BenefitsLink.com logo
EmployeeBenefitsJobs.com logo

Retirement Plans Newsletter

March 17, 2021

5 Jobs Today (scroll to view)

 

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 41

"It is possible to comply with the non-enforcement policy (the Impartial Conduct Standards) fairly easily ... However, it is not possible to satisfy the full set of conditions in the PTE by December 21 without significant changes."  MORE >>

FredReish.com

[Sponsor]

Pensions on Peachtree, Virtual - April 26-27 - Register Now

FIS and the Ferenczy Benefits Law Center present the virtual Pensions on Peachtree on April 26-27. Keeping Current; EPCRS; MEPs, PEPs; Prohibited Transactions; SH Plans; Ethics; Ask the Oracles. Up to 9 CE credits, incl. 1 Ethics. Register today!

Sponsored by FIS

[Guidance Overview]

IRS Reminds Taxpayers of Recent Changes to Retirement Plans

"Individuals who reached 70½ in 2019 or earlier, did not have an RMD due for 2020. For 2021, they will have an RMD due by Dec. 31, 2021. Individuals who did not reach age 70½ in 2019 will reach age 72 in 2021 will have their first RMD due by April 1, 2022, and their second RMD due by Dec. 31, 2022."  MORE >>

Internal Revenue Service [IRS]

$59 Million Settlement in Pension Plan Actuarial Assumption Litigation

"According to the Court, the average benefit increase under the settlement is $21.40 each month, and the present value of the average class member's net benefit under the settlement is $4,737. Based on the Plans' records, there are over 10,000 class members." [Cruz v. Raytheon Co., No. 19-11425 (D. Mass. settlement agreement filed Feb. 12, 2021; approved Feb. 23, 2021)]  MORE >>

Greenberg Traurig

Pension Contributions: Consider Something More Than the Bare Minimum

"Recent COVID relief legislation changes the funding rules for single employer private pension plans ... In general, taking advantage of this permissible lower contribution will ... [mean] a longer period of paying PBGC premiums and administrative expenses, not to mention the continued internal administration of the plan."  MORE >>

Cheryl Gabriel, CPC, via LinkedIn

Upcoming Deadline icon Don't Forget About Mandated Retirement Plans for California Employers

"Last year, employers with over 100 employees ... had their deadline to adopt a retirement plan and file an exemption or enroll in CalSavers, extended to September 2020.... [E]mployers with 50 or more employees still have a deadline of June 30, 2021, and employers with 5 or more employees have a deadline of June 30, 2022."  MORE >>

Jackson Lewis P.C.

Competitive Pricing Rate for Pension Risk Transfer Costs Drops in February

"During February, the average estimated cost to transfer retiree pension risk to an insurer dropped slightly, from 102.4% of a plan's total liabilities to 102.1% of those liabilities.... Annuity purchase costs reflecting competition amongst insurers also decreased, from 99.6% in January to 99.3% in February."  MORE >>

Milliman

Survey of Individual Retirement Arrangements for Tax Year 2018 (PDF)

"TY2018 saw the largest total contributions to IRA plans to date, at over $70 billion.... Roth IRAs made up more than a third of all IRA-plan contributions (35 percent) and all contributing tax-payers (34.6 percent).... About half of all taxpayers contributing to traditional IRAs (50.7 percent) were more likely to contribute the maximum allowable amount."  MORE >>

Internal Revenue Service [IRS]

Benefits in General

[Guidance Overview]

High Risk Issue icon Plan Administrators, (Re)start Your Timers: Deadlines Extended by COVID Have One-Year Limit

"[P]erhaps more importantly than the deadline guidance, [EBSA Disaster Relief Notice 2021-01] notes that plan fiduciaries must make 'reasonable accommodations' to minimize the possibility of individuals losing benefits/rights because of a failure to comply with deadlines."  MORE >>

Poyner Spruill LLP

One Year Into the Pandemic, COVID-19 Fatigue Takes Hold

"Twenty-six percent of people reported symptoms of anxiety disorder, more than three times the 8 percent ... in the second quarter of 2019.... [O]ne-quarter of individuals [claimed] to have experienced [depressive disorder symptoms], up from 6.5 percent in 2019.... 76 percent say their company should be doing more."  MORE >>

Society for Human Resource Management [SHRM]; membership may be required to view article

Employee Benefits Jobs

View job as ESOP Analyst
for Newport

ESOP Analyst

Newport

West Des Moines IA

View job as Defined Benefit Consultant
for Pension Plan Specialists

Defined Benefit Consultant

Pension Plan Specialists

Vancouver WA

View job as Administrative Coordinator (Entry Level)
for Newport

Administrative Coordinator (Entry Level)

Newport

Fresno CA

View job as Institutional Sales -- Market Development Specialist
for Ameritas

Institutional Sales -- Market Development Specialist

Ameritas

Telecommute / Lincoln NE

View job as Retirement Plan Administrator
for Pinnacle Plan Design

Retirement Plan Administrator

Pinnacle Plan Design

Telecommute / Tucson AZ

Press Releases

Lockton Retirement Services Announces New Leader to Advance Investment Solutions

Lockton

Willis Towers Watson's Enhancement of Its Coverage Checkup Tool Fuels Lower Prescription Drug Costs for Retirees

Willis Towers Watson

iJoin and PenChecks Automate Force-out IRA Processing

PenChecks Trust

Amazon Care to Launch Across U.S. This Summer

Amazon

Webcasts and Conferences

How to Turn a Basic 401(k) Into a Total Financial Wellness Machine

March 25, 2021 WEBCAST

Hall Benefits Law

Spring Virtual Conference

April 14, 2021 WEBCAST

Insured Retirement Institute [IRI]

Last Issue's Most Popular Items

Will ARPA Multiemployer Pension Provisions Bring Relief to Employers?

Jackson Lewis P.C.

Magistrate Judge Says Aon, Alight Can't Evade Lawsuit over Pension Risk Transfer Services

PLANSPONSOR; free registration may be required

ARPA Employee Benefits Provisions

Thomson Reuters Practical Law

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

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.

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

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers. We are not involved in their production and are not responsible for their content.