvement in the United States' retirement system across the adequacy, sustainability and integrity dimensions." Mercer

ARA Comment Letter to New Jersey Bureau of Securities on Proposed Fiduciary Regulation (PDF)

"ARA recommends that the New Jersey Bureau of Securities, in exercising its regulatory authority, affirmatively exclude fiduciary services provided to ERISA plans (and fiduciary services provided to the participants and beneficiaries in such plans) from application of the proposed fiduciary standard in recognition of ERISA pre-emption under ERISA Section 514 and the existing enforcement mechanisms already provided by ERISA Section 502(a)." National Association of Plan Advisors [NAPA]

Text of IRS Disaster Relief Announcement WI-2018-07, for Victims of Severe Storms in Wisconsin

"Victims of severe storms, tornadoes, straight-line winds, flooding, and landslides that took place beginning on Aug. 17, 2018 in Wisconsin may qualify for tax relief ... Individuals who reside or have a business in Crawford, Dane, Juneau, La Crosse, Monroe, Richland, Sauk, and Vernon counties may qualify ... [C]ertain deadlines falling on or after Aug. 17, 2018 and before Dec. 17, 2018, are granted additional time to file through Dec. 17, 2018. This includes taxpayers who had a valid extension to file their 2017 return due to run out on Oct. 15, 2018." Internal Revenue Service [IRS]

Withholding Rules for Canadian's Annuity Directly Deposited to U.S. Banking Institution

A Canadian citizen, living in Canada, has elected to start an annuity from his U.S.-based 403(b). He's requested that the monthly payment be sent to his bank account in the U.S., rather than be mailed to his home address in Canada. Can the 403(b) plan treat the payments as though they were sent to a U.S. person because the bank is located in the U.S. and consequently apply withholding as though he is a U.S. person? If the payments were being sent to a residential address in the U.S. for the same individual, does that change how we apply withholding? BenefitsLink Message Boards

Looking for an Excel Template for Calculating Match True-Up on Bi-Weekly Basis

Does anyone happen to have an Excel spreadsheet template that would calculate match true-up on a bi-weekly payroll basis, instead of an annual basis? Match is 50 cents for every dollar match up to 8%. Payroll is bi-weekly. BenefitsLink Message Boards

DC Contribution Made to DB Account

Company has DB and DC (a money purchase) plans. They planned on making a DB and DC contribution for the year ended 12/31/17. Inadvertently they deposited the DC contribution into the DB account (DB plus DC contribution all went into DB account, and was below DB max). Can this be self-corrected by transferring the money into the DC account? If yes, what if the transfer is made today, October 18 (because it's already after September 15)? BenefitsLink Message Boards

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Press Releases

American Retirement Association General Counsel Craig Hoffman to Join Trucker Huss Trucker Huss

Experienced Trial and Appeals Litigators to Tackle High-Stakes ERISA and ESOP Matters for McDermott Clients McDermott Will & Emery LLP

ASPPA Welcomes James Nolan as 50th President ASPPA [American Society of Pension Professionals & Actuaries]

ASPPA Honors Mark Iwry, Others with 2018 Industry Awards ASPPA [American Society of Pension Professionals & Actuaries]

Federal Court Orders Illinois Pension Plan to Restore $419,758 Following DOL Investigation Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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Most Popular Items in the Previous Issue

401(k) Match on Student Loan Repayments: Godsend or Mixed Blessing? (PDF) Kushner & Company

Broker-Dealers as Fiduciaries After the DOL Rule Vacatur (PDF) Groom Law Group, via The Investment Lawyer

Eighth Circuit: Retirement Assets Acquired in Divorce Not Protected in Bankruptcy Ascensus