Retirement Plans Newsletter

November 10, 2020

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Pentegra
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Stalker & Associates Inc.
Telecommute / Newtown PA

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Envoy Financial
Colorado Springs CO

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[Guidance Overview]

IRS Reviews Steps for Retirement Plans to Locate Missing Participants

"A recent IRS issue snapshot summarizes the steps for administrators of qualified and 403(b) retirement plans to locate missing participants in three situations: (i) when a participant is due to receive a required minimum distribution (RMD); (ii) when a participant is owed additional benefits as part of a correction under the Employee Plans Compliance Resolution System (EPCRS); and (iii) when a poorly funded multiemployer plan sends a suspension-of-benefits notice. The steps aren't identical in each situation[.]" Icon to read more

Mercer

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[Guidance Overview]

DOL Releases Final ESG Rule

"The final rule softens (somewhat) the original proposal but retains most of its basic elements. It eliminates the proposal's explicit focus on ESG factors -- in the preamble DOL states that 'the Department is persuaded … that 'ESG' terminology, although used in common parlance when discussing investments and investment strategies, is not a clear or helpful lexicon for a regulatory standard.' Nevertheless, the rule retains the proposal's requirement that fiduciaries focus only on 'pecuniary factors' in making investment decisions. These may include ESG factors if they are in fact pecuniary." Icon to read more

October Three Consulting

[Guidance Overview]

DOL's Final ESG Investment Rules May Force Reassessment of 'Church Plan Status' for Some Organizations

"The DOL's new ESG rules may have a curious impact on some church related organizations which utilize faith based standards in their retirement plan investments. Their ability to continue do may now turn on the manner in which they handle their status as a 'church plan.' It arises because the ESG rules will NOT apply to 'non-electing' church plans, as ERISA does not apply to churches unless they affirmatively choose it to do so." Icon to read more

Business of Benefits

[Guidance Overview]

IRS Issues 403(b) Plan Guidance Under the SECURE Act

"Revenue Ruling 2020-23 ... provides guidance, as directed by the SECURE Act, on the distribution of individual custodial accounts upon the termination of ... Section 403(b) plans. In Notice 2020-80, the IRS requests comments on the application of annuity and spousal rights provisions related to distributions from 403(b) plans." Icon to read more

Thomson Reuters Practical Law

Supreme Court Will Not Hear IBM 401(k) Stock-Drop Suit

"The U.S. Supreme Court ... declined to review a request by fiduciaries of an IBM 401(k) plan seeking to overturn a pro-participant ruling by a federal appeals court in a stock-drop case.... [This] affirms the 2nd Circuit U.S. Court of Appeals decision that participants had provided sufficient information ... to go to trial." [Jander v. Ret. Plans Comm. of IBM, No. 17-3518 (2d Cir. Jun. 22, 2020; cert. denied Nov. 9, 2020)] Icon to read more

Pensions & Investments

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Protecting Retirement Plans from Credential Stuffing Attacks

"There's a new type of cybersecurity threat on the rise ... called credential stuffing ... Cybercriminals rely on automated scripts to repeatedly enter illegally obtained usernames and passwords into customer-facing financial applications. Once they break into an account, they attempt to steal funds and data, and they may also gain access to the company's broader network." Icon to read more

Voya

Factors to Consider About In-Plan Lifetime Income Solutions

"[1] Liquidity ... [2] Portability ... [3] Long-term growth potential ... [4] Financial strength of the insurer and efficiency of the solution ... [5] Ease of use/QDIA eligible." Icon to read more

American Retirement Association [ARA]

SEC Roundtable on Reg BI and Form CRS

"The [SEC] hosted a virtual roundtable in late October to discuss the Regulation Best Interest (Reg BI) and Form CRS. With a few months of observations from examinations since the June 30, 2020, compliance date, SEC and FINRA officials provided insights and tips for broker-dealer compliance with the new rules." Icon to read more

Faegre Drinker

Does Late-Career Nontraditional Work Improve Retirement Security?

"Nontraditional jobs lack health and retirement benefits, but could help older workers prolong their careers by offering more flexibility and less stress. The questions are whether workers in traditional jobs at 62 who are underprepared for retirement are more likely to switch to nontraditional work, and whether it helps. The results show no evidence that they are more likely to switch. But, those who do switch close much of the gap in their retirement security by age 68, suggesting nontraditional jobs are a viable option." Icon to read more

Center for Retirement Research at Boston College

Executive Compensation
and Nonqualified Plans

San Francisco Passes Tax on Highly Paid Executives

"San Francisco voters approved a tax on businesses that pay their chief executive officer (CEO) or 'highest-paid managerial employee' well above the median salary for the rest of their employees.... If a company's top earner makes 100 times more than the company's average worker, the business will have to pay a 0.1% surcharge on its annual business tax payment. If a CEO makes 200 times more, the company will pay 0.2%. If a CEO makes 300 times more, the company will pay 0.3%. The tax will be capped at 0.6%." Icon to read more

Society for Human Resource Management [SHRM]; membership may be required to view article

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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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