Retirement Plans Newsletter

February 10, 2021 logo logo
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View job as 401(k) Plan Administrator -- Sign-on bonus! for Blue Ridge ESOP Associates
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Tycor Benefit Administrators, Inc.
Berwyn PA

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Broomfield CO

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Little Rock AR

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[Official Guidance]

Text of PBGC Request for Nominations: Advisory Committee of the PBGC

"Advisory Committee members must have experience with employee organizations, employers who maintain defined benefit pension plans, the administration or advising of pension plans, or in related fields.... By February 19, 2021, the term of one of the Advisory Committee members representing the general public will have expired. Therefore, PBGC is seeking nominations for one seat." Icon to read more

Pension Benefit Guaranty Corporation [PBGC]

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[Guidance Overview]

SECURE Act 2.0: Key Provisions Affecting Retirement Plans

"At its core, SECURE 2.0 seeks to expand coverage ... [1] by mandating auto-enrollment in 401(k), 403(b) and SIMPLE plans; [2] by making long-term, part-time workers eligible for participation in plans after two rather than three years; and [3] by permitting employers to provide de minimis financial incentives for employees to contribute to a 401(k) or 403(b) plan." Icon to read more

Faegre Drinker

[Guidance Overview]

DOL Provides Guidance on Missing Participants

"Given the facts and circumstances standard for fiduciary compliance, and the lengthy list of best practices, the guidance may raise more questions than answers for plan fiduciaries." Icon to read more

Faegre Drinker

[Guidance Overview]

DOL Finalizes Broad Prohibited Transaction Exemption for Financial Institutions and Investment Professionals

"Based on the DOL's revised interpretation of the five-part test for identifying investment advice fiduciaries, it is more likely that plan service providers who provide rollover recommendations will need to rely on the Exemption in the future." Icon to read more

Thompson Hine

[Guidance Overview]

Exceptional Usefulness and Quality iconThe Array of ERISA Compliance Solutions for Rollover Advice (PDF)

"If DOL persists with and asserts this interpretation in future enforcement cases, it seems inevitable that its position will eventually be tested in court ... In the meantime, financial services providers will need to come to terms with DOL's position and consider their alternatives for continuing to be of service to retirement investors while operating on an ERISA-compliant basis." Icon to read more

Eversheds Sutherland

Competing Multiemployer Pension Reform Bills Introduced in Congress

"While there are several differences between bills, at the core is the major philosophical difference on how to solve the PBGC financial crisis -- EPPRA seeks to do it through federal funding while the Allen Act seeks to have the majority of the money come from every multiemployer pension plan by way of significantly increased PBGC premiums." Icon to read more

Cowden Associates, Inc.

Talking Points for QACAs, Coverage Requirements and After-Tax Contributions

"Automatic enrollment plans enjoy about a 87% participation rate nationally, while those without it see ... participation rates that average around the 60% range. This means almost a quarter of the eligible workforce is missing out on the benefits of retirement savings simply due to the fact they weren't auto-enrolled in a plan." Icon to read more


Student Debt and Retirement: The Pupil-Participant Dilemma

"Americans are worrying about living costs, healthcare expenses, debt and saving for goals. And they are looking to their employers and benefit providers to help them. To help employers meet participants' needs and expectations, recordkeepers have expanded their workplace benefit programs beyond 401(k)s." Icon to read more

Corporate Insight

Avoid Funding Surprises: Get Your Pension Plan Off Autopilot

"[W]hile it's true that there will always be some variability in a pension plan's funded status, managing it appropriately can help avoid nasty surprises ... and ultimately get plan sponsors to their desired destination." Icon to read more

River and Mercantile

Exceptional Usefulness and Quality iconPublic Pension Plan Investment Return Assumptions (PDF)

"The investment return assumption is the single most consequential of all actuarial assumptions in terms of its effect on a pension plan's finances. The sustained period of low interest rates since 2009, combined with lower projected returns for most asset classes, has caused many public pension plans to reduce their long-term expected investment returns." Icon to read more

National Association of State Retirement Administrators [NASRA]

Benefits in General

Why CAA Healthcare Provisions Offer a Major Opportunity for 401(k) Advisors

"Transparency is coming to health care much as it did with the retirement industry. The CAA removes gag clauses on price and quality information and requires 408(b)(2)-style broker compensation disclosure." Icon to read more

401(k) Specialist

Some Participants Reducing 401(k) Deferrals to Contribute to HSAs

"More than half (56%) of 401(k) participants reduced their retirement plan contributions in the first year that they made health savings account (HSA) contributions ... The median dollar reduction in participant 401(k) contributions in the first year of HSA contributions was $34. However, deferral rates decreased by $5,127 at the 10th percentile." Icon to read more

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Executive Compensation
and Nonqualified Plans

IRS Announces 'Compliance Strategy' for Excess Executive Compensation Paid by Tax Exempt Entities

"Typically limited in scope and less burdensome than an examination or audit, an IRS compliance check is a review process the IRS uses to determine whether an organization is in compliance with IRS reporting requirements." Icon to read more

Hall Benefits Law

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.

Plan Termination Situation -- Can't Get Rid of Accounts of Lost Participants Without SSNs

"Plan terminated a bunch of years ago, and accounts were paid out in drips and drabs. The only accounts left are for the owners and several people who left the company long ago (like 2010, 2011-ish). The employer doesn't have SSN for these people, so rollover places won't take the accounts. Pooled PSP, not at a nat'l provider or anything like that. What becomes of those accounts?" Icon to read more

BenefitsLink Message Boards

2019 Extension Requests Finally Getting Approved?

"Anyone else seeing the recent letter from the IRS that the 2019 extension request was approved? Hearing from many of our clients and we actually received a letter today for our own plan! Anybody know what gives?" Icon to read more

BenefitsLink Message Boards

Partial Termination Rules After a Plan Merger

"My question has to do with how the partial termination rules apply following a plan merger. Buyer is acquiring seller. Some of seller's employees will be let go -- some in 2021 and likely more in 2022. Seller's 401(k) will be maintained for the balance of 2021 and then merged into buyer's effective 1/1/2022. So some of the terminations will happen while seller's plan is free-standing and others will happen after the plans are merged." Icon to read more

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Press Releases

Greater Orlando Society for Human Resource Management (GOSHRM) Announces 2021 Leadership Team
Greater Orlando Society for Human Resource Management [GOSHRM]

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