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May 28, 2019 logo logo
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Benefit Plans Plus, LLC [BPP]
in Saint Louis MO

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NWO Electrical Administrators, Inc.
in Rossford OH

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Loren D. Stark Company
in Irving TX / Telecommute

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Prime Benefits
in Phoenix MD / Telecommute

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House Passes SECURE Act; Retirement Legislation Moves Closer to Enactment

"[T]he SECURE Act: [1] Provides coverage, non-discrimination, and minimum participation testing relief for defined benefit plans that have been closed to new participants; [2] Provides new options for safe harbor 401(k) plans; [3] Requires 401(k) plans to expand eligibility to long-time part-time employees ... [4] Requires disclosure of lifetime income projections on annual account statements for defined contribution plans and provides a new fiduciary safe harbor for annuity selection; [5] Increases the required beginning date for minimum distributions ... [6] Imposes a new 10-year distribution maximum for death benefits from IRAs and defined contribution plans for designated beneficiaries ... [7] Facilitates open multiple employer defined contribution plans; [8] Increases penalties for failure to file form 5500, 8955-SSA, 5310-A, or distribute a tax withholding election."


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How the SECURE Act Could Impact Your Retirement Plan

"[1] Increase small employer access to retirement plans ... [2] Increase annuity options inside retirement plans ... [3] Increase required minimum distribution ages ... [4] Removal of age limitation on IRA contributions ... [5] Tax credit for automatic enrollment ... [6] Penalty-free distributions for birth of child or adoption ... [7] Lifetime income disclosure for defined contribution plans ... [8] Removal of 'stretch' inherited IRA provisions."

PBGC Proposes New Plant-Shutdown Reporting Forms

"Employers must notify the PBGC when the 4062(e) event occurs. Sponsors electing the seven-year contribution alternative face additional reporting requirements until contributions are no longer due. The PBGC currently has no specific format for making these reports. The proposed new series of four forms and instructions will give employers a standardized way to satisfy their reporting requirements[.]"

PBGC Issues Final Rule on Plan Sponsor's Duties for Terminated and Insolvent Multiemployer Plans

"Sponsors of plans that are subject to the actuarial valuation requirement will be required to annually file withdrawal liability information with the PBGC. Information must be filed electronically within 180 days after the earlier of the end of the plan year in which the plan terminates or becomes insolvent and each plan year thereafter. The required information will be both on an aggregate and individual employer basis."

SEC Announces June 5 Vote on Reg BI Package

"Currently, brokers are subject to a suitability standard that means they must provide advice that is merely suitable to their clients' situations. Critics say the proposal does not adequately define the term best interest and wouldn't establish a legally enforceable standard.... During a comment period that ended in August, the SEC received more than 6,000 comments on the proposed package."
Pensions & Investments

Forecasting Future Investment Returns

"Research has shown that the current level of equity market P/E ratios appears to be a more important factor in predicting future equity returns than historical return data.... If you or your financial advisor are using a Monte Carlo model to help you develop your spending budget ... make sure that expected equity returns assumed in the model are consistent with today's market P/E ratio and are not based solely on historical averages."
Ken Steiner, FSA Retired

Benefits in General

Supreme Court Could Soon Consider Several ERISA Cases

"The cases include examples of 'stock drop' litigation; litigation about the burden of proof to establish loss; a case that tests the 'actual knowledge' standard for statute of limitations purposes; and a case that examines pleading standards under ERISA."

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DB Plan Participant Chooses Life Annuity with 10-Year Certain, Names Sister as Beneficiary; Later Gets Married

A single participant retired from a qualified, ERISA DB plan at age 55 with a life annuity with 10 years of payments (120 months) guaranteed. He named his sister as beneficiary. 3 years after the annuity starting date, he got married. I presume the spouse has no right to the guaranteed benefits if the retiree dies before 120 payments have been made, correct? Any guaranteed payments will go to the named beneficiary (the sister). Are there any issues if the retiree wants to change the beneficiary?
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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, 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, 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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