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Unraveling the Retirement Nest-Egg Calculus: Why Do People Spend the Way They Do in Retirement?
March 24, 2021 WEBCAST
EBRI [Employee Benefit Research Institute]

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[Official Guidance]

Text of IRS Notice 2021-16: Weighted Average Interest Rates, Yield Curves, and Segment Rates for February 2021 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under Section 417(e)(3), and the 24-month average segment rates under Section 430(h)(2) ... In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under Section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under Section 431(c)(6)(E)(ii)(I)."

Internal Revenue Service [IRS]

[Guidance Overview]

DOL's Best Practices for Missing Participants

"[T]he DOL acknowledges that not every practice is appropriate for every plan. Some ... particularly those suggesting using social media accounts or contacting other employees, may raise privacy concerns that a plan sponsor is unwilling to navigate."

Lockton

[Guidance Overview]

DOL Prohibited Transaction Exemption for Participant Investment Advice Passes Review

"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."

Thompson Hine

401(k) Plan Sponsor and Participant Behavior During the Global Pandemic (PDF)

"68% of plans with assets greater than $25 million adopted at least one CARES Act Provision. 9% of participants with access to provisions, in plans with assets greater than $25 million, used at least one CARES Act provision. 23% of participants indicated that they plan on repaying their Coronavirus Related Distribution (CRD)."

T. Rowe Price

Congress Considers New Multiemployer Pension Reform

"Congress has added the Butch Lewis Emergency Pension Plan Relief Act of 2021 to the COVID-19 relief bill. In addition to some revisions to minimum funding standards for community newspaper plans, the proposed law would do five primary things."

Littler

Strategies for Reducing Fiduciary Risk in Your Retirement Plan

"[1] Establish a retirement plan committee charter ... [2] Maintain a prudent process for selecting and monitoring investments options and document the process ... [3] Create and follow an investment policy statement ... [4] ERISA Section 404(c) protection ... [5] QDIA protection ... [6] Understand responsibilities and use governing documents ... [7] Have a plan design that supports good governance ... [8] Risk shifting strategies."

Principal Financial Group

Wisconsin Task Force Recommends State-Run Retirement Plan

"[Researchers] found that nearly 80% of small business owners in Wisconsin support a 'ready-to-go' retirement savings option, and 60% would be likely to offer such a program to their employees if the state government created it."

American Retirement Association [ARA]

Military Retirement: Background and Recent Developments

26 pages. "In FY2019, approximately $60.5 billion was paid to 2.3 million military retirees and survivors. Given the size of the program, some have viewed military retirement as a place where substantial budgetary savings could be made." [RL34751, updated Feb. 16, 2021]

Congressional Research Service [CRS]

Demand for ‘Borderless' Pensions Grows to Help Global Nomads and Workers in Riskier Economies

"The results also showed a 13% increase in the number of [international pension plans] being offered as a safer option for local populations in challenging economic locations, particularly those at risk of political and economic instability, currency devaluation, or sovereign debt default."

Willis Towers Watson

[Opinion]

To the Union Allies of the Victor Go the Pension Spoils

"Providing government funding to MEPs, including for promises they will make in the future, while weakening funding rules and rewarding MEPs for future misconduct is abusive to taxpayers.... In the long-run, it would be far less expensive for taxpayers to write a $673 billion check to cover existing underfunding and fix MEPs going forward."

Aharon Friedman, via Washington Examiner

[Opinion]

South Dakota Continues to Lead the Nation in Public Pension Returns, Without the Need for Proxy Advisors

"[U]nfunded liabilities remain the norm [for public pensions], with fund managers continuing to make politicized but underperforming investment decisions rather than prioritizing returns for beneficiaries.... South Dakota is a shining example, with a funding ratio of over 100 percent and investment returns that are 71 basis points stronger than the 60/40 index portfolio."

Institute for Pension Fund Integrity [IPFI]

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Start a 401(k) to Receive Rollovers Without Making Future Employer Contributions?

"Colleague (RIA firm) has a client whose income is from real estate holdings, so all passive income, but wants to start a Solo 401(k). The client knows they cannot contribute to a 401(k) because they have no W-2 income/earned income. They have no intention of making further contributions. They want use the Solo 401(k) to receive rollovers from large IRAs so they can begin doing backdoor Roths on their personal money and won't have to deal with aggregation rules of the large IRAs. Can do?"

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Press Releases

Cammack Retirement Group Joins CAPTRUST
CAPTRUST Financial Advisors

BPAS Creates Solutions Squad as a Resource to Plan Sponsors and Service Providers
BPAS

The NCEO Announces Its New Board Members
National Center for Employee Ownership [NCEO]

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Most Popular Items in the Previous Issue

What Plan Sponsors Need to Be Thinking About in 2021
Meaden & Moore

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DOL's Optical Illusion – Fiduciary Investment Advice Status
Stradley Ronon