Strategic Benefit Services Named a PLANADVISER Top 100 Retirement Plan Adviser for the 2nd Year in a Row

PLANADVISER Magazine has named Strategic Benefit Services (SBS) as one of its 2017 Top 100 Retirement Plan Advisers. We have been awarded in the categories for large teams with $4 billion or more in retirement plan assets under advisement, and large teams with 180 retirement plans or more under advisement. The PLANADVISER Top 100 Advisers is an annual list of the retirement plan advisers and adviser teams that stand out in terms of a series of increasingly stringent quantitative measures.

Remedial Amendment Period for §403(b) Plans

Sponsors of 403(b) plans, both those subject to the Employee Retirement Income Security Act (ERISA) and non-ERISA plans, were required (with few exceptions) to have in place a written plan document by December 31, 2009. Sponsors who did so will be able to restate their plans to adopt one of the prototype plans or volume submitter plans when they become available.

The Internal Revenue Service (IRS) issued Revenue Procedure 2013-22 in March 2013, which provided guidelines for issuing opinion and advisory letters for §403(b) prototype plans and volume submitter plans. The Revenue Procedure stated that a remedial amendment period would be available whereby eligible employers could retroactively correct defects in the form of written 403(b) plans.

Key Retirement and Employee Benefits Compliance Reminders for February

Due February 28th

• Paper filing of Form 1099-R to IRS for distributions made in 2016.
• Section 6055 Reporting - Forms 1094-B and 1095-B. IRS information returns filed no later than February 28, 2017, or March 31, 2017 if filed electronically.
• Section 6056 Reporting - Forms 1094-C and 1095-C. IRS information returns filed no later than February 28, 2017, or March 31, 2017 if filed electronically.

Download the full 2017 Retirement and Employee Benefits Compliance Calendar.

If you have any questions or would like to begin talking to an advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Q4 Retirement Market Recap - Post-Election Rally

The 2016 U.S. general election was an unusually dramatic event for investors, most of whom were expecting the Democrats to hold the White House. Investors reacted favorably to the election results, with the S&P 500 closing at a new record high on November 22, and continuing to advance through the end of the quarter.

Read the Q4 Retirement Market Recap to learn more about the impact of the 2016 election. Also included is an update on litigation targeting non-profit retirement plans.

If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Understanding Your Retirement Plan Fee Methodology

Understanding your retirement plan’s fees is not only a good practice; it’s a fiduciary requirement as prescribed by the U.S. Department of Labor (DOL) under the Employee Retirement Income Security Act (ERISA). The traditional enforcement mechanism has been DOL plan audits. More recently, high-profile litigation has driven plan sponsors to evaluate their plan fees. These fees can be grouped into several categories: record keeping, administrative, legal, plan advisory, investment, and education and communication. The principal reason fees have been thrust into the limelight is that plan participants often bear most, if not all of the cost of running the plan.

Key Retirement and Employee Benefits Compliance Reminders for January

Due January 17th

• Transistional Reinsurance Fees due for insurers and plan sponsors of self-insured health plans..

Due January 31st

• Determination letter submission deadline for individually designed plan documents. This applies to plan sponsors with EINs ending in 1 or 6.
• Form 1099-R to participants who received a distribution in 2016.
• W-2 reporting for employer groups with over 250 employees (ACA)

Download the full 2017 Retirement and Employee Benefits Compliance Calendar.

If you have any questions or would like to begin talking to an advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

The Popularity of Wellness Programs

The Employee Benefits survey helped call to attention the increasingly complex circumstances under which employee benefit plans are constructed. The popularity of wellness programs certainly shows a direct correlation between the health and welfare of employees and cost of their care. Most respondents said their organization offers a wellness program (74%), with the most popular methods including:

• flu shots;
• smoking cessation; and
• a health risk assessment.

If wellness helps reduce the risk of heart attack, stroke, diabetes, hypertension, and other serious conditions, then the hope is that it will result in fewer medical claims.

Download our Employee Benefits Survey Report and the Employee Benefit Survey Webinar Presentation Recording to understand what these results mean to you as an employer, and what challenges and risks you may face when attempting to offer a competitive benefits package under the Affordable Care Act.

If you have any questions, or would like to begin talking to an employee benefits advisor about wellness programs, please get in touch by email or by calling (855) 882-9177.