ASPPA Net Staff

New Trends for Largest Corporate DB Plans Identified

By ASPPA Net Staff 3/17/2016

Despite a lack of radical developments, there were some new trends among the 20 largest corporate defined benefit plan sponsors in 2015, says asset management firm Russell Investments.There was no predominant trend concerning DB plans last year, says Russell, and funded status was largely unchanged... READ MORE

Federal Reserve Has Some Good News on Private Pension Funds

By ASPPA Net Staff 3/15/2016

The Board of Governors of the Federal Reserve in its latest quarterly report about U.S. financial accounts, provides information on how defined benefit funds fared from a variety of perspectives during the fourth quarter of 2015. The report, “Financial Accounts of the United States: Flow of Funds,... READ MORE

Problematic Connecticut Coverage Proposal Withdrawn

By ASPPA Net Staff 3/14/2016

Last week, a harmful provision that could have extended Connecticut’s state-run retirement coverage mandate to ERISA plans was dropped from the bill reported out of committee. The move follows March 8 testimony in Connecticut by the American Retirement Association on the harmful effects the... READ MORE

Better Reaching and Serving Participants

By ASPPA Net Staff 3/11/2016

A new report asserts that today’s consumers do not want “communication,” they want personal guidance. They want to do things when, where and how they prefer. They want things easy and convenient. And they want the whole experience to be enjoyable.So, how are today’s retirement service providers... READ MORE

Sequence-of-Return and Retirement Date Risks: Be Mindful Before

By ASPPA Net Staff 3/11/2016

When are sequence-of-returns risk and retirement date of concern? Are they issues only after retirement begins and then progresses?Michael Kitces in a recent Nerd’s Eye View blog post defines sequence-of-returns risk as “the fact that even if markets average out to long-term returns eventually, if... READ MORE

Retirement Calculator Use Rises — But so Does Stress

By ASPPA Net Staff 3/11/2016

The good news is that more Boomers used a financial calculator to run a retirement projection last year than the year before. On the other hand… A new report by Financial Finesse notes that 50% of Boomers did a retirement projection in 2015, up (slightly) from 47% in 2014. Unfortunately, this... READ MORE

DOL Information Filing Fans Fiduciary Flare-Up

By ASPPA Net Staff 3/11/2016

It may be grasping at straws, but two U.S. Senators have drawn an unfavorable connection between a planned research initiative by the Department of Labor (DOL) and the agency’s appreciation for the impact of its pending fiduciary rule.“The Labor Department’s request suggests it is blindly moving... READ MORE

IRS Issues Updated Form 5500-EZ

By ASPPA Net Staff 3/10/2016

The IRS has made available the updated Form 5500-EZ and its instructions for 2015 reporting. The form and instructions replace the version the IRS had made available Feb. 18.New for 2015 ReportingThe IRS made the following changes to the Form 5500-EZ for 2015 reporting.Participant Information.... READ MORE

Lawsuit Against IRS Over VCP Administration Advances

By ASPPA Net Staff 3/9/2016

A lawsuit brought against the IRS over its handling of a company’s application to fix errors under the agency’s Voluntary Compliance Program (VCP) is advancing.According to Bloomberg BNA, U.S. District Court for the District of Columbia Judge Richard J. Leon on March 2 in Information Systems and... READ MORE

Higher PBGC Premiums Impetus to Improve Funding

By ASPPA Net Staff 3/8/2016

A majority of plans are looking for ways to improve their funding. But the reason is not just the need to make retirement benefits more secure for current and future retirees — they’re also doing so in order to avoid impending Pension Benefit Guaranty Corporation (PBGC) premium hikes, according to... READ MORE

S&P Says Pension Funding Down in February, But Slide Slows

By ASPPA Net Staff 3/8/2016

Standard & Poors reported on March 3 that pension funding for the S&P 1500 and S&P 500 fell in February. But there was some good news: the drop was much less than during the previous month.Companies in the S&P 1500 saw their pension funding drop by 1% in February to 78%; funding for... READ MORE

IRS EP Sets Guidelines for Union Plans

By ASPPA Net Staff 3/8/2016

IRS Employee Plans Division (EP) Director Robert Choi on Feb. 23 issued a memo to EP determinations and examinations employees that sets forth interim guidelines they are to use in reviewing multiemployer collectively bargained plans that provide for a normal retirement age (NRA) earlier than 62,... READ MORE

Remember Compliance with Final Hybrid Transition Rules

By ASPPA Net Staff 3/7/2016

It may be worth considering a review of hybrid plans to make sure they are in compliance with the final rules the IRS issued late in 2015. The IRS issued the rules in November.Towers Watson in its Feb. 19 Insider provides an early reminder that plans have until New Year’s Eve this year to make any... READ MORE

IRS Newsletter Addresses 5500, Mid-Year Amendments

By ASPPA Net Staff 3/7/2016

The latest issue of IRS Employee Plans News includes reminders regarding the compliance questions that had been added to the Form 5500, mid-year amendments to safe harbor 401(k) plans and notices and the 2015 reference lists.Issue no. 2016-3 of Employee Plans News, which the IRS issued on Feb. 29,... READ MORE

American Retirement Association to Hold Annual Business Meeting

By ASPPA Net Staff 3/4/2016

The American Retirement Association Annual Business Meeting will be held on Sunday, Apr. 17, 2016, during the 2016 NAPA 401(k) SUMMIT in Nashville. The Annual Business Meeting will include an address by American Retirement Association’s 2016 President, Marcy L. Supovitz, CPC, QPA, QKA, CPFA. All... READ MORE

GOP Budget Resolution Targets Fiduciary Rule

By ASPPA Net Staff 3/4/2016

Even as the publication of the Department of Labor’s (DOL) fiduciary rule nears, the GOP is gearing up to undermine the funding for its implementation.House Republican leaders are urging rank-and-file GOP lawmakers to back a budget resolution that provides $1.07 trillion in discretionary spending... READ MORE

IRS Issues Warning About New Phishing Scheme

By ASPPA Net Staff 3/4/2016

The IRS on March 3 issued an alert concerning a phishing email scheme that requests personal information concerning employees. The alert is especially intended for payroll and human resources professionals, but retirement plan administrators and service providers would do well to heed the alert as... READ MORE

Are Plan Fiduciaries Liable for Cyberattacks?

By ASPPA Net Staff 3/3/2016

Add to the list of plan fiduciary concerns, cyber-related threats to plan assets and participant personal information.These days much of that information lies in the hands (or, more accurately, the computers) of recordkeepers and third-party administrators (TPAs), though an analysis by attorneys at... READ MORE

Plan Documents and Procedures: Better When They Work Together

By ASPPA Net Staff 3/3/2016

There are plenty of laws and regulations governing defined benefit plans, and that includes what needs to be included in a plan document. Even so, there is some flexibility regarding how to meet those rules and standards. A recent paper suggests that it is best if the plan document reflects not... READ MORE

DOL Looking for Comments on a Planned Research Project

By ASPPA Net Staff 3/3/2016

The Department of Labor (DOL) is planning to study how retirement planning strategies and decisions evolve — and it would like to know what you think about the effort.The DOL’s Employee Benefit Security Administration (EBSA) is soliciting comments on the usefulness of a forthcoming information... READ MORE

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