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<< Older News  |  August 2, 2021

News

All News > Retirement Plan Design

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Practical Takeaways on EBRI's Retiree Profile Research (PDF)
Employee Benefit Research Institute [EBRI] Link to more items from this source
Aug. 2, 2021

"In evaluating the retiree profiles developed by EBRI, ... the most salient drivers of retirement satisfaction and security appear to be guaranteed sources of income, low debt, a clear spend-down strategy, and employer-sponsored retirement help, including advisory services. "

Tags: Retirement Plan Design

Ninth Circuit Affirmation of CalSavers Decision May Forecast State Auto-IRA Nightmare for Some Employers
Thompson Hine Link to more items from this source
Aug. 2, 2021

"The CalSavers decision clearly does not provide for a blanket exemption to other state programs and thus, ERISA preemption will likely continue to be considered on a program by program basis.... This patchwork of programs that vary from jurisdiction to jurisdiction will present compliance challenges that are not insignificant for multistate employers, particularly those with nontraditional workforces who historically have not been eligible to participate in an employer sponsored retirement savings plan." [Howard Jarvis Taxpayers Ass'n v. California Secure Choice Ret. Savings Program, No. 20-15591 (9th Cir. May 6, 2021)]

Tags: ERISA Preemption  •  Retirement Plan Design  •  Retirement Plan Policy

Legislation Introduced to Encourage Retirement Product Innovation
Insured Retirement Institute [IRI] Link to more items from this source
Aug. 2, 2021

"A bill to lower barriers to innovative retirement income products by requiring the [SEC] to revise its rules regarding the development and offering of certain annuity products was introduced in the House of Representatives ... The Registration for Index Linked Annuities Act [HR 4865] directs the SEC to devise a new form for annuity issuers to use when filing registered index-linked annuities (RILAs)."

Tags: Retirement Plan Design  •  Retirement Plan Policy

Enforceability of Arbitration Provisions: There Might Be More to the Analysis
Faegre Drinker Link to more items from this source
July 30, 2021

"When an arbitration provision is found in an ERISA plan document itself, courts have applied state-law principles when evaluating whether the plan document contains a binding agreement to arbitrate between and among the plaintiff, the plan itself and the defendants named in the lawsuit. Yet these courts have either ignored, or not adequately addressed, the fact that ERISA itself contains rules for contract formation. The ERISA rules for contract formation -- and not state-law principles -- might govern whether an agreement to arbitrate exists in an ERISA plan document."

Tags: Fiduciary Duties  •  Retirement Plan Administration  •  Retirement Plan Design

Summary of DCIIA/SPARK 2021 Public Policy Series: Domestic Themes (PDF)
Defined Contribution Institutional Investment Association [DCIIA] Link to more items from this source
July 30, 2021

"The combination of a new administration and Congress in Washington, together with the COVID pandemic, shutdown, recession and recovery has focused industry minds and accelerated trends in policy, practice and technology. The defined contribution (DC) savings industry demonstrated notable resilience amid this market volatility and accelerated its consideration of many best practices that bode well for the future."

Tags: Retirement Plan Design  •  Retirement Plan Policy

The Mega Backdoor Roth: Here We Go Again
DWC Link to more items from this source
July 29, 2021

"The Mega Backdoor Roth comes into play in one of two ways. The individual either takes an in-service withdrawal and rolls it to a Roth IRA or utilizes an in-plan Roth rollover feature to convert to Roth within the plan. This may sound like a complicated cool investment strategy, but it RARELY works."

Tags: Misc. Distribution Issues  •  Retirement Plan Design  •  Retirement Plan Information for Employees

Senate Finance Committee Hearing: Building on Bipartisan Retirement Legislation: How Can Congress Help?
Committee on Finance, U.S. Senate Link to more items from this source
July 29, 2021

Video of July 28 hearing, with links to witness testimony: [1] Aliya Robinson, The ERISA Industry Committee; [2] Brian H. Graff, American Retirement Association; [3] David Certner, AARP; and [4] The Honorable Tobias Read, Oregon State Treasurer.

Tags: Retirement Plan Design  •  Retirement Plan Policy

IRS Issue Snapshot: Fully Insured 412(e)(3) Plans
Internal Revenue Service [IRS] Link to more items from this source
[Guidance Overview]
July 29, 2021

"This Issue Snapshot discusses requirements applicable to fully insured plans under IRC Section 412(e)(3). The IRS issued guidance in 2004 and 2005 to stop abuses involving the use of certain specially designed life insurance policies in retirement plans. See Rev. Rul. 2004-20, Rev. Rul. 2004-21 and Rev. Proc. 2005-25.... The issues from the guidance also form the basis of some of the issue indicators or audit tips."

Tags: Retirement Plan Design  •  Retirement Plan Investments

Editor's Pick JCT Report: Present Law and Background Relating to Retirement Plans
Joint Committee on Taxation [JCT], U.S. Congress Link to more items from this source
[Guidance Overview]
July 27, 2021

66 pages. "The Senate Committee on Finance has scheduled a public hearing on July 28, 2021, titled 'Building on Bipartisan Retirement Legislation: How Can Congress Help?' The staff of the Joint Committee on Taxation has prepared a description of present law and data related to retirement income and saving for retirement." [JCX-32-21]

Tags: Retirement Plan Design  •  Retirement Plan Policy

What’s the Secret to Employee Benefits for Nonprofits?
Corporate Synergies Link to more items from this source
July 27, 2021

"Most organizations use their employee benefits to help attract and retain top talent. For nonprofits, this is even more important -- while salaries at nonprofits will usually benchmark below average, their benefits will usually be in the top quartile.... This places more weight on the benefits offering and more importance on employee satisfaction with their benefits package."

Tags: Health Plan Design  •  Retirement Plan Design

How Should the Increased Mortality Associated with COVID-19 Affect Your Retirement Plan?
Ken Steiner, FSA Retired Link to more items from this source
July 26, 2021

"It is simply imprudent to plan to live only as long as your life expectancy -- 50% of individuals will live longer than their life expectancy.... COVID-19 has had a negative impact on life expectancies in the U.S. and elsewhere. It is not clear what the long-term mortality implications will be, however, particularly for those who have been vaccinated against the virus."

Tags: Misc. Distribution Issues  •  Retirement Plan Design

Since the Start of the Pandemic, Retirement Plan Sponsors Are Increasingly Focused on Ways to Support Employees
Fidelity Link to more items from this source
July 26, 2021

"72% of plan sponsors believe their plan is meeting its goals this year, up from 2/3 in 2020. Only 16% of plan sponsors reduced the employer matching contribution over the past two years, despite pandemic challenges. 34% of plan sponsors are looking to change advisors, up from 16% in 2020.... 88% [have made] changes to their investment menus and 82% [have made] changes to their plan designs in the past two years."

Tags: Retirement Plan Design

The True Worth of Employee Benefits
Principal Financial Group Link to more items from this source
July 26, 2021

"Simply hiring one new employee costs more than $4,000.... [S]trong benefits packages can help companies avoid these issues. Eighty-nine percent of business owners with 50 or more employees say their benefits package boosts retention ... 58% of business owners in January 2021 said that employee benefits improve workforce productivity."

Tags: Health Plan Design  •  Retirement Plan Design

COVID-19 Reduces U.S. Life Expectancy
Treasury & Risk; free registration required Link to more items from this source
July 23, 2021

"An arm of the [CDC] is reporting, based on early data, that overall life expectancy at birth dropped by 1.5 years between 2019 and 2020, to 77.3 years. For U.S. residents who are currently 65 years old, life expectancy fell by 0.8 years, to 18.8 additional years. The drop at age 65 was about the same for men and women."

Tags: Coronavirus (COVID-19)  •  Retirement Plan Design

Senators Murray and Underwood Reintroduce Legislation to Protect Women's Retirement Security
Committee on Health, Education, Labor and Pensions, U.S. Senate Link to more items from this source
July 23, 2021

"[T]he Women's Retirement Protection Act of 2021 (WRPA) ... would strengthen consumer protections to safeguard retirement savings, increase eligibility for employer-sponsored retirement savings plans for part-time workers, increase access to information about retirement and savings tools, and help women with low incomes and survivors of domestic abuse get the retirement benefits they are entitled to following a divorce."

Tags: Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Policy

Design of Financial Wellness Programs: What Do Employees Want and Whom Do They Trust? (PDF)
Defined Contribution Institutional Investment Association [DCIIA] Link to more items from this source
July 22, 2021

"This paper will explore employee awareness and engagement challenges, and illuminate how employees' trust in, and comfort levels with, those delivering the program can affect their participation and the program's success."

Tags: Retirement Plan Design

Financial Wellness and Financial Health: What Are They, What Drives Them, and What Will People Do to Improve Them? (PDF)
Defined Contribution Institutional Investment Association [DCIIA] Link to more items from this source
July 22, 2021

"[T]he behavioral changes people are willing to make require the least tangible effort. Despite these challenges, the employer-based retirement system provides both know-how and mechanisms to affect financial wellness."

Tags: Retirement Plan Design  •  Retirement Plan Investments

New Requirements for Discretionary 401(k) Plan Matching Contributions
Foley & Lardner LLP Link to more items from this source
[Guidance Overview]
July 21, 2021

"[If] you choose a fully discretionary match, which is one where you do not pre-select the rate or period of the matching contribution, then you must satisfy two requirements when approving a discretionary match: [1] You must provide the plan administrator (or trustee, if applicable), [specific] written instructions ... [2] Participants who receive the discretionary matching contribution must be notified of the same items ... within 60 days following the date the discretionary match is made to the plan."

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

How Should Retirees Respond to Inflation?
Charles Schwab Link to more items from this source
July 21, 2021

"[Y]our savings may be better able to cope with inflation than you might expect. For example, stock returns hold up better against both inflation and taxes than bonds and cash investments.... Your personal rate of inflation may be higher or lower than someone else's ... depending on your spending needs and goals.... [Take] the time to stress test the assumptions behind your retirement plan and portfolio. You may find that your financial plan already has some robust inflation expectations built in."

Tags: Retirement Plan Design  •  Retirement Plan Investments

Retirement Plan Family Attribution Rules: What You Don't Know Can Hurt You
TriStar Pension Consulting Link to more items from this source
[Opinion]
July 21, 2021

"The results of the Section 1563 family attribution rules required to be used under Section 414 ... are outdated and illogical in the current economic environment. They were enacted long before most households had two working parents.... The application of these outdated rules is ... hindering the ability of small businesses to adopt new plans and expand participant coverage.... In late April, a bill was introduced in the U.S. House that seeks to correct the archaic and unfair family attribution rules."

Tags: Retirement Plan Design  •  Retirement Plan Policy

State Auto-IRAs Are Building Momentum
Squared Away Blog, by the Center for Retirement Research at Boston College Link to more items from this source
[Opinion]
July 20, 2021

"In the past year alone, Maine, Virginia, and Colorado have passed bills requiring private employers without a retirement plan to automatically enroll their workers in IRAs, with workers allowed to opt out. New York City ... approved its program in May. And other states are either starting to implement programs or looking at their options.... These mandatory programs are the only practical way to close the coverage gap ... Numerous voluntary plans created by the federal government ... have failed to measurably increase coverage."

Tags: Retirement Plan Design  •  Retirement Plan Policy

Pooled Employer Plans: More Than a Small Plan Solution
Voya Link to more items from this source
July 20, 2021

"While small employers will certainly benefit from the added focus that will come from outsourcing their retirement plan, there are several other types of businesses who will find PEPs to be a superior alternative. [1] U.S. subsidiaries of a global company ... [2] Private equity-owned companies ... [3] Francishors and franchisees."

Tags: MEP/PEP  •  Retirement Plan Design

Generational Views of Retirement in the United States (PDF)
National Institute on Retirement Security [NIRS] Link to more items from this source
July 19, 2021

16 pages. "Millennials and Generation X are most concerned about the impacts of COVID-19 on their retirement. Across generations, most of those who are concerned about the impacts of the pandemic plan to delay their retirement. ... There is broad support across generations for Social Security, including support for increasing contributions and expanding benefits. All generations have favorable views of defined benefit pensions, with Millennials holding the most favorable views. There is wide agreement generationally that pensions are better than 401(k) plans for providing retirement security, and that everyone should have a pension."

Tags: Retirement Plan Design  •  Retirement Plan Policy

Participants Trending Toward a 'Do It for Me' Mindset
American Retirement Association [ARA] Link to more items from this source
July 19, 2021

"A majority (53%) of surveyed participants want help selecting their investment strategies and prefer to leave most ongoing investment decisions to experienced professionals. What's more, the number of participants who believe their employers have an obligation to help them pick the right plan investments has steadily climbed over the years -- rising from 29% in 2016 to 41% in 2021."

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

Workers More Receptive to Auto-Features, Post-COVID-19
planadviser Link to more items from this source
July 16, 2021

"Eighty-four percent of workers who have been automatically enrolled into their workplace retirement plan say they are glad that their savings has been jump-started.... [O]nly one-third of employers [surveyed] currently offer auto-enrollment. Among the employers ... using auto-enrollment in their plan designs, 21% are deferring their employees' salary at 6%[.]"

Tags: 401(k) Plans  •  Retirement Plan Design


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