Retirement Relationship Manager
Alerus Financial
in MN

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Managing 401(k) Plan Fiduciary Risk
November 8, 2018 in ME
Mercer

Pension Risk Management -- A New Frontier
November 14, 2018 WEBCAST
University Conference Services

New Association Health Plan Rules (and the coming Association Retirement Plans)
November 28, 2018 WEBCAST
Clear Law Institute

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PBGC Reportable Events: Reference Sheet for Small Plans

"This is a quick checklist to help identify possible reportable events for small plans (plans with 100 or fewer participants)." Pension Benefit Guaranty Corporation [PBGC]

The essential reference tool for multiemployer benefit plans.

New Edition Now Available. New chapters in this edition cover various educational policies, as well as reimbursement of plan expenses, using committees effectively, and more! Plus, using social media as a communication tool. Get Your Copy Today!

DOL Proposes Multiple Employer Plan Expansion

"The Proposed Regulation applies only to defined contribution plans ... Presumably, that term includes both 401(k) plans as well as ERISA-covered 403(b) plans.... If finalized without change, the substantial business purpose requirement, the commonality requirement, and the prohibition on financial services firms acting as bona fide groups or associations of employers will materially limit the expansion of MEPs under the rules." Groom Law Group

PBGC Potpourri: New Rules, Guidance, and Leadership

"[1] PBGC updated the 2018 comprehensive premium filing instructions, apparently intending to further limit the exemptions for the variable-rate premium.... [2] The new premium filing and reverse spinoff guidance is useful to plan sponsors weighing the risks of a reverse spinoff or other restructuring transactions.... [3] The agency is now proposing that all reportable event filings include controlled group information, financial statements, and the plan's actuarial valuation report.... [4] PBGC's final rule updates the methods by which sponsors must estimate guaranteed benefits for owner-participants to reflect the changes made by PPA 2006, described above. However, PBGC did not change the method for estimating asset-funded benefits[.]" Groom Law Group

2018 Year-End Qualified Plan Amendments

"If a retirement plan does include claims procedures, amendments to comply with these new disability rules must generally be adopted by the end of the plan year that includes April 2, 2018 ... The Bipartisan Budget Act of 2018 gave plan sponsors the option to eliminate certain restrictions on hardship withdrawals for plan years beginning after December 31, 2018.... Plan amendments to implement [disaster] relief extended under IRS Announcement 2017-11 , 2017-13 or 2017-15 , or by the Puerto Rico Treasury, must generally be adopted by the end of the 2018 plan year.... To the extent an employer updates its plan document to permit the use of forfeitures to make safe harbor contributions, a plan amendment will be required by the end of the plan year in which such an update becomes effective."
Winston & Strawn LLP

New Mortality Scale Could Lead to Lower Pension Obligations

"Compared to the previous mortality improvement scale, MP-2017, preliminary estimates for the MP-2018 improvement scale could reduce a plan's pension obligations by 0.2% to 0.4% for women and 0.3% to 0.6% for men, calculated with a 4% discount rate. The slight decline in life expectancy is linked to higher mortality rates for three of the leading 10 causes of death in the U.S.... unintentional injuries, which increased 9.7%; Alzheimer's disease, which increased 3.1%; and suicide, which increased 1.5%." Pensions & Investments

Using Actuarial Experience in Managing a Public Pension Plan

"During the Great Recession (2008-2010), plan participants' retirement patterns shifted to later retirement, particularly when there were changes in benefits or coverage under a post-retirement health benefits plan.... Participants are living longer in retirement, but not as much as originally expected.... Monitoring changes in demographic, investment and economic trends is important, because the actuarial model should use the best estimates of future experience (the actuarial assumptions) to ensure integrity in the plan's financial measurements." Findley

Multiemployer Pension Solvency Discussions: What's Next?

"The legislators have been asked to propose bipartisan legislation by November 30 ... What possible changes are being explored by the Joint Select Committee? [1] Federal loans ... [2] Financial assistance from the PBGC ... [3] Mandating more conservative discount rates for multiemployer DB plans ... [4] Composite plans ... [5] PBGC multiemployer program premium changes." International Foundation of Employee Benefit Plans [IFEBP]

SEC's Voya Order Underscores Importance of Cybersecurity Practices

"According to the SEC ... [the] intruders were able to gain access to the personally identifiable information (PII) of at least 5,600 customers and to create new customer profiles.... In this first-of-its-kind action, the bases the SEC detailed for finding violations provide valuable insight into appropriate cybersecurity policies and practices, particularly with respect to the use of third-party contractors." Bloomberg BNA

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Fifth Circuit Opinion Reminds Employers to Carefully Approach the Termination of Executives

"Read literally, [the opinion] suggests that a service-based vesting schedule can be deemed satisfied when an employer 'frustrates' vesting if an executive is terminated without cause. While that seems wrong on cold contract grounds, it seems to reflect the court's sense of equity and justice on the facts at hand." [ Sellers v. Minerals Technologies, Inc. , No. 17-20555 (5th Cir. Oct. 18, 2018)]
The Wagner Law Group

Don't Abandon All Hope of Grandfathering Protection Under Section 162(m)

The question of enforceability under state contract law could be based on ... [1] Past practice, e.g., has the company paid performance bonuses every year based on the actual performance results, and not arbitrarily reduced the payout amount? [2] Whether the contract imposes limits on when or how the company can exercise its discretion ... [3] Whether the performance metrics, goals, and thresholds were set forth in writing and communicated to the executives and, if so, how clear were those communications?" Winston & Strawn LLP

Looking for an ERISA Forms and Letters Book

I am looking for a book that has sample forms, letters, amendments etc. BenefitsLink Message Boards

Dentist Operates a SIMPLE IRA for Employees; How to Handle When Practice Is Sold?

Single-member LLC dentist sponsored a SIMPLE IRA for about 8 years. He sold his practice mid-2018 and all employees now work for the new dentist's company. What happens to the SIMPLE IRA accounts? Should notices be provided to the employees or to the custodian of the SIMPLE IRA accounts? Could the new dentist assume sponsorship of the SIMPLE IRA or would he need to start a new plan if he wants one? BenefitsLink Message Boards

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Press Releases

LT Trust Offers Fingage's Unique 401(k) Managed Account Solution LT Trust

Retirement Learning Center Enters into a Distribution Agreement with Access Point HSA Retirement Learning Center

Strategic Risk Management and Employee Benefits Consultant Joins Lockton's Pacific Operation Lockton

Wayne Chopus Selected as Next IRI President and CEO Insured Retirement Institute [IRI]

ERISApedia Introduces a New Free 5500 Lookup Service ERISApedia.com

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Most Popular Items in the Previous Issue

Connecticut to Implement Mandatory IRA Program for Private-Sector Employees in 2019 Littler

How Retirees Adjust Their Lives Once They Discover Their Pre-Retirement Assumptions Are Mistaken Fiduciary News

Pension Plan Annuity Purchase Update River and Mercantile Solutions