Retirement Plans Newsletter

November 30, 2020

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Job Openings

View job as Client and New Business Implementation Specialist for The Trust Company of Tennessee Client and New Business Implementation Specialist

The Trust Company of Tennessee
Knoxville TN / Maryville TN

View job as Defined Contribution Administrator for E.R.I.S.A., Inc. Defined Contribution Administrator

E.R.I.S.A., Inc.
Telecommute / Skokie IL

View job as Defined Contribution MEP Account Manager for Nova 401(k) Associates Defined Contribution MEP Account Manager

Nova 401(k) Associates
Telecommute / Houston TX / Dallas TX / Scottsdale AZ

View job as 403(b) / 457 Account Manager for Nova 401(k) Associates 403(b) / 457 Account Manager

Nova 401(k) Associates
Telecommute / Houston TX / Dallas TX / Scottsdale AZ

View job as Retirement Plan Internal Sales Assistant for Southern Pension Services Retirement Plan Internal Sales Assistant

Southern Pension Services
Tampa FL

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Who Is a 'Long Term, Part Time' Employee? 401(k) Plans Will Soon Need to Know the Answer

"Key plan design decisions include: [1] Do we want to let ALL part-time employees make their own 401(k) contributions (so we don't have to track hours?) [2] Do we want to be more generous than the law requires and let 'long time, part time' employees into the 401(k) plan prior to 2024? [3] Do we want to impose a 1,000-hour rule to be eligible for matching contributions? [4] Do we want to impose age restrictions of 18 (for vesting) and age 21 (for participation)? [5] Do we want to revise our company contribution vesting schedule?" Icon to read more

Fisher Phillips

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Exceptional Usefulness and Quality icon2020 End of Year Plan Sponsor 'To Do' List, Part 4: Qualified Retirement Plans

"[This article] covers qualified plan issues ... [and] provides you with a 'To Do' List of items on which you may want to take action before the end of 2020 or in early 2021." Icon to read more

Snell & Wilmer

How Do Your 401(k) Contributions Compare to the Average?

"[T]he average amount participants invested in a defined contribution (DC) account was $7,270 over the 12-month period ending Sept. 30, 2020.... [T]he average employer contribution during the same period was $4,010. Altogether in 2020, employee and employer investments added up to a combined average total savings rate of 13.5% of income." Icon to read more

The Grand Island Independent

When to Say 'No Thanks' to Your Workplace 401(k)

"The majority of plans are a great deal for employees, and over the years, the design of 401(k) plans have been tweaked to help workers make smarter choices. But some plans, typically smaller plans with fewer participants and, thus, fewer total assets, lack important features. If your plan is subpar on more than a few key elements, it's worth considering doing your saving elsewhere. Here are key questions to ask yourself, and your employer, before you decide[.]" Icon to read more

Boston Herald

Benefits in General

The Best Employee Perks That Actually Help Retention

"[K]eeping employees happy is a function of not only having meaningful work to do, but also compensating them appropriately for that work. In recent years, this has led to an ever-growing number of 'perks' that firms offer employees to keep them happy, from retirement benefits to health insurance, to education reimbursement to student loan support, and gym memberships, and employer-provided meals. But in the end, employers can't just pile on a never-ending stream of employee benefits and perks in the hopes that it will help employees to retain; at some point, the question becomes: what are the best 'perks' and employee benefits that really, actually help to retain employees?" Icon to read more

Nerd's Eye View

Executive Compensation
and Nonqualified Plans

Managing Compensation Complexity

"The confluence of enhanced market uncertainty in an election year with the global economic chaos wrought by the COVID-19 pandemic is forcing corporate boards to confront challenging questions about the treatment of outstanding incentive compensation arrangements. Perhaps more importantly, it might also encourage boards to rethink the structure of their long-term incentive programs going forward." Icon to read more

Meridian Compensation Partners, LLC

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Plan Terminated and Distributions Underway But One Participant in Process of Divorce

"Plan was terminated as of September 30; now in process of paying out accounts. Hope to get this done by December 31 for obvious reasons. While tracking down former employees, I reach one who tells me she is getting a divorce. Normally, flag goes up, put hold on account and wait for DRO. Is that the same procedure here? Can a divorce hold up a plan termination? Or, at least, hold it up for this one person?" Icon to read more

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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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