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Jordan & Associates Retirement Services
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Observations and Summary of the New MEP Proposed Regs

"Is the proposal valuable? Yes, if you are an employer that uses a PEO or has an affiliation to an organization that has the wherewithal to have a plan. No, if you are a service provider, other than a PEO or bona fide association, who wants to provide a MEP for your clients.... [T]he Proposal clarifies and somewhat expands the availability of MEPs in two circumstances: plans sponsored PEOs and associations or group. But, there are still plenty of hoops to jump through." Ferenczy Benefits Law Center

Techniques and Risks for Investing IRAs and Qualified Plan Rollovers

Nov. 15 webinar. Learn the benefits and risks of investing qualified Plan and IRA assets in business startups, real estate and other private investments. BenefitsLink discount .

IRS Issues New Guidance on Using 401(k) Plan Contributions to Reward Student Loan Repayments

"[If] an employee was already contributing 2% of his/her compensation to the '401(k)' plan, that employee would already be eligible for the 5% matching contribution and he/she would not actually realize a benefit by participating in the program. As a result, this program could actually disincentive an employee who would have otherwise contributed the two percent of his/her compensation to the '401(k)' plan in order to receive the matching contribution, from doing so." Polsinelli PC

DOL Proposes Eased Restrictions On Open Multiple-Employer Plans for Small Businesses

"[The IRS] is said to be reviewing the 'one bad apple' rule relating to MEPs ... There is currently no guidance explicitly creating a roadmap for MEP sponsors to deal with such qualification problems, though some providers have developed and implemented procedures to address the issue. Most legislation expanding MEPs includes a provision intended to fix the one bad apple rule." HR Daily Advisor

How U.S. Households Steward Their IRA Assets to and Through Retirement (PDF)

"Nearly 60% of households with traditional IRAs rolled over funds from employer-sponsored retirement plans into the accounts.... More than two-thirds (69%) of traditional IRA-owning households in mid-2017 said they have a strategy for managing income and assets in retirement.... More than seven in ten (71%) households owning traditional IRAs in mid-2017 and making withdrawals in tax year 2016 calculated their withdrawal amount based on the RMD rule." Benefits Quarterly, published by the International Society of Certified Employee Benefit Specialists [ISCEBS]

Overview of MPRA 5500 Data

"There are now 24 distressed multiemployer plans that have submitted applications to cut benefits under MPRA. Putting the latest 5500 data filed by those plans into a spreadsheet tells a lot of stories ... First, an overview: Number of Plans: 24; Total participants: 520,765, including: Retirees: 260,280."
Burypensions

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How to Prioritize IRA and 401(k) Accounts

"[T]here are some scenarios where placing contributions in a traditional or Roth IRA ahead of your 401(k) could make sense. If you're able to save in multiple tax-advantaged accounts, getting the order of operations right matters.... Check the match.... Compare investment options and fees.... Think about timing.... Don't forget about your HSA.... It's not either/or." U.S. News & World Report

More Than 50% of Millennials Risk Never Being Able to Retire

"[N]early 52 percent of millennials aren't contributing to retirement accounts ... and ... they're putting themselves at risk of falling short later on. The good news, however, is that if they change their ways soon, they have ample opportunity to catch up.... [G]iving yourself a 45-year savings window will allow you to turn a total of $216,000 in out-of-pocket retirement plan contributions into a rather impressive $1.37 million. That's more than a $1 million gain." USA TODAY

ICI Comment Letter to SEC on Fund Retail Investor Experience and Disclosure (PDF)

76 pages. "In furtherance of the Commission's efforts to enhance the investor experience, we recommend that the Commission consider proposing a rule creating a new, optional summary shareholder report with key information in a prescribed order. Results from our investor testing of a prototype for a summary shareholder report indicate investors would be more likely to read the summary than the full-length shareholder report and [would] find a summary helpful to compare different funds." Investment Company Institute [ICI]

IRS and DOL Audit Focus Points (PDF)

25 presentation slides. Topics include: [1] Agencies conducting audits; [2] Plans being audited; [3] Drivers of audit activity; [4] The audit process: IRS examination process and areas of focus; [5] Best practices/life before an audit; [6] IRS and DOL sample request letters; and [7] Know your compliance requirements. McDermott Will & Emery

U.S. Employers Taking Measures to Modernize Total Rewards Programs

"Nearly two-thirds of employers (66%) have made at least one change to their Total Rewards program; of those who haven't, two out of three are considering doing so this year, with the other third considering changes over the next three years. These changes include: Greater flexibility.... Health and wellbeing benefits.... Personalized communication.... Technology.... Transparency." Willis Towers Watson

Correcting a Governmental Employer's Impermissible Adoption of a 401(k) Plan

A governmental employer impermissibly adopted a 401(k) plan, in spite of not being eligible for the grandfather rule. It appears that this situation is not one contemplated by EPCRS, inasmuch as the plan as a whole is qualified, but the purported elective deferrals would not be a cash or deferred arrangement (and thus would be after-tax). The client would like to follow the procedure for an employer that adopts a 403(b) plan, even though it is not eligible to do so -- i.e., stop all contributions to the plan, pay the VCP fee, and make distributions only when otherwise permitted to do so. Has anyone gone to the IRS to negotiate a VCP-like solution to such an issue--one that would protect the pretax status of the employees' contributions? What was the outcome? BenefitsLink Message Boards

What's the Current Interest Rate for Participant Loans?

The current prime rate appears to be 5.25% (WSJ). What are plans using currently as the interest rate for plan loans? BenefitsLink Message Boards

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Press Releases

Fidelity's New Financial Wellness Platform Provides 20 Million Workers with a Solution Targeted to Their Top Financial Needs Fidelity Investments

DataPath Adds Podcasts to Employee Engagement Program DataPath, Inc.

Dietrich Growth Continues to Evolve Dietrich

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Most Popular Items in the Previous Issue

Figuring Out How Long Your Retirement Will Last Financial Finesse

DOL Issues Regs Regarding Multiple Employer Pension Plans The Wagner Law Group

DOL Issues Proposed Regs on Association Retirement Plans Thomson Reuters Practical Law