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Employee Benefits in Mergers and Acquisitions - the Sequel
October 30, 2018 WEBCAST
Western Pension & Benefits Council

Designing Equity Compensation and Employment Agreements for Startup and Emerging Growth Companies
December 18, 2018 WEBCAST
Strafford

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IRS Guidance on Student Loan Repayment Programs

"If the employer is only making a nonelective contribution for some participants (e.g., those repaying student loans), then most documents already accommodate such a design. The employer can simply select the option to have each participant in his or her own allocation group and then the employer has discretion to determine the contribution for each participant." FIS Relius

2019 Planning for ERISA Single-Employer Defined Contribution Plan Operations

"[This calendar] will help you set up your own schedule of activities to address as the year progresses so that you do not miss important deadlines for your qualified plans.... [The companion] Reporting and Disclosure Guide will help you identify and address other activities that are event-based and participant-specific.... [This article also discusses] several key issues for you to consider (along with the calendar deadlines) as we head into 2019."
Buck

Best Practices for Managing Participant Data

"A proper participant data management process includes: [1] Regularly updating participant and beneficiary contact information ... [2] Identifying multiple points of contact for each record ... [3] Establishing a search process system ... [4] Having procedures in place for managing accounts of missing participants." PlanPILOT

Taxpayers Generally Comply with Annual Contribution Limits for 401(k) Plans; However, Additional Efforts Could Further Improve Compliance (PDF)

22 pages. "TIGTA analysis of IRS records showed that the vast majority of taxpayers are complying with tax laws designed to limit the annual amount of compensation that can be contributed to 401(k) retirement plans. Nonetheless, TIGTA identified two areas in which compliance could be improved: [1] some 401(k) plans did not prevent taxpayers from exceeding the annual limit and [2] some taxpayers exceed annual limits when contributing to multiple 401(k) plans." Treasury Inspector General for Tax Administration

PBGC Makes Scheduled Premium Increase for 2019, Raises Guarantee Limits 3.5% for New Year

"The [PBGC] on October 19 announced that its premiums for single-employer defined benefit (DB) retirement plans will increase to $80 in 2019, from $74 in 2018. This is the last of the scheduled annual flat per-participant increases in single-employer DB plan premiums brought about by the Bipartisan Budget Act (BBA) of 2015. In subsequent years, all PBGC premium rates are subject to indexing.... Variable-rate premiums for single-employer plans will increase for 2019 by $5 per $1,000 of unfunded vested benefits to $43. The BBA delivered $4 of that increase and $1 comes from annual indexing." HR Daily Advisor

Contest Launched to Develop New Type of Retirement Plan for the Public Sector

"The Golub Center for Finance and Policy (GCFP) at the Massachusetts Institute of Technology (MIT) is launching a contest to generate strategic proposals aimed at enhancing retirement plans covering millions of public sector workers across the US. A prize pool of $20,000 will be distributed to the winners who propose the most well-reasoned, prudent and implementable strategies.... Submissions from students, academics, investment advisory professionals, pension fund managers, as well as from experts in asset-liability management are particularly welcome." Golub Center for Finance and Policy [GCFP] at the Massachusetts Institute of Technology [MIT]

The Solution to Managing the ESOP Repurchase Liability Challenge: A Defined Benefit Plan

"At first blush, having an ESOP company adopt a defined benefit pension plan may seem counter-intuitive. After all, why add an obligation to fund a second plan to a company already challenged to fund liabilities associated with its primary retirement vehicle? The reality is quite different, however, because the costs associated with funding the defined benefit plan reduce the value of the company and the associated repurchase liability. Further, the employees do not lose value. Their benefit will be paid to them from the defined benefit plan upon retirement." Fox Rothschild LLP

How to Invest for Income in Retirement

"Whether you are a DIY investor or working with an advisor, consider these general guidelines for investing to generate retirement income: [1] Create both fixed and flexible sources of income ... [2] Ways to create fixed income besides Social Security ... [3] Maintain purchasing power over the long term ... [4] Prepare for longevity." Financial Finesse

What the Numbers Really Tell Us About Living Longer in Retirement

"Average longevity has indeed risen in the United States but the gains are tapering off, according to the Society of Actuaries (SOA) ... The most significant declines have occurred in middle-aged people, aged 25 to 56 ... And more broadly, ... the U.S. mortality numbers have been deteriorating since 2010.... The question is, why?" Asset Strategy Advisors

Lipstick on a Pig and Reg BI: The SEC Aids and Abets Fraud

"In the language of Release the SEC talks of broker-dealers possessing a new standard of conduct that requires them to 'act in the best interests of the retail customer at the time a recommendation is made without placing the financial or other interest of the broker-dealer or natural person who is an associated person making the recommendation against the retail customer.' But the language of the proposed Regulation itself -- which is what matters -- falls far short of such a standard." Ron A. Rhoades, JD, CFP

DOL Announces Guidance and Relief for Employee Benefit Plans Impacted by Recent Hurricanes

"The guidance generally applies to employee benefit plans, plan sponsors, employers and employees, and service providers to such employers who were located in a county identified now or in the future for individual assistance by [FEMA] because of Hurricane Florence or Hurricane Michael . [1] Verification procedures for plan loans and distributions ... [2] Participant contributions and loan repayments ... [3] Blackout notices ... [4] ERISA claims compliance guidance ... [5] Filing relief."
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Text of EBSA FAQs for Participants and Beneficiaries Following Hurricanes Florence and Michael (PDF)

22 Q&As covering health and retirement plan benefits, including: [1] I think I may be losing my health coverage as a result of the events of one of the hurricanes. What can I do to obtain other health coverage? ... [2] I lost my spouse in one of the hurricanes. My spouse's employer has agreed to pay the premiums for my health coverage for 12 months. What effect will that have on any future eligibility for continuation health coverage under COBRA? ... [3] My employer did not pay my insurance premium. May I pay the premium to continue my coverage? ... [4] How can I make changes in the way my 401(k) plan account is invested if it was affected by the events of one of the hurricanes? ... [5] Can I get money out of my retirement plan if I need financial assistance to help me at this time? ... [6] All of the records concerning my employment with the retirement plan sponsor and my participation in the retirement plan were destroyed as a result of the events of one of the hurricanes. What do I do? Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Withholding on Under-$200 Distribution

I thought plans weren't required to withhold 20% on distributions under $200, but the 2018 Publication 15-A (and in Chapter [8] it's not listed as an exception. Instead it says: "Exceptions. Distributions that are (a) required minimum distributions, (b) one of a specified series of equal payments, or (c) qualifying 'hardship' distributions aren't 'eligible rollover distributions' and aren't subject to the mandatory 20% federal income tax withholding." Does that mean that we should withhold the 20%, even on a "small" distribution or is it listed somewhere else as an exception? BenefitsLink Message Boards

Amending the Profit Sharing Feature of a Safe Harbor Plan

I have a 4% Enhanced Match Safe Harbor Plan where the document provides for a discretionary integrated profit sharing allocation. The 2018 SH Notice just says "refer to the SPD" under the heading of non Safe Harbor Employer contributions. Can we change the 2018 profit sharing contribution to be cross-tested so the two owners can maximize their benefits? BenefitsLink Message Boards

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Press Releases

PBGC Announces Leadership Appointments PBGC [Pension Benefit Guaranty Corporation]

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Most Popular Items in the Previous Issue

IRS and DOL Audit Focus Points (PDF) McDermott Will & Emery

Observations and Summary of the New MEP Proposed Regs Ferenczy Benefits Law Center

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