FBI Raids, Shuts Down TPA
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Newsletter Sponsor You Can't Afford to Miss the 2018BMC Why do TPA business owners and executives attend NIPA's Business Management Conference (BMC) year after year? They have generated tens of millions of dollars in revenue as a result of the ideas shared by the members and speakers at the BMC. Spend three days networking and sharing experiences with fellow TPA business owners. Join us on January 13-15, 2018 in Scottsdale, Arizona to set your business up for success in 2018. Register at www.nipa.org/BMCreg. In This Issue
General Items Abstract: The Federal Bureau of Investigation has raided the offices of Vantage Benefits Administrators "amid concerns that money may be missing from retirement accounts the company manages," according to the Dallas Morning News. Source: Asppa.org Chart: Retirement Saver's Credit Limitations for 2018 Abstract: Taxpayers who make eligible contributions to an employer-sponsored retirement plan or IRA may be able to take a tax credit on their income tax return. They may use this chart to calculate their Saver's Credit. Source: Transamericacenter.org Insight: Studies, Research, and White Papers Fixed Income in DC Plans: What's on the Menu? Abstract: The fixed-income offerings in a typical defined contribution menu can sometimes seem uninspired, but it doesn't take much to improve the selection. The right combination can enhance core fixed-income allocations, providing diversification and reducing risk. Source: Alliancebernstein.com »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Best Practices for Reaching a Busy Plan Sponsor Abstract: There is more to the process when it comes to reaching out to plan sponsors. This article puts together a few strategies to consider when getting in front of companies and how to successfully reach out. Source: Rixtrema.com Employer Retirement Plans Comparison Table for Small Businesses-2018 Plan Year Abstract: This table provides a comparison of the features and benefits that apply to retirement plans that can be sponsored/adopted by small business owners. Source: Retirementdictionary.com TPA Alpha: Why Quality Ingredients Matter Abstract: Not knowing all the pertinent details when making important decisions can have a dramatic impact on desired outcomes. Some details are more critical than others, but studying the elements and getting all the relevant information available can help you make the most informed and prudent decision. With that idea in mind, this article looks at how financial advisors can receive a high level of consulting and avoid future headaches by choosing to partner with high quality TPAs. Source: Bpp401k.com Target-Date Funds 2017 Target-Date Fund Buyer's Guide Abstract: The 2017 TDF Buyer's Guide represents $1.6 trillion in assets as of June 30. Of the target-date fund market reported, 60% of products are in mutual funds, 37% in collective investment trusts, and 3% in variable portfolios. The analysis is based on the 71 off-the-shelf, or prepackaged, products and custom solutions are excluded. Source: Planadviser.com »» Click here for more on Target-Date Funds Court and Legal GE Hit With Second Lawsuit Over 401k Plan Investments, Fees Abstract: General Electric faces a second lawsuit challenging the allegedly imprudent investments in proprietary mutual funds included in the company's $28 billion 401k plan. GE's selection of in-house mutual funds for the plan allegedly provided its financial services subsidiary, GE Asset Management, a constant source of fees and helped inflate GEAM's market value for a subsequent sale of the subsidiary, according to a lawsuit. Source: Bna.com (registration may be required) Chapter 13 Debtor Can Put Earnings Into 401k Abstract: Chapter 13 debtors can deduct 401k contributions in calculating their disposable income that must be contributed to a payment plan, even if they weren't contributing in the six months prior to the bankruptcy, an Illinois bankruptcy judge ruled Oct. 30. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues Legislative and Washington DC Marcia Wagner's 10-Minute Take on Trump Tax Plan Abstract: "There are no adjustments to 401k plans," Wagner, principal of The Wagner Law Group, told advisors in the audience in a rapid-fire recap at the start of a regulatory-focused session. "We have somehow avoided Rothification," although she noted it doesn't mean that the final version of the bill will not include some form of Rothification. Source: 401kspecialistmag.com Tax Reform Contemplates Changes to Employee Benefits Abstract: The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act. In the weeks leading up to the release of the draft, speculation has swirled as to whether it would eliminate or otherwise limit the ability to make pre-tax employee deferrals into 401k plans. The current draft of the bill would not impact 401k deferrals, but would bring other changes to employee benefit plans and programs beginning in 2018, as described in this article. Source: Erisapracticecenter.com »» Click here for more on Legislative Actions Cybersecurity Issues Cybersecurity as It Relates to Retirement Plan Data Abstract: As cybersecurity threats increase, so should plan fiduciary efforts to combat these threats. Fiduciaries can work with service providers to strengthen existing protections and can work internally to create and document procedures that demonstrate prudent process. Source: Groom.com »» Click here for more on Cybersecurity Issues Compliance and Regulatory Missing Participants With Unpaid Required Minimum Distributions Abstract: The IRS publicly released guidance, previously provided to its Employee Plan auditors, establishing the criteria that the auditors should use to determine if a plan under audit has a qualification issue when required minimum distributions (RMDs) under Section 401(a)(9) of the Internal Revenue Code have not been timely paid to missing participants. Source: Sibson.com Cashing-Out Terminated Employees From Your Company's Retirement Plan Abstract: This article focuses on one aspect of the employment termination process as it relates to defined contribution retirement plans. More specifically, it examines the involuntary cash-out provisions included within most DC plans. Source: Legacyrsllc.com What You Should Know About the Hardship Withdrawal Process Abstract: In these difficult economic times, more participants are considering the option of taking a hardship withdrawal. A participant can only take a hardship withdrawal if it is permitted by the plan and they have an immediate and heavy financial need. This checklist can be used when faced with the task of reviewing and approving hardship requests. Source: Consultrms.com Year-End Compliance Issues for Single-Employer Retirement Plans Abstract: By year-end 2017, sponsors of calendar-year single-employer retirement plans must adopt necessary and discretionary plan amendments to ensure compliance with the statutory and regulatory requirements of ERISA and the tax code. This bulletin looks at key areas -- including administrative compliance issues -- that sponsors of such DB or DC plans should address by December 31, 2017. Source: Milliman.com »» Click here for more Compliance and Regulatory Material Marketplace News Pensionmark and Pension Resource Institute Partner PFM Accelerates DC Marketplace Growth With Acquisition Hybrid-Robo Financial Advisor BrightPlan Launches LLR Partners Invests in Retirement Plan Solutions Provider PCS Stadion Announces Strategic Partnership With ABG Keith Cattaneo Joins Pentegra as Regional Director Ascensus Acquires Georgia Based Retirement Strategies »» Click here for More Marketplace News
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