Retirement Plan Administrator
BlueStar Retirement Services, Inc.
in FL, Telecommute

Senior Retirement Plan Consultant
TriStar Pension Consulting
in OK, Telecommute

Junior Administrator DC Consultant
SBC Benefit Consultants, Inc.
in NJ

401(k)/Cash Balance Administrator
Ascensus
in CA, CO, WA, Telecommute

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More Changes to the Michigan Minimum Wage & Paid Medical Leave Law: What Now?
January 11, 2019 in MI
Miller Johnson

IRA Institute
February 25, 2019 WEBCAST
Ascensus

IRA University
February 27, 2019 WEBCAST
Ascensus

HSA University
February 28, 2019 WEBCAST
Ascensus

Service Agreements [2019]
March 5, 2019 WEBCAST
FIS Relius Education

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Possible Year-End Deadline for Retirement Plans of Plan Sponsors Involved in a 2017 Corporate Transaction

"Code Section 410(b)(6)(C) provides transition relief by permitting the plans to choose to be operated and tested separately, if certain requirements are met ... The transition period begins on the transaction's closing date and, generally, ends on the last day of the first plan year beginning after the year in which the transaction occurred or ... [F]or plan sponsors who underwent a corporate transaction in 2017, the transition period and relief provided under Code Section 410(b)(6)(C), if applicable, ends December 31, 2018, if it did not end earlier due to a material modification of coverage under the plan."
Haynes and Boone, LLP

2019 Reporting and Disclosure Requirements for Ongoing Calendar-Year Qualified Plans

"This chart provides reporting and disclosure requirements under ongoing calendar-year qualified retirement plans in the United States." Willis Towers Watson

Retirement Assets Total $29.2 Trillion in Third Quarter

"Total US retirement assets were $29.2 trillion as of September 30, 2018, up 2.8 percent from June 30, 2018. Retirement assets accounted for 33 percent of all household financial assets in the United States at the end of September 2018." Investment Company Institute [ICI]

Navigating Retirement Risks

"DB plans are an attractive feature for prospective employees, particularly since the poor returns of the 2000s, and DB plans generally provide a strong incentive to remain with an employer.... A well-designed DB plan provides not only the means for employees to retire, but also offers signals and incentives for desired retirement timing.... Rates of poverty among older households without DB pension income were nine times higher than for households with DB pension income. Older Americans are filing for bankruptcy at rates 200% of what they were 25 years ago.... Only 6% of DC participants protect themselves against outliving their money by purchasing an annuity." Milliman

OIG Audit Report: PBGC's Fiscal Year 2018 Compliance with the Federal Information Security Modernization Act of 2014 (PDF)

33 pages. "PBGC's security program, as in the prior year, fell below the specified threshold of effectiveness ... We did note areas of improvement in FY 2018. One functional area, Respond, was found to meet the Managed and Measurable (Level 4) requirements. Prior year weaknesses in Contingency Planning were also remediated during FY 2018.... PBGC did not implement an effective information security program for many of the selected security controls for selected information systems." Office of Inspector General, Pension Benefit Guaranty Corporation [PBGC]

Comprehensive Retirement Savings Enhancement Bill Introduced

"A news release issued by Sen. Portman's office acknowledged that this legislation is intended to establish 'a foundation for a broader bipartisan, bicameral retirement policy debate in the next Congress' (2019). The news release further notes that '[t]he senators will continue their efforts to improve this legislation.' It also identifies a wide spectrum of interest groups and retirement industry players whose support the senators claim to have." Ascensus

ERISA Attacks Move From Church Plans to Government Plans

"Having settled many of its attacks on pension plans sponsored by several large church-affiliated healthcare organizations, the plaintiff's bar appears to be shifting focus ... One of the same firms that previously challenged the application of ERISA's 'church plan' exclusion several years ago represents the plaintiffs ... Notably, the 'church plan' cases have thus far been limited to pension plans. [This] case opens up a new front in the larger war being waged by the plaintiffs' law firm by challenging the status of Atrium's health plan as well." National Law Review

Long-Term Incentive Programs: Let's Push Things Forward

"To achieve long-term pay-for-performance, the goals need to be set at levels that require some stretch, yet do not disengage participants by being impossible to achieve.... [T]he use of relative total shareholder return (TSR) -- stock price appreciation plus dividends -- has been the majority LTI performance measure of choice for the past few years.... [C]oupling an absolute company financial goal, such as earnings growth or return on invested capital, with a relative TSR measure is becoming the norm." Meridian Compensation Partners, LLC

A 2018 Checklist to Avoid Section 409A Retirement Plan Errors and Penalties

"409A NQDC plans are not covered by the [EPCRS] for qualified plans. However, the [IRS] has provided limited formal correction procedures. Quick identification and correction of 409A NQDC errors under these procedures can eliminate or reduce the expense and corrective burdens. A high level list to check plans before year-end 2018 follows." Bloomberg BNA

Willis Towers Watson Comment Letter to IRS on Grandfathered Compensation Under Section 162(m) (PDF)

"[ Notice 2018-68 ] does not directly address non-account balance plans, including SERPs, leaving the application of the grandfathering rules of IRC Section 162(m) to these plans open to interpretation ... The IRS should permit participants to 'grow into' benefits, to the extent accrued as of November 2, 2017, even though services must continue to be rendered after November 2, 2017.... The IRS should clarify that employment agreements that provide explicit guarantees for SERP benefits in place on November 2, 2017, can supersede the terms of the SERP plan document itself ... The IRS should confirm that compensation increases under non-account balance plans that calculate benefits based on final average compensation will not be treated as unreasonable COLAs that would result in the loss of grandfathered status."
Willis Towers Watson

Misrepresentation on Application for Distribution for Unforeseeable Emergency

A governmental entity-sponsored 457(b) plan finds out that a participant lied on his application for a distribution for unforeseeable emergency. The truth would have resulted in the application being denied. Does the plan need to do anything more than file a Form 1099-R with an "early distribution -- no known exception" code? Do we need to (or can we, as a practical matter) recoup it from the participant? Should we file an attachment to the 1099-R about these circumstances? BenefitsLink Message Boards

Solo 401(k) Sponsor Wants to add a Cash Balance Plan

A Solo 401(k) sponsor wants to add a Cash Balance Plan. Is this OK, or is it advisable (or necessary) for the sponsor amend the Solo 401(k) into a regular 401(k) to have any overlapping provisions coordinated? BenefitsLink Message Boards

Terminating 401(k), Starting a SIMPLE -- Unhappy About 2-Year Waiting Period

I am helping a non-profit organization terminate its 401(k) and start a SIMPLE IRA program. They have only two employees, so the admin costs of a 401(k) plan didn't make much sense. Is there a way around the 2-year rule for rolling money into the SIMPLE? I guess I don't really understand why people are prohibited from rolling money into a SIMPLE IRA for two years. Are there any penalties for rolling money in before the plan has existed for two years? Would it simply be considered a taxable distribution? BenefitsLink Message Boards

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Press Releases

OneAmerica? Makes Major Investment in Workforce with Pathway to Sustainable Income Program OneAmerica

Lockton Brings on Employee Benefits Expert in Philadelphia Lockton

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Most Popular Items in the Previous Issue

In with the New, Out with the Old: A Flood of Quasi-fiduciary Rules Is Coming (PDF) Fi360

Changes in Hardship Withdrawal Rules for 401(k) and 403(b) Plans: What Plan Sponsors Need to Know Frost Brown Todd LLC

Employees Are Working Later, Delaying Retirement; Employers React Willis Towers Watson