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Retirement Plans Newsletter

March 8, 2021

3 Jobs Today (scroll to view)


[Official Guidance]

Text of PBGC Submission to OMB: Forms for Locating and Paying Participants

"This information collection is needed to pay participants and beneficiaries who may be entitled to pension benefits from plans that have terminated.... PBGC is proposing to eliminate one form (the Form 709), add four forms (form 700RN, form 700RSC, form 703RBD and form 703RBD-MP) and revise several other forms in this collection."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


Get Clarity On the New “Long-Term, Part-Time Employee” Rules!

Are you a plan sponsor or a practitioner? The new “long-term, part-time employee” rules pose significant administrative and compliance issues. Join John Griffin, J.D., LL.M. for an explanation of the new rules and recent IRS guidance. Register Now!

Sponsored by ASC

[Official Guidance]

Text of OPM Proposed Regs: Representative Payees Under the Civil Service Retirement System and Federal Employees' Retirement System

"OPM is promulgating the proposed regulations to fully implement and administer the representative payee program for CSRS and FERS. The regulations are required to prevent misuse and fraud by representative payees."  MORE >>

U.S. Office of Personnel Management [OPM]

[Guidance Overview]

DOL Safe Harbor for E-Delivery of Retirement Plan Notices (PDF)

"With the final rule, the following options are now available for electronic delivery of DOL-required retirement plan notices to participants: [1] Wired-At-Work Safe Harbor (Existing Safe Harbor); [2] Continuous Access Website Rule (eliminated in early 2022); [3] COVID-19 Relief (temporary); [4] Notice and Access Safe Harbor (New Safe Harbor)."  MORE >>

Groom Law Group, via Journal of Pension Benefits

First Circuit Finds Collection of Infrastructure Fees Does Not Create ERISA Fiduciary Relationship

"The court found that the relevant contracts do not enable Fidelity to unilaterally change its investment management and administrative charges.... The court found that Fidelity's responsibilities as a directed trustee do not extend to its charging of an infrastructure fee. " [In re Fidelity ERISA Fee Litigation, Wong v. FMR LLC, No. 20-1286 (1st Cir. Mar. 5, 2021)]  MORE >>

Roberts Disability Law

Second Circuit: Investment Advisor Not Covered by Plaintiff's Employment Arbitration Agreement

"The district court concluded that the fiduciary breach claims against Ruane related to Cooper's employment with DST and that Ruane -- a non-signatory to the arbitration agreement -- was entitled under equitable estoppel to enforce the agreement against Cooper. The Second Circuit reversed[.]" [Cooper v. Ruane Cunniff & Goldfarb Inc., No. 17-2805 (2d Cir. Mar. 4, 2021)]  MORE >>

Jackson Lewis P.C.

Checklist for Retirement Plan Committees

"The overriding theme of retirement committee meetings should always be whether the committee is acting in the best interest of plan participants and if it is improving the plan ... The investments are the fundamental action items ... Another key area ... is participant data ... [C]ommittees also need to discuss the performance of their service providers[.]"  MORE >>

PLANSPONSOR; free registration may be required

Tax Credit for Small Employer Start-Up Plans (PDF)

"[The SECURE Act] increased the original limits ... for tax years beginning after December 31, 2019.... [T]he potential tax credit has substantially increased from a potential maximum of $500 per tax year to a potential maximum credit of $5,000 per year."  MORE >>

Legacy Retirement Solutions

Will You Run Out of Money During Retirement?

"A portfolio stress test can help give you some peace of mind about that … but if you're not careful, it could give you a false sense of security. To get results you can trust, make sure the parameters you're using are realistic."  MORE >>



'Probability-of-Success-Driven Guardrails' Is a Good First Step in Retirement Budgeting

"The primary shortfall of the Kitces/Tharp model ... is its inability to distinguish between recurring and non-recurring expenses and between essential and discretionary expenses. Instead, like most Monte Carlo models employed today by financial advisors, it produces one fixed dollar spending budget for the current year."  MORE >>

Ken Steiner, FSA Retired


Moneypalooza Monstrosity: The Multiemployer 100% Bailout

"That a bailout for the PBGC multiemployer pension program would happen was always expected, because people don't want all the union plans to go without protection because one big plan failed. However, we never expected that the failed plans would be made 100% whole."  MORE >>



Are State-Run Auto-IRAs for Private Sector Workers Enough?

"As for whether these programs are 'enough' to close the gap, while the ultimate answer to the question still depends on 'who' is retiring and their 'when' -- based on the data here the answer seems to be, 'No. Not nearly 'enough.' "  MORE >>

Data 'Points'

Employee Benefits Jobs

View job as DB/DC Plan Consultant
for Small NY Actuarial TPA Firm

DB/DC Plan Consultant

Small NY Actuarial TPA Firm

Telecommute / CT / NJ / NY

View job as Retirement Plans Technical Consultant
for Retirement Learning Center

Retirement Plans Technical Consultant

Retirement Learning Center

Telecommute / Brainerd MN

View job as Defined Contribution Processor
for BTHR Solutions

Defined Contribution Processor

BTHR Solutions


Selected New Discussions

Allow Permanent Opt-Outs for Participants in Money Purchase Plan?

"A DC (Money Purchase) Plan (volume submitter) has a provision in the compensation definition section (shown below) that allows the owners to sign a form that states that their compensation for the year of the effective date of the plan and all future years is $0. Their contribution based on this is $0, and only the employees receive an annual contribution. Are there any issues with this?"

BenefitsLink Message Boards

Roll Over a Participant Loan Into an IRA?

"A participant with an outstanding loan can roll over the loan into an IRA, correct? Can anyone provide more details?"

BenefitsLink Message Boards

Late Correction of ADP Failure: Big Plan But Small Amounts

"401(k) plan with several hundred participants had an ADP failure. Small failure -- between $1,000 and $1,500 had to be distributed to 1 HCE. Of course it can be corrected by a QNEC (prohibitively expensive) or the 'one to one' correction method. Problem with one-to-one is that the amounts are so small that it amounts to a QNEC of just a few cents for many eligible NHCE's. Anyone have brilliant creative thoughts?"

BenefitsLink Message Boards

Press Releases

Kantor and Kantor, LLP Launches New Podcast

Kantor & Kantor LLP

FSA Users Are Increasing Contributions and Anticipating Approval of PPE Eligibility

New Campaign Spotlights Health Insurance Providers Delivering Care and Coverage that Works

AHIP [America's Health Insurance Plans]

Webcasts and Conferences

Roth 401(k): Who, What, Why and How

March 25, 2021 WEBCAST

Worldwide Employee Benefits Network [WEB]

ERISA Class Action Waiver and Arbitration Provisions: Recent Court Rulings, Plan Amendments, Employment Agreements

April 29, 2021 WEBCAST


Last Issue's Most Popular Items

One Cent, Two Cents, Red Cents, Blue Cents: What Counts as Plan Compensation?

Ferenczy Benefits Law Center

COLA Freeze Not Included in Senate Version of COVID Relief Bill

American Retirement Association [ARA]

Second Circuit Reverses Order Compelling Arbitration of ERISA Fiduciary Breach Claims

Roberts Disability Law

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

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