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Retirement Plans Newsletter

April 7, 2021

2 Jobs Today


[Guidance Overview]

IRS Postpones Deadline for 2020 IRA Contributions But Many Important Deadlines Unaffected

"The postponement does not appear to apply to the deadline for distributing excess salary deferral contributions that were made to section 401(k) plans, section 403(b) plans, or SARSEPs.... Employer contribution postponement for sole proprietors only."  MORE >>

Appleby Retirement Dictionary


ASC Webcast: All You Need To Know About the SECURE / CARES Acts

Do you have questions on the implementation of the new rules applicable to retirement plans in the SECURE and CARES Acts? ASC’s John Griffin, JD, LLM will discuss the latest guidance, issues and developments with regard to these acts. Learn More!

Sponsored by ASC

Settlement Details Published in Jander v. IBM

"The company has agreed to pay $4.75 million into a qualified settlement fund within 30 calendar days of the final approval of the settlement by the court.... [T]he money will be distributed by an independent administrator among the IBM ESOP participants and beneficiaries[.]" [Jander v. Ret. Plans Comm. of IBM., No. 15-3781 (S.D.N.Y. settlement agreement filed Apr. 2, 2021)]  MORE >>

PLANSPONSOR; free registration may be required

BlackRock Settles 401(k) Lawsuit for Less Than $10 Million

"The settlement is monetary only and does not require the company to change anything about its plan. Payments will be made to about 17,000 class members, about 30% of whom are former participants in the company's 401(k) ... Of the total $9.65 million settlement, as much as $2.8 million, or 29%, will go to attorneys' fees." [Baird v. BlackRock Inst. Trust Co., No. 17-1892 (N.D. Cal. prop. settlement filed Mar. 23, 2021)]  MORE >>

InvestmentNews; subscription may be required

Courts Weigh In on Participant Data Under ERISA

"Recent cases have alleged that participant data is a 'plan asset' for ERISA purposes, and that either [1] the plan sponsor violates ERISA by permitting the recordkeeper's cross-selling based on that data or [2] the recordkeeper takes on ERISA fiduciary status and then violates the statute by engaging in cross-selling. To date, no court has found that such cross-selling is an ERISA violation by either plan sponsors or recordkeepers."  MORE >>

Eversheds Sutherland

Where, Oh Where, Have the Plan Participants Gone?

"While connecting plan participants with their retirement plan accounts has been a significant area of focus for the DOL for some time now, it's also an important fiduciary obligation that should be addressed on a regular basis."  MORE >>


Reboot, Rewire, or Retire: The Future of Phased Retirement

"The pandemic cut off many activities and options during the last year, and also pushed us into learning to do more remotely and into working with different technologies.... A big question is whether this will enable phased retirees to create more opportunities for themselves."  MORE >>

Pension Research Council, The Wharton School of The University of Pennsylvania

Taking Stock: Q1 2021 Pension Monitor

"U.S. corporate pension plans generally experienced significant gains in funded status in the first quarter, driven by a sharp rise in Treasury rates and positive equity returns....For this period, the funded status of a total-return plan increased 5.3% for March and 12.7% for the quarter, outperforming the LDI-focused plan which rose 2.2% last month and 4.3% for the quarter."  MORE >>


U.S. Pension Briefing, March 2021

"Pension discount rates continued increasing in March, and are up 0.70% so far in 2021, which once again means lower liabilities for pension plan sponsors. Equity market returns were almost universally positive for the month ... [M]ost pension plans will see at least modest improvements in their funded status for the month once again."  MORE >>

River and Mercantile

State and Local Government Contributions to Statewide Pension Plans: FY 2019 (PDF)

"This brief describes how contributions are determined; the recent public employer contribution experience; and trends in employer contributions over time."  MORE >>

National Association of State Retirement Administrators [NASRA]

Near-Retiree Knowledge of Social Security Retirement Benefits

"Just over one-third (35%) of near-retirees (age 55 to 65) failed and another 18% earned a grade of D on a basic knowledge quiz about Social Security retirement benefits, while only 3%, received an A+ by answering all 12 true/false statements correctly ... [O]ver a quarter (26%) of individuals age 60 to 65 have no idea of the full retirement age."  MORE >>



Social Security: What Is It and What Should It Be? (PDF)

"The trust fund out of which benefits are paid is expected to be depleted by around 2035, and at that point incoming tax revenues may only support about three-quarters of promised benefits. Before jumping headlong into solutions, it makes sense to step back and ask what the program really is and should be."  MORE >>

Jim Berberian

Employee Benefits Jobs

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


Employee Benefits Security Administration [EBSA]

Telecommute / Washington DC

View job as Relationship Manager & Retirement Plan Administrator
for Compass Retirement Consulting Group, Inc. / Compass 360, LLC

Relationship Manager & Retirement Plan Administrator

Compass Retirement Consulting Group, Inc. / Compass 360, LLC

Telecommute / Stratham NH / MA

Selected New Discussions

Using Forfeitures to Help Fund Safe Harbor Contribution

"It's my understanding that, at one time, forfeitures were not allowed to be used to fund safe harbor contributions. I can't find when or whether that changed. Is it OK to use forfeitures now to reduce the safe harbor contribution for employees?"

BenefitsLink Message Boards

To Net, or Not to Net?

"Curious as to what approach you take. A sole prop has Schedule C from two different businesses. One has income of $100,000, one has a loss of $50,000. Defined contribution plan. Do you (A) calculate based on $100,000?, (B) Calculate on $50,000?, or (C), Give your opinion (mine is that you don't net the two, so $100,000) to the CPA/Client and let them choose?"

BenefitsLink Message Boards

Press Releases

Fisher Phillips Expands Employee Benefits Capabilities Again in Atlanta

Fisher Phillips

Jackson Lewis Grows Employee Benefits Group With Addition of Alec Nealon

Jackson Lewis LLP

Lockton Expands Pooled Employer Plan Choice for Small Businesses


isolved Announces Most Complete and Comprehensive 401(k) Benefits Offering


Webcasts and Conferences
(Retirement Plans or Exec Comp)

DOL Investigations of Registered Investment Advisers Under ERISA

April 27, 2021 WEBCAST

Faegre Drinker

Multinational Employers: Time for Benefit Plan Review

April 27, 2021 WEBCAST

New England Employee Benefits Council [NEEBC]

Last Issue's Most Popular Items

The Workers' Guide to Retirement Income


Actuaries' Observations on Implementation of ARPA Multiemployer Pension Relief (PDF)

Multiemployer Plans Committee of the American Academy of Actuaries

Happy National Employee Benefits Day, April 6, 2021!

Jackson Lewis P.C.

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

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