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Aspire Financial Services LLC
in Tampa FL

Senior Defined Contribution Account Manager
Nova 401(k) Associates
in Houston TX / Dallas TX / Austin TX / Scottsdale AZ / Telecommute

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[Guidance Overview]

PBGC's Missing Participants Program for Defined Contribution Plans

"A Transferring Plan must transfer to PBGC the account balances of all Missing Participants. A Notifying Plan participates by sending information to PBGC about the financial institution or unclaimed property fund to which the Missing Participant's DC Plan account balance has been transferred.... PBGC will conduct periodic searches for Missing Participants."
Trucker Huss


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[Guidance Overview]

PBGC Finalizes Streamlined Coverage Determination Process

"The form lists information that a plan sponsor must submit when seeking a coverage determination with respect to substantial owner plans, small professional service employer plans, church plans, and Puerto Rico-based plans. The form also allows an employer to request, under a PBGC pilot program, a coverage opinion with respect to a professional service employer or substantial owner plan that has not yet been established."
Groom Law Group

[Guidance Overview]

Proposed Regs Expand, Clarify Hardship Distribution Rules

"For some of the key provisions, the plans must operationally comply with the proposed regulations beginning on January 1, 2020. For any optional provisions implemented in 2019, the affected plans must be amended by December 31, 2019. For the mandatory plan provisions, although they must be implemented by January 1, 2020, the affected plans have until at least the second calendar year that begins after the issuance of the Required Amendments List that includes the change to amend the plan document."
Ice Miller LLP

[Guidance Overview]

Limited Expansion of the Determination Letter Program: Is Your Plan Eligible for Review?

"[Rev. Proc. 2019-20] announced a limited expansion of the determination letter program ... Plan sponsors may submit determination letter applications for individually designed statutory hybrid plans ... for the 12-month period beginning September 1, 2019, and ending August 31, 2020.... In addition, beginning on September 1, 2019, the IRS will accept determination letter applications for certain individually designed 'merged plans' on an ongoing basis."
Trucker Huss

Supreme Court Takes ERISA Fiduciary Case Involving Overfunded Pension Plan

"[The U.S. solicitor general's brief] asks the justices to decide not only whether ERISA allows participants in an overfunded DB plan to sue, but also whether the 8th Circuit appropriately decided the case on statutory-standing grounds before addressing constitutional standing.... An award of attorney's fees in this case, based on corrective action taken without a court mandate ... could entice plaintiff lawyers to file similar lawsuits, even after a company willingly corrects a funding shortfall caused by fiduciary misconduct. " [Thole v. U.S. Bank, N.A., No. 16-1928 (8th Cir. Oct. 12, 2017; cert. pet. granted Jun. 28, 2018)]


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The Sustainability of State and Local Government Pensions: A Public Finance Approach (PDF)

70 pages. "In contrast to much of the recent work on state and local pensions, which has proceeded from the vantage point of financial economics and focused on valuing pension liabilities, [the authors] adopt a methodological perspective relatively more rooted in the public finance tradition and assess the sustainability of these pensions on a pay-as-you-go basis and from the standpoint of public debt sustainability.... [The] results suggest that, under low or moderate asset return assumptions and in aggregate for the U.S. as a whole, pension debt can be stabilized as a share of the economy with relatively moderate fiscal adjustments."
Jamie Lenney, Bank of England; Byron Lutz, Federal Reserve Board of Governors; Louise Sheiner, Brookings Institution

Benefits in General

Trump to Nominate Eugene Scalia for Labor Secretary

"In private practice, Scalia has been known for his challenges to federal regulations on behalf of corporate clients.... Representing the U.S. Chamber of Commerce, Scalia played a major role in convincing an appeals court judicial panel to vacate the Obama [DOL]'s fiduciary rule.... If confirmed, Scalia will be returning to the department where he previously served as solicitor in President George W. Bush's administration, overseeing litigation and legal advice on rulemakings and administrative law."

Selected Discussions
on the BenefitsLink Message Boards

Exclude Retirees When Distributing an SPD?

Is anyone aware of any authority that would support a view that a defined benefit multiemployer pension plan could exclude retirees from a mass distribution of an updated SPD? Even though the language in 29 CFR section 2520.104b-2 is somewhat inconsistent, it appears that retirees in pay status are not excluded from a mass distribution of an updated SPD.
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Press Releases

Most Popular Items in the Previous Issue

Welcome to the Committee: Is Fiduciary Responsibility Retroactive?
National Association of Plan Advisors [NAPA]

Ways Employers Can Help Workers Prepare for Retirement (PDF)
Benefits Quarterly, published by the International Society of Certified Employee Benefit Specialists [ISCEBS], Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President
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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