Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 1st, 2015
2015 Plan Sponsors of the Year
Plan Sponsor of the Year Profile: City of Las Vegas
As one of the most colorful metropolises in the nation, the City of Las Vegas decided to promote its first two-day seminar about retirement savings—the “Investment and Retirement Palooza: Making Dollars and $en$e”—with equally vibrant print, electronic and video marketing materials featuring the Rat Pack, Elvis Presley and the Rolling Stones. “We wanted something fun and creative that would resonate with our employees, whose average age is 50,” says Dan Rigato, human resource (HR) administrator for the city.Read more >
Plan Sponsor of the Year Profile: Missouri LAGERS
In the past 12 months, the Missouri Local Government Employees Retirement System (LAGERS) has increased its social media presence as part of an effort to reach employees “where they come from,” says Executive Director Keith Hughes. The plan has branched into Facebook, Twitter and YouTube, but one endeavor has become especially popular: a weekly blog, LAGERS Bloggers, launched last July. The articles, written primarily by staff, address new and interesting developments for the plan, as well as day-to-day questions members might have.Read more >
Ask the Experts
What Retirement Plans Are Allowed for Rural Cooperatives?
“I am an adviser who primarily works with 403(b) plans. A potential client has surfaced that is like nothing I have ever seen before. It is a private ‘non-profit utility,’ if you will; it provides electric service in my county in an area which presumably would not be profitable for a traditional utility to service since it is thinly populated. Have you ever heard of such an organization, and do you know what type of retirement plan it can sponsor? The entity sponsors a 401(k) currently but does not know if it is the best type of plan for them.”Read more >
Products, Deals & People
State Street Corporation announced that Scott Powers, president and CEO of State Street Global Advisors (SSgA), intends to retire later this year after more than seven years leading the firm and three decades in the investment management industry. Ronald O’Hanley will succeed Powers at the beginning of April, the firm says.Read more >
EBSA Head Lisa Gomez Says DOL Continues Honing Retirement Security Rule
Data and Research
Early Withdrawals Found to Exacerbate 401(k) Account Disparities Across Race, Gender
Ask the Experts
Are Roth Excess Deferrals Taxed Twice?
Economic Events
The Conference Board Consumer Confidence Index, which had decreased in February, improved in March. The Index now stands at 101.3 (1985=100), up from 98.8 in February. The Expectations Index increased from 90.0 last month to 96.0 in March. The Present Situation Index, however, decreased from 112.1 in February to 109.1.
IRS Modifies Compliance Resolution System
The Internal Revenue Service (IRS) has announced modifications to Revenue Procedure 2013-12 to make miscellaneous changes designed to improve the agency’s Employee Plans Compliance Resolution System (EPCRS). In Revenue Procedure 2015-27, the IRS said it is reducing voluntary correction program (VCP) compliance fees relating to failures to meet requirements with respect to participant loans. In addition, the agency clarifies that for certain overpayments, as defined in Sections 5.01(3)(c) and 5.02(4) of Rev. Proc. 2013-12, a plan may use correction methods other than the correction methods set forth in Sections 6.06(3) and 6.06(4) of Rev. Proc. 2013-12.Read more >
SEC Opens Door for Non-ERISA Plan Fee Disclosure
The Securities and Exchange Commission (SEC) issued a Staff No-Action letter allowing non-Employee Retirement Income Security Act (ERISA) retirement plans to provide participants with fee disclosures without running afoul of an SEC rule. SEC Rule 482 provides parameters around information provided by an investment company that could be classified as advertisements. In a Staff No-Action Letter to the U.S. Department of Labor (DOL) in 2011, the SEC agreed to treat specified investment-related information provided to participants and beneficiaries in participant-directed individual account plans, as required by Section 404a-5(d) of ERISA as if it were a communication that satisfies the requirements of Rule 482 under the Securities Act of 1933. The Groom Law Group and the American Retirement Association, formerly ASPPA, wrote a letter asking the SEC to extend the same treatment to non-ERISA plans.Read more >
Small Talk

ON THIS DATE: In 1789, the first U.S. House of Representatives, meeting in New York City, reached quorum and elected Pennsylvania Representative Frederick Augustus Conrad Muhlenberg as its first speaker. In 1864, the first travel accident insurance policy was issued to James Batterson by the Travelers Insurance Company. In 1889, the first dishwashing machine was marketed (in Chicago). In 1929, Louie Marx introduced the Yo-Yo. In 1938, the Baseball Hall of Fame opened in Cooperstown, New York. In 1946, Weight Watchers was formed. In 1963, the ABC television network aired the premiere episode of General Hospital, and rival network NBC debuted its own medical-themed soap opera, The Doctors. In 1970, President Richard Nixon signed legislation officially banning cigarette ads on television and radio. In 1976, Apple Computer began operations. In 1984, Motown singer Marvin Gaye was shot and killed by his own father one day short of his 45th birthday.


WEDNESDAY WISDOM: “Any truth is better than indefinite doubt.”—Arthur Conan Doyle, writer

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Editorial: Alison Cooke Mintzer


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