Under ERISA Section 408(b)(2), retirement plan fees must be reasonable in light of the services being rendered. Retirement plan fees are also a hot target in the courts, most notably with last year's Tussey vs. ABB, Inc. decision. In this presentation, we discuss just what the reasonableness standard means for today's retirement plan sponsors, and an action plan for employers.
The process that most plan sponsors follow to govern their retirement plans is the one advocated by their retirement plan service providers. The purpose of this article is to raise awareness that there is an alternative process that that is well-established and regarded my many as a better approach, but it often remains hidden because it conflicts with the interests of most retirement plan service providers. Given the magnitude of the potential value that an alternative process may yield, it is worthy of serious consideration by plan sponsors.
The legislative landscape in which retirement plans must operate is constantly evolving to meet the need for an appropriate level of industry regulation. Legislative and regulatory activity during 2013 to date has created numerous opportunities and challenges that retirement plan sponsors must address. In this program, Erik Daley, CFA, will provide an overview of this year's legislative and regulatory developments and focus on practical, consultative tips on how they might apply to your retirement plan.
A Multiple Employer Plan (“MEP”) is a special type of retirement plan in which employers that are not commonly owned join together to pool their purchasing power within a single plan. A MEP is created by a group of employers represented by the Plan’s Board of Directors who want to share the costs and burdens of providing a retirement plan fortheir employees.
The key advantages MEPs offer are the economies of scale that make it affordable for employers to outsource the plan’s principal fiduciary roles and simplify and streamline plan administration greatly minimizing the burdens that come with offering a retirement plan.
The process that most plan sponsors follow to govern their retirement plans is the one advocated by their retirement plan service providers. The purpose of this article is to raise awareness that there is an alternative process that that is well-established and regarded my many as a better approach, but it often remains hidden because it conflicts with the interests of most retirement plan service providers. Given the magnitude of the potential value that an alternative process may yield, it is worthy of serious consideration by plan sponsors.
The legislative landscape in which retirement plans must operate is constantly evolving to meet the need for an appropriate level of industry regulation. Legislative and regulatory activity during 2013 to date has created numerous opportunities and challenges that retirement plan sponsors must address. In this program, Erik Daley, CFA, will provide an overview of this year's legislative and regulatory developments and focus on practical, consultative tips on how they might apply to your retirement plan.
A Multiple Employer Plan (“MEP”) is a special type of retirement plan in which employers that are not commonly owned join together to pool their purchasing power within a single plan. A MEP is created by a group of employers represented by the Plan’s Board of Directors who want to share the costs and burdens of providing a retirement plan fortheir employees.
The key advantages MEPs offer are the economies of scale that make it affordable for employers to outsource the plan’s principal fiduciary roles and simplify and streamline plan administration greatly minimizing the burdens that come with offering a retirement plan.
ERISA Fiduciary Issues: A Guide for AdvisorsBroadridge
The role, expectations and legal requirements for ERISA fiduciary advisors is changing. Plan sponsors are increasingly looking to retirement plan advisors for guidance. This brings potential business opportunities but also more regulatory scrutiny. This paper provides advisors with guidelines to understand the plan sponsor role as fiduciaries and the steps to take to avoid breaching their duties.
Action Steps for Your Employee Benefits Plan During the Coronavirus PandemicQuarles & Brady
With the enactment of two new Coronavirus-related laws, plan sponsors of retirement, health and welfare plans have several "must-do" items to consider, along with several "optional" items. Join us for this informative webinar where we will discuss the different legal considerations plan sponsors and service providers (such as third party administrators, insurance brokers and pharmacy benefit mangers) should consider for their retirement, health and welfare plans.
We will discuss:
-What coronavirus testing must be covered by health plans
Important changes to "over the counter" drugs and medicine
-Addressing layoffs and furloughs, and how to survive the benefit costs
-Best practices for distribution and loan options for those who have been affected
-Delaying, repaying and fixing 2020 required minimum distributions
-How to treat paid leave under your retirement plans
This research assessed the credit granting system (CGS) on salary loan program (SLP) of the selected specialized government banks (SGBs) in the Philippines, which perceived to be tight and yet loose. It aimed to discern SLP’s CGS level of effectiveness with intervention of partner institutions, and to determine its significant relationship to SLP’s level of financial performance
About 370 million people live in low-income fragile and conflict-affected states (FCS). They have higher poverty rates, lower growth rates, and weaker human development indicators than other low-income countries. This presentation outlines main findings from the evaluation of World Bank Group assistance to FCS.
Solar Project Finance: Turning Sunlight Into Green Rick Borry
Learn more at: http://www.principalsolarinstitute.org/webinar/566
How do you pay for large-scale solar power plants when you need millions to start building, but receive payout over decades? Serious solar energy finance professionals will want to hear structured asset finance and valuation expert Ken Kramer present and answer questions about renewable energy project financing concepts applicable to utility scale solar projects, with a focus on US projects utilizing tax-oriented financing structures.
Ken will describe the mechanics and market participants involved in non-recourse project financing. He will also review currently available US Federal tax benefits for renewable energy projects and tax-efficient transaction structures that have evolved to utilize those benefits. Valuation issues associated with these structures will also be covered.
Students at Cornell and Columbia have recently had the opportunity to hear Ken lecture on this topic. This FREE webinar is your chance to do the same, plus attend the LIVE webinar to find out how to employ these concepts in your 2013 business strategy when Ken answers your questions during a LIVE Q & A segment following his presentation.
An effective retirement plan is one of the best benefits an employer can offer its employees. It can help the employer recruit and retain a competitive workforce, and establish an environment that promotes employee satisfaction and productivity. An intentional policy of creating and implementing an effective educational program regarding the plan through an education policy statement benefits both employees in helping them secure a comfortable retirement, and employers as an aid to meeting their fiduciary duties to plan participants in a highly complex regulatory environment.
ERISA Fiduciary Issues: A Guide for AdvisorsBroadridge
The role, expectations and legal requirements for ERISA fiduciary advisors is changing. Plan sponsors are increasingly looking to retirement plan advisors for guidance. This brings potential business opportunities but also more regulatory scrutiny. This paper provides advisors with guidelines to understand the plan sponsor role as fiduciaries and the steps to take to avoid breaching their duties.
Action Steps for Your Employee Benefits Plan During the Coronavirus PandemicQuarles & Brady
With the enactment of two new Coronavirus-related laws, plan sponsors of retirement, health and welfare plans have several "must-do" items to consider, along with several "optional" items. Join us for this informative webinar where we will discuss the different legal considerations plan sponsors and service providers (such as third party administrators, insurance brokers and pharmacy benefit mangers) should consider for their retirement, health and welfare plans.
We will discuss:
-What coronavirus testing must be covered by health plans
Important changes to "over the counter" drugs and medicine
-Addressing layoffs and furloughs, and how to survive the benefit costs
-Best practices for distribution and loan options for those who have been affected
-Delaying, repaying and fixing 2020 required minimum distributions
-How to treat paid leave under your retirement plans
This research assessed the credit granting system (CGS) on salary loan program (SLP) of the selected specialized government banks (SGBs) in the Philippines, which perceived to be tight and yet loose. It aimed to discern SLP’s CGS level of effectiveness with intervention of partner institutions, and to determine its significant relationship to SLP’s level of financial performance
About 370 million people live in low-income fragile and conflict-affected states (FCS). They have higher poverty rates, lower growth rates, and weaker human development indicators than other low-income countries. This presentation outlines main findings from the evaluation of World Bank Group assistance to FCS.
Solar Project Finance: Turning Sunlight Into Green Rick Borry
Learn more at: http://www.principalsolarinstitute.org/webinar/566
How do you pay for large-scale solar power plants when you need millions to start building, but receive payout over decades? Serious solar energy finance professionals will want to hear structured asset finance and valuation expert Ken Kramer present and answer questions about renewable energy project financing concepts applicable to utility scale solar projects, with a focus on US projects utilizing tax-oriented financing structures.
Ken will describe the mechanics and market participants involved in non-recourse project financing. He will also review currently available US Federal tax benefits for renewable energy projects and tax-efficient transaction structures that have evolved to utilize those benefits. Valuation issues associated with these structures will also be covered.
Students at Cornell and Columbia have recently had the opportunity to hear Ken lecture on this topic. This FREE webinar is your chance to do the same, plus attend the LIVE webinar to find out how to employ these concepts in your 2013 business strategy when Ken answers your questions during a LIVE Q & A segment following his presentation.
An effective retirement plan is one of the best benefits an employer can offer its employees. It can help the employer recruit and retain a competitive workforce, and establish an environment that promotes employee satisfaction and productivity. An intentional policy of creating and implementing an effective educational program regarding the plan through an education policy statement benefits both employees in helping them secure a comfortable retirement, and employers as an aid to meeting their fiduciary duties to plan participants in a highly complex regulatory environment.
Retirement plan fiduciaries have a responsibility for the prudent selection and monitoring of plan investments. If your investment selection decisions are based solely on investment style, fees and historical returns, you may be missing the larger picture. In this presentation, we present a rigorous, multi-step process for selecting investment managers to serve your plan’s and participant’s needs. Using a use case scenario, we will demonstrate how to define the “Investment Universe”, the use and limitations of quantitative analysis, conducting proper qualitative due diligence, and the selection of a prudent investment for a participant-directed defined contribution retirement plan.
Each month, join us as we highlight and discuss hot topics ranging from the future of higher education to wearable technology, best productivity hacks and secrets to hiring top talent. Upload your SlideShares, and share your expertise with the world!
Not sure what to share on SlideShare?
SlideShares that inform, inspire and educate attract the most views. Beyond that, ideas for what you can upload are limitless. We’ve selected a few popular examples to get your creative juices flowing.
For nearly 40 years, ERISA has required retirement plan fiduciaries to ensure the reasonableness of service and investment fees paid by the plan. However, fee reasonableness has only recently grabbed headline attention due largely to the finalization of the 408(b)(2) regulations and the Missouri district court's decision in Tussey v. ABB, Inc. Despite the strength of its fee reasonableness standard, ERISA provides little practical guidance as to how and when plan fiduciaries should be making and documenting their fee reasonableness determinations. In this presentation, we provide a historical overview of the legislative, regulatory and judicial context surrounding this fundamental fiduciary duty; a look at recent Department of Labor regulatory examination activity centered on fee reasonableness; and a practical, step-by-step guide to meeting the fee reasonableness requirements.
Achieve greater certainty through pension deriskingLori Jones
The presentation provided an overview of the changing landscape for defined benefit pension plans including higher PBGC premiums, new mortality tables and improved funding status as a result of favorable investment performance. These changing conditions have encouraged plan sponsors to consider “de-risking” defined benefit pension plans through annuitization and lump sum windows.
Lori provided insight into legal issues within the context of de-risking including a background of applicable ERISA fiduciary rules, recently issued recommendations from the ERISA Advisory Council, IRS private letter rulings and a pending case involving Verizon’s annuitization of its pension plan.
QP Steno offers a unique tool that can assist with the evaluation of a service provider’s fees. The reports generated by this tool give plan sponsors the ability to see how much time, effort and cost is going into each of the provider’s activities, and it can break out the provider’s gross compensation across different activities and convert such compensation into an hourly rate, project rate, or per-participant rate.
IRS Regulation 408(b) is expected to take affect in early 2012. Retirement educator Eric Roberts will present the 10 questions you should be asking your defined contribution plan vendor that will help you understand the actual fees and costs associated with your current benefit. Knowing what to ask is half the battle. All attendees of the program will receive Nyhart’s 408(b)2 Guide that includes a checklist of fees to look for and disclosure statements you should be get from your vendor to affirm the actual costs of your plan in preparation of the new regulations taking effect.
sing Target Date Funds in Your Plan
Target date funds (also known as lifecycle funds) have become increasingly popular in retirement plans. Close to 70% of 401(k) and profit sharing plans offered target date funds in 2014, according to the most recent survey by the Plan Sponsor Council of America.*
401(k) Advisors service model starts with a Fiduciary Fitness program, Including a Fiduciary Investment and plan review and providor benchmarking analysis. Our RFP and provider search process is second to none where we gather over 300 data points on each provider and provide a detailed breakdown of Fees, Fund performance, and service. Our propriatery investment scorecard system takes in to account, Investment style, risk, peer group ranking, and qualitative analysis to help plan sponsors provide the necessary investment due dilligence to satisfy their fiduciary compliance obligations.
How does the cost of your 40(k) plan compare to similar sized plans? As a retirement plan fiduciary, it is your responsibility to know the cost of your plan, and whether those costs are reasonable. Learn more about the fee benchmarking process.
The Bogdahn Group Report to Orange County Commissioners laying out a "fiducia...Herb Whitehouse
Acceptance of this recommendation by Orange County Commissioners resulted in approximately a $1 million savings per year for Orange County employees.
I provided this document to Orange County Commissioners in 2008; therefore, the document is public information despite any license that the Slideshare form may indicate.
Similar to Retirement Plan Fees: Best Practices for Plan Sponsors (20)
Even with the most earnest intentions, mistakes inside of a retirement plan will most likely happen from time to time. Plan sponsors can take solace in knowing that there is a corrective solution for nearly every compliance problem. Knowing how to correct a plan error will help plan sponsors act swiftly so as not to ripen the problem should one occur. It can also help save the plan sponsor money. In this program, Multnomah Group will provide an overview of the correction programs available through both the Internal Revenue Service (for Internal Revenue Code issues) and the Department of Labor (for issues under the Employee Retirement Income Security Act).
The past 30 years has born witness to the collapse of the private pension system with for-profit employers, tax-exempt entities and now the governmental sponsors replacing defined benefit pension programs with defined contribution plans. This practice spawned a well-documented transfer of investment and funding risk from employer to employee. Now, most defined contribution plans render the employee the sole decision maker on the four factors that determine an employee's ability to retire successfully: contribution rate, investment strategy/return, time horizon, and spending needs in retirement.<br /><br /> In this presentation we will address what employers can do to help employees meet the demands of the new retirement plan era.
Target date funds are quickly becoming the dominant investment option within many defined contribution retirement plans. Regulators have taken notice with the Department of Labor (DOL) contemplating new disclosure requirements for plans offering target date funds.
In order for a plan sponsor to meet their fiduciary obligations to prudently select and monitor their target date funds, a thorough analysis is necessary because of the underlying complexity of these products and their unique structure relative to the traditional "core" investment options that defined contribution sponsors are used to evaluating.
In this program, we present a framework for a sound fiduciary evaluation of a target date series.
Retirement plan sponsors have a multitude of recordkeeping vendors from which to choose in assisting them with plan administration, compliance and participant education. Each potential vendor espouses a value proposition, which must be weighed in relationship to the plan’s needs, goals and objectives to determine if that particular vendor is a suitable fit.
While conducting a vendor search may seem burdensome, the benefits associated with the search make it more than worthwhile. By conducting a vendor search, plan sponsors can satisfy certain fiduciary responsibilities and optimize the plan’s benefit to its participants. Moreover, the perceived vendor search burden is significantly eased when a few simple best practices are followed.
In this presentation, we explore the benefits and best practices associated with conducting a vendor search. It concludes with three case studies that demonstrate the positive results and improvements that plan sponsors might expect from a well executed vendor search.
In the 13th hour, Congress avoided the “fiscal cliff” by passing the American Taxpayer Relief Act. This legislation preserved most of the George W. Bush-era tax cuts and carved out some new rules as well. This presentation will provide context around the passage of the American Taxpayer Relief Act and will summarize its provisions, with an emphasis on the impact of this major legislation to retirement plans. Additionally, remaining economic headwinds that prevail in the United States will be examined.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
2. John Chavez, MBA
John is a Regional Director for the Multnomah Group responsible for client
service and business development in Southern California. John works with a
wide array of organizations, including colleges and universities, non-profit
hospitals, and corporations. John consults with plan sponsors on fiduciary
governance, plan design, vendor contract structure, vendor fees/services, and
investment menu construction.
Prior to joining Multnomah Group in 2011, John served as a Director of
Consultant Relations for the West Coast for a national retirement services firm
specializing in healthcare, research and higher education organizations. Prior
to that, John was Vice President of Business Development and Assistant Vice
President of Client Services for several other retirement services firms.
John is involved in the Los Angeles Chapter of the Western Pension & Benefits
Council and he is a member of the National Association of Governmental
Defined Contribution Administrators. John holds a B.A. in Communications from
California State University at Fullerton and a MBA from University of La Verne.
2 Retirement Plan Fees: Best Practices for Plan Sponsors
3. Gina Gurgiolo, JD, LL.M
Gina Gurgiolo is a Senior Consultant for the Multnomah Group responsible for
the firm’s ERISA technical and recordkeeping vendor search consulting
services. Gina consults with plan sponsors on plan design, fiduciary
governance, and vendor fees/services.
Prior to joining the Multnomah Group in 2010, Gina managed the product
portfolio for a national retirement services firm and directed the firm’s plan
administration unit serving its largest clients. Prior to that, Gina managed the
retirement plan compliance and regulatory policy functions at another national
retirement services firm. In all, Gina has over 13 years of holistic retirement
plans experience.
Gina earned her JD from the University of Pittsburgh and her LL.M in Taxation
with an emphasis in retirement plan and executive compensation law from the
University of Denver. Gina is a member of the Portland Chapter of the Western
Pension & Benefits Council, and has been a conference speaker at multiple
industry events
3 Retirement Plan Fees: Best Practices for Plan Sponsors
4. Agenda
Building Foundation
Defining the Fee Universe
The Reasonableness Standard
Compliance Enforcement
Recent Trends
Observations on Fee Compression
Consequential Considerations
Roadmap to Reasonableness
Fee Reasonableness “To-dos”
Best Practices Checklist
4 Retirement Plan Fees: Best Practices for Plan Sponsors
5. Building Foundation
Three important questions all plan sponsors should know how to answer:
1. What fees apply under the plan?
2. How are the fees paid?
3. Are the fees reasonable in light of services rendered?
5 Retirement Plan Fees: Best Practices for Plan Sponsors
6. The Fee Universe
Asset-based Fees
Calculated as a percentage of all or a portion of plan assets
Typically assessed through the investment product
Types:
Expense ratio (mutual funds, collective/commingled investments)
Market value adjustment (stable value products)
Variable (variable asset charge, mortality & expense, surrender)
Wrap (administration, education/communications, custodial)
Other (short-term trading/redemption, front-end, back-end, CDSC, put)
Revenue sharing:
Payment to selling agent/broker
Can include commissions, 12-b-1/marketing, shareholder
servicing, sub-transfer agency fees
For services including recordkeeping/administration,
education/communications, compliance testing/reporting
6 Retirement Plan Fees: Best Practices for Plan Sponsors
7. The Fee Universe
Participant-based Fees
Calculated based on the number of participants in or eligible for the plan
Could be a base fee (example: $7,500 per year) or per-unit fee (example: $15
per active participant and $25 per terminated participant)
May be assessed to the plan sponsor or to plan assets/participants in addition
to applicable asset-based fees
Services covered:
Education and communications
Participant statements
Participant website access
Call center availability
7 Retirement Plan Fees: Best Practices for Plan Sponsors
8. The Fee Universe
Itemized Fees
Calculated on a per-instance/as-incurred basis for a particular service
Typically fixed
May be assessed to the plan sponsor or plan participants
Examples:
Contract implementation/termination fees
Ad hoc/special services fees, such as 5500/compliance testing,
plan mergers, customized plan documents/amendments
Professional services, such as TPA, auditor, attorney, consultant,
custodian/trustee
Transactional services, such as loans, distributions, QDROs
Optional participant services fees, such as brokerage window,
managed accounts
8 Retirement Plan Fees: Best Practices for Plan Sponsors
9. The Reasonableness Standard
What is “reasonable?”
Agreeable to sound judgment or logic
That which is appropriate for a particular situation
Not excessive relative to circumstances
Under ERISA section 408(b)(2), retirement plan fees must be reasonable in
light of the services being rendered
No specific codified definition of what constitutes fee reasonableness per se
Determining reasonableness requires comparison of alternatives and
evaluation of processes used
Must know and understand applicable fees to determine reasonableness
Follow prudent process that contemplates alternatives
Where can plan sponsors find comprehensive fee information?
9 Retirement Plan Fees: Best Practices for Plan Sponsors
10. The Reasonableness Standard
Regulations under ERISA section 408(b)(2) require annual covered service
provider-to-employer disclosure of fees
Intended to empower plan sponsors to better comply with the fee
reasonableness standard under ERISA section 408(b)(2)
First-year deadline was July 1, 2012
Plan sponsors must terminate non-compliant covered service providers and
have a duty to inspect the notice for accuracy and follow up accordingly
408(b)(2) notice information is needed to complete the plan’s Form 5500
Schedule C
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11. The Reasonableness Standard
Tussey, et al. v. ABB, Inc.
Federal district court in Missouri; appeal to Eighth Circuit Court of Appeals
Case originated in 2006 from 15 separate complaints filed by ABB, Inc.
employees
Separate actions certified as a class in 2007 → first instance of a plan fee
related class action suit
Plaintiffs awarded $37M because:
401(k) plan fees subsidize corporate services benefiting executives
A lower cost share class was available, but was not being used
Policies/process not being followed
Failure to pass excess investment revenue sharing back to the plan
Reaffirmed fee reasonableness standards under ERISA section 408(b)(2)
Similar litigation is looming
At issue is whether the plan fiduciary used a prudent reasonableness
evaluation process, had the right level of expert assistance, and/or
documented the process steps
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12. The Reasonableness Standard
Summary timeline:
1974: ERISA is enacted, including section 408(b)(2)
2007: Proposed fee disclosure regulations are issued
2009: Revised 2009 Form 5500 Schedule C requests more fee information
reporting than ever before
2010-
2012: Fee disclosure regulations are finalized and become effective; DOL
investigation and enforcement activity increases
2012: First retirement plan fee class action suit decided (Tussey, et al. v.
ABB, Inc.); similar litigation looming
2013: DOL announced intention to propose regulations clarifying 408(b)(2)
notices; initial proposed version expected in May
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13. Compliance Enforcement
The DOL has the responsibility to enforce ERISA’s standards, including
ensuring fee reasonableness
DOL investigation/enforcement activity is on the rise since 408(b)(2) regulations
were proposed and fee litigation trend began
How are plans are selected for investigation?
Randomly
For cause/“red flag”
5500 reports late deferral remittance
Independent auditor issues qualified report
Participant complaints
Up to 6-year investigation period
Penalty is commensurate with harm caused
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14. Compliance Enforcement
What will DOL request?
1. Service provider information
Accountants, actuaries, administrators, attorneys, brokers, consultants, contract
administrators, insurance companies, investment advisors, investment managers,
recordkeepers, TPAs, valuation appraisers
2. Service agreements/contracts
Describing services, duties, obligations, responsibilities,
fee/compensation/commission schedule
3. Service provider reports
Investment performance reports, audit reports, actuarial reports
14 Retirement Plan Fees: Best Practices for Plan Sponsors
15. Compliance Enforcement
What will DOL request?
4. Fee assessment and payment documents
Invoices, cancelled checks
5. Service provider selection documents
RFP, proposals, comparative evaluation analysis, negotiation
communications, assessment of fees relative to quality of service
6. Investment documents
Revenue sharing information, share class identification, stable value fund
illiquidity/redemption or surrender fees
Rebate information
12-b-1 fees, sub-transfer account fees, marketing/services fees, expense
reimbursement account deposits
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16. Recent Trends
Hottest trend:
Unmistakable recent recordkeeping fee compression in the marketplace
Provides current pricing renegotiation leverage
Focus on value and watch for service descoping/unbundled pricing
Expect heavier utilization of online service protocols
On the rise:
Fees-at-risk clauses in service agreements
ERISA or other expense reimbursement accounts funded with excess
revenue sharing dollars
Service unbundling
Levelized per-participant pricing
Must be solved:
Plans with multiple vendors receive 408(b)(2) disclosures in different
formats, which have proven difficult to understand or consider collectively
DOL will somehow address this in proposed regs expected May, 2013
16 Retirement Plan Fees: Best Practices for Plan Sponsors
17. Roadmap to Reasonableness
Be able to answer our three foundational questions:
1. What fees apply under the plan?
Review service contracts, annuity contracts, fee agreements, investment fees
List all applicable fees in a Fee Policy Statement
Inspect vendor-to-sponsor fee disclosure notices and follow up as necessary
2. How are the fees paid?
Find fee allocation provisions in agreements, contracts
Make decisions within plan sponsor discretion
Memorialize allocation information in Fee Policy Statement
3. Are the fees reasonable in light of services rendered?
Compare your plan fees to the marketplace in some meaningful way
Renegotiate fees with vendors based on benchmarking/proposal results
Focus on value not the least expensive solution
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18. Best Practices Checklist
Maintain a Fee Policy Statement
List applicable fees under the Plan
State whether the employer, forfeiture account, or participants pay the fees
State intent to ensure fee reasonableness
Timely receive and review/analyze annual covered service provider-to-
employer fee disclosure notice
Know your plan’s fees and understand how they work
Follow-up with questions as needed
Benchmark recordkeeper’s fees to the market annually
Plan is not required to select the recordkeeper with the lowest fees
Fees must be reasonable in light of services rendered
Negotiate incumbent recordkeeper’s fees if they are higher than benchmarked
range
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19. Best Practices Checklist
Request lowest-cost share class of investment options
Document the process and decision whether to implement
Issue request for bid or request for proposal to prequalified vendors every
5-6 years
Coincides with typical statutes of limitations
Document the process, evaluation criteria, resulting decisions and rationale
Gather appropriate documentation in preparation for DOL investigation
Expect an audit and prepare/organize information to avoid scramble for
documents (typically, 15-day response period allowed)
Provide information requested in the event of an investigation
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20. Disclosures
Multnomah Group, Inc. is an Oregon corporation and SEC registered
investment adviser.
Any information and materials contained herein or on our website are provided
for general informational purposes only and are not intended to be
comprehensive for any particular subject. Multnomah Group utilizes information
from third party sources believed to be reliable but not guaranteed, and as a
result, information is provided to you "as is." We do not represent, guarantee, or
provide any warranties (either express or implied) regarding the completeness,
accuracy, or currency of information or its suitability for any particular purpose.
Multnomah Group shall not be liable to you or any third party resulting from any
use or misuse of information provided.
Receipt of information or materials provided herein or on our website does not
create an adviser-client relationship between Multnomah Group and you.
Multnomah Group does not provide tax or legal advice or opinions. You should
consult with your own tax or legal adviser for advice about your specific
situation.
20 Retirement Plan Fees: Best Practices for Plan Sponsors