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[Official Guidance]
"The values [in this table] apply to benefits with annuity starting dates in 2021. [Also available is] a two-column spreadsheet version [XLSX] of the 2021 table." 
Pension Benefit Guaranty Corporation [PBGC]
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[Guidance Overview]
"[E]xcept for the tracking of hours, plan sponsors will not need to apply the new [long-term, part-time (LTPT)] employee rules until the 2024 plan year ... [P]lan amendments reflecting an employer's discretionary decision to allow for [Qualified Birth or Adoption Distributions (QBADs)] are not required immediately ... Perhaps the most important clarification is that the delayed plan amendment date applies to both required and discretionary plan amendments related to the SECURE Act and the Miners Act." 
ASC
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"[E]ven responsible fiduciaries can be sued ... [and] 2020 promises to be a banner year for 401(k) plan litigation. Now P&I reports that fiduciary liability insurance premiums are up 35% as a result of costly awards and settlements. Plan sponsors are also being required to pay more -- P&I gives an example of a $2 million payment -- just to be able to renew policies. This trend can only accelerate as 2020 fiduciary breach lawsuits continue to be filed and older lawsuits continue to be settled at a fast pace." 
Cohen & Buckmann, P.C.
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19 pages. "[R]emote work is the new norm, both now and for the foreseeable future ... Retirement security is a source of concern ... Clients don't want to deal with the details of their retirement plans right now ... Fiduciary responsibilities haven't gone away ... Clients recognize that offering a retirement plan is important to their business, key to attracting and retaining talent." 
Pentegra
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"Over half (57%) of all Americans are worried inflation will make their basic retirement expenses unaffordable, and 59% believe that the rising cost of living will prevent them from enjoying their retirement. Yet, less than a quarter (24%) are discussing the impact of inflation with their financial professional, and only about two in 10 (21%) say they will use a financial product that allows for the opportunity for increasing income as a way to help address inflation." 
Allianz Life Insurance Company of North America
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[Opinion]
"The potential changes to the retirement system under a Joe Biden presidency remain largely speculative, though some general policy statements have been issued by Former Vice President Biden.... [1] Transition from tax deferrals to a tax credit for defined contribution plan contributions ... [2] Incentivizing small businesses to adopt retirement plans ... [3] Access to 'automatic 401(k)' for workers without pension or 401(k)-type plans ... [4] Protection of benefits earned in defined benefit pension plans ... [5] Allow caregivers with no earned income to save for retirement." 
Hall Benefits Law
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Selected Discussions on the BenefitsLink Message Boards
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"Have a takeover plan that failed 401(a)(4) for 2018 and 2019. No corrective amendment was done. Does a correction require a VCP submission at the shocking new fee of $3,000? If so, must we pay $3,000 to correct 2018 and another $3,000 to correct 2019, or could they be corrected at one time for one $3,000 fee?" 
BenefitsLink Message Boards
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"Date of termination is 12/31/2020. Notice of intent to terminate given by 10/31/2020 - to satisfy 60 days. NOPB (notice of benefits) given by 11/9/2020. Can I file Form 500 with PBGC on 11/10/2020, or do I need to wait until after 2021?" 
BenefitsLink Message Boards
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"If an entity purchases another division and wants to merge the existing 401(k)/retirement plan into their existing plan, what steps can they take to limit the purchasing entity's fiduciary and liability exposure if the merging plan was not run correctly?" 
BenefitsLink Message Boards
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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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