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Retirement Policy in a Pandemic
September 17, 2020 WEBCAST
Western Pension & Benefits Council - Orange County Chapter

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September 30, 2020 WEBCAST

IRA Withholding and Getting it Right
October 27, 2020 WEBCAST

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[Official Guidance]

Text of PBGC Notice of Request for OMB Approval of Modifications to Information Collected About Missing Participants

"PBGC intends to modify its information collection to require additional information about missing participants in two categories in order to properly withhold taxes when such participants are located and their benefits claimed and paid. For DC plans that permit Roth accounts, PBGC intends to require a breakdown of qualified and non-qualified Roth amounts transferred to PBGC (if any), and if non-qualified Roth amounts are being transferred, the date the first Roth contribution was made. Where relevant for DB and DC plans, PBGC intends to require identification of the portion of a participant's benefit transfer amount treated as foreign-source income, and if so, for DB plans how that determination was made. PBGC as administrator of the Missing Participants Program relies on information provided and certified to by the plan administrator or plan sponsor as applicable." Icon to read more

Pension Benefit Guaranty Corporation [PBGC]


Virtual SPARK Forum -- Nov. 4-6

The retirement services industry's leading event for top 401(k) Plan providers, advisors, consultants, administrators & recordkeeping professionals. Join the Virtual SPARK Forum, gain expert insights and strategies to solve your most pressing challenges. Learn more

Sponsored by SPARK

[Guidance Overview]

IRS Issues Guidance on Funding Relief for Single-Employer Defined Benefit Plans Under the CARES Act

"In general, a plan with a calendar plan year will have no particular need for an election to use the prior year's AFTAP as the market downturn in the spring did not affect the beginning of the year value of the plan's assets. If, however, the plan sponsor plans to make the minimum required contribution for 2019 later than September 30 and the inclusion of the contribution in the assets would be needed to avoid benefit restrictions, then the plan sponsor may desire to make the election." Icon to read more


[Guidance Overview]

IRS Provides Guidance on CARES Act Defined Benefit Contribution Funding Relief

"With respect to qualified defined benefit pension plans, the CARES Act extended the deadline for making minimum required contributions until January 1, 2021, and permitted plans to use the prior year's AFTAP for purposes of any funding-based benefit restrictions. With Notice 2020-61, the IRS has provided guidance on the mechanics of this contribution and benefit restriction relief. The IRS did not provide relief, however, for the fact that January 1, 2021, is a national holiday, meaning that the actual deadline for making any required contribution is December 31, 2020." Icon to read more


How to Successfully Navigate a DOL ESOP Investigation

"Because the DOL does not detail their selection process, understanding why your ESOP is under investigation remains unclear.... DOL enforcement agencies typically provide little advance notice, so knowing how to respond before an investigation begins is critical.... [T]he department does provide online access to its enforcement manual, detailing their internal audit guidelines and checklists." Icon to read more



DOL Rules on Both Sides of the Social Investing Issue

"While clearly condemning social investing in ERISA plans, the DOL Secretary issued a letter on May 11 to the Thrift Savings Plan -- the retirement saving vehicle for federal government employees -- ordering it to not include equities in Chinese companies in its investment options." Icon to read more


Executive Compensation
and Nonqualified Plans

Should ESG Metrics Be Included in Executive Incentive Plans?

"For some companies, it may make perfect sense to tie pay to ESG metrics. Certain industries have clearer ESG initiatives that are already measured, tracked, and disclosed, such as utilities and energy ... and consumer products companies ... [F]or other companies ... it may be too soon to consider including such metrics into pay programs. [In] either case, it is important to identify critical focus areas for your organization, understand your current state, and increase transparency, both internally and externally." Icon to read more

Meridian Compensation Partners, LLC

COVID-19 and Key Issues to Consider in Executive Compensation Programs

"Equity award vesting and furloughs ... Performance-based compensation ... Compensation compliance obligations ... Pre-negotiated severance pay.... Deferred salary and pay reductions.... Trading cash for equity.... Severance plans or policies ... Option pricing and repricing." Icon to read more

Hall Benefits Law

Selected Discussions
on the BenefitsLink Message Boards

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Final Plan Year is Short Year; What Hours to Prorate?

"Short plan year 2020. Plan terminated 6/30/20. Employer wants to do PS. Has last day/500 hour rule. Does that 500 hour threshold get prorated to 250?" Icon to read more

BenefitsLink Message Boards

ACP Test for Safe Harbor Match and Employee After-Tax

"A 401(k) plan provides safe harbor match of 100% up to 6% deferred and permits employee after-tax contributions. In performing the ACP test can I [1] include all match and after-tax, or [2] match over 4% and after-tax? I am really looking for cites from the statutes or guidance for the first option, which I haven't been able to find." Icon to read more

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Press Releases

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View COVID-19 News and Resources, 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

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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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