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KB Pension Services
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Director, Non-Qualified Client Services
Newport Group
in Lake Mary FL

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Is Your Target Date Selection Still Valid: Fiduciary Considerations in a Changing Market Environment
RECORDED
Pensions & Investments

Impact of Mergers and Acquisitions on Retirement Plans
June 27, 2019 WEBCAST
PSCA [Plan Sponsor Council of America]

Self-Correcting Qualified Retirement and 403(b) Plan Mistakes: New IRS Procedures and Guidance for Plan Sponsors
July 9, 2019 WEBCAST
Strafford

ERISA 2019: The Evolving World
August 5, 2019 WEBCAST
Practising Law Institute

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House Passes Bipartisan Retirement Reform Legislation

"Senate leadership is now considering whether and how to move the SECURE Act. At this point, it does not appear that Majority Leader McConnell (R-KY) will bring the bill up for a full floor consideration this year, so Senate leadership is attempting to move the bill via unanimous consent, which is only possible if no Senator objects. Currently, there appears to be at least one objection. Another possible option is to attach the SECURE Act to a larger, must-pass bill, such as a spending bill later this year." Groom Law Group

ASC CE Webcast: Plan Design and Compliance Testing Issues for Controlled Groups

Designing a qualified retirement plan for an employer that is a member of a "controlled group" presents unique challenges, including compliance testing issues. Learn many important plan design considerations and compliance mistakes. Register Now!

Zero Expense Ratio Investment Funds Coming

"Securities lending involves asset managers lending securities they hold to short-sellers for a fee.... [T]he Fidelity Small Cap Index Fund is able to generate 0.200% in securities lending revenue, which more than covers the fund's expense ratio of 0.025%.... [It] is clear that enough revenue exists for this fund to either move to a zero or negative expense ratio." Lawton Retirement Plan Consultants

IRS Private Letter Ruling Addresses 401(k) Plan Providing Student Loan Benefits

"[T]he IRS did not rule on any aspect of the program other than the impact of the contingent benefit rule. Many additional factors should be considered in deciding whether to adopt such a program, some of which are discussed in this document.... While variance from [the specific design described in PLR 201833012 ] may be permissible, employers are strongly encouraged to consult with outside counsel to the extent material changes from [this design] will be made."
Newport Group

New Tactics Being Deployed to Challenge Church Plans

"The key issues being argued now center around the degree of connection between a pension plan and the religious organization, including how the pension plan is maintained or controlled, and the sponsor's principal purpose.... Other plaintiffs are pursuing different arguments at the state court level.... Another legal question that could come up more often involves churches related to plan sponsors seeking bankruptcy protection." Pensions & Investments

Best Interest Standard of Care for Advisors, Part 8

"The SEC has initiated examinations of investment advisers concerning their practices in working with Senior Clients.... The examination starts with 11 questions about Senior Clients.... [S]ome attorneys believe that the SEC staff view these questions as reflecting the fiduciary practices that investment advisers should already be using to manage the issues unique to Senior Clients." FredReish.com

Are you a QDRO attorney? Join the Pension Rights Center network!

Are you an experienced attorney who can draft QDROs? Sign up to receive pension client referrals from the Pension Rights Center. We are looking for attorneys who have experience drafting QDROs in any state. There is never any obligation to take cases we refer to you.

Public Pension Funding Index, First Quarter 2019

"The estimated funded status of the 100 largest U.S. public pension plans jumped from 67.2% at the end of December 2018 to 71% at the end of March 2019 ... The $185 billion increase in the funded status for the first quarter was the largest quarterly increase since the PPFI began in September 2016. The total pension liability continues to grow and stood at an estimated $5.205 trillion at the end of the first quarter 2019, up from $5.164 trillion at the end of the fourth quarter 2018." Milliman

The SECURE Act and RESA: The Good, the Bad and the Ugly

"[Certain provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Retirement Enhancement and Savings Act (RESA)] reduce barriers to complicated and opaque 401(k) products and investments favored by many large insurance and mutual fund companies.... [T]hese products and investments are likely to benefit providers more than 401(k) participants.... The fiduciary safe harbor appears to only protect employers from a provider that can't afford to pay promised benefits. The employer would still be responsible for determining whether the lifetime income option is 'prudent' ... A tough job given the complexity of these insurance products." Employee Fiduciary

The Coming Public Pension Crisis

"Some states like Kentucky are well past the point of no return. Illinois's public pensions are underfunded by $134 billion and some think it's far worse. Rhode Island's locally run pension plans have close to $2.5 billion in unfunded obligations. According to Pew, New Jersey's public pension system is so underfunded that it could run out of money in 12 years. Colorado could deplete its retirement fund assets by 2044 because the state lacks policies to manage volatile financial markets.... The discount rate US public pensions are using is still too high but states are reluctant to lower it for the simple reason that to do so would require increasing the contribution rate[.]" Pension Pulse

Honest Gift to Pay Loans Neglects Duty to Students' Best Interest: A Lesson in Fiduciary Duty

"[F]orgiving college loans can neglect the students' best interest.... [E]ven when done with the best intentions, making life easier for others doesn't always run consistent with the fiduciary duty to look out for their best interests. Unintended Consequence #1: It may overshadow the real issue of college debt ... Unintended Consequence #2: It may enable a tendency to take on personal debt in other areas ... Unintended Consequence #3: It removes a worthy incentive to excel independently (and other positive life enhancing financial behavior)." Fiduciary News

Smallest Businesses Lead the Way with Personalized Benefits Education

"47% of employees who work for companies with fewer than 100 employees report understanding their benefits 'very well.' ... Only 33% of employees who have more than 100 coworkers report understanding their benefits that well.... Nearly 25% of employees at the smallest businesses say individual meetings with benefits experts are available to them, compared to just 14% at employers with more than 100 workers. And 37% of the smallest employers have group meetings with HR professionals to discuss benefits, compared to just 29% of larger employers." Colonial Life

Short Plan Year; Calculation of Year of Service for Vesting

I have a plan that was created in 2018 with a short plan year from November 1 through December 31, 2018. While they do not have any employer money that is attached to a vesting schedule at this time, my question is: Are hours that count towards a year of service also prorated for a short plan year? BenefitsLink Message Boards

Distribution Paid Too Early to a Terminated Participant

A client called because they were pressured by their platform to approve a distribution and agreed to it. Unfortunately, their document is written so that there is a one-year wait on distributions (because there usually are errors in deposits that we have to reconcile after the end of the plan year). But let's say that we are confident that this particular person has no deposit errors, so the distribution was 'correct' in the amount (vested amount, deposits, etc.), but it's about ten months too early. I know that they've violated the terms of their document, but what is the downside/correction? It's not really an "overpayment," is it? BenefitsLink Message Boards

Mid-Year Safe Harbor Plan Amendment

Took over a plan in which the document excludes highly compensated employees from receiving the safe harbor match. The sponsor now wants to change the plan and give the safe harbor match to everyone. Can I amend mid-year or do I need to wait until January 1, 2020? BenefitsLink Message Boards

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Press Releases

Transamerica Appoints Wendy Daniels as Vice President, Director of Retirement Strategy & Not-for-Profit Practice Leader Transamerica Retirement Solutions

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Most Popular Items in the Previous Issue

House Passes SECURE Act; Retirement Legislation Moves Closer to Enactment Buck

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