Retirement Plans Newsletter

February 8, 2021

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View job as Pension Consultant for Aldrich Retirement Solutions
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Aldrich Retirement Solutions
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July Business Services
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Telecommute / Waco TX

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Nationwide Insurance
Pierre SD

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Newly Posted
Webcasts, Conferences

What Lies Ahead for RIAs: The DOL and SEC Regulatory Landscape
February 16, 2021 WEBCAST
Faegre Drinker

Voluntary Fiduciary Correction Program
February 18, 2021 WEBCAST
Employee Benefits Security Administration [EBSA], U.S. Department of Labor

►See All 48 Upcoming Webcasts and Conferences

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[Guidance Overview]

What to Do When a Participant Can't Be Found

"The DOL provides a list of relevant contact information that the plan sponsor should obtain. It may not be practical or necessary to obtain every bit of contact information listed, but remember that the more information you have, the easier it will be for you to find the participant or beneficiary, if needed." Icon to read more

Belfint Lyons Shuman

[Sponsored]

ASC Webcast: EPCRS -- Face Plan Failures Head-on & Succeed!

Learn how to fix plan failures under EPCRS’ Self Correction and Voluntary Compliance Programs with industry renown John Griffin, J.D., LL.M. Register Now! Learn more

Sponsored by ASC


Second Circuit Affirms Dismissal of ERISA Claims Challenging Inclusion of Company Stock in 401(k) Plan

"The complaint had alleged the company violated ERISA by offering GE stock as an investment option for its 401(k) plan participants despite purportedly under-reserving for the liabilities of insurance subsidiaries by approximately $15 billion. The court rejected the plaintiff's argument that her allegations satisfied the standard for pleading a breach of the duty of prudence in this context[.]" [Varga v. General Electric Co., No. 20-1144 (2d Cir. Feb. 4, 2021; unpub.)] Icon to read more

Goodwin Procter

Supreme Court Ruling: Courts Can Review Railroad Retirement Board's Refusal to Reopen Claims

"The majority construed the broad phrase 'any final decision,' as referring to 'some kind of terminal event' and an agency action from which legal consequences will flow. The Court concluded that the Board's denial of the claimant's request to reopen his claim met those criteria[.]" [Salinas v. U.S. Railroad Retirement Board, No. 19-199 (S. Ct. Feb. 3, 2021)] Icon to read more

Jackson Lewis P.C.

Divided Court Favors Judicial Review of Agency Decision on Railroad Worker Benefits

"In a divided decision, the Supreme Court held that when the [Railroad Retirement Board] refuses to reopen a former railroad worker's prior benefit determination, that refusal can be reviewed by a court. The ruling represents another in a string of recent decisions rebuffing agencies' efforts to shield their decisions from judicial review." [Salinas v. U.S. Railroad Retirement Board, No. 19-199 (S. Ct. Feb. 3, 2021)] Icon to read more

SCOTUSblog

Provider Choice Shown to Help K-12 Employees Save More for Retirement

"Colorado saw a 54% reduction in participation over a five-year period when available plan providers were reduced from 55 to a single vendor. In California, the number of investment providers was also reduced, leading to a 56% reduction in plan participation among participants whose provider was no longer available." Icon to read more

PLANSPONSOR; free registration may be required

Has the Age of Index Investing Passed?

"[T]he best performing U.S. stock mutual funds in 2020 were actively managed.... Welcome to the age of disruptive innovation investing -- an occurrence that favors an active investment approach." Icon to read more

Lawton Retirement Plan Consultants

Single-Employer DB Funding Relief Possible

"Single-employer DB funding relief is tied to multiemployer DB funding reform and is only likely to be included in a coronavirus relief bill (or any bill) if multiemployer reform is included." Icon to read more

Segal

Corporate Pension Funded Ratio Climbs to 89.8% in January

"In January, corporate pension funding improved by $39 billion thanks to a 16-point increase in the monthly discount rate, from December's 2.46% to 2.62% as of January 31.... [T]he funded status deficit dropped to $196 billion at month's end, the first time it has dipped below $200 billion in over a year." Icon to read more

Milliman

[Opinion]

ARA and 30 Other Organizations Push Back on Proposed New York Stock Transaction Tax

" 'While some see this as a tax on the securities industry itself, it is actually a tax on working families saving for retirement and college, pension funds that secure retirement for millions, as well as many individual investors, foundations and endowments,' states the Feb. 4 letter to Gov. Andrew Cuomo (D), New York House Speaker Carl Heastie, and Senate Majority Leader Andrea Stewart-Cousins." Icon to read more

American Retirement Association [ARA]

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.

Terminating a Cycle 3 DC Plan in 2021 -- Document Restatement Required?

"I have a DC plan terminating at end of its current fiscal year in June 2021. Any thoughts as to whether it needs to be restated before terminating? I am thinking that it may need to be." Icon to read more

BenefitsLink Message Boards

Summary Annual Report Goes to Participants Who Have No Account Balances?

"Is SAR sent to anyone who had balance in the plan that fiscal year or to everyone in the plan?" Icon to read more

BenefitsLink Message Boards

Sponsor of Non-ERISA 403(b) Program Wants to Stop Sending Contributions to One Vendor

"A Non-ERISA 403(b) plan sponsor would like to stop sending plan contributions to one of the investments for this plan. Is this a permissible action for this plan sponsor? Would it endanger the plan's Non-ERISA status?" Icon to read more

BenefitsLink Message Boards

ERISA Bond Needed for RIA Acting as Asset Custodian?

"Investment advisor who manages some assets on a discretionary basis and some assets on a nondiscretionary basis. Purchased an ERISA Bond as fiduciary who 'handles assets' for the discretionary group of plans. Subsequently it is determined the RIA has custody of all the plan assets it manages by virtue of its ability to authorize and initiate third party distributions and payments. Is custody for this reason comparable to handling assets under ERISA?" Icon to read more

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Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2021 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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