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Retirement Plans Newsletter

March 29, 2021

3 Jobs Today


[Official Guidance]

Treasury Department Notice of Multiemployer Pension Plan Application to Reduce Benefits: Warehouse Employees Union Local No. 730 Pension Trust

"The Board of Trustees of the Warehouse Employees Union Local No. 730 Pension Trust ... has submitted an application to reduce benefits under the plan in accordance with [MPRA].... [T]he application ... has been published on the website of the Department of the Treasury ... Comments must be received by [May 14, 2021]."  MORE >>

U.S. Department of the Treasury

[Guidance Overview]

2020 IRA Contribution Deadline Extended

"On March 17, 2020, the IRS extended the 2020 federal income tax-filing deadline to May 17, 2021. The extension also extends the deadline until May 17 to make a 2020 prior year contribution to a traditional or Roth IRA.... If you live in Oklahoma, Louisiana, or Texas, the federal tax filing deadline had already been extended to June 15. As such, the IRA contribution deadline in those states is also June 15."  MORE >>

Slott Report

Plan Funding Strategy After ARPA

"[In] developing a funding strategy that maximizes the financial benefit to the company, [some sponsors] will wish to consider the benefits of retaining cash vs. the increased costs (primarily, increased PBGC VRPs) resulting from reduced funding.... How does portfolio strategy affect this analysis?"  MORE >>

October Three Consulting

ARPA Causes Musicians' Pension Trustees to Rethink Benefit Cuts

"With the new pension provisions now in place, the trustees of the American Federation of Musicians Employers Pension Fund (AFM-EPF) announced that they 'decided to withdraw the plan's application' to the U.S. Treasury Department to reduce benefits for about one-half of the plan's 50,000 members under [MPRA]."  MORE >>

Pension Rights Center

Federal and State Income Taxes on Retirement Income: How Much Will Retirees Owe?

"[H]ouseholds in the aggregate will have to pay about 6 percent of their income in federal and state income taxes.... For the lowest four quintiles, taxes are negligible -- ranging from 0 percent to 1.9 percent. In contrast, the average liability is 11.3 percent for the top quintile, 16.4 percent for the top 5 percent, and 22.7 percent for the top 1 percent."  MORE >>

Anqi Chen and Alicia H. Munnell, via SSRN


2021 CCA Enrolled Actuaries Conference

Enrolled Actuaries: don’t miss this virtual event offering 18.5 available EA Credits and 39 sessions on subjects for single employer, public plans, multi-employer plans & small plans practitioners as well as updates from the PBGC, IRS & Joint Board.

Sponsored by Conference of Consulting Actuaries [CCA]

Do State and Local Government Employees Save Outside of Their Defined Benefit Plans When They Need To?

"Members of poorly funded pension plans are not more likely to participate in supplemental plans than members of well-funded plans. Employees without Social Security coverage are not compensating with greater participation in supplemental plans."  MORE >>

Laura Quinby and Geoffrey Sanzenbacher, via SSRN

How to Manage Your Inherited IRA: Special Attention Is Required

"Remember the first required minimum distribution. Pay attention to the 10-year rule for inherited IRA distributions. Find out if you qualify for an exception to the 10-year rule. Take care to minimize taxes. Label the account correctly. Consider separating accounts."  MORE >>

U.S. News & World Report

Executive Compensation and Nonqualified Plans

COVID Impact on Executive Compensation

"[A] majority of companies made no substantial changes in 2020 to existing annual or long-term incentives, and 2021 design changes are anticipated to be modest. The likelihood of executive pay changes appears to vary significantly by industry[.]"  MORE >>

Meridian Compensation Partners, LLC

Employee Benefits Jobs

View job as Fiduciary Analyst
for Anchor 3(16) Fiduciary Solutions, LLC View job as Fiduciary Analyst
for Anchor 3(16) Fiduciary Solutions, LLC

Fiduciary Analyst

Anchor 3(16) Fiduciary Solutions, LLC

Telecommute / Wexford PA

View job as Administrator II - Retirement Plan Services
for P&A Group

Administrator II - Retirement Plan Services

P&A Group

Buffalo NY

View job as Non-ERISA Relationship Manager, Tier 1
for National Benefit Services, LLC

Non-ERISA Relationship Manager, Tier 1

National Benefit Services, LLC

West Jordan UT

Selected New Discussions

Employer's Overpayment on Paycheck Causes Additional Deferrals and Additional Matching Contributions

"If someone is overpaid from a payroll perspective, and it causes an overpayment on a deferral and a match, does the overpayment for both need to be put into a forfeiture/suspense account? Or can they be paid back to the company due to a 'mistake of fact'?"

BenefitsLink Message Boards

Can Sole Proprietor's DB Plan Invest in Bitcoin? What About a 401(k)?

"Can a one person sole proprietor with DB plan investment in Bitcoin? Anything to consider?"

BenefitsLink Message Boards

Plans Are Merged -- Requires Amendment for Recently Changed Laws?

"When a plan terminates it has to be updated for recent law changes. But what about when a plan merges into another plan? Does the same requirement apply to the plan that will not survive the merger?"

BenefitsLink Message Boards

Press Releases

SageView Advisory Group Acquires Remaining Retirement Plan Business from Arnerich Massena

SageView Advisory Group

HUB Retirement and Private Wealth Launches Retirement Select for Small- to Mid-Sized Businesses

HUB International

OneAmerica® Teams with iHR® to Service Employee Benefits Clients


Webcasts and Conferences
(Retirement Plans or Exec Comp)

Employee Benefits Legislative and Administrative Update

April 1, 2021 WEBCAST


Fiduciary Institute Series 2021: Part 3 - Fiduciary Issues for Section 403(b) Annuity and Custodial Plans

April 9, 2021 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Fiduciary Institute Series 2021: Part 4 - Fiduciary Responsibilities For Vendors and New Fiduciary Obligations As Part of the Annual Audit

April 9, 2021 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Creating Better Retirement Outcomes: Plan Design, Financial Wellness & Retirement Income Solutions

April 22, 2021 WEBCAST

Pension Education Council of Atlanta [PECA]

Last Issue's Most Popular Items

Changes Ahead for Employee Benefit Plan Audits

The Central New York Business Journal

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


Coronavirus-Related Distributions: Repayments and Reporting

American Retirement Association [ARA]

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

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