[Guidance Overview]
"[IRS Notice 2020-82 extends] the deadline for required minimum contributions for single-employer defined benefit pension plans that would otherwise be due during the 2020 calendar year, from January 1, 2021, to January 4, 2021. On the same day, the PBGC issued complementary guidance, in Technical Update 20-2, to reflect the January 4, 2021, deadline established by the IRS in the Notice when calculating variable-rate premiums." 
Faegre Drinker
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[Guidance Overview]
"The IRS previously issued guidance under the [CARES Act] clarifying that employees furloughed or laid off due to COVID-19 but rehired by the end of 2020 would not be counted in determining whether a retirement plan incurred a partial plan termination for the plan year.... Under this new law, a retirement plan will not have a partial termination for a plan year if: [1] any portion of the plan year includes the period beginning March 13, 2020, and ending March 31, 2021; and [2] the number of active participants covered by the plan on March 31, 2021, is at least 80% of the number of active participants covered by the plan on March 13, 2020." 
Warner Norcross & Judd LLP
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[Guidance Overview]
"The most significant departure from the highly prescriptive Proposed Rule is an emphasis on a more principles-based design that eliminates the potentially burdensome cost-benefits analysis and documentation requirements for proxy voting. The Final Rule requires, among other things, that plan fiduciaries act solely with the economic interest of the plan and its participants and beneficiaries in mind when managing plan assets." 
Ice Miller LLP
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[Guidance Overview]
22 pages. "While the final guidance broadly retains the structure and approach of Proposal 3.0, DOL incorporated the following important changes ... [1] DOL further explicated and tightened its discussion of the circumstances in which it will consider rollover advice to be fiduciary 'investment advice,' under a new interpretation of the 1975 5-part test. [2] Where rollover advice is conflicted fiduciary advice that requires the relief of the new PTE, DOL added as a condition written disclosure to Retirement Investors of the reasons that a rollover recommendation is in their best interest.... DOL announced [a February 16, 2021 effective date] for the new PTE and sunset date for reliance on DOL's prior guidance on rollover advice ... and a December 20, 2021, sunset date for its temporary enforcement policy adopted after vacatur of Final
Rule 2.0." 
Eversheds Sutherland
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20 pages. "[T]his report examines several innovative and often lesser-known pension funding strategies that have been utilized in the public sector to address legacy pension costs and to create more stable costs over time.... Each of these efforts changes the nature of plan funding in different ways, and these case studies can be a useful reference guide for those who are concerned about a well-functioning public finance system and honoring benefits earned by state and local government employees." 
National Institute on Retirement Security [NIRS]
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[Opinion]
"These flawed state plans are well-intentioned but may likely be subpar solutions to a national problem we can't solve with 50 or less individual and different state plans.... State plans may create more financial predation ... Ireland personal accounts shows voluntary doesn't work ... A good plan has an employer or government match ... A good plan has low expense ratios ... A good plan has autoenrollment, the best plans have mandatory participation." 
Prof. Teresa Ghilarducci, in Forbes
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Benefits in General
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[Guidance Overview]
"[1] Paycheck Protection Program relief ... [2] Medical expense deduction floor reduced ... [3] Disaster relief: distributions and loans ... [4] Money purchase plans may offer coronavirus-related distributions ... [5] Partial plan termination relief ... [6] Qualified future transfer elections ... [7] Healthcare provisions ... [8] Education-related provisions." 
Ascensus
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[Guidance Overview]
"[The bill] includes a large surprise medical billing package, a health transparency and patients' rights package, various tax extenders and other tax and health provisions, and a few miscellaneous retirement provisions. This is the largest health care legislative package since the [ACA] and includes more than 10 new patient protections with rapid effective dates, suggesting a very busy health regulatory year in 2021 ... The package does not include relief for multiemployer pension plans facing insolvency or the single-employer defined benefit plan funding relief provisions previously included in the House-passed HEROES Act." 
Groom Law Group
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Executive Compensation and Nonqualified Plans
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[Guidance Overview]
"The final regulations largely follow the proposed regulations, but further clarify or refine certain provisions.... [1] Post-IPO transition relief for newly public corporations has been eliminated.... [2] 'Predecessor' rules are further refined.... [3] The partnership 'distributive share' rules are clarified.... [4] Grandfathering rules further clarified." 
Ropes & Gray LLP
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[Guidance Overview]
"The application of Section 162(m) to a corporation's distributive share of a subsidiary partnership's deduction for compensation expenses ... is effective with respect to any compensation paid after December 18, 2020, unless such compensation is paid pursuant to a written, binding contract in effect on (and not materially modified after) December 20, 2019. The definition of 'covered employee' applies to all taxable years ending on or after September 10, 2018, unless the publicly held corporation's fiscal year and tax year do not end on the same date, in which case it applies to all tax years ending on or after December 20, 2019." 
Fried Frank
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"Controlled group with 4 companies. Only 3 of them adopted the plan, but all four companies are participating. Can we do a retroactive amendment having the missing company adopt the plan back to 2013?" 
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