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Week ending January 27, 2017
NOTE FROM THE EDITOR
Hello, PLANSPONSOR Weekend readers. Of course, the big news from PLANSPONSOR this week is that we have announced finalists for our 2017 Plan Sponsor of the Year awards. We also spoke with the “father of the 401(k)”, who had expressed regret about what the 401(k) has become in a Wall Street Journal article, about ways to improve American’s retirement readiness. In other news, the ERISA Advisory Council issued a framework to help plan sponsors address cybersecurity; a court issued a “non-decision” in a wellness program case brought by the Equal Employment Opportunity Commission (EEOC) and an attorney weighs in on what this means for employers; and our panel of experts explains what Form 5500 filings are needed when a plan sponsor changes plan year. Have a great weekend!
EDITOR'S CHOICE
Awards
2017 Plan Sponsor of the Year Finalists
PLANSPONSOR is pleased to announce 2017 Plan Sponsor of the Year finalists in nine categories.
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Administration
Report Offers Framework for Plan Sponsors to Address Cybersecurity
A 2016 ERISA Advisory Council report includes an appendix titled “Employee Benefit Plans:  Considerations for Navigating Cybersecurity Risks.”
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Administration
ERISA Advisory Council Backs Auto-Portability Initiatives
The Council recommended that the DOL issue an RFI to explore how it can encourage and support the adoption of a system to facilitate acceptance and expedite processing of eligible rollovers into retirement plans covered by ERISA.
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Compliance
Court Refuses to Decide Statutory Issues in EEOC Wellness Program Case
An appellate court said neither party in the case has a serious stake in its outcome anymore, so the statutory issues should be decided by a court in a case where the answers matter to the parties. Russell Chapman, special counsel in the Employee Benefits practice at labor and employment law firm Littler Mendelson, weighs in on what the ruling means for employers.
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Ask the Experts: (b)lines
Form 5500 Filings With Change in Plan Year
“We used to operate our Employee Retirement Income Security Act (ERISA) 403(b) plan on a fiscal year basis, so we would file our 5500s for a 7/1-6/30 plan year (which is our fiscal year). However, on the advice of counsel, we are converting the plan year to a calendar year, effective 1/1/2017. Thus, I realize our 5500 filing for 2017 will be for the 1/1-12/31/2017 time period, and that will not be due until 7/31/2018, unless extended. However what about the 2016 filing?”
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MOST POPULAR STORIES
Compliance
Peering Through the Fiduciary Rule Uncertainty
A direct order from President Trump regarding the fiduciary rule could be forthcoming imminently, and that is likely what it would take for the fiduciary rulemaking to truly be paused or killed outright at DOL.
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Benefits
There Is Hope for Improving Americans’ Retirement Security
After a scathing Wall Street Journal article suggesting 401(k)s are not adequate for retirement, Ted Benna, whom some call the ‘father of the 401(k),’ and Lori Lucas of Callan, suggest there are ways to improve retirement security.
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Administration
The Basics About Form 5500s
What the DOL and IRS want to know about your retirement plan
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Compliance
Recordkeepers Preparing for New Fiduciary Era
Even if the DOL fiduciary rule is halted, working in clients' best interest is a "no-brainer," says Joe Ready of Wells Fargo.
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Research
2016 Recordkeeping Survey
The market's growth has manifested itself with more recordkeeping assets concentrated in the 20 largest providers. This trend also highlights the homogenization and commoditization of a growing number of recordkeeper services that were considered added value just ten years ago. Although providers in the 2016 PLANSPONSOR Recordkeeping Survey are ranked according to various criteria, none of the rankings can definitively answer the question of whether bigger recordkeepers are better recordkeepers.
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
Advertising: Paul Zampitella paul.zampitella@strategic-i.com
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