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Retirement Plans Newsletter
March 17, 2021
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5 Jobs Today (scroll to view)
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[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
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[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!
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[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]
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$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
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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
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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.
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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
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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]
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Benefits in General |
[Guidance Overview]
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
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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
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Employee Benefits Jobs |
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Press Releases |
Lockton Retirement Services Announces New Leader to Advance Investment Solutions
Lockton
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Willis Towers Watson's Enhancement of Its Coverage Checkup Tool Fuels Lower Prescription Drug Costs for Retirees
Willis Towers Watson
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iJoin and PenChecks Automate Force-out IRA Processing
PenChecks Trust
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Amazon Care to Launch Across U.S. This Summer
Amazon
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Webcasts and Conferences |
How to Turn a Basic 401(k) Into a Total Financial Wellness Machine
March 25, 2021 WEBCAST
Hall Benefits Law
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Spring Virtual Conference
April 14, 2021 WEBCAST
Insured Retirement Institute [IRI]
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Last Issue's Most Popular Items |
Will ARPA Multiemployer Pension Provisions Bring Relief to Employers?
Jackson Lewis P.C.
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Magistrate Judge Says Aon, Alight Can't Evade Lawsuit over Pension Risk Transfer Services
PLANSPONSOR; free registration may be required
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ARPA Employee Benefits Provisions
Thomson Reuters Practical Law
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.
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