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[Guidance Overview]
"Using guidance from the [DOL] concerning the fiduciary responsibilities of plan sponsors, including a June 3, 2020 DOL Information Letter addressing private equity investment within participant-directed retirement accounts, [this article provides] is a broad checklist of some items a retirement plan committee might consider when deciding whether to expand investment offerings." 
Carlton Fields
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[Guidance Overview]
"Employers are not required to keep track of 12-month periods of service that began before plan years beginning on or after Jan. 1, 2021, for purposes of identifying [long-term part-time (LTPT)] employees. The first plan year in which an LTPT employee will be eligible to make elective deferrals is the plan year that begins on or after Jan. 1, 2024. So, there is still a while before LTPT employees will begin to be permitted to make elective deferrals, but employers need to start keeping track of hours during the 2021 plan year." 
Porter Wright Morris & Arthur LLP
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"Plaintiffs have no plausible allegation that the Plan's fiduciaries knew or should have known that two participants -- in a plan of over 110,000 participants -- received some incorrect benefit calculations from Alight. Imposing liability on the Plan's fiduciaries in these circumstances would amount to strict liability." [Bafford v. Northrop Grumman Corp., No. 18-10219 (C.D. Cal. Jan. 7, 2020; on appeal to 9th Cir. No. 20-55222)] 
American Benefits Council
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Benefits in General
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"What's the difference between an incident response plan and a communication plan? ... Invest in your help desk, the first line of defense ... Let people know that you're on top of it ... Know when and how to escalate your response ... Letting the world know what's happened ... You can't resolve your cybersecurity breach without communication." 
Segal
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"The intention of this article is to provide some ideas related to the questions: How does one respond to abrupt change? How does a company survive through abrupt change? How does a business continue to support its internal team, external referral sources, and clients during extreme change and uncertainty?" 
Pinnacle Plan Design, LLC, via Journal of Pension Benefits
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Executive Compensation and Nonqualified Plans
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[Guidance Overview]
"The final rule [requires] each company to make a new determination of the company's median employee at least once every three years.... The disclosures in the annual proxy statement must describe the methodology used to identify the median employee and any material assumptions, adjustments or estimates used.... [W]hen calculating the median employee's annual total compensation, companies must use the same rules they apply to determining the CEO's annual total compensation[.]" 
Thompson Coburn
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Selected Discussions on the BenefitsLink Message Boards
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"Is a final lump sum payment of vacation pay eligible for 401(k) deferrals and a matching contribution? We match each paycheck. Our plan excludes pay after termination. We allowed this particular employee to defer but no matching contribution was made due to an issue in our HRIS system." 
BenefitsLink Message Boards
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"We have a plan that has no assets. The proceeds were distributed in 2019. The company dissolved and the prior signer is claiming there is no one to sign the final 5500. How this should be handled?" 
BenefitsLink Message Boards
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Most Popular Items in the Previous Issue
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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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