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[Guidance Overview]
The Art of Self-Correction: Retirement Plan Loan and Document Failures Under EPCRS
"Self-correction requires an analysis of the facts of a plan operational failure to determine whether self-correction is an option as well as the correction process. It is imperative ... to maintain the correction data and document the process taken to correct a mistake as evidence of the decision to self-correct and the manner in which the correction was made."
DLA Piper
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[Advert.]
Earn Your Certificate This June in San Diego
The Certificate in Retirement Plans provides an overview of defined benefit and defined contribution plans, Social Security, basic investment principles, qualified plans, 401(k) plans and the legal and regulatory environment surrounding plans today.
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House Passes the SECURE Act
"What are the absolute gems in this version of the SECURE Act? [1] Creates the Pooled Employer Plan (the new name for what has been referred to as an open MEPs). [2] Increases the Required Minimum Distribution start date from 70-1/2 to 72 (no one likes calculating a half year). [3] Allows penalty-free distributions of up to $5,000 within a year for new parents (birth or adoption). [4] Extends the period of time for companies to adopt new plans beyond the end of the year to the due date for filing the company tax return. [5] Permits employers to add a safe-harbor feature to their existing 401(k) plans once the year has already started if they agree to make at least a 4% of pay contribution to employees (instead of the regular 3%). What is potentially much ado about nothing? The annuities!"
DWC
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House Passes SECURE Act by 417-3 Vote
"Many believe the overwhelming bipartisan support for SECURE in the House makes early passage of a final bill by the Senate more likely. In the current context, however, risks to final passage remain.... On May 14, 2019, Senators Portman (R-OH) and Cardin (D-MD) introduced the Retirement Security and Savings Act of 2019. The bill generally tracks legislation the Senators introduced last year, and many of the proposals included in it are expected to be part of the nextbipartisan retirement policy reform effort (after SECURE/RESA)."
October Three Consulting
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Senate Could Vote Friday on Bill Expanding Annuity Options in Plans
"The SECURE Act is designed to expand access to workplace retirement plans, particularly for small businesses, and will improve the ability for employers to extend greater access to annuity options in those plans. House committees have debated the proposal for several weeks."
InsuranceNewsNet.com
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Benefits in General
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District Court Rejects Attempt to Certify Class Against Third-Party Plan Administrator
"In affirming its denial of class certification, the court recognized that ERISA Section 502(a)(3) does not address which parties may be sued under the statute and 'admits of no limits . . . on the universe of possible defendants.' However, the court recognized that there are limits on a plaintiff's ability to bring a Section 502(a)(3) claim against a nonfiduciary.... The court ultimately found that the appropriate equitable relief requirement doomed the plaintiff's class claims against the third-party administrator." [Duggan v. Towne Properties Group Health Plan, No. 15-623 (S.D. Ohio, Mar. 31, 2019)]
Baker Hostetler, via Lexology; free registration required
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Surprise! A QDRO Can Apply to a Welfare Benefit Plan
"When the plan administrator receives a QDRO for a pension plan, does it have an affirmative duty to ask whether the divorce decree has any provisions regarding life insurance beneficiary designations? If the plan administrator receives a divorce decree with a provision regarding a life insurance beneficiary designation, does it have an affirmative obligation to determine whether the domestic relations order is 'qualified' and, if not, advise the parties so it can be corrected? Does the plan administrator need to revise its QDRO procedures to apply to welfare benefit plans as well as pension plans?"
Dickinson Wright
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Executive Compensation and Nonqualified Plans
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Seven Venial Sins of Executive Compensation
"Certain compensation practices are known for raising investor concerns, leading to difficult conversations between investors and boards and higher levels of investor opposition of executive pay programs. But beyond outright egregious practices, a careful review of the diverse set of compensation programs available may reveal some compensation practices that do not appear as significantly concerning but can raise pointed questions about a compensation program's alignment with shareholders' interests."
Institutional Shareholder Services [ISS]; free registration required
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Selected Discussions on the BenefitsLink Message Boards
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Most Popular Items in the Previous Issue
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David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager
BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2019 BenefitsLink.com, Inc. All materials contained in this newsletter 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.
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