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The Pension Benefit Guaranty Corporation (PBGC) plans to ask the Office of Management and Budget (OMB) for its approval of a revision to a form used in information collection that enables the PBGC to pay benefits to participants and beneficiaries.The PBGC seeks to revise Form 715, the Power of...
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Less than a week after the suit was filed — but (apparently) after six months of arm’s length negotiation with the assistance of a national mediator, the parties in an excessive fee suit have come to terms.According to the settlement agreement (Ramsey v. Philips North America LLC, S.D. Ill., No. 3:...
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The law firm of Schlichter, Bogard & Denton, LLP, has targeted another 401(k) plan for breach of its fiduciary duties — and their claims include that the lack of a stable value fund cost plan participants $41 million.The most recent suit was filed on behalf of Todd Ramsey, Frederick Butler,...
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President Trump has announced his intention to nominate a new head of the nation’s private pension plan insurer.
The announcement said that President Trump plans to nominate Gordon Hartogensis to be Director of the Pension Benefit Guaranty Corporation (PBGC).
If confirmed, Hartogensis would...
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It may seem like a long time until 2019 — but the IRS has already published the 2019 inflation-adjusted amounts for health savings accounts (HSAs).In Revenue Procedure 2018-30, the IRS notes that for calendar year 2019, the annual limitation on deductions for an individual with self-only coverage...
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The IRS on May 15 announced that it is inviting financial institutions and other service providers to submit proposals for umbrella closing agreements to correct failures to restate plans by the applicable deadline.
Plan sponsors may continue to make voluntary correction program (VCP) submissions...
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Its invocation may not be obvious, but reputation is “usually something we’re constantly working on in the background,’ argues Fi360 Executive Chairman Blaine Aikin. And reputation — building, maintaining and living it — permeates everything from meeting regulatory requirements to the finer points...
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You cannot wear two hats at once. You cannot look out for the best interest of an employer and an employee at the same time. But there is a third hat that can bridge the gap — one woven out of the threads of best practices.
You have the option to embrace best practices, Fred Reish, Partner at...
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Pundits have long worried that retirees wouldn’t have accumulated enough to live on in retirement, but the data suggests that most retirees aren’t exactly burning through their retirement savings.I remember my one and only conversation with my father about retirement income. He had already decided...
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A potential negative consequence of litigation involving defined contribution plans is engendering fear among plan fiduciaries to offer innovative plan options, a new report suggests.
With lawsuits being brought against 401(k) fiduciaries for a variety of reasons, an open question is whether this...
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With many workers still lacking access to a retirement plan set against the backdrop of a growing gig economy, vital changes to existing retirement program strategies are needed, attendees at a May 8 policy forum in Washington, DC were told.
At the forum, “Defined Contribution: The Next Frontier...
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Plan design can influence and equip plan participants to make better choices regarding distribution, a recently released report concludes.In “Design Matters: Plan Distribution Options,” the Defined Contribution Institutional Investment Association (DCIIA) examines distribution options and discusses...
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Recently I spoke with Martella A. Turner-Joseph, a partner at Joseph & Turner Consulting Actuaries, LLC in New York City. Martella chairs the Legislative Relations Committee (LRC), a subcommittee within the American Retirement Association’s Government Affairs Committee. I asked her about the...
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This morning, as the thunderstorm approached, I was taking down hammocks from the metal swing set and reminded myself (yet again) that I do not have much common sense. Thank goodness I have math sense. Or do I?
So then I started thinking about why I excelled at math. I had parents who placed a high...
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At this year’s Enrolled Actuaries meeting, we presented a session on “DC Plan Issues When Combined with DB Plans.” This session focused on what we considered to be issues that should be thought about when designing and operating DB/DC combos. Following are a few of our suggestions.
Plan Aggregation...
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New research suggests that retirement savers increasingly are concerned about protecting their assets during periods of volatility and ensuring they have enough income in retirement.
Conducted on behalf of AXA Financial and the Insured Retirement Institute, the survey of 1,000 consumers and 300...
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In the small plan market, we often do not need to provide financial statement accounting for our clients’ pension plans. Plan sponsors that are publicly held require financial statement accounting. In addition, private plans that require Generally Accepted Accounting Principles (GAAP) accounting,...
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The Joint Select Committee on Solvency of Multiemployer Pension Plans was formed with the aim to improve the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation. As part of the process, the Committee would like input from all stakeholders. ACOPA is going to...
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While both the number of, and enrollment in, health savings accounts (HSAs) have grown significantly since HSAs first became available in 2004, data suggests that that growth may be slowing.
In 2017, enrollment estimates in HSA-eligible health plans vary considerably — from 21.4 million to 33.7...
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The IRS has suggested that employers and organizations refresh IRA holders’ knowledge of, and attention to, what they can do and are required to do concerning their accounts. In Outreach Corner 2018-5, which it issued on May 8, the IRS offered sample language for that purpose.The IRS suggests...
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