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The Center for Due Diligence’s
2010 Advisor Conference
New Age Marketing: What Worked In the Past Is No Longer Effective
October 6-8, 2010—Chicago, IL
Three of the firm’s partners will be speaking at the CFDD 2010 Advisor Conference on October 6th-8th in Chicago, Illinois. Fred Reish is one of the keynote speakers for the session on “The Future of National Retirement Policy.” Bruce Ashton will co-present a session on “Too Good To Be True: Provide Participant Level Services & Cross-Sell Without Prohibited Transaction Risk” and a session on “E&O Insurance, Fiduciary Exposure & ERISA Bonding: Ask An Expert.” Jason Roberts will present a session on “Cross-Selling Strategies & ERISA Compliance: Avoiding The Regulatory Crosshairs” and co-present a session on “What Type Of ERISA Fiduciary Are You & Why It Matters: Limited Scope 3(21), 3(38) Investment Manager, Full Scope 3(21), 3(16) Plan Administrator, Blah, Blah, Blah.” [Read More] [Register]
San Diego Chapter of the Western Pension & Benefits Conference
Lunch Meeting: 408(b)(2) Regulations
Tuesday, September 21, 2010
Join Marty Heming as he presents, "How to Avoid Liability in a Post 408b-2 world?" The Department of Labor, EBSA, has created a new and scary world for all service providers, including, TPA's, RIA's, Brokers, Record Keepers and Investment Providers. Failure to understand and comply with the new disclosure rules will result in a prohibited transaction with its associated punitive correction and excise taxes. Marty will give you some practical advice on how to comply and avoid the consequences.
For more information or to register for the event, please go to: https://m360.westernpension.org/event.aspx?eventID=19542.
San Diego Chapter of the National Institute of Pension Administrators Presents
“A Day with Fred Reish”
August 10, 2010—San Diego, CA
Join Fred Reish as he presents “Required Disclosures, Service Agreements and Schedule C,” “Deferrals, Target Date Funds and Guaranteed Minimum Withdrawals,” and “Hot Topics and Recent Benefits Issues” to the San Diego Chapter of NIPA.
For more information or to register for the event, please go to http://www.sdnipa.com/register_for_an_event.
Reish & Reicher Webinar
Common 401(k) Mistakes and Employment Trends: How to Avoid Lawsuits
Bruce Ashton and Mark Terman presented a webinar for clients and consultants on June 8, 2010 covering related topics of interest to HR and benefits professionals. Bruce addressed "Common 401(k) Mistakes," including: common mistakes in preparing plan committee minutes and investment policy statements; steps required in reviewing service provider agreements; and committee obligations for plan fees and expenses. Mark discussed "Employment Trends: How to Avoid Lawsuits." In his presentation, Mark focused on the impact of social media on employers and employees; rules and practical issues related to employee telecommuting; the rules and hazards involving whistleblowers and retaliation; and the perils of misclassifying employees as independent contractors.
You may view the webinar by accessing the following link: https://www1.gotomeeting.com/register/913945776
CalCPA Education Foundation
Retirement Plans Conference
June 2, 2010—Burbank
June 3, 2010—San Francisco
Please join Jonathan Karp and Marty Heming of Reish & Reicher at the California CPA Education Foundation's 2010 Retirement Plans Conference, where major topics of interest relating to retirement plans will be addressed. Jon is the conference co-chair and Marty Heming will give a presentation on "Plan Mistakes, Department of Labor, IRS Audits." [Read More]
fi360 Conference
May 5-7, 2010—JW Marriott Grande Lake
Fred Reish and Jason Roberts are presenters at the 2010 fi360 Conference, to be held at the JW Marriott Grande Lake on May 5th through 7th. The conference features industry experts, hands-on workshops, opportunities for professional CE, and networking at social events. [Read More]
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Southern California Rising Stars
Congratulations to Heather Bader-Abrigo, Pascal Benyamini, Meena Kotak and Jason Roberts. They were selected for inclusion in the “2010 Southern California Rising Stars.” The Super Lawyer’s Rising Stars listing is published in the July issue of Los Angeles magazine and the stand-alone Rising Stars magazine. Rising Stars are determined via a survey of Southern California attorneys who are 40 years old or younger, or have been in practice 10 years or less. Only 2.5 percent of lawyers in Southern California receive this honor.
Super Lawyers
Super Lawyers is a listing of “outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement.” Congratulations to Bruce Ashton, Joe Faucher, Jon Karp, Lee Reicher, Fred Reish, Mark Terman and Mike Vanic for their inclusion in the “2010 Southern California Super Lawyers.” The listing is published in the February 2010 issue of Los Angeles magazine.
For the 2010 Super Lawyers listing, visit www.superlawyers.com.
Best Lawyers in America
Fred Reish and Bruce Ashton were selected to be among the Best Lawyers in America for 2010. Both Fred and Bruce have been on the list for several years and this reflects a continuing recognition of their contributions to the benefits community.
Best Lawyers selects attorneys for that recognition based on an exhaustive and rigorous peer review process. In other words, inclusion on the list is the ultimate compliment for a lawyer, since it is based primary on the opinion of other lawyers.
The firm appreciates this recognition and congratulates both Fred and Bruce.
Spotlight Archive
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R&R sponsors academic research at UCLA concerning employee behavior in participant directed plans. Professor Shlomo Benartzi, a leading academic in behavioral finance, oversees the research and analysis. Our goal is to enhance the benefits community's understanding of fiduciary responsibility and participant behavior in participant-directed plans. Articles by Dr. Benartzi and others.
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The Efficiency of Pension Menus and Individual Portfolio Choice in 401(k) Pensions
We identify key portfolio investment inefficiencies and attribute them to offered investment menus versus individual portfolio choices. The study shows that the vast majority of 401(k) plans offers reasonable investment menus. Nevertheless, participants “undo” the efficient menu and make substantial mistakes: in a 20-year career it will reduce retirement wealth by one-fifth. To read the study, "The Efficiency of Pension Menus and Individual Portfolio Choices in 401(k) Pensions," by Ning Tang, Olivia Mitchell, Gary Mottola and Stephen Utkus, click here.
The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans
Based on an analysis of over 1,500 plans, the researchers found that most 401(k) participants initiated no trades in their accounts over a two-year period. However, they found that plans that offered company stock and brokerage account options had higher trading levels in those alternatives. Interestingly, participants who hold actively managed equity funds trade more often than those who invest in index funds. To read the study, “The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans”, by Mitchell Mottola, Stephen Utkus and Takeshi Yamaguchi (and published by the pension Research Council), click here.
White Paper: ERISA Conflicts of Interest
Service providers need to be diligent about disclosing their conflicts and fiduciaries need to be rigorous in their analysis of potential conflicts . . . and in taking steps to protect their plans and participants from those conflicts. Needless to say, that is particularly true where the conflicts also constitute prohibited transactions under ERISA and the Internal Revenue Code. [Read White Paper]
School District 403(b) Plans Subject to IRS Scrutiny
The IRS has targeted the 403(b) plans of public school districts to determine their level of compliance with Internal Revenue Code requirements. They are specifically looking at the "universal availability" requirement, which requires that all employees (other than those who may be specifically excluded by class) are given an opportunity to participate in the plan. We are providing for your review, initially without analysis, copies of the first contact letter, the questionnaire that accompanies it and a follow up letter the IRS is sending out if the response from a school district indicates a problem.
Initial IRS Contact Letter
Section 403(b) Questionnaire
Follow Up Letter
Other Current Developments
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