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Webcasts, Conferences

Advising Plan Fiduciaries: How to Hire and Manage Fiduciaries and Service Providers
September 3, 2020 WEBCAST

OCIO Industry: Why and How Fiduciaries Choose Delegated Solutions Webcast
September 14, 2020 WEBCAST
Society of Actuaries

Virtual Benefits Forum - Fall 2020
September 16, 2020 WEBCAST
Southeast Benefits Education Network [SBEN]

IRA Planning After the SECURE Act
September 16, 2020 WEBCAST
American Law Institute Continuing Legal Education Group [ALI CLE]

September 24, 2020 WEBCAST

2020 Annual Washington Update
October 2, 2020 WEBCAST
New England Employee Benefits Council [NEEBC]

ERISA 2020: The Evolving World - Part II
December 16, 2020 WEBCAST
Practising Law Institute

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[Guidance Overview]

Upcoming Deadline iconIRS Provides DB Funding and Benefit Limitation Guidance Under the CARES Act

"The Jan. 1, 2021, contribution deadline is fixed despite the holiday.... Under the CARES Act, plan sponsors delaying their contributions will be required to contribute amounts that are larger than what the original contributions would have been if made by the original due date.... The Form 5500 deadline has not been extended and contributions made after the filing cannot be included on the Schedule SB.... The PBGC premium filing deadline has not been extended.... There is no extension to deduct a contribution for a taxable year." Icon to read more


[Guidance Overview]

Updated Safe Harbor Special Tax Notice (Section 402(f) Notice) and Lifetime Income Illustrations

"Employers should take steps to make sure the updated [safe harbor special tax notices] are being included in distribution packages going forward. Also, the notices provided by third party administrators should be reviewed to determine if extraneous information is included in the notice.... [E]ven though the lifetime income illustrations are required to show the form of payment as annuities, EBSA has emphasized that neither the interim final rule nor the SECURE Act requires defined contribution plans to offer an annuity distribution option." Icon to read more

Troutman Sanders

[Guidance Overview]

Lifetime Income Disclosures: A New Requirement for Pension Benefit Statements

"[O]ne of the required explanations is designed to help participants understand that the monthly payment amounts shown in the disclosure are estimates -- there is no guarantee that participants will actually receive the estimated amounts. The DOL provides model language to address the required explanations, in the form of 11 separate language inserts, plus 2 standalone supplements that incorporate the 11 language inserts." Icon to read more


GAO Report: Retirement Security -- DOL Could Better Inform Divorcing Parties About Dividing Savings

"EBSA should explore ways to collect information on fees charged to participants or alternate payees by a retirement plan -- including plan service provider fees the plan passes on to participants -- for review and qualification of domestic relations orders and evaluate the burden of doing so.... EBSA should take steps to ensure that information regarding the requirements for QDROs is available and easily accessible for participants and alternate payees." [GAO-20-541, published Jul. 31, 2020, released Aug. 28, 2020] Icon to read more

U.S. Government Accountability Office [GAO]

Fiduciary Breach Claim Dismissed Where Proposed Corrective Action Would Have Required Fiduciaries to Act in Corporate Capacity

"A plan sponsor could be held vicariously liable, under respondeat superior theory, for the actions of its plans' fiduciaries, according to a federal trial court in New Jersey. However, the plan fiduciaries were not required to make public corrective disclosures, in their corporate capacities, to satisfy their fiduciary obligations under ERISA." [Perrone v. Johnson & Johnson, No. 19-923 (D.N.J. Apr. 29, 2020)] Icon to read more

Wolters Kluwer; free registration required

Colorado Enacts State-Run Auto-IRA Program

"Most private-sector employers in Colorado that don't offer a retirement plan will have to enroll workers in a state-run, payroll-deduction IRA program ... The legislation does not set an implementation date, so exactly when the program will get up and running is unclear." Icon to read more


Interactive Forecasting of DB Plan Results

"[This] case study illustrates the power of interactive modeling on understanding the extent that different variables, like cash contributions, long-term bond rates, and asset returns, affect the future outlook for the defined benefit pension plan." Icon to read more


The Impact of Interest Rate Expectations on LDI Strategy (PDF)

"Although liability-driven investing (LDI) is a policy decision rather than a tactical one, its effectiveness as a strategy is closely tied to the interest rate environment, which can vary substantially. [This article explores] how changing views about interest rate expectations can be built into an LDI process." Icon to read more

Russell Investments

Benefits in General

High Risk Issue iconThe Importance of Including Exhaustion Requirements in Plan Documents

"[P]lan fiduciaries assume that this language setting forth the plan's claims and appeals process and requiring administrative exhaustion is already in the plan document.... [but] in light of this decision, [they] should review their plan documents, including summary plan descriptions (SPDs), to ensure that such language is included. As the Sixth Circuit ... points out in its decision, failure to do so may allow the claimant to head straight to court without exhausting his or her administrative remedies." [Wallace v. Oakwood Healthcare, Inc., No. 18-2316 (6th Cir. Mar. 31, 2020)]  Icon to read more

Trucker Huss

Executive Compensation
and Nonqualified Plans

Top Hat Plans: What Executives and Organizations Need to Know

"This past January, the [GAO] published its initial findings after conducting a review of executive retirement plans, specifically, top hat plans.... This article looks at [1] the GAO's report; [2] the final rulings by the U.S. District Court in the class action lawsuit of Berry v. Wells Fargo & Co.; and, [3] the implications of both on Top Hat plans in general." Icon to read

Fulcrum Partners LLC

Selected Discussions
on the BenefitsLink Message Boards

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Involuntary Cashout When Rollover Account Is Involved

"Plan doc excludes rollovers when determining the cashout balance. Participant has $550 PS (100% vested) and $45,000 rollover account. Because the rollover account is disregarded, this participant is a candidate to be cashed out. Does the trustee just cash out the entire account and withhold $9,100? Or is the entire balance rolled over into an IRA? (The plan's threshold for IRA rollovers is $1,000.)" Icon to read more

BenefitsLink Message Boards

Age 14 Eligibility Requirement?

"Does anything prevent a plan sponsor from lowering the age requirement to age 14? I know the maximum is 21. He wants to let his kid participate... not sure he'd work 1000 hours, but I guess if he changes it to NO eligibility requirements... as long as every employee is treated the same. Can he do this?" Icon to read more

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Press Releases

Most Popular Items in the Previous Issue

Defining ESG: Clarifying the Myths and Facts (PDF)
Institute for Pension Fund Integrity [IPFI]

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David Rhett Baker, J.D., Editor and Publisher
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020, 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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