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Flexible Benefits Systems Inc.
Telecommute / Cleveland OH

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[Guidance Overview]

IRS SECURE Act Guidance Clarifies Key Issues for Retirement Plans

"When considering the QBAD feature, plan sponsors should take into account the various changes necessary to implement the participant-friendly provision (and coordinate with their record-keeper), including: [1] account sources; [2] 1099-R reporting changes; [3] 402(f), rollover and withholding changes; [4] updated Summary Plan Description (or Summary of Material Modification); [5] certification process and coordination for all controlled group plans; [6] recontribution process/procedures; and [7] plan amendment terms." Icon to read more

Groom Law Group


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

What Can Plan Sponsors Do to Bring Employees Up to the Optimal Deferral Target?

"[T]he company match alone cannot represent the sole target for salary deferral. It might represent a minimum, but it is very clearly not a good measure for the maximum (unless the match is extremely generous).... Plan sponsors shouldn't make the mistake to think assisting employees to save the optimal deferral percentage is limited to a periodic meeting. It should be inculcated throughout the organization.... Plan sponsors need to be more proactive to get employees to reach their salary deferral target." Icon to read more

Fiduciary News; free registration required

Adding a Safe Harbor Provision While Maintaining Flexibility in Contribution Costs

"Because the safe harbor rules are meant to ensure a certain minimum level of contribution for the non-HCEs, you can design your plan so that contributions are required for the non-HCEs but optional for the HCEs. Presto! You have a safe harbor plan with the flexibility to reduce your contribution cost by more than 70% in any given year should you need to do so." Icon to read more


The Value of Strategic Advisor Partnerships for Retirement Plans

"[B]oth generalist advisors, such as benefits brokers and wealth advisors, along with retirement plan specialists, are vital to supporting and sustaining the [401(k) plan] market.... [R]egardless of the size of the retirement plans you serve, opportunities for partnerships between generalist and specialist advisors are abound. This article will highlight these opportunities for collaboration and how financial professional partnerships can positively impact employers and their workforce." Icon to read more

Fiduciary Benchmarks

Ohio Teamsters Pension Fund Seeks Benefits Reduction

"The Teamsters' Building Material Drivers Local 436 Pension Fund of Valley View, Ohio, has applied to the Treasury Department for a reduction in benefits under [MPRA]. The pension's trustees say that without the cuts, the fund will run of money to pay benefits by 2023. Under the ... proposed reduction plan, the benefits of all plan participants would be reduced to 110% of the [PBGC] guarantee, which is the maximum reduction in benefits allowable by law." Icon to read more

Chief Investment Officer [CIO]


Plan documents software that's profitable right out of the gate!

High-quality, user friendly and profitable right from the start!'s 100% cloud-based plan documents software offers seamless integration, esignatures, batch printing, record keeper plan information form creation, free updates ... Learn moreLearn more

Sponsored by Wolters Kluwer


'Sustainable' Investing Is a Self-Defeating Strategy

"It's become fashionable for investors to try to do good at the same time as they do well. Investment in so-called ESG funds ... has doubled in 2020 and now totals around $35 billion.... Some investors argue that this kind of investing will achieve a 'more inclusive capitalism' and can even enhance investment returns. But how do you know if your investments will have the desired social impact?" Icon to read more

Burton G. Malkiel, via The Wall Street Journal; subscription may be required


DOL Takes Much-Needed Steps Toward Ensuring Fiduciary Obligations

"Prioritizing issues other than pure financial returns may be an acceptable strategy for individuals managing their own money or for corporate board rooms contemplating the future of their company, but for fiduciaries, prioritizing any kind of self-interest or ulterior motive over maximizing returns is a dereliction of duty.... While more work is needed, it appears that the [DOL] is finally in a position to implement much-needed reforms to a pension system that has for too long neglected the underlying financial security of its beneficiaries." Icon to read more

Institute for Pension Fund Integrity [IPFI]

Benefits in General

Overpaying and Undersaving: Correlated Mistakes in Retirement Saving and Health Insurance Choices (PDF)

10 pages. "A large majority picks one of two more expensive plans, even when, for all possible spending realizations, lower costs are more likely in the cheapest plan. Employees who do not choose the low-cost plan overpay for health insurance by nearly $1,700 in expectation.... About one-third of employees forgo matching contributions, and a large majority saves below reasonable benchmarks.... People who spend too much on health insurance are 23% more likely to forgo matching contributions than are people who choose the low-cost plan." Icon to read more

TIAA Institute

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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