BenefitsLink.com logo   

BenefitsLink
Message Boards Digest

August 1, 2022

Here are the most recently added topics on the BenefitsLink Message Boards:

Peter Gulia created a topic in Retirement Plans in General

Should a Retirement Services Provider Be Its Customers' Super-Fiduciary?

"Senators Durbin, Smith, and Warren implore Fidelity, a non-fiduciary, not to allow retirement plans' fiduciaries even to consider whether to allow an account that invests in bitcoin as a possible investment some participants might choose for a portion (but no more than 20%) of an individual's account.

https://www.durbin.senate.gov/imo/media/doc/durbin_bitcoin_72622.pdf

The letter's opening sentence asks 'why Fidelity. .. would allow plan sponsors the ability to offer plan participants [a choice about whether to invest in] Bitcoin.' Not openly stated is a worry that some plans' fiduciaries' decision-making -- about whether a participant should be allowed a choice -- might be imprudent.

If one reads the letter as an effort to persuade Fidelity to change its business decision, it asks that Fidelity act as a super-fiduciary, preventing plans' fiduciaries from making an imprudent decision by not presenting a choice to them.

BenefitsLink neighbors, what do you think? Should a retirement-services provider sometimes recognize that many customers lack enough expertise to evaluate prudently everything that might be offered, and so limit what the provider offers?"

7 replies so far   |    Click Here to Add a Reply

TPApril created a topic in Form 5500

Filed Form 5558 for a New Plan But Turns Out That Form 5500 Not Required After All

"Ever filed a 5558 extension for a one-person plan, and it was then determined that for one reason or another (assets<$250k, or no contribution made by 12/31), that 5500 not needed to be filed. Does the 5558 create an audit problem?

This has to do with an unresponsive new plan sponsor. We are thinking, if there is indeed an accrued contribution to ultimately file 5500ez on an accrued basis, even though under $250k. However if they ultimately do not make a contribution, there is nothing to file, but a 5558 would have been filed."

2 replies so far   |    Click Here to Add a Reply

LauraERPA created a topic in 401(k) Plans

Employee Leasing Company Wants to Sponsor a 401k For Its 'In-House' Employees Only

"Employee Leasing company wants to sponsor a 401(k) for their in-house employees only. Can they exclude employees leased to other organizations? Are there limitations or testing requirements to consider?"

2 replies so far   |    Click Here to Add a Reply

Here are the most recently posted jobs on EmployeeBenefitsJobs.com, a service of BenefitsLink:

View job as Retirement Plan Consultant/Relationship Manager

Retirement Plan Consultant/Relationship Manager  View details

Associated Pension Consultants
Remote / Chico CA / Sacramento CA

View job as Client Success Specialist

Client Success Specialist  View details

Ubiquity Retirement + Savings
Remote

View job as Retirement and Executive Compensation Consultant

Retirement and Executive Compensation Consultant  View details

Retirement Learning Center
Remote / Brainerd MN

View job as Relationship Manager

Relationship Manager  View details

USI Consulting Group
AK / CA / IA / KS / MN / NE / NV / OK / TX / UT

View job as Retirement Plan Administrator

Retirement Plan Administrator  View details

KB Pension Services
Remote / Bradenton FL

View job as Internal Sales Consultant

Internal Sales Consultant  View details

Definiti LLC
Remote

►View More Jobs

►Post a Job

►Get Instant Job Alerts

BenefitsLink.com, Inc.
56 Creeksong Road
Whittier NC 28789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

Copyright 2022 BenefitsLink.com, Inc. All materials contained in this mailing are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe | Privacy Policy