IRS Retirement Plan Reporting and Disclosure Guide
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Compliance and Regulatory IRS Retirement Plan Reporting and Disclosure Guide Abstract: This 16-page Reporting and Disclosure Guide for Employee Benefit Plans was prepared by the IRS as a quick reference tool for certain basic reporting and disclosure requirements for retirement plans under the Internal Revenue Code and provisions of ERISA. Source: Irs.gov 2016 Expanded Reporting and Disclosure Requirements Calendar Abstract: The 2016 Expanded Reporting and Disclosure Requirements Calendar provides who, what, when and where reporting and disclosure information for single-employer pension and welfare plans under the Employee Retirement Income Security Act (ERISA). Plan administrators can access concise instructions. Source: Towerswatson.com Selecting an Auditor for Your Employee Benefit Plan Abstract: Employee benefit plan audits have unique audit and reporting requirements and are different from other financial audits. Therefore, it is important that plan sponsors understand the unique qualifications needed for a plan auditor. This DOL publication will help you select an auditor for your employee benefit plan. Source: Dol.gov Operational Compliance Reviews Abstract: Operational compliance reviews are concerned with validating the process being reviewed, with no restriction on whether it impacts the financials. An operational compliance reviewer wants to know that the process works, whether it is replicable, and consistent with the plan document. Paper discusses where to begin, the process, and what you should expect from an operational compliance review. Source: Pavilioncorp.com
Insight: Studies, Research and White Papers The Participant: Understanding Generation DC Abstract: Forget Millennials vs. Generation X. This 6-page survey reveals why these groups have more in common than you think, and where real differences present opportunities for engagement. Source: Ssga.com Why Workers Retire When They Do: A Survey of U.S. Retirees Abstract: Why do people retire? It's a fairly simple question with what many would suppose is a fairly simple answer. But understanding the nuances of that question and answer becomes more important for employers, partly because the role of employers has changed and partly because the traditional model of full retirement at a fixed date is on the wane. Source: Towerswatson.com Abstract: This 28-page report illustrates that today's workers are expecting to "transition" into retirement, but face a significant obstacle. Few employers have employment practices to support them. Policymakers, employers, and workers each play a critical role in redefining retirement, retirement benefits, and employment practices to keep step with increases in longevity and the implications of population aging. Source: Transamericacenter.org
Items of Special Interest to Service Providers What Retirement Plan Sponsors Value Most From Financial Advisors Abstract: This 28-page survey report finds that plan sponsors prefer to work with plan advisors who emphasize employee education, good customer service and reducing plan costs as core to their value proposition. Among those already working with an advisor, fiduciary support trumps cost on this list. Source: Massmutual.com Becoming a Go-To Firm in the DC Marketplace Abstract: An 8-page Cogent research paper that reviews the attributes that most influence retirement plan advisors' likelihood to recommend a DC investment manager and the aspects that strengthen relationships by building loyalty. Source: Marketstrategies.com (registration may be required)
Legislative and Washington DC Obama Seeks to Expand 401k Use by Letting Employers Pool Plans Abstract: President Barack Obama will propose in his 2017 budget to let small employers more easily pool their 401ks using multiple employer plans, in an effort to encourage them to offer the retirement accounts as fewer U.S. workers enjoy pensions. Source: Bloomberg.com Fact Sheet on President's Proposed Changes to MEPs Abstract: This fact sheet was released by the White House and describes President Obama's intention to make it easier for employers to participate in multiple employer plans. Source: Whitehouse.gov
Court and Legal Attorney Schlichter Preps New Round of 401k Suits Abstract: Jerome Schlichter, a trailblazer of the 401k fee litigation that's proliferated in the U.S. over the past decade, seems to be gearing up for another round of class-action complaints. He is riding on a wave of success, broadening growth of similar 401k legal battles and the wind-down of older suits. Source: Investmentnews.com (registration may be required) Oracle Sued by Schlichter After Recent Cases Against Anthem, Reliance Trust, and BB&T Abstract: Schlichter, Bogard & Denton, the 800-pound Gorilla in this space. The most recent case filed was just last week against Oracle. The case against Anthem has received a lot of attention. But one that has slipped through the cracks a bit is against Reliance Trust and one its clients. Source: Fraplantools.com The Supreme Court Once Again Visits the Employer Stock Dispute Abstract: In Amgen Inc. v. Harris, the Supreme Court reminded lower courts that it meant what it said when it required plaintiffs to articulate why company stock was an imprudent investment option. The Supreme Court's reversal of the Ninth Circuit's decision in Amgen highlights the struggles courts have had interpreting Dudenhoeffer. Source: Dorseyerisa.com
DOL's Re-Proposed Fiduciary Rule DOL Fiduciary Rule Arrives at OMB Abstract: The DOL sent the measure to the Office of Management and Budget. The OMB has up to 90 days to review the rule, but is likely to expedite the process. After the OMB signs off, the DOL will release the final rule publicly -- perhaps as early as March and likely by April. Source: Investmentnews.com (registration may be required) Activity Tracking to Become a Necessity Under the DOL Fiduciary Rule Abstract: The key for advisers under the DOL's fiduciary rule is how to mitigate potential exposure given the exemptions. As with other exemptions under ERISA, it would appear that the burden of proof will fall on the entity claiming an exemption. This means that you will need to keep diligent records regarding your meetings with participants. Source: Qpsteno.com
Marketplace News Cafaro Greenleaf Expands Into Midwest With Indiana Office Beaumont Capital Launches ETF-Based Retirement Product Zack Demers Joins Pentegra as New England Regional Director Hamilton Capital Taps Masucci to Lead Retirement Group Fiduciary Investment Advisors Names New Firm Partners Betterment for Business Officially Launches Securian Introduces 401k Payroll Change Management Service NTSA Elite Advisor Award Winners Honored Lightyear Capital to Acquire AIG Advisor Group
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