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Retirement Plans Newsletter

February 26, 2021

6 Jobs Today (scroll to view)

 

[Official Guidance]

Text of PBGC Comprehensive Premium Filing Instructions for 2021 Plan Years (PDF)

67 pages. "This document provides information for plans paying premiums for plan years beginning in 2021, including instructions for each data element that must be reported."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

Making Sense of DOL Guidance on Missing Participants

"Although intended for EBSA investigative teams, [Compliance Assistance Release No. 2021-01] also provides a roadmap for fiduciaries to review their own plan operations, identify and resolve issues, and engage in process improvement."  MORE >>

Keightley & Ashner LLP

It's Time to Consider a Deliberate Pension Plan Funding Policy

"This article looks at where contribution requirements are headed and the considerations pension plan sponsors should have in determining how much to contribute to their pension plan trust."  MORE >>

River and Mercantile

Is Relief on the Way for Struggling Multiemployer Pension Plans?

"Questions regarding how many pension plans will require relief, and practical considerations about how the PBGC will secure the funding to relieve the eligible plans, remain up in the air. Interestingly, there may be fewer eligible funds than predicted."  MORE >>

Jackson Lewis P.C.

With Lower Returns on the Horizon, Public Pensions Will Turn to Riskier Assets

"State and local government pension systems are increasingly dependent on investment returns, and at risk of increasingly volatile results, as funding levels remain depressed and systems increasingly start to pay out more than they take in[.]"  MORE >>

MarketWatch

Benefits in General

[Official Guidance]

Text of EBSA Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak

"Subject to the statutory duration limitation in ERISA section 518 and Code section 7508A, all group health plans, disability and other employee welfare benefit plans, and employee pension benefit plans subject to ERISA or the Code must disregard the period from March 1, 2020 until sixty [60] days after the announced end of the National Emergency or such other date announced by the Agencies in a future notification (the 'Outbreak Period") for all plan participants, beneficiaries, qualified beneficiaries, or claimants wherever located in determining the following periods and date:

  1. The 30-day period (or 60-day period, if applicable) to request special enrollment under ERISA section 701(f) and Code section 9801(f),
  2. The 60-day election period for COBRA continuation coverage under ERISA section 605 and Code section 4980B(f)(5),
  3. The date for making COBRA premium payments pursuant to ERISA section 602(2)(C) and (3) and Code section 4980B(f)(2)(B)(iii) and (C),
  4. The date for individuals to notify the plan of a qualifying event or determination of disability under ERISA section 606(a)(3) and Code section 4980B(f)(6)(C),
  5. The date within which individuals may file a benefit claim under the plan's claims procedure pursuant to 29 CFR 2560.503-1,
  6. The date within which claimants may file an appeal of an adverse benefit determination under the plan's claims procedure pursuant to 29 CFR 2560.503-1(h),
  7. The date within which claimants may file a request for an external review after receipt of an adverse benefit determination or final internal adverse benefit determination pursuant to 29 CFR 2590.715-2719(d)(2)(i) and 26 CFR 54.9815-2719(d)(2)(i), and
  8. The date within which a claimant may file information to perfect a request for external review upon a finding that the request was not complete pursuant to 29 CFR 2590.715-2719(d)(2)(ii) and 26 CFR 54.9815-2719(d)(2)(ii)....

"With respect to group health plans, and their sponsors and administrators, the Outbreak Period shall be disregarded when determining the date for providing a COBRA election notice under ERISA section 606(c) and Code section 4980B(f)(6)(D)."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

[Official Guidance]

EBSA Disaster Relief Notice 2021-01: Guidance on Continuation of Relief for Employee Benefit Plans and Plan Participants and Beneficiaries Due to the COVID-19 (Novel Coronavirus) Outbreak

"Individuals and plans with timeframes that are subject to the relief under the Notices will have the applicable periods under the Notices disregarded until the earlier of (a) 1 year from the date they were first eligible for relief, or (b) 60 days after the announced end of the National Emergency (the end of the Outbreak Period). On the applicable date, the timeframes for individuals and plans with periods that were previously disregarded under the Notices will resume. In no case will a disregarded period exceed 1 year."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

[Official Guidance]

IRS Announces Tax Relief for Oklahoma Severe Winter Storm Victims

"Individuals and households affected by severe winter storms that reside or have a business in all 77 counties in Oklahoma qualify for tax relief.... [C]ertain deadlines falling on or after February 8, 2021, and before June 15, 2021 are postponed through June 15, 2021.... Taxpayers also have until June 15 to make 2020 IRA contributions."  MORE >>

Internal Revenue Service [IRS]

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Prime Benefits View job as Retirement Plan Administrator
for Prime Benefits

Retirement Plan Administrator

Prime Benefits

Telecommute / Baltimore MD

View job as Director, Compliance - Insurance
for Transamerica

Director, Compliance - Insurance

Transamerica

Telecommute / Harrison NY / Norwood MA

View job as TPA Retirement Plan Administrator
for CPS Inc.

TPA Retirement Plan Administrator

CPS Inc.

Telecommute

View job as Total Rewards Specialist
for Air Products and Chemicals, Inc

Total Rewards Specialist

Air Products and Chemicals, Inc

Telecommute / Allentown PA

View job as ESOP Retirement Account Administrator, Senior
for Alerus

ESOP Retirement Account Administrator, Senior

Alerus

Telecommute

View job as Pension Plan Consultant
for Pension Plan Specialists, PC

Pension Plan Consultant

Pension Plan Specialists, PC

Telecommute / Vancouver WA

Press Releases

Mark Farrah Associates' 5500 Employer Health Plus Simplifies the Analysis of Employer Health and Welfare Benefit Plans

Mark Farrah Associates [MFA]

Last Issue's Most Popular Items

2021 Plan Sponsor/Fiduciary Compliance Checklist

Mayer Brown

Avoid the Most Common 401(k) Compliance Error with These Best Practices

Cassell Plan Audits

Pension De-Risking: Don't Be Duped by the Name

Kantor & Kantor

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

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