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Ingham Retirement Group
Telecommute / Miami FL

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Aimpoint Pension
Telecommute / Pompano Beach FL

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Human Interest

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Shipman & Goodwin LLP
Hartford CT / New Haven CT / Stamford CT

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Fiduciary Consulting Group
Telecommute / Murfreesboro TN

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[Guidance Overview]

IRS Notice 2020-83 Provides 2020 Required Amendments List

"The Required Amendments List does not include: [1] Statutory changes in requirements for which the Treasury Department and the IRS expect to issue guidance. [2] Changes in requirements that permit (but do not require) optional plan provisions. [3] Changes in the tax laws affecting qualified plans or 403(b) plans that do not change the requirements under Code Section 401(a) or Code Section 403(b)." Icon to read more

Thomson Reuters Practical Law

[Guidance Overview]

State Fiduciary Duty Developments: Alabama and Rhode Island Issue Regs

"Alabama and Rhode Island are the most recent states to issue regulations setting forth a best interest standard for annuity producers in recommending an annuity to their customers.... Like the NAIC model regulation, the Alabama and Rhode Island regulations do not create a fiduciary obligation or relationship with the consumer and producers are not subject to civil liability for breaching any fiduciary standard of conduct." Icon to read more

Faegre Drinker

[Guidance Overview]

DOL Unveils Registration Requirements for Pooled Plan Providers

"A [pooled plan provider (PPP)] is at the heart of these new [pooled employer plans (PEPs)].... [T]he plan must designate the PPP and provide that the PPP is a plan administrator and 'named fiduciary' under ERISA.... [A] PPP will be subject to ERISA's fiduciary duties and other requirements. Each participating employer remains responsible for selecting and monitoring the PPP.... [T]here is an initial registration filing of basic identifying information about the PPP." Icon to read more

Stradley Ronon

Year-End Compliance Update for Retirement Plans

"[1] Year-end deadlines ... [2] IRS guidance on birth/adoption withdrawals ... [3] Part-time employee eligibility changes for 401(k) plans ... [4] Pooled Employer Plans ... [5] Coronavirus-related withdrawals ... [6] Coronavirus-related loans from qualified plans ... [7] Waiver of required minimum distributions for 2020 ... [8] Partial plan terminations ... [9] Restatement window for pre-approved defined contribution plans ... [10] Electronic disclosures ... [11] Electronic signatures ... [12] Remote witness of spousal consents." Icon to read more

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

Retirement Plan Sponsors: Give Your Retirement Plan an Annual ‘Checkup’

"By completing a retirement plan administration checklist (whether using the IRS' checklist or its own customized checklist) on an annual basis, a plan sponsor can ensure its retirement plans are being administered in compliance with the Code and ERISA. The sponsor should retain the completed checklist in the plan's records, as evidence it is fulfilling its fiduciary duty to monitor the plan's compliance and administration." Icon to read more

Foley & Lardner LLP

De-Risking Strategies of Defined Benefit Plans: Empirical Evidence from the United States (PDF)

48 pages. "Firms with low profitability, poor pension funding status, high pension asset beta, or high earnings/stock volatility are more likely to de-risk DB pension plans.... De-risking increases long-term shareholder value and reduces net pension beta (the difference between pension asset beta and pension liability beta)." Icon to read more

Society of Actuaries

Assumptions Used to Evaluate Social Security’s Financial Condition (PDF)

18 pages. "This issue brief describes the assumptions that must be made in any actuarial projection of the Social Security program's finances and explains how different assumptions affect the projections. The issue brief cites the specific assumptions used in the 2019 Trustees Report, and in CBO's 2019 Long-Term Social Security Projections.... As of this writing, the effects of the COVID-19 pandemic have not been factored into the trustees' assumptions." Icon to read more

American Academy of Actuaries

Internal vs. External Management for State and Local Pension Plans

"This study explores how the number of managers affects fees and after-fee returns, controlling for plan size, asset allocation, and extent of external management. The results suggest that a significant reduction in the number of managers could reduce fees somewhat, but, in terms of after-fee returns, it matters who gets cut." Icon to read more

Center for Retirement Research at Boston College

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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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