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Retirement Plans Newsletter
April 9, 2021
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► 5 Jobs Today
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[Guidance Overview]
Updated IRS Publication 590-B Provides Insights on Post-Death RMD Rules After the SECURE Act
"While we await proposed regulations ... to reflect the significant changes made to the required minimum distribution (RMD) rules under the SECURE Act, the 2020 IRS Publication 590-B for IRA distributions gives us a look into the current IRS thinking. It also has a nice summary of the disaster relief provisions that apply to IRAs." MORE >>
Groom Law Group
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[Sponsor]
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.
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Is Participant Data a Plan Asset? Another Court Says No
"The Court noted that ... courts otherwise look to 'ordinary notions of property rights under non-ERISA law' in considering plan assets questions. Applying [that] standard, the Court indicated it was unable to conclude that participant data amounted to an ERISA plan asset." [Harmon v. Shell Oil Co., No. 20-021 (S.D. Tex. Mar. 30, 2021)] MORE >>
Groom Law Group
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DOL Urged to Give Retirement Plans Cybersecurity Guidance
"GAO recommends DOL formally state that plan fiduciaries are legally responsible for mitigating cybersecurity risks. GAO also calls on DOL to issue cybersecurity guidance detailing specific steps for plans to protect participant accounts and personally identifiable information (PII)." MORE >>
Mercer
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Millions Speed Up Retirement in Pandemic
"More than 3.1 million Americans age 55 or older plan to apply for Social Security benefits earlier than they once thought because of the pandemic ... 1.4 million people in the same age group [anticipate] working longer ... The upshot is a net 1.7 million early retirements ... The shift may prove especially significant for some regions." MORE >>
Treasury & Risk; free registration required
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Retirees in Profile: Evaluating Five Distinct Lifestyles in Retirement
"Factors such as available assets and income in retirement, debt, health status, marital status, and even gender impact retirement needs and outcomes. What are the common profiles of retirees, and what can we learn from them?" MORE >>
Employee Benefit Research Institute [EBRI]
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Alaska Supreme Court Grants Access for Some to Shuttered DB Plans
"The court's decision found that the state violated the Alaska Constitution when it repealed the statutes of the $22.1 billion Alaska Public Employees' Retirement System and $10.4 billion Alaska Teachers' Retirement System, allowing for reinstatement in those plans." [Metcalfe v. State of Alaska, No. 7512 (Alaska Apr. 2, 2021)] MORE >>
Pensions & Investments
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District Court Holds Montana's Slayer Statute Is Not Preempted by ERISA
"The court noted that this issue has not been addressed by Montana's Supreme Court nor the 9th Circuit. It also noted, however, that the U.S. Supreme Court ... explained that the underlying principle of slayer statutes and their uniformity across jurisdictions, leaned toward a finding that ERISA does not preempt such laws." [Hartford Life Ins. Co. v. LeCou, No. 19-017 (D. Mont. Apr. 8, 2021)] MORE >>
Roberts Disability Law
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Pennsylvania Pension System Officials Disclose Federal Probe
"Officials atop Pennsylvania's largest public pension system have received subpoenas from federal investigators, although the $64 billion Public School Employees' Retirement System has yet to publicly discuss the nature or scope of the newly disclosed inquiry." MORE >>
WHYY
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What's the Impact of Recordkeeper Consolidation?
"Roughly two-thirds [of] respondents had worked with recordkeepers undergoing consolidation as the consolidate ... 47% -- Some clients converted, others looked for/found a new provider. 19% -- Clients converted without incident. 17% -- Clients considered alternatives, but converted. 11% -- Clients converted -- but it was rough. 6% -- Clients moved to another provider." MORE >>
American Retirement Association [ARA]
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Benefits in General |
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Eleventh Circuit: One Party's Attorney Can't Be Held Personally Liable for the Other Party's Attorney Fees under ERISA
"The [district] court directed the claimant's attorney, rather than the claimant herself, to pay the fees to the insurer, because the attorney was responsible for prolonging the litigation of moot arguments despite having 30 years of ERISA experience.... [T]he Eleventh Circuit [overturned, stating] that interpreting ERISA's attorney's fee provision to allow an award of fees against a lawyer would circumvent existing procedures for sanctioning attorney misconduct." [Peer v. Liberty Life Assurance Co. of Boston, No. 19-13974 (11th Cir. Apr. 6, 2021)] MORE >>
Thomson Reuters Practical Law
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Employee Benefits Jobs |
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Selected New Discussions |
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How to Record Plan Net Credits on Form 5500-SF?
"Several of our plans use the Empower platform and receive plan net credits. Empower reports this as negative fees. On the Form 5500-SF is it correct to report this as a negative expense under Administrative service providers?"
BenefitsLink Message Boards
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15-Day Special Notice Period for 204(h) Notices in Connection with Business Transaction
"Would appreciate any experience or guidance around the special 15-day 204(h) notice period rather than the usual 45-day notice period when an amendment reducing benefits is adopted in connection with certain qualifying business transactions. The 'in connection with' language seems fairly broad and flexible but I can't find any guidance on how broadly that is to be interpreted or applied."
BenefitsLink Message Boards
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Press Releases |
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Plan Sponsor of the Year – Winners for 2020
ABG Retirement Plan Services [ABG]
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DFW Business Group on Health Announces Two New Directors
DFW Business Group on Health
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Webcasts and Conferences
(Retirement Plans or Exec Comp) |
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Strategies for a Dispersing Workforce: Legal, Financial, Cultural, Health, and Benefits Considerations
April 16, 2021 WEBCAST
Marsh & McLennan Agency LLC [MMA]
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ESOPs: An Attractive Structuring Opportunity for Succession Planning, Wealth Creation and Client Retention
April 22, 2021 WEBCAST
PKF O'Connor Davies
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ESOPs as a Succession Planning Tool: Delivering Massive Benefits to Participants, Complying With ERISA Requirements
June 10, 2021 WEBCAST
Strafford
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Controlled Group Liability and Successor Employer Rules: ERISA and IRC Provisions, Limiting Claims, Seller Liability
June 10, 2021 WEBCAST
Strafford
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Washington Pulse: Practical and Tactical Actions for Plan Sponsors
June 15, 2021 WEBCAST
Retirement Learning Center
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Last Issue's Most Popular Items |
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DOL Offers Guidance on How to Keep Track of Your Plan Participants, Part 1 (PDF)
Boutwell Fay LLP
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IRS TE/GE Division Releases New Compliance Initiatives
RSM US
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Are You Sure You Can Use the QPAM Exemption?
Stradley Ronon
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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.
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