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Retirement Plans Newsletter

March 26, 2021

4 Jobs Today


[Official Guidance]

Upcoming Changes for PBGC Premium Filings Created with Private-Sector Software

"On Monday, April 26, 2021, PBGC will launch a new version of the My Plan Administration Account (My PAA) premium filing application. The most notable changes relate to premium filings created with private-sector software, especially with respect to the 'upload' process."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


DCIIA/SPARK Public Policy Series

DCIIA/SPARK Public Policy Series, May 4 – 6, 2021 (domestic themes) and June 23 – 25, 2021 (global themes). Topics include: Updates from the Hill and DOL / Treasury, Workplace of the Future, Privacy and cybersecurity. Register Now.

Sponsored by SPARK and DCIIA

Coronavirus-Related Distributions: Repayments and Reporting

"[N]ot only can the participant report the distribution amount over a 3-year period, but in fact the participant is also allowed to pay back some or all of the CRD anytime in the three years following the date of distribution ... [and then] pay no taxes on the distribution. This increases the burden on administrative services and accounting reconciliation."  MORE >>

American Retirement Association [ARA]

A Technical Analysis of 'Small Amount' Cash-Outs from 403(b) Plans

"ERISA ... does not require the distribution to be in cash, nor that it be accomplished through a rollover, nor does it require uniform treatment for all participants or prohibit employer discretion. This means that it is permissible to force an in-kind distribution of a 'small' annuity contract from the plan under ERISA."  MORE >>

Business of Benefits

Exceptional Usefulness and Quality icon Navigating the Number Jumble: A 403(b), 401(k), and 457(b) Comparison

"[F]or those plan sponsors with choice, like private tax-exempt 501(c)(3) charitable organizations, digging into the differences may help clarify which plan type, or combination of plan types, to offer. [This article discusses and compares] the most significant distinctions among the three types of plans[.]"  MORE >>


BlackRock to Pay $9.7 Million Settlement Over ERISA Allegations

"The complaint alleged that BlackRock 'selected and retained high-cost and poor-performing investment options, with excessive layers of hidden fees that are not included in the fund expense ratios' in the 401(k) plan and noted that 'almost all' of the investment options in the plan were BlackRock funds."  MORE >>

Pensions & Investments

TD Ameritrade's Retirement Plan Unit Being Merged Into Schwab

"Charles Schwab is dropping the TD Ameritrade Retirement Plan business that serves RIAs and integrating it into the Schwab Retirement Network for Advisors. The development comes nearly six months after Schwab completed its $22 billion purchase of the former rival."  MORE >>


Benefits in General

Exceptional Usefulness and Quality icon Changes Ahead for Employee Benefit Plan Audits

"In July 2019, the AICPA Auditing Standards Board (ASB) issued AICPA Statement on Auditing Standards No. 136, 'Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA' ... [which] prescribes certain new performance requirements for ERISA plan financial-statement audits and changes the form and content of the related auditor's report."  MORE >>

The Central New York Business Journal

Employee Benefits Jobs

View job as 401(k) Administrator
for TPS Group

401(k) Administrator

TPS Group

Telecommute / North Haven CT

View job as Benefits Advisor
for Employee Benefits Security Administration [EBSA]

Benefits Advisor

Employee Benefits Security Administration [EBSA]

Telecommute / CA / FL / GA / IL / KY / MA / MD / MO / NY / PA / TX / WA

View job as Manager, Plan Consulting Reporting Services
for Sentinel Benefits & Financial Group

Manager, Plan Consulting Reporting Services

Sentinel Benefits & Financial Group

Wakefield MA / NH / RI

View job as 401(k) Support Staff
for Retirement, LLC

401(k) Support Staff

Retirement, LLC

Oklahoma City OK

Selected New Discussions

Issue 2021 Form 1099-R Now, Rather Than Waiting Until January 2022?

"We have a client who is a dentist selling his practice and terminating his plan. All 7 participants are rolling their money over to IRAs. I expect this should be complete by the end of the week. Is there any way to issue the 1099-Rs now rather than waiting until January?"

BenefitsLink Message Boards

Report a Short Plan Year on Form 5500 for Calendar Year Plan's Termination as of January 31, 2021?

"I need help understanding when to use a short plan year. Employer closed the business 01/31/2021. Plan amendment has been done terminating plan as of 01/31/2021. Is this a short plan year for just the one month, even though we'll be processing withdrawals in the coming months? Do we date the Form 5500 01/01/2021 - 01/31/2021, or 01/01/2021 - 12/31/2021?"

BenefitsLink Message Boards

No Form 5500 Filed Since 403(b) Plan's Inception in 2004

"We took on a client -- the sponsor of a 403(b) plan -- that has never filed a Form 5500. The plan established in 2004. We are filing the late returns under the DFVC program. Because Form 5500-SF is not available for years prior to 2009, is it OK to file Form 5500 from 2004-2008 and Form 5500-SF for 2009-2019? Or should we use the same Form for all open years?"

BenefitsLink Message Boards

Press Releases

OneDigital Acquires Your Benefits Partner, LLC

OneDigital Health and Benefits

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Fiduciary Institute Series 2021: Part 2 - Benefit Claims

April 7, 2021 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Fiduciary Institute Series 2021: Part 1 - Introduction to Fiduciary Governance

April 7, 2021 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

Sharing Retirement Plan Information Online? Here's What Not to Do

Cassell Plan Audits

Will Moving My Company Ownership Into a Trust Impact Our 401(k) Plan?


DOL Puts Enforcement of Retirement Plan ESG Rules on Hold

King & Spalding

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

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