Mid-Sized Retirement Conference

Account Manager
Compensation Benefit Planning, Inc.
in Lees Summit MO

Retirement Services Associate
Alerus Financial
in East Lansing MI

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Taxation Of Fringe Benefits 2019
August 2, 2019 WEBCAST
Fionexia

New Section 199A Deduction for Pass-through Entities
August 6, 2019 in NY
ASPPA Benefits Council [ABC] of New York

Service Provider Communication Best Practices & Shifting to a Next Generation Workplace
August 29, 2019 in KY
ASPPA Benefits Council [ABC] of Greater Cincinnati

Case Studies in Ethics, Mergers & Acquisitions, Multiple Employer Plans & EPCRS
September 20, 2019 in MO
ASPPA Benefits Council [ABC] of Gateway St. Louis

The Dirty Dozen 2019: Correcting Common Errors
September 23, 2019 WEBCAST
FIS Relius Education

ERISA Basics National Institute
October 16, 2019 in IL
American Bar Association Joint Committee on Employee Benefits [JCEB]

ERISA Litigation
October 18, 2019 in IL
American Bar Association Joint Committee on Employee Benefits [JCEB]

Document Best Practices and Plan Design Pitfalls
November 8, 2019 in MI
ASPPA Benefits Council [ABC] of Detroit

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Text of DOL Field Assistance Bulletin 2019-01: Annual Reporting Requirements for Multiple Employer Plans (PDF)

"MEPs have a statutory obligation under section 103(g) of ERISA to file complete and accurate lists of participating employers with their Forms 5500... [EBSA] found that a substantial number of MEP filers were not in full compliance with this reporting obligation.... [T]his Bulletin gives transition relief for MEPs that have failed to file a complete and accurate list of participating employers with their Form 5500 for the 2017 plan year and before[.]" Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Attract Top Employees and Impact Performance, Loyalty, and Growth

FREE webinar Aug 22, 2 pm ET. Executive compensation plans targeting specific goals related to performance, loyalty, and growth impact the growth and future success of a business. Learn how from ERISA Counsel. ERISA Case Studies book to registrants!

Treasury Department Notice of Multiemployer Pension Plan Application to Reduce Benefits: IBEW Local 237 Pension Fund

"The Board of Trustees of the IBEW Local 237 Pension Fund ... has submitted an application to reduce benefits under the plan in accordance with [MPRA]. The purpose of this notice is to announce that the application ... has been published on the website of the Department of the Treasury, and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the IBEW Local 237 Pension Fund."
U.S. Department of the Treasury

SEC Finalizes Broker-Dealer Conduct Standards, Paves Way for DOL's Fiduciary Rule

"The SEC has released guidance that represents a major shift in the responsibility of broker-dealers to make investment recommendations in the best interest of retail customers. Although the regulation does not directly impose duties on plan fiduciaries, it does affect broker-dealer conversations with participants about investments -- including rollover decisions -- and may obligate fiduciaries to keep a watchful eye on those interactions." Buck

House Passes Legislation Aimed at Stabilizing Multiemployer Pension Plans

"The Rehabilitation for Multiemployer Pensions Act , also known as the Butch Lewis Act ... includes provisions that would establish a Pension Rehabilitation Administration within the Department of the Treasury and a trust fund that would provide low-interest government-guaranteed loans that pension plans could pay back over the course of 30 years.... Plans would only be eligible to receive the loans if they were in critical, declining status or insolvent."
The Hill

CBO Cost Estimate for H.R. 397, Rehabilitation for Multiemployer Pensions Act of 2019

16 pages. "CBO estimates that 157 multiemployer pension plans would be eligible to apply for loans under the criteria set forth in H.R. 397.... Of those 157 plans, CBO estimates that 8 would be ineligible for loans, 19 would receive loans but not grants, and 130 would receive loans and grants ... CBO estimates that loans disbursed in 2020 would total $43.3 billion; $3.6 billion of that amount would be for plans required to apply for loans." Congressional Budget Office [CBO]

The Self-Employed Are Defying and Redefining Retirement (PDF)

73 pages. "Only 26 percent are 'very much' looking forward to retirement.... Retirement fears are health- and financial-related.... Almost seven in 10 expect to retire after age 65 or not at all.... Only one in 10 plan to immediately stop working and retire.... Six in 10 plan to work in retirement.... Reasons for working in retirement are health and financial.... Steps taken to be able to continue working past age 65." Transamerica Center for Retirement Studies

Background on Revenue Sources for the Social Security Trust Funds

26 pages. "This document provides an overview of the major sources of revenue for the OASDI Trust Funds, a description of the revenue provisions of H.R. 860 , the 'Social Security 2100 Act,' and data and projections relating to the OASDI Trust Funds and proposed changes to revenue sources." [JCX-49-19 Jul. 24, 2019]
Joint Committee on Taxation [JCT], U.S. Congress

Nonqualified Deferred Compensation: Impact of Tax-Rate Changes on Deferral Decisions

"[Y]ou need to consider whether your tax rate at the time of distribution is likely to be lower or higher than it is at the time of deferral. If you think your rate will be lower and you feel secure about your company's financial situation, then pre-tax deferrals make sense. Deferrals can also keep your income below the current triggers for higher taxes." myStockOptions.com

What's a "Merger" for Purposes of the Transition Rule?

A and B are merging. B is the survivor. The transition rule states that acquisition or disposition could be a merger involving a change in employer of the employees. So what exactly does a transaction have to look like to be considered a merger? In this case two medical groups are merging, with one becoming the survivor, but I don't think any money or stock is changing hands. BenefitsLink Message Boards

Safe Harbor Plan Adopted Mid-Year; Retroactively Extend Effective Date to January 1, 2019?

We have a SH plan that was effective 5/1/2019. We generally write plans with a full initial year, but this one slipped through the cracks. Can we amend the plan to be effective 1/1/19 (with a deferral start date of 5/1)? Could I interpret this as an allowable amendment because it is increasing the SH benefit (12 months of compensation compared to eight)? BenefitsLink Message Boards

Can the Uniform Life Table Be Used Under Age 70-1/2?

An IRA holder is age 66. His siblings are his beneficiaries (he is not married). He wants to start taking life expectancy distributions, but I noticed that the Uniform Life Table starts at age 70. Must he use the single life table to determine life expectancy distributions? BenefitsLink Message Boards

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Press Releases

ASC Trust is Certified to Industry Best Practices Centre for Fiduciary Excellence [CEFEX]

PeopleStrategy Seeks Experienced Benefits Pros and Entrepreneurs to Join Its New Local Partner Network PeopleStrategy

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Most Popular Items in the Previous Issue

Implementing Recent Hardship Distribution Rule Changes from a TPA's Perspective (PDF) Blue Benefits Consulting, Inc. and The Retirement Advantage, via Journal of Pension Benefits

How to Fix a Botched RMD to Avoid the 50% Penalty Nerd's Eye View

Revenue Sharing: Reasons for 401(k) Fiduciaries to Avoid It Employee Fiduciary