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Retirement Plans Newsletter February 16, 2021 |
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Newly Posted What Does the 2020 Election Mean for Retirement Policy
ESOP Formation: Current Approaches to Business Succession Planning in the COVID-19 Era
Voluntary Fiduciary Correction Program
ERISA Litigation and Employee Stock Ownership Plans: Claims Against Fiduciaries, Compliance, Transactions, Disclosures
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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]
"[T]he reinstatement seems to offer great relief to various financial institutions that were possibly ensnared under the DOL's tricky 2016 conflicts of interest rule ... Interpretations by the DOL over the second half of 2020 suggests it will liberally interpret (and enforce) the five-part test for when one becomes an investment advice fiduciary." Stradley Ronon |
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[Guidance Overview]
14 pages. "The scope of and conditions for the 'best interest' exemptions adopted in the Obama and Trump Administrations are far more similar than they are different. In particular, although they use different forms of words, both exemptions adopt the statutory standards of care and loyalty required of ERISA fiduciaries. Where there are differences, Rule 3.0 is often more protective of retirement investors than was BICE." Eversheds Sutherland |
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[Guidance Overview]
"In response to three recent tax bills, employers are implementing new provisions that both improve engagement with retirement plan participants and alleviate their own administrative burdens. Now that the dust has settled from 2020, business owners can more clearly see how these three pieces of legislation work in tandem as they and their plan participants head into 2021." Meaden & Moore |
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[Guidance Overview]
"[T]he preamble is clear that plan sponsors are not required to use the simplified methods. Although the PBGC will not approve any alternative methods on a plan-by-plan basis, the preamble notes that plan sponsors are welcome to informally consult with the PBGC on the use of alternative methods." Proskauer |
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"Once again, plaintiffs find the 'more harm than good' bar too high to clear in employer stock litigation." [Varga v. General Electric Co., No. 20-1144 (2d Cir. Feb. 4, 2021; unpub.)] American Retirement Association [ARA] |
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12 pages. "[If] we make it easy to draw down savings, how can we make it even easier to accumulate savings once the hardship is over? It's an especially crucial question given that policy makers also made it easier for workers to pull out savings during the Great Recession of 2008-2009.... This whitepaper proposes changes to plan design that can boost savings once the economy recovers." VOYA Financial |
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"[1] Customization ... [2] Integration ... [3] Demonstrable effectiveness ... [4] A holistic approach ... [5] Established track record." 401(k) Specialist |
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"Many provisions ... come from last year's House-approved [HEROES] Act. A new provision would permanently freeze the indexing of certain qualified plan limits, beginning in 2030." Mercer |
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"The bill ... would create early retirement incentives for workers 55 and older who have 10 years of service with state or workers with 25 years of government service.... The bill comes as local government finances have been scrambled by the COVID-19 pandemic. Revenue from the sales tax, for instance, dropped 10% statewide." Spectrum News |
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[Opinion]
"During TSP's history (the plan was founded in 1986), the investment markets have been extraordinarily generous.... If the board is to be criticized for anything, it is that one third of TSP assets rest in the short-government fund, its equivalent of a cash account." John Rekenthaler in Morningstar; free registration required |
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[Opinion]
"[N]early 80% of institutional investors said they find something appealing about digital assets, with the three almost equally compelling characteristics being that it is uncorrelated to other asset classes; is an innovative technology play; and has a high potential for upside." Institute for Pension Fund Integrity [IPFI] |
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Benefits in General |
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"This 2020 year-end update ... [1] highlights four notable opinions from the United States Supreme Court ... [2] provides a summary of hot topics in ERISA class-action litigation ... [3] addresses evolving procedural issues ... [and] [4] offers an overview of key issues in health plan litigation[.]" Gibson, Dunn & Crutcher |
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"[1] Make it voluntary.... [2] Think of it as an adjunct to your retirement plan, not an obstacle.... [3] Consider a matching contribution.... [4] Ensure ease of access to savings.... [5] Supplement with other financial wellness tools." E is for ERISA |
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Press Releases |
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OneDigital Welcomes Atlanta Retirement Partners
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Most Popular Items in the Previous Issue |
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In Memoriam: Peter E. Haller
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T. Rowe Price ERISA Self-Dealing Lawsuit Will Go to Trial
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