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Primark Benefits
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Ubiquity Retirement + Savings
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Defined Benefits Combo Cash Balance Consultant

Loren D. Stark Company (LDSCO)
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DC Plan Administrator

Heritage Pension Advisors, Inc.
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Loren D. Stark Company (LDSCO)
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Smith & Downey
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National Healthcare Director

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Saver Success Specialist

Ubiquity Retirement + Savings
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Defined Contribution Plan Administrator

PPS Pension Services
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AimPoint Pension
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Client Service Manager

July Business Services
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VP Sales Consultant (Retirement)

FuturePlan, by Ascensus
(Remote / FL)

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Client Success Specialist

Ubiquity Retirement + Savings
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Relationship Manager

Compass Retirement Consulting Group, Inc.
(Remote / MA / ME / NH)

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Retirement Plan Consultant

Cetera Retirement Plan Specialists
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All News > Retirement Plan Administration

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DOL Continues Emphasis on Enforcement in 2021
Groom Law Group Link to more items from this source
Dec. 2, 2021

"[T]he lion's share of the amount recovered in enforcement actions was from EBSA's Terminated Vested Participant Project (TVPP), which encompasses EBSA's missing participant initiative. EBSA reported that the TVPP resulted in a recovery of over $1.5 billion."

Tags: Lost/Missing Participants  •  Retirement Plan Administration

Eighth Circuit: Ordinary Summary Judgment Procedures Apply to Review of ERISA Benefit Claims
Roberts Disability Law Link to more items from this source
Dec. 1, 2021

"The Eighth Circuit ... held that ordinary summary-judgment procedures under FRCP 56 apply in ERISA benefit cases where the administrator lacked discretionary authority. Parties in an ERISA case that want the district court to exercise its factfinding function under FRCP 39(b) and 52(a)(1) to decide the case on the administrative record should request that the district court do that." [Avenoso v. Reliance Standard Life Ins. Co., No. 21-1772 (8th Cir. Nov. 30, 2021)]

Tags: Health Plan Administration  •  Retirement Plan Administration

How to Make Annuities Work with 401(k)s
Employee Benefits Report Link to more items from this source
Dec. 1, 2021

"The SECURE Act has made embedding annuities in 401(k)s more appealing to employees and safer for employers. However, there are steps an employer must take to ensure compliance with the safe harbor provision."

Tags: 401(k) Plans  •  Retirement Plan Administration  •  Retirement Plan Design

Audit Clues About 403(b) Plans Provided by Form W-2s
Voya Link to more items from this source
Dec. 1, 2021

"When auditing a 403(b) plan, the IRS auditor may request a sampling of W-2s to verify that only elective deferrals have been reported in Box 12. The W-2s also enable an IRS examiner to assess whether an employer's payroll system contribution reporting aligns with the human resources records. As the IRS 403(b) Examination Guidelines note, 'Discrepancies should be explained, and if significant, investigated further.' "

Tags: 403(b) Plans and Annuities  •  Retirement Plan Administration

Billions of Lost Retirement Dollars Are Getting Harder to Find
MarketWatch Link to more items from this source
Nov. 30, 2021

"Fraud concerns have prompted [PBGC] to take down a public database that previously helped retirement-plan participants track down their benefits ... Many people ... have also lately had trouble obtaining key information that the Social Security Administration typically provides about private retirement benefits ... The new challenges come at a time when the pandemic is expected to exacerbate the longstanding problem of retirement plan sponsors losing track of their participants."

Tags: Lost/Missing Participants  •  Retirement Plan Administration

Are You Leaving Business on the Table?
Fiduciary Benchmarks Link to more items from this source
Nov. 30, 2021

"With plan review season in full swing, now is a great time to sit down with your plan sponsor clients and review their existing menu of plan services and fees. This is an ideal opportunity to check in to make sure you're not leaving untapped business on the table and a prime time to reinforce the value you bring to the relationship. It's also a chance for you to offer new services[.]"

Tags: Retirement Plan Administration  •  Retirement Plan Design

Who Has the Burden of Proof When an ERISA Claim Is Denied?
DeBofsky Sherman Casciari Reynolds P.C. Link to more items from this source
Nov. 30, 2021

"In most instances, the claimant has the burden of proof by a preponderance of the evidence that they are entitled to benefits.... What is the definition of a 'Preponderance of the Evidence'? What's different about ERISA cases? When does the burden of proof shift to the insurance company?"

Tags: Health Plan Administration  •  Retirement Plan Administration

Satisfying Electronic Disclosure Requirements for SPDs to New Hires
PLANSPONSOR; free registration may be required Link to more items from this source
Nov. 30, 2021

"[The DOL states] that you need to first provide a notice, on paper, that the participant will be emailed/texted at a specific specified email address/smartphone number with the information necessary to access the website where the SPD will be posted. After that you would then email/text the notice (described as a 'notice of internet availability' in the final rule) that is similar to what you proposed be included in your new hire packet."

Tags: Health Plan Administration  •  Retirement Plan Administration

In-Service Distributions from Defined Benefit Plans
Watkins Ross Link to more items from this source
[Guidance Overview]
Nov. 29, 2021

"For a defined contribution plan, such as a 401(k) or 403(b), an in-service distribution at 59½ is a fairly straightforward process. However, in a defined benefit plan, such as a pension, an age 59½ in-service lump sum distribution must satisfy one of three thresholds before a Highly Compensated Employee or Highly Compensated Former Employee (as defined by the IRS) can receive their lump sum in-service distribution."

Tags: Misc. Distribution Issues  •  Retirement Plan Administration

District Court Enforces DOL Investigative Subpoena Against Plan Service Provider Concerning Alleged Cybersecurity Breaches
Robinson & Cole LLP Link to more items from this source
Nov. 24, 2021

"Even after the DOL modified the requests to address some of Alight's concerns, Alight still asserted that the subpoena would require it to pull, review, and produce potentially tens of thousands of documents related to its ERISA business. Weighing the relevance of the requests against the burden on Alight, however, the Court found the balance favored the DOL." [Walsh v. Alight Solutions, LLC, No. 20-2138 (N.D. Ill. Oct. 28, 2021)]

Tags: Cybersecurity  •  Retirement Plan Administration

Which Plan Documents Must You Surrender If You Are Sued?
ORBA Link to more items from this source
Nov. 24, 2021

"[T]he judge noted that claimants do not have to request a document using its precise name if the request is sufficiently clear to give the plan administrator notice of the information the claimant seeks.... [But] the court found that even if the plaintiff had specifically requested the 1990 plan document, the plan would not have been obligated to produce it ... because the plan administrator used the 2017 plan document to administer the plan during the period relevant to this case, not the original 1990 one." [Theriot v. Building Trades United Pension Trust Fund, No. 20-30126 (5th Cir. Mar. 12, 2021)]

Tags: Retirement Plan Administration

EBSA Restores Over $2.4 Billion to Employee Benefit Plans, Participants and Beneficiaries in FY 2021 (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
Nov. 24, 2021

"In FY 2021, EBSA closed 1,072 civil investigations with 741 of those cases (69%) resulting in monetary results for plans or other corrective action.... EBSA's enforcement program helped 16,024 terminated vested participants in defined benefit plans collect benefits of $1.548 billion owed to them.... In FY 2021, EBSA obtained 449 non-monetary corrections ... [including] removal of 6 fiduciaries, orders barring 34 individuals from acting as fiduciaries, court appointments of 16 independent fiduciaries, and 124 cases involving reforms of plan procedures, such as improved search procedures for missing participants."

Tags: Fiduciary Duties  •  Health Plan Administration  •  Lost/Missing Participants  •  Retirement Plan Administration

Present Value of PBGC Maximum Guarantee for 2022
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
Nov. 23, 2021

"The values [in this table] apply to benefits with annuity starting dates in 2022. View a two-column spreadsheet version ... The 2022 table was developed using the 417(e) segment rates for August 2021 (0.66%, 2.50% and 3.12%, respectively) for plan years beginning in 2022 and the 417(e) applicable mortality table for 2022."

Tags: PBGC  •  Retirement Plan Administration

Proposed Revisions to Form 5500
Belfint Lyons Shuman Link to more items from this source
Nov. 23, 2021

"Proposal to determine financial statement audit requirement based on the number of accounts rather than the number of eligible participants.... Low participation plans want a change in participant-count methodology to allow more plans to use simplified reporting and avoid the audit.... Timing of the proposed changes if adopted."

Tags: Reporting to Government Agencies  •  Retirement Plan Administration

Why You Should Encourage 'Mini' Retirement Plan Audits
Voya Link to more items from this source
Nov. 23, 2021

"[R]egularly conducting 'mini' plan audits allows compliance to be broken down into more manageable, bite-sized pieces. These voluntary reviews require minimal time and resources and can pay big dividends. Not only do they help ensure plans are running smoothly in advance of a required plan audit, they also may uncover issues that aren't on an accountant or auditor's watchlist."

Tags: Retirement Plan Administration

IRS Hearing Cancellation: User Fees for Enrolled Agent Special Enrollment Examination and the Enrolled Retirement Plan Agent Special Enrollment Examination
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 22, 2021

"This document cancels the public hearing on proposed amendments to the regulations on user fees for the special enrollment examinations for enrolled agents and enrolled retirement plan agents." [Hearing was previously scheduled for Nov. 23, 2021.]

Tags: Retirement Plan Administration

DOL Issues Cybersecurity Guidelines and Begins Audits
Kelley Drye & Warren LLP Link to more items from this source
Nov. 22, 2021

"The type of documentation that the DOL has requested as part of its recent audits is quite comprehensive, including basically all information and documentation that an organization has relating to its information security systems.... [P]lan sponsors and fiduciaries should consider how much of the [listed] documentation they can provide in the event of an audit."

Tags: Cybersecurity  •  Retirement Plan Administration

2021 Year End Reminders for Retirement Plans
The Wagner Law Group Link to more items from this source
Nov. 22, 2021

"Plans may need to adopt amendments by December 31, 2021, even if the plan's plan year is not the calendar year ... Safe harbor notices must describe the general terms of the plan and the requirements, if any, to receive safe harbor contributions.... Required Minimum Distributions."

Tags: Retirement Plan Administration  •  Retirement Plan Amendments

Federal District Court Enforces DOL Subpoena of Plan Service Provider Seeking Information About Cybersecurity Program and Incidents with ERISA Clients
Jackson Lewis P.C. Link to more items from this source
Nov. 22, 2021

"The court squarely rejected the Company's arguments that the DOL's subpoena power only extends to ERISA fiduciaries, finding the DOL ... may investigate 'merely on suspicion that the law is being violated, or even just because it wants assurance that it is not.' The court also found that the requests were not too indefinite ... [and that they] were relevant to the investigation[.]" [Walsh v. Alight Solutions, LLC, No. 20-2138 (N.D. Ill. Oct. 28, 2021)]

Tags: Cybersecurity  •  Retirement Plan Administration

Privacy Notices and Retirement Plans
The Retirement Advantage Link to more items from this source
Nov. 19, 2021

"At this time, there is no federal requirement for recordkeepers of qualified retirement plans to issue privacy notices to plan participants.... In practice, ... some third-party administrators (TPAs) who administer both health plans [regulated by HIPAA] and retirement plans (regulated by [ERISA]) have adopted similar security protection practices for both areas, including sending out Privacy Notices."

Tags: Retirement Plan Administration

Text of IRS Notice 2021-62: Weighted Average Interest Rates, Yield Curves, and Segment Rates for November 2021 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 18, 2021

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Infrastructure Act Includes Additional Pension Funding Relief, Disaster Relief Changes, and New Digital Asset Reporting Requirements
Ascensus Link to more items from this source
[Guidance Overview]
Nov. 18, 2021

"[T]he Act restores the automatic application of the mandatory 60-day [disaster relief deadline extension], further tweaks the requirements for the mandatory 60-day extension, and adds 'significant fire' as an event for which the IRS can issue relief ... These changes to the disaster relief are effective for federally declared disasters that occur after November 15, 2021."

Tags: Funding of DB Plans  •  Reporting to Government Agencies  •  Retirement Plan Administration

Procedures for Tracking Required Plan Amendment Compliance for Individually Designed Retirement Plans
Foley & Lardner LLP Link to more items from this source
Nov. 18, 2021

"Faced with the need to demonstrate compliance with required amendments to auditors and other third parties on an ongoing basis, some employers have adopted a procedure, which uses the 'self-help' resources established by the IRS in Revenue Procedure 2016-37 ... [Y]ou can begin now with the 2020 plan year by reviewing your plan against IRS Notice 2020-83 and the current updated Operational Compliance List and documenting the results."

Tags: Retirement Plan Administration

2022 Compliance Calendar for Retirement Plans (PDF)
TRI-AD Link to more items from this source
Nov. 18, 2021

2-page calendar lists notable deadlines for retirement plans with calendar-year plan years.

Tags: Retirement Plan Administration

Lessons Learned from Recent Fiduciary Victories
Faegre Drinker Link to more items from this source
Nov. 18, 2021

"Two recent fiduciary victories provide valuable insights into how a court would evaluate the decisions and processes of plan committees.... The fiduciaries in both cases had evidence of a process for reviewing fees and investment options, which persuaded both courts that the fiduciaries acted prudently."

Tags: Fiduciary Duties  •  Retirement Plan Administration

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