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[Guidance Overview]

IRS Extends Contribution Deadline for Single-Employer Defined Benefit Plans

"[IRS Notice 2020-82] extends to January 4, 2021 the deadline for a plan sponsor's election to add to a prefunding balance or to use a prefunding account balance to offset the minimum required contribution for the 2020 plan year. The guidance further provides that if a contribution is made by January 4, 2021, the amount of the minimum required contribution that is satisfied by the contribution (and the amount that can be added to the plan's prefunding balance related to any excess contribution) is determined by computing the applicable interest adjustment using the actual contribution date." Icon to read more

Hodgson Russ LLP


‘Tis the Season to Save on Employee Benefits E-Learning Courses

Make your education and professional development a priority in the new year. Whether you’re working remotely or back in the office, e-learning courses are the online training solution that fit into your busy schedule. Learn more

Sponsored by International Foundation of Employee Benefit Plans [IFEBP]

[Guidance Overview]

December 31 Sunset of Safe Harbor Correction Method for Certain Elective Deferral Failures

"A special IRS-approved correction method available for elective deferral failures in 401(k) and 403(b) plans with automatic contribution features ... will not be available to correct elective deferral failures that begin after [December 31]. It remains available, however, for a limited time to correct elective deferral failures that begin on or before that date. The loss of this favorable correction method going forward serves as a good reminder to plan sponsors to confirm that their plans, in operation, are correctly implementing employee elective deferrals." Icon to read more

Verrill Dana LLP

PBGC Inspector General Semiannual Report to Congress for the Period April 1, 2020 to September 30, 2020 (PDF)

52 pages. "In this reporting period, [PBGC OIG] completed an investigation into a bribery scheme, in which the now former Procurement Director accepted cash, gifts, and the promise of a future job from a government contractor in exchange for steering professional service contracts to the company.... [OIG is] conducting an audit to determine if Procurement Department practices may have allowed contract steering and to look for indications of other contracting improprieties." Icon to read more

Office of Inspector General, Pension Benefit Guaranty Corporation [PBGC]

SECURE Act 2.0 Could Solve Longstanding Pension Problems

"Building on the framework of the SECURE Act, Representatives Richard Neal and Kevin Brady have introduced the Securing a Strong Retirement Act of 2020, already being referred to as SECURE Act 2.0. [The proposal] contains changes that would further encourage plan adoption and retirement savings, as well as solutions to operational problems that have bedeviled plan sponsors for many years." Icon to read more

Cohen & Buckmann, P.C.

Pension Finance Update, November 2020

"Stocks enjoyed their strongest month of the year in November, propelling pensions toward positive territory for the year. Both model plans ... gained ground last month, with Plan A adding close to 5% and Plan B close to 2% during the month. For the year, Plan A is down less than 1% and Plan B is even through the first eleven months of 2020." Icon to read more

October Three Consulting

Annuity Purchase Update: November 2020 Interest Rates

"[In November,] annuity purchase prices declined 0.22% for Annuity Plan 1 and 1.33% for Annuity Plan 2. The fourth quarter is very busy for insurers. It is imperative to start the [pension risk transfer] process immediately to secure insurer availability for a purchase this year. Plan funded status has generally declined for pension plans in 2020 and PBGC premiums will increase next year." Icon to read more

October Three Consulting

Benefits in General

Vary Your Tools for Communicating About Employee Benefits

"Perception of company benefits has a direct impact on employee satisfaction, productivity, retention, and recruitment.... Current trends are showing that each of the four or five generations which may be represented in your organization have different concerns." Icon to read more

Inside Business

Sixth Circuit Opinion Outlines Ways to Defend Disgorgement and Breach of Fiduciary Duty Claims Under Section 1132(a)(3)

"[T]ypically claimants seeking ERISA-governed benefits make claims for recovery under Section 1132(a)(1)(B). Now you are likely seeing more simultaneous assertions of equitable claims for breach of fiduciary duty and disgorgement under Section 1132(a)(3). A successful claimant asserting this theory may recover additional forms of monetary relief, and may get broader discovery. But the availability of relief under Section 1132(a)(3) claims is narrow ... So, how do you defend Section 1132 (a)(3) equitable claims?" [Davis v. Hartford Life & Accident Ins. Co., No. 19-6091 (6th Cir. Nov. 19, 2020)] Icon to read more

Lane Powell PC

Selected Discussions
on the BenefitsLink Message Boards

► It's easy to sign up and participate in discussions! Post answers, ask questions, create custom feeds and views. Join your peers (and potential referral sources or customers)—there is no charge.

Can a SEP Operate on a Non-Calendar Plan Year?

"Not-for-profit client adopted a SEP on a Merrill Lynch SEP document (not IRS form) with a fiscal year end of 9/30. Can a SEP have a fiscal year? I have seen only calendar-year SEPs." Icon to read more

BenefitsLink Message Boards

Correction of Failure to Adopt 403(b) in 2014 -- Can I Use Schedule 2 of Form 14568-B?

"Is the relief for failure to adopt a written 403(b) plan document still available under EPCRS for a 403(b) plan that was not in existence in 2009? We have a 403(b) plan which became effective in 2014, but never adopted a plan document. Can we submit a VCP using the Model VCP Schedule 2?" Icon to read more

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Which Fiduciary to Hire: 3(21) or 3(38) Fiduciaries?
Lawton Retirement Plan Consultants

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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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