Pension Consultant Aldrich Retirement Solutions Telecommute / Salem OR / CA
	Pension Administrator TPA - LI NY Telecommute

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How Changes to Actuarial Standards Will Impact Pension Reporting
November 16, 2020 WEBCAST
National Institute on Retirement Security

Safe and SECURE, or Is It? Exploring Safe Harbor 401(k) Plans
November 20, 2020 WEBCAST
ERISApedia.com

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Should You Establish a Retirement Plan Governance Committee?

"The plan governance committee's charter and manner of operation are at the heart of sound plan governance....[T]he charter should include ... [1] The committee's purpose and authority, including whether the committee can delegate its authority and purpose; [2] The committee's structure ... [3] The assignment of duties and responsibilities, including what reports the committee will produce and to whom those reports will be sent; [4] The frequency and structure of committee meetings ... and [5] The procedures for protecting committee members financially." 

ORBA

[Sponsored]

New! Defined Benefit Proposal Software from ftwilliam.com

Defined Benefit Proposal helps you design and illustrate the best plan options using a few clicks. The compare features, customization options, ability to run complex calculations and create 1-5 separate proposals simultaneously all save you time! Learn more! 

401(k) Plan and Embezzlement

"If a former employee embezzled money from his employer (who sponsors a 401(k) plan), can the employer/plan sponsor use the terminated employee's 401(k) plan balance to help offset the financial loss to the business? ... No, the anti-alienation provisions of ERISA ... prohibit the plan sponsor from using plan assets as an offset for the stolen funds ... ERISA provides for only four narrow exceptions to its strict anti-alienation rules." 

Retirement Learning Center, LLC

Another Self-Dealing ERISA Fiduciary Breach Lawsuit Filed

"The lead plaintiff in the suit says her employer, a large financial services company, has inappropriately prioritized its own investments within a profit sharing retirement plan offered to employees." [Callaway v. The Northern Trust Co., No. 20-6497 (E.D. Ill. complaint filed Nov. 2, 2020)] 

planadviser

Americans Were Given the Coronavirus Option to Raid Their 401(k); Most Didn’t.

"Fidelity Investments, the largest 401(k) provider in the country, has seen 4.6% of eligible people take some money out through Sept. 30 due to the virus. An additional 1% have taken a so-called hardship distribution that allows withdrawals for reasons including buying a home, preventing foreclosure or paying medical bills. That is compared with about 2% a year that typically take a hardship distribution." 

The Wall Street Journal; subscription may be required

2021 Challenges for 401(k) Plan Providers (PDF)

"The further consolidation of this business ... COVID is still a thing ... The permanency of COVID ... That PEP Thing." 

Ary Rosenbaum, Esq.

[Guidance Overview]

December 31 Is Deadline to Amend Deferred Compensation Plans for Section 162(m) Changes

"Every publicly held corporation should confirm that none of its plans or arrangements that are subject to Section 409A ... require that payment be delayed until the Section 162(m) limit no longer applies. Arrangements that are subject to 409A can include employment agreements and severance agreements, as well as SERPs, RSUs, and other arrangements that are traditionally considered to be deferred compensation. Any plan or agreement that includes a mandatory Section 162(m) deferral should be amended by December 31, 2020[.]" 

Husch Blackwell

Avoiding 409A Pitfalls While in Financial Distress

"[E]mployers may be concerned about their employees' ability to access their deferred compensation benefits and may want to terminate their deferred compensation arrangements and accelerate payments. Companies that are financially troubled or otherwise potentially headed towards bankruptcy may want to set aside funds to ensure their employees get paid their deferred compensation. Each of these situations involves significant 409A issues that should be closely evaluated." 

Proskauer

2020 Use of Environmental, Social, and Governance Measures in Incentive Plans (PDF)

13 pages. "56% of large companies disclose ESG measures in incentive plans, but the vast majority consider such ESG items as part of non-weighted scorecard or individual performance components of annual incentive plans rather than independent metrics that are formulaically tied to the payout. ESG use in incentive plans ... is most prevalent among Energy, Utilities, and Financials companies (>70% prevalence) and least prevalent among Information Technology and Consumer Discretionary companies (<40% prevalence)." 

FW Cook

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Non-Profit and For Profit

"Non-Profit organization is not part of a controlled group with a For Profit company (I don't think its even possible?). But there is some very strong connection between the two, probably donation driven, maybe the for-profit handles the accounting work, I don;t really know. Any reason they both cant participate in the SAME 401(k) plan?" 

BenefitsLink Message Boards

VFCP Calculator

"Anyone have a pipeline to the DOL? The calculator is great, but it would be GREAT if they could allow you to input the final payment date just once. Frequently there are a gazillion entries that have the same final payment date, and having to enter it each time is a PIA. Or is there some way to do it already that I don't know about? If so, I'd greatly appreciate someone instructing me in the error of my ways!" 

BenefitsLink Message Boards

Irrevocable Election Not to Participate

"The plan is a SHNE 3% plan and Profit Sharing is each participant is it's own group. The participant signed an Irrevocable Election Not To Participate on 6/17/2016, her date of Hire was 11/7/2014 and eligibility was one year and dual entry, so her eligibility date would have been 1/1/2016. The plan is a service term and the new advisor is questioning that she should be included in coverage testing( in the 410B group shes in an excluded group) How should she have been listed in the 410 b group? Also, should she have received a SHNE 3% contribution for plan years 2016-2019? Thanks!" 

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ICMA-RC

Cohen and Buckmann Honored with Upgraded National and Regional Rankings in the 2021 U.S. News - Best Lawyers ® 'Best Law Firms'
Cohen & Buckmann P.C.

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