Retirement Plans Newsletter

September 16, 2020

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Webcasts, Conferences

Retirement Plan Distributions Under the CARES Act: New IRS Guidance and State Law Considerations
RECORDED
Strafford

Managing IRS Examinations of ESOPs
September 17, 2020 WEBCAST
Holland & Knight

Tales from the Crypt: Managing Benefit Plan CyberSecurity Risks Lurking in a "Remote Work" Era
October 8, 2020 WEBCAST
Worldwide Employee Benefits Network [WEB] - Northeast Ohio Chapter

2020 Political Overview
October 14, 2020 WEBCAST
ISCEBS - Pacific NW Chapter

Basics - Retirement
November 5, 2020 WEBCAST
New England Employee Benefits Council [NEEBC]

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[Official Guidance]

Text of IRS Notice 2020-72: Weighted Average Interest Rates, Yield Curves, and Segment Rates for September 2020 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Section 430(h)(2) ... In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I)." Icon to read more

Internal Revenue Service [IRS]

[Guidance Overview]

IRS Clarifies 'SECURity' Through 401(k) Plan Expansion to Long-Term, Part-Time Workers

"As a result of the difference between service taken into consideration for elective deferral eligibility and service taken into consideration for vesting of other employer contributions, employers that elect to expand eligibility for employer contributions are required to track service ... over two different periods, posing potentially significant administrative burdens.... [S]maller employers with a substantial employee base of part-time workers may be newly subject to [the Form 5500 Independent Qualified Auditor's Report] requirement beginning in 2024. Icon to read more

Hall Benefits Law

[Guidance Overview]

DOL Issues Guidance for DC Plans on Lifetime Income Disclosures to Participants

"[T]he DOL's regulations will provide a very rough estimate ... based on hypothetical assumptions involving the participant's age, the annuity start date and the survivor annuity percentage, as discussed below. This approach simplifies the disclosures from an administrative perspective by minimizing the participant-specific data that must be taken into account." Icon to read more

Kilpatrick Townsend

Appellate Court Split in Recent Single Stock Fund Litigation

"[A recent Fourth Circuit] case highlights the dilemma of retirement plan sponsors and fiduciaries, who, as a result of a corporate transaction, inherit a plan investment fund consisting of a single class of stock that does not constitute an employer security for purposes of ERISA.... While courts are still evaluating how to handle these single stock fund cases, a plan fiduciary's potential exposure for continuing to maintain such a fund seems to turn, at least in part, on the manner in which ERISA's duties of prudence and diversification apply to the single stock fund as a plan investment option." [Quatrone v. Gannett Co., Inc., No. 19-1212 (4th Cir. Aug. 11, 2020)] Icon to read more

Mayer Brown

How the Coronavirus Pandemic Is Affecting Retirement Savings (PDF)

"While the percentage of participants taking advantage of CARES Act provisions such as distributions and expanded loan options is low, doing so may undo years of retirement savings. Solutions like financial wellness can help shape future financial behaviors when balancing and reconciling short-term needs and long-term financial goals." Icon to read more

T. Rowe Price

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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

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Exceptional Usefulness and Quality iconThe Growing Burden of Retirement: Rising Costs and More Risk Increase Uncertainty (PDF)

"Saving early and continuously during working years is difficult for many workers.... Workers face market timing, interest rate, and longevity risks when they approach retirement age.... While older Americans are the most likely to own a home, the number of Americans age 65 and older who are cost-burdened by housing costs has increased ... Healthcare costs continue to rise for all Americans, but these costs are higher for older Americans ... Long-term care costs represent an increasing challenge for many older Americans ... Creative solutions exist to address these challenges." Icon to read more

National Institute on Retirement Security [NIRS]

[Opinion]

Analysis of Recent Equable Institute Report: 'State of Pensions 2020' (PDF)

"Although organizing public pension plans into groups can be helpful, the value of such a grouping effort lies in the reliability and integrity of the metrics that form the basis of the classification system.... Although the actuarial funded ratio is the most popular and recognized metric of a pension plan's condition, this metric, by itself, is not a reliable indicator. Gauging the condition of a pension plan by its funding ratio alone is akin to assessing a person's health solely by their heart rate, when, in fact, multiple other factors should also be considered." Icon to read more

National Association of State Retirement Administrators [NASRA]

[Opinion]

DOL Seeks to Clean Up Pension Investment Abuses

"The proposed rule is a good step in the right direction by the [DOL], but more should be done around proxy advisors' role in a process called automatic or robo-voting.... The [SEC] issued guidance on this front to asset managers in June of this year, and DOL should adopt this guidance as a part of the rule. Pensions should be, and once were, apolitical entities." Icon to read more

Institute for Pension Fund Integrity [IPFI]

Press Releases

Most Popular Items in the Previous Issue

401(k) Fraud: How to Protect Your Employees
Lawton Retirement Plan Consultants

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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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