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Retirement Plans Newsletter February 11, 2021 |
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Newly Posted What Do the Final IRS UBIT Regs Mean for Plan Investors and Investment Managers?
401(k) Testing Techniques: Before, During and After
What To Expect From A Retirement Plan Investigation
Here We Go Again, with a Twist
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Discussions |
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This Newsletter:
BenefitsLink Health & Welfare Plans Newsletter:
Message Boards Digest:
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[Guidance Overview]
10 pages. "[In this article, the authors] [1] identify the fiduciaries who will be subject to the Final Regulation, [2] describe the fiduciary standards of conduct applicable to such fiduciaries, [3] provide an overview of prior DOL guidance on ESG and similar investing principles, [4] summarize the requirements of the Final Regulation, and [5] discuss the implications for fiduciary advisers." Groom Law Group, for National Society of Compliance Professionals [NSCP] |
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[Guidance Overview]
"Plan administrators should be prepared to evaluate whether their systems can properly track qualified plan loan offsets, which must now be specifically identified in any Form 1099-R that is distributed to an employee." Seyfarth |
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[Guidance Overview]
"[T]he final regulations require plan fiduciaries to focus exclusively on pecuniary factors (e.g., factors that materially impact risk and return) when selecting investments for their plan.... This column summarizes the DOL's prior guidance, describes the final regulations, and provides advice to plan investment committees who may want to add an ESG fund to their plan's portfolio." Davis & Gilbert LLP |
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"[E]mployers are plan fiduciaries with a duty to select and monitor the performance of plan service providers.... Every 401(k) provider service agreement should require the service provider to observe appropriate cyber security protocols with respect to participant account information." Golan Christie Taglia |
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"Most service organizations will have a SOC-1 report, and may also have a SOC-2 report. For purposes of a retirement plan audit, your audit firm will want the SOC-1 report, which is focused on the internal controls over processing transactions at the service organization." Bradley J. Bartells, CPA, via LinkedIn |
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"If you didn't take distributions from your retirement plan and IRA accounts in 2020, you may be surprised by your 2021 RMD." TheStreet |
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"While Social Security is designed to be a safety net, it can be substantial for lower-income earners, particularly those who wait until age 70 to receive the benefit.... Since most participants already have [this] annuity, why purchase another?" Cammack Retirement Group |
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Selected Discussions |
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► 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. |
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"Do you know whether any IRA custodian requires a spouse's consent as a condition to the custodian's willingness to follow a designation that names a beneficiary other than the IRA owner's spouse (even if no public law requires this)? What I'm looking for is whether an IRA custodian does something, before there is a dispute or claim, to protect the community-property rights of an IRA holder's spouse (or make it convenient for an IRA holder to show her spouse's consent to a potential transfer)." BenefitsLink Message Boards |
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"Final 5500-EZ form was filed some time ago. I may be moving and getting an address that's different from the address used on the form. Should I notify the IRS?" BenefitsLink Message Boards |
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► Subscribe to the BenefitsLink Message Boards Digest -- a free daily email of all new discussions (not just the selected few shown above). View a sample issue. |
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Press Releases |
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OneDigital Acquires HM Employee Benefits and Risk Management
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Most Popular Items in the Previous Issue |
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SECURE Act 2.0: Key Provisions Affecting Retirement Plans
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DOL Provides Guidance on Missing Participants
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The Array of ERISA Compliance Solutions for Rollover Advice (PDF)
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BenefitsLink.com, Inc.
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(407) 644-4146
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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