Retirement Plans Newsletter

March 23, 2020

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Webcasts, Conferences

Implications of the Families First Coronavirus Response Act
RECORDED
Gallagher

Legal Hurdles and Strategic Initiatives Facing DB Plan Sponsors
March 24, 2020 WEBCAST
Groom Law Group

What are the Impacts to ESOP Companies from the Economic Instability
March 26, 2020 WEBCAST
Beyster Institute

IRA Transfers and Rollovers
March 26, 2020 WEBCAST
Ascensus

Helping Your 401(k) Participants Weather the Economic Storm
March 31, 2020 WEBCAST
Groom Law Group

Benefit Plans and COVID-19 - Legislative and Regulatory Update
April 2, 2020 WEBCAST
Groom Law Group

NAPA 401(k) Summit
September 10, 2020 in FL
National Association of Plan Advisors [NAPA]

►See 99 Upcoming Webcasts and Conferences

►See 1483 Recorded Webcasts


Discussions

New Topics on the BenefitsLink Message Boards

New Comments and Topics

All Topics, Grouped by Forum


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View More COVID-19 (Coronavirus) News and Resources

Hardship Withdrawals Amidst the COVID-19 Crisis

"[T]he US government [has] declared that a continuing 'major disaster' exists in New York state.... [T]his declaration means that defined contribution plan participants can be eligible for a 'deemed' hardship distribution from their plan account if they work or live in the state.... [L]ogic suggests that additional states will be subject to similar declarations as the COVID-19 pandemic continues to spread."

Morgan Lewis

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Rapid Shift to Working from Home Increases Cybersecurity Risks

"Cybersecurity best practices are more important in this moment than ever, and there are resources for employers and best practices available from the Department of Homeland Security. Retaining functioning and secure networks is both more difficult and more critical at a time when a significant portion of the workforce has rapidly shifted to working from home."

Callan

COVID-19 and Withdrawal Liability

"Many COVID-19-related workforce reductions likely will lack the requisite permanence to constitute the cessation of all covered operations needed to trigger a complete withdrawal.... Employers should be mindful of the impact of a permanent cessation, especially when preparing communications involving to COVID-19-related workforce reductions. A fund may assert a withdrawal based on communications that may imply permanence. Employers would be well-served to consult counsel."

Jackson Lewis P.C.

Rebalancing in a Time of Volatility

"A successful rebalancing strategy strikes a balance between maintaining a desired level of risk and incurring increased transaction costs. Current market uncertainty has impacted liquidity and the cost of transacting.... Most institutional policies employ ranges around target allocations, and rebalancing is triggered when the portfolio is outside of these ranges. However, practical considerations need to be woven into the process."

Callan

Suggested Administrative Practices in Light of Intel Decision

"[E]nsure that all disclosures or communications be written in plain language.... Offer a pre-recorded explanation to accompany a disclosure ... [W]here disclosures are disseminated electronically, delivery and read receipts should be employed.... Develop a means to track whether participants have accessed electronic disclosures and identify those who have not.... For fiduciaries currently not using electronic delivery, obtaining proof of paper delivery alone may be insufficient[.]" [Intel Corp. Investment Policy Comm. v. Sulyma, No. 18-1116 (S. Ct. Feb. 26, 2020)]

The Wagner Law Group

How Advisory Firms Can Quickly Get Set Up to Work from Home

"[E]ven though there are many considerations to make when transitioning to a WFH model, the flexibility granted to employees and technology tools available can make it a very practical move allowing for firms to continue operations and to provide excellent client service with minimal downtime."

Nerd's Eye View

[Opinion]

Fallout from COVID-19: Public Pension Funding

"While an economic disruption of this magnitude may not have been on the radar of investors and public officials, it demonstrates the unrealistic optimism that states have held for pension fund returns on investment.... What policy changes could be implemented to prevent such pension funding crisis in the future?"

Institute for Pension Fund Integrity [IPFI]

Benefits in General

Employee Benefits Issues in a Slowing Economy (PDF)

"[1] HIPAA and other privacy issues -- sharing COVID-19 information ... [2] Tax-qualified retirement plans -- partial plan termination ... [3] Participant 401(k) loans and hardship distributions ... [4] Termination of employment -- tax-qualified and non-qualified plan distributions ... [5] Health and welfare premiums during leave ... [6] Short-term disability considerations ... [7] Loss of medical coverage -- COBRA notice requirements ... [8] Life insurance -- conversion notice ... [9] Use of Flexible Spending Account (FSA) funds ... [10] Equity incentive plans."

Squire Patton Boggs

Executive Compensation
and Nonqualified Plans

Executive and Physician Compensation, Benefits and Contract Issues in the COVID-19 Era

"Organizations should prepare for rapid decision-making on a wide range of executive and physician employment issues, including compensation adjustments, retention arrangements, hiring decisions, and procedural changes needed to make these types of decisions with greater speed and with the possibility of a potential shortage of decision-makers."

McDermott Will & Emery

Selected Discussions
on the BenefitsLink Message Boards

2019 ADP Testing Deadline -- March 13 or March 16?

"Was the ADP/ACP deadline this year Friday March 13 or Monday March 16? Does anyone recall the statutory cite for this?"

BenefitsLink Message Boards

Improperly Excluded Employee -- Timing of ADP Test When Making Corrective QNECs

"Eligible employees were improperly excluded from plan participation in 2009. Plan was not SH but no ADP/ACP tests were run. We correct the defect in 2020 as follows: first we run the ADP/ACP tests for 2009. If the tests fail, we correct the ADP/ACP. Then we determine the correct contribution amounts based on EPCRS. Question: do we need to re-run the ADP/ACP tests before making the corrective QNECs?"

BenefitsLink Message Boards

Effect of COVID-19 Layoffs on 409A Participants

"Many companies are laying off their workers temporarily to get them off their payroll and onto unemployment benefits. This will trigger lump-sum termination distributions to a lot of participants, especially at companies that extended 409A plans to lower and middle management HCEs. Anything those employers can do?"

BenefitsLink Message Boards

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Upcoming Events About Retirement Plans or Executive Compensation

Mar. 24
Webcast
Free
Voluntary Fiduciary Correction Program
Employee Benefits Security Administration [EBSA], U.S. Department of Labor
Mar. 24
Webcast
Free
Legal Hurdles and Strategic Initiatives Facing DB Plan Sponsors
Groom Law Group
Mar. 24
Webcast
Form 5500 Series Update
NIPA [National Institute of Pension Administrators]
Mar. 24
Webcast
Free
Merger, Divestiture and Acquisitions and Employee Benefits
Wagner Law Group P.C.
Mar. 25
Webcast
IRS and PBGC Audits of Defined Benefit Plans
American Society of Enrolled Actuaries [ASEA]
Mar. 25
Webcast
SECURE Act and Retirement Plan Administration: ERISA Compliance Issues for Plan Sponsors and Employers
Strafford
Mar. 26
Webcast
IRA Transfers and Rollovers
Ascensus
Mar. 26
Webcast
Free
What are the Impacts to ESOP Companies from the Economic Instability
Beyster Institute
Mar. 26
Webcast
Free
Voluntary Fiduciary Correction Program
Employee Benefits Security Administration [EBSA], U.S. Department of Labor
Mar. 26
Webcast
Critical Challenges Facing Pension Withdrawal Liability
Lorman Education Services
Mar. 26
Webcast
Free
The Case for an Operational Review of Your 403(b) Plan
Strategic Benefit Services
Mar. 26
Webcast
Free
The SECURE Act's Impact on Estate Planning and Administration
Wagner Law Group P.C.
Mar. 26
Webcast
Free
SECURE Act: New Opportunities for Plan Sponsors and Participants
Williams Mullen

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020 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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