Multnomah Group Launches New Website
We are excited to announce the launch of our redesigned website, www.MultnomahGroup.com. Our objective in tackling a redesigned site was to make it more useful for our clients and prospects. This was primarily accomplished by exposing more of our internal research and content to you, our clients, prospects, and partners. The new site has more of our white papers, case studies, presentations, and webinars. In the coming months, we will publish recorded presentations and launch a blog. Please take a few moments to check it out and let us know your thoughts.
IRS Releases 2012 Limits
The IRS has released the pension plan limitations for 2012. For the first time in three years, we saw an increase in the elective deferral limit to $17,000. The catch-up contribution limit stayed the same at $5,500. For a complete list of the applicable 2012 pension plan limitations, please click on the link below.
Clarification on IRS Form 8955-SSA
We have recently been getting a lot of questions from our clients regarding IRS Form 8955-SSA. The IRS Form 8955-SSA replaced Schedule SSA of the Form 5500 in 2009. The objective of this form is for plan sponsors to share information about terminated participants and distributions from their plan with the Social Security Administration under the Freedom of Information Act. The reason this form was separated from the 5500 filing is that it contains personal information not appropriate for storage in the public domain. All plan 5500 filings are public and searchable at the Department of Labor's website. Completed Form 8955-SSAs will not be public.
The new 8955-SSA was not available in time for 2009's filing year, so the requirement to file it was necessarily deferred. The transition rule indicates that 8955-SSA information is due for 2009 and 2010 filing years by January 17, 2012. There is no possible extension to this deadline. For most of our clients the vendor that prepares their 5500 is working on the 8955-SSA filing for the January 17 deadline. If you have any questions about the Form 8955-SSA, please feel free to contact Multnomah Group, Inc.
No Change in the Definition of Fiduciary - At Least for Now
The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has shelved their proposed rule that would have broadly expanded the definition of fiduciary for the first time since ERISA was first enacted in 1974. The proposed rule was poorly received by the securities industry; who was concerned about being held to a higher legal standard than they have had to deal with historically. Given the storm that EBSA created with the proposed rules, they have now elected to solicit additional feedback and re-propose new rules that address some of the concerns they have heard.
EBSA to Re-Propose Definition of Fiduciary Rule - planadvisor.com
DOL Issues Interim Guidance on E-Delivery of Participant Disclosures
With the effective date of the participant fee disclosures fast approaching, the Department of Labor has issued interim guidance for plan sponsors seeking to provide their disclosures in an electronic format. The DOL continues to work on final regulations that will provide longer-term guidance, but realized they needed to get something in place prior to the May 31, 2012 deadline for the initial disclosures (assuming calendar year end plans).
Multnomah Group to Host Webinar on New Disclosure Rules
In this era of full disclosure and transparency, the government has issued regulations requiring plan sponsors to disclose the fees associated with administering their retirement plans. In our November webinar, Erik Daley, CFA, will review the kinds of expenses plan sponsors are required to disclose, their fiduciary responsibilities, and the participant and service provider disclosures. We will also discuss ideas to help plan sponsors review and monitor their retirement plan expenses.
Multnomah Group's November Webinar: "Regulatory Overload: Retirement Plan Expenses & Disclosures"