ESOP Administrator
Blue Ridge ESOP Associates
in VA, Telecommute

Benefits & HRIS Specialist
Simons Foundation
in NY

DC Plan Administrator
Northeast Professional Planning Group, Inc.
in NJ, NY

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Tax Reform Basics for Employers
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IRS [Internal Revenue Service]

Power Lunch: Gearing Up for 2019: Benefits Strategies to Recruit and Retain Talent in an almost Zero Unemployment World
December 6, 2018 WEBCAST
University Conference Services

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Text of 2018 Draft Instructions for Form 5500-EZ: Annual Return of a One-Participant (Owners/Partners and Their Spouses) Retirement Plan or a Foreign Plan (PDF)

"Form name change. The title of Form 5500-EZ has been changed to match the purpose of the form to include both a one-participant retirement plan and a foreign plan. List of Plan Characteristics Codes for Line 8. Plan characteristics code 3D has been updated to reflect the IRS changes for the pre-approved plans as prescribed in Rev. Proc. 2017?41 [.]"
Internal Revenue Service [IRS]

Take a Break -- View a Demo -- Enjoy a Treat on Us!

*Restrictions apply. Fully integrated, ftwilliam.com's Compliance Module streamlines your census preparation and plans' testing and reporting. Customize & edit reports on the fly, top-notch customer service, highly competitive pricing. Learn more!

Text of IRS Notice 2018-91: 2018 Required Amendments List for Qualified Retirement Plans (PDF)

"[The] RA List does not include guidance issued or legislation enacted after the list has been prepared and also does not include: [1] Statutory changes in qualification requirements for which the Treasury Department and the IRS expect to issue guidance ... [2] Changes in qualification requirements that permit (but do not require) optional plan provisions.... [3] Changes in the tax laws affecting qualified plans that do not change the qualification requirements under Section 401(a) ... There are no entries listing changes in qualification requirements on the 2018 RA List." Internal Revenue Service [IRS]

PBGC to Provide Early Financial Assistance to Local 805 Multiemployer Pension Plan

"[PBGC] has approved a partition application and will provide early financial assistance to the Teamsters Local 805 Pension and Retirement Plan, a trucking industry multiemployer pension plan based in New York that covers approximately 2,000 participants. The early financial assistance from PBGC, together with benefit reductions that are required as a condition for receiving PBGC assistance, will help the plan avoid insolvency and pay benefits to participants." Pension Benefit Guaranty Corporation [PBGC]

Understanding ASOP No. 51, the Assessment and Disclosure of Pension Plan Risk (PDF)

"The ASOP requires the actuary to identify risks that may reasonably be anticipated to significantly affect the pension plan's future financial condition.... In addition to identifying the risks, the actuary is required to assess the identified risks on the plan's future financial condition.... [ ASOP 51 ] does not require the actuary to evaluate the ability or willingness of the plan sponsor or other contributing entity to make contributions to the plan when due."
GRS

ERISA Industry Stakeholders Analyze Auto-Portability Potential

"While limited to RCH's offering, the still-preliminary move from DOL quickly gained attention in the retirement plan industry, wherein the wider topic of automatic account portability has been touted as a primary way to reduce leakage from tax-qualified retirement savings accounts." planadviser

J.P. Morgan Retirement Link: Turning retirement resolutions into reality

Our 2018 survey finds that although DC plan participants are making progress and gaining confidence overall, more work is needed to: understand the state of the participant, motivate participants to save, and streamline investment decision-making.

Making Sure 401(k) and 403(b) Fees Are 'Necessary' and 'Reasonable', Part 3

"It's very likely that by the time you've finished with interviews, scoring and group discussion your choice will have emerged. If it hasn't, identify what further information you need to get to a decision. Follow-up by sending your questions to the firms you are still considering with the explanation that you are continuing to deliberate and need items clarified. This is also the time to ask for references." Fiduciary Plan Governance, LLC

Waddell & Reed Settles 401(k) Lawsuit for $4.9 Million

"The class-action lawsuit claimed the asset manager breached its fiduciary duty by assembling a 401(k) lineup consisting exclusively of proprietary funds without considering alternative, less expensive and better-performing options. The firm, which manages roughly $72 billion, sponsors the Waddell & Reed and Ivy-branded investments." InvestmentNews

The ABCs of Structured Annuities

"Structured notes are bank debt obligations that return principal plus interest linked to underlying markets while still providing some downside protection. Structured annuities are similar to structured notes, but offer the potential for tax-deferred growth.... [S]tructured annuities allow the policyholder to capture much more of the upside of the index than an indexed annuity." ThinkAdvisor

Tips to Maximize the Tax Savings of Your QCDs and RMDs

"This year, [qualified charitable distributions (QCDs)] are more valuable than ever before. So valuable in fact, that everyone who qualifies should be making their donations through QCDs, which allow you to make charitable gifts of up to $100,000 per year directly from your IRA. An IRA check made payable to the charity will also qualify." The Wall Street Journal; subscription may be required

Reply Brief of State of California Addressing ERISA Preemption Challenge to CalSavers Auto-IRA Program (PDF)

"CalSavers was not established by and will not be maintained by any employer, but rather by the State; therefore, it is not an 'employee benefit plan' within the meaning of ERISA. To the extent the 1975 Safe Harbor comes into play at all, CalSavers satisfies the 'completely voluntary' prong of the 1975 Safe Harbor ... The minimal burden of opting out of coverage does not make an employee's decision to participate in the CalSavers program less than completely voluntary." [Howard Jarvis Taxpayers Ass'n v. Calif. Secure Choice Ret. Savings Program, No. 18-01584 (E.D. Cal., defendants' supplemental brief filed Nov. 15, 2018)] State of California

Lawmaker Proposes Parity for Federal Pension COLAs

"Under current rules, which date back to 1986, the CSRS methodology for calculating cost of living adjustments is tied to the change in the consumer price index. But FERS COLAs are extrapolated from the CSRS adjustment ... [The Equal COLA Act , introduced by Rep. Gerry Connolly (D-Va.),] would ensure that FERS cost of living adjustments are calculated in the same way as CSRS COLAs each year, so that retirees in each program see the same increase in their annuities."
Government Executive

Text of EBSA Guidance and Relief for Employee Benefit Plans Impacted by the 2018 California Wildfires (PDF)

"The Department recognizes that these wildfires may impede efforts by plan fiduciaries, employers, labor organizations, service providers, and participants and beneficiaries to comply with [ERISA] over the next few months.... [Guidance now being issued addresses this topics:] [1] Verification procedures for plan loans and distributions ... [2] Participant contributions and loan repayment ... [3] Blackout notices ... [4] ERISA claims compliance guidance ... [5] Filing relief." Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Withdrawing from 401(k) Penalty-Free at Age 55

It's my understanding that you can withdraw from a 401k penalty-free at 55 if you retire from your job during the year you turn 55. My wife left her job when she was 53, but she will receive bi-weekly severance up until the year she turns 55. Her 401k funds are still with the same plan. Will she be able to collect penalty free in the year she turns 55? BenefitsLink Message Boards

Correcting Failed Compensation Test in Safe Harbor 401(k) Plan

Safe harbor match per payroll. Plan excludes bonuses and vacation pay. Plan is projected to fail 414(s) test for 2018. I believe we must amend plan to include some of the excluded pay. Can we amend to include excluded comp for some of the employees -- not all -- under the 11(g) provisions? BenefitsLink Message Boards

Can Add EACA Mid-Year?

I read in one article that it was possible to add an EACA mid-year, but you would only be eligible for the 90 day withdrawal benefit, and not the 6 month penalty free ADP correction period. That is fine with me, but everyone else seems to say (and really preamble to regs was pretty on point) that you can't add an EACA mid-year. Which is really stupid. Anyway, let's say hypothetically I can't be an EACA for year 1. So now what, I have to be an ACA for 6 or 9 months, and then I can switch to an EACA, right? BenefitsLink Message Boards

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Press Releases

Willis Towers Watson Appoints Steve Allan as Global M&A Leader in its Human Capital and Benefits Business Willis Towers Watson

Federal Court Orders Cleveland Business Owner to Pay Restitution, Serve 24 Months in Prison for Fraud and Theft of Employee Benefit Plan Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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Most Popular Items in the Previous Issue

IRS Proposed Regs on Hardship Distributions: What Plan Sponsors and Administrators May Do Now and Must Do Later Bradley

New Hardship Rules, Other Statutory Changes Reflected in Newly Proposed 401(k) Regulations Newport Group

Text of IRS Notice 2018-86: Weighted Average Interest Rates, Yield Curves, and Segment Rates Applicable for November 2018 (PDF) Internal Revenue Service [IRS]