WebEd: Alternative Retirement Plan Designs for Union Contractors

All WebEd times are in EST

Member Price: FREE
Non Member Price: $99

Description:

Given the many shortcomings of the multiemployer pension system traditionally used in the unionized sector of the construction industry, many parties are looking for alternatives.  AGC, in cooperation with labor and others, is actively advocating for legislative changes that would authorize a new retirement plan model called “composite plans.”  In the meantime, there are some alternative plan designs already available to consider.  This three-part webinar series is designed to educate AGC’s union-contractors members and their chapters about such alternatives to help inform their decisions.

On Jan. 10, John Redmond of Segal will provide an overview of what “hybrid plans” and other relevant terms mean, of the types of alternative plans that are currently available, and of their basic features, advantages and drawbacks.

On Jan. 15, Kelly Coffing and Ladd Preppernau of Milliman will talk about the Sustainable Income Plan, a variation on a variable annuity plan design recently adopted by several AGC chapters.

On Jan. 24, Dan Brennan and Mark Levengood of Susanin Widman and Brennan will provide information about an AGC chapter-developed strategy involving a cash balance model.

Speakers:

John Redmond
Vice President and Consulting Actuary, Retirement Practice
Segal Consulting

Mr. Redmond is a Vice President and Consulting Actuary in Segal’s Chicago office. Mr. Redmond’s responsibilities include annual valuations for pension plans in the multiemployer and public markets. He works with multiemployer pension fund sponsors to review their funding outlook and, if necessary, develop recovery programs (such as funding improvement and rehabilitation plans). He assists clients in developing projections of various indicators of plan funding levels, both on a deterministic or a stochastic basis, and with conducting plan design studies, cash flow studies, and merger studies. Mr. Redmond also consults with clients and prospects regarding pension risk factors and alternative plan designs, including hybrid plans.

Mr. Redmond joined Segal in 2004 and has had a succession of interim promotions prior to attaining his current role. He has extensive experience working with pension clients, ranging from very small to large national plans, to assess their funding situation and develop strategies for maintaining appropriate funding levels.

Mr. Redmond received a BA in Mathematics from Maryville University in St. Louis, MO. He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries, and an Enrolled Actuary. Mr. Redmond has received the firm’s prestigious Quality Star Award.

Kelly Coffing
Principal & Consulting Actuary
Milliman

Kelly Coffing is a principal at Milliman, one of the largest independent consulting and actuarial firms in the world. As a consulting actuary, Kelly helps clients succeed in the complex world of retirement plan management, including providing actuarial valuations, developing benefit and funding strategies for pension plans, and transitioning to innovative plan designs. She is particularly passionate about the Milliman Sustainable Income Plan® and, with Ladd Preppernau, has transitioned 10 plans to this innovative, alternative plan design in the last three years. Kelly is a popular speaker at professional industry events, where she brings retirement plan issues to life with humor and frank explanations. Kelly has been with Milliman for more than 20 years, but before joining the company, she taught Chemistry and Physics to high school students in her home state of Idaho.

Ladd Preppernau
Principal & Consulting Actuary
Milliman

Ladd Preppernau is a principal and consulting actuary at Milliman where he has worked for almost 20 years. Ladd serves as the consulting actuary for a variety of multiemployer plans working with trustees to manage their zone status, including the analysis and development rehabilitation plans; developing stochastic funding projections to help trustees analyze the impact of potential plan changes; working on benefit suspension applications under MPRA; and developing communications for multiemployer plan participants to clearly convey the status of their pension plans. Working with Kelly Coffing, he has transitioned 10 traditional defined benefit pension plans to Milliman Sustainable Income Plans®. Ladd is a frequent speaker at employee benefits meetings and has authored several articles on variable annuity pension plans and other multiemployer pension issues.

Mark Levengood
Partner
Susanin Wodman & Brennan PC

Mark devotes his practice to advice and litigation in the areas of employee benefits law as well as labor and employment law. He represents numerous multi-employer and corporate plan clients including defined benefit pension plans, 401(k) plans, profit-sharing plans, healthcare plans, and similar fringe benefit plans and programs. He represents plans before the IRS and DOL on a wide range of matters including agency investigations and audits and proceedings under plan correction programs. He counsels plans regarding benefit design and benefit funding under ERISA as well as tax qualification under the Internal Revenue Code. Mark provides advice on fiduciary issues, such as appropriateness of plan-related expenses, prohibited transactions, conflicts of interest, plan investments, plan service provider contracts, and day-to-day administrative matters. He also provides advice regarding withdrawal liability, plan mergers, and other extraordinary plan transactions.

Mark regularly advises clients on a wide-range of labor and employment matters, including grievance and arbitration proceedings under collective bargaining agreements, unfair labor practice charges filed with the National Labor Relations Board, charges of discrimination filed with the Equal Employment Opportunity Commission and/or state agencies, and various similar government proceedings.

Mark has also given presentations on a variety of topics, including trustee education programs, and programs on pension funding legislation and methodologies.

Mark obtained his undergraduate degree from Wheaton College in 2001, and his Juris Doctor from Villanova School of Law in 2004. He joined the firm in 2004. He is a member of the bars of the Commonwealth of Pennsylvania and the States of New Jersey and New York as well as numerous federal district courts.

Daniel Brennan
Partner
Susanin Widman & Brennan PC

Dan represents multiemployer plan clients including employee retirement and employee welfare benefit plans and their trustees. He regularly advises on issues arising under ERISA and the Internal Revenue Code including plan qualification, fiduciary duty, and prohibited transactions. Dan counsels clients with regard to benefit plan design and administration, defined benefit plan funding solutions, complex investments, and best practices from a fiduciary standpoint. He also represents multiemployer funds in litigation including claims for benefits and breach of fiduciary duty as well as audits and investigations by the Department of Labor and the Internal Revenue Service.

Dan represents association clients in matters involving labor law, employee benefits and governance, and provides counsel regarding collective bargaining and industry matters impacting unionized construction in New Jersey, Pennsylvania, and New York.

Dan also represents private and public employers in traditional labor law matters. He regularly serves as chief spokesperson in collective bargaining negotiations, and counsels employers with regard to employment law matters and represents employers in employment litigation.

Dan has practiced extensively before federal and state courts, the National Labor Relations Board, and state labor and human relations boards. He has given presentations on a wide variety of topics, including trustee education programs, programs on pension funding legislation and methodologies, and seminars geared to the insurance industry on employment practice liability (EPL) claims and underwriting.

Dan obtained his undergraduate degree from Georgetown University in 1988, and his Juris Doctor from Villanova School of Law in 1993. He is a member of the bars of the States of New Jersey and New York and the Commonwealth of Pennsylvania as well as the United States Supreme Court, and numerous federal district and circuit courts.