Retirement Plans Newsletter

November 5, 2019

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Webcasts, Conferences

Income Now: Single Premium Immediate Annuity Payout Features within Defined Contribution Plans
November 13, 2019 WEBCAST
Dietrich & Associates, Inc.

WEB Baltimore and ISCEBS Baltimore Joint Networking and Social Event
November 21, 2019 in MD
Worldwide Employee Benefits Network [WEB] - Baltimore Chapter

How to Leverage Real Estate Purchases in Self-Directed IRAs
December 10, 2019 WEBCAST
Retirement Industry Trust Association [RITA]

IRA Required Minimum Distributions
December 12, 2019 WEBCAST
Ascensus

Ethics Doesn't Have to Be Boring
December 17, 2019 WEBCAST
ERISApedia.com

Focus on Self-Directed IRAs: Spring Conference
March 30, 2020 in DC
Retirement Industry Trust Association [RITA]

IRA Advanced Institute: Westlake, Ohio
June 2, 2020 in OH
Retirement Industry Trust Association [RITA]

►See 109 Upcoming Webcasts and Conferences

►See 1411 Recorded Webcasts


Discussions

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[Guidance Overview]

Important New Requirement Buried in New 403(b) Remedial Amendment Period Rules

"[A]ny 'discretionary' amendment must -- as of January 1, 2020 -- be adopted by the end of the plan year in which the change to the plan's operation was made... This is actually a very significant change, and one which should not be overlooked. 403(b) plan documents have always had a great deal more flexibility than 401(k) plans in the way plan amendments operated. There really [have] been no rules at all which govern their timely adoption."
Business of Benefits

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[Guidance Overview]

DOL Proposes New Electronic Delivery Rule for Retirement Plan Notices

"The proposal includes an expansive RFI on additional measures DOL could take in the future -- either as part of finalizing the proposal or in separate guidance -- to improve the effectiveness of ERISA disclosures, especially with respect to their design and content. The request includes a lengthy list of wide-ranging questions on broad topics, such as how to measure a disclosure's effectiveness, and specific issues, such as whether using a larger font might affect a participant's comprehension."
Mercer

[Guidance Overview]

DOL Disclosures: Relief Coming?

"If an employer/plan sponsor were to take advantage of the safe harbor, it would have to provide an initial explanation of the electronic access to documents prior to initiating the methodology. This notice must be provided in hard copy to affected individuals, and include a statement of the right to request no-cost paper versions of the documents, as well as how to opt out of receiving the documents electronically,"
CBIZ

Retirement Readiness Starts at Work

"Workforce planning can help employers decide whether to offer [phased retirement] programs based on forecasted talent gaps or surpluses.... Plan sponsors must evaluate benefits programs to determine whether existing plans support phased retirement or re-employment.... Retirement modeling tools or calculators can help employees determine how much they need to save by their target retirement date.... A complete retirement readiness program should include education about employees' options for medical care during retirement."
Strategic Benefits Advisors

How to Address Top Fiduciary Issues for Trade Associations Sponsoring 401(k) MEPs

"The association may (rightfully) believe a 401k MEP is a great idea, but if it fails to convince its members, then it may be sitting on a white elephant.... The issue of achieving critical mass is related to the issue of running the plan.... A well-researched and methodical process will go a long way to making the benefit safer for both the member companies and the association itself."
Fiduciary News

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Public Pension Plans Continue to Shift Into U.S. Stocks

"As the bull market enters its 11th year, state and local pension plans are piling on risk, as they try to make up shortfalls. Public plans had a median 47.3% of their assets in U.S. equities at the end of the third quarter ... That is more than they have had since 2007 and up from 44.1% a year earlier."
The Wall Street Journal; subscription may be required

Court Rules That IRA Custodian Was Not a Fiduciary But Did Violate Massachusetts Consumer Protection Law

"[T]he Massachusetts Supreme Judicial Court has ruled that no fiduciary relationship existed between the commercial custodian of an [IRA] and a named beneficiary of that account, because the IRA was not a 'trust' under either state or federal law ... However, the Court did find that the conduct of UBS occurred in a business context and that the facts supported a claim that UBS had violated the Massachusetts Consumer Protection Law[.]" [UBS Financial Services, Inc. v. Aliberti, No. SJC-12662 (Mass. Oct. 22, 2019)]
The Wagner Law Group

Social Security: Demographic Trends and the Funding Shortfall

31 pages. "[I]ncreases in life expectancy are not shared equally within the population; disparities exist when life expectancies are analyzed by sex, race, and income levels. A policy measure that increases Social Security eligibility ages may disproportionally help some beneficiaries and disadvantage others."
Congressional Research Service [CRS]

[Opinion]

ARA Letter to IRS Requesting Additional Guidance for the 403(b) Plan Once-In Always-In Rule (PDF)

"Many employers are still in the process of restating their 403(b) plans before the March 31, 2020, deadline.... With respect to the OIAI rule, some employers are encountering situations that are not addressed by Notice 2018-95.... For individually designed 403(b) Plans, what is the deadline for adopting the required amendment for the OIAI rule?"
American Society of Pension Professionals & Actuaries [ASPPA]

[Opinion]

ARA Letter to DOL Requesting Modifications to the Form 5500 for ERISA 403(b) Plans (PDF)

"By a plain reading of the Form 5500 and its schedules, certain types of participant account-related transactions that are unique to 403(b) plans should be reported. But the proper place for reporting of these transactions on the current form is not readily apparent. As a result, correct completion of the Form 5500 and the accompanying schedules is the subject of significant confusion by plan sponsors and, frequently, of inquiries in an examination by DOL."
American Society of Pension Professionals & Actuaries [ASPPA]

Benefits in General

You've Been Put on Notice

"As we enter the fourth quarter of 2019, it's important for sponsors of calendar year retirement plans to be mindful of certain required participant notices.... Sponsors with calendar year plans that extended their Form 5500 deadline to Oct. 15 may be able to align the delivery of any applicable notices into a single mailing event."
Strategic Benefit Services

Executive Compensation
and Nonqualified Plans

Insider Purchases and Executive Compensation Can Require Antitrust Reporting

"The [Hart-Scott-Rodino Antitrust Improvements Act (HSR Act)] requires certain mergers and acquisitions to be reported to the Federal Trade Commission (FTC) and the Department of Justice for a 'waiting period' (usually 30 days) before the transaction is allowed to close.... [T]he HSR Act can also apply when company insiders receive compensation in the form of equity, or otherwise acquire new shares, if that compensation or acquisition results in the insider holding more than $90 million in stock. "
Foley & Lardner LLP

Press Releases

Kaitlin Smith Awarded CRPS Designation by CFFP
Steidle Pension Solutions, LLC, [SPS]

Most Popular Items in the Previous Issue

2019 PBGC Meeting with ABA Joint Committee on Employee Benefits (PDF)
Joint Committee on Employee Benefits [JCEB], American Bar Association

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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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