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December 24, 2020 logo logo
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[Guidance Overview]

A Primer on California and Oregon State-Sponsored Retirement Plans, with Online Resources for Other States

"[California employers] with five or more employees must participate in CalSavers if they do not already have a workplace retirement plan. Employers that do sponsor their own retirement plan must register their exemption from the state mandate.... [Oregon businesses] that do not offer a qualified retirement plan and are currently issuing payroll are required to implement the OregonSaves program.... Oregonian employers that sponsor a qualified retirement plan don't have to participate in the program but must certify their exemption and renew it every three years." Icon to read more

Retirement Learning Center, LLC

IRS Issues Final Guidance for Retirement Plan Loan Offset Rollovers

"Consistent with the TCJA provision and the proposed regulations, the final regulations extend the period allowed for a qualified plan loan offset amount received by a participant to be contributed to an eligible retirement plan or an IRA as a rollover contribution from the normal 60 days period to the due date, including extensions, for filing the individual's federal income tax return for the tax year in which the loan offset occurs." Icon to read more


Personal Data from Thousands of Pension Plan Accounts Breached; Third-Party Service Provider Blamed

"[O]ne to-do list item that should be a given following a breach like this is to revisit the procurement process for selecting service providers, update it as needed to make sure it appropriately addresses cybersecurity risks, and ensure it is prudently implemented.... When considering a plan service provider's level of cybersecurity, there are a number of steps plan sponsors and administrators can take to prudently assess the data privacy and security capabilities of potential plan service providers." Icon to read more

Jackson Lewis P.C.


A Few Important Points About the DOL’s Fiduciary Actions

"[T]he DOL has confirmed that a financial professional cannot simply write their way out of a functional fiduciary relationship.... Under the new framework, written statements disclaiming a mutual understanding or forbidding reliance on the advice as a primary basis for investment decisions are not determinative ... However, such statements are likely going to be relevant to the determination of whether a mutual understanding exists." Icon to read more



On the Bailouts That Didn't Happen, Part 1: Multiemployer Pensions

"There are two reasons that multiemployer pensions have to be addressed: [1] The federal government partially created the problem [2] Central States Teamsters plan, which has hundreds of thousands of participants, is going to fail in a few years and take down all MEP backing in the PBGC.... This is going to be the first really large private-sector retirement issue, before we hit the end of the Social Security Trust Fund or a large public pension fund running out of assets." Icon to read more



Drawbacks to Using Only a 401(k) for Retirement

"401(k)s aren't all created equal, and using a bad one to save for your retirement could make your job a lot more difficult. Different types of retirement accounts have different strengths and weaknesses, so it helps to have more than one. Here's a closer look at some of the ways you might be shortchanging yourself if you're only using a 401(k)." Icon to read more

Fox Business

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Contribution Deductibility for Combo Plans

"I have a plan that's just a husband and wife. They want to move to a Cash Balance/Profit Sharing combination. For contribution deductibility, do we have to integrate the plans (meaning if the Cash Balance is more than 25% of the eligible compensation, you are limited to 6% in the Profit Sharing)? Or can the plans not be integrated, allowing the full $57k in the Profit Sharing as well as the contribution in the Cash Balance?" Icon to read more

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Happy Holidays

"To all -- wishing you happy holidays and a healthy new year. These message boards have been a wealth of information, with many different contributors sharing their knowledge and experiences. Thank you all!" Icon to read more

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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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