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Retirement Plans Newsletter

April 9, 2021

5 Jobs Today


[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


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

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

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 >>


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

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]

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

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

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 >>


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]

Benefits in General

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

Employee Benefits Jobs

View job as 401(k) Plan Administrator
for Pension Investors Corp 401(k) Plan Administrator

Pension Investors Corp

Telecommute / Hollywood FL

View job as 401(k) Plan Administrator
for Pension Investors Corp

View job as 401(k) Retirement Plan Administrator
for Heritage Pension Advisors, Inc. 401(k) Retirement Plan Administrator

Heritage Pension Advisors, Inc.

Telecommute / Commack NY

View job as 401(k) Retirement Plan Administrator
for Heritage Pension Advisors, Inc.

View job as Client Service Manager
for July Business Services Client Service Manager

July Business Services

Telecommute / Waco TX

View job as Defined Benefit Administrator - Experienced
for MGKS Defined Benefit Administrator - Experienced


Telecommute / AZ

View job as Defined Contribution MEP Account Manager
for Nova 401(k) Associates Defined Contribution MEP Account Manager

Nova 401(k) Associates

Telecommute / Houston TX / Dallas TX / Scottsdale AZ

Selected New Discussions

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

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

Press Releases

Plan Sponsor of the Year – Winners for 2020

ABG Retirement Plan Services [ABG]

DFW Business Group on Health Announces Two New Directors

DFW Business Group on Health

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Strategies for a Dispersing Workforce: Legal, Financial, Cultural, Health, and Benefits Considerations

April 16, 2021 WEBCAST

Marsh & McLennan Agency LLC [MMA]

ESOPs: An Attractive Structuring Opportunity for Succession Planning, Wealth Creation and Client Retention

April 22, 2021 WEBCAST

PKF O'Connor Davies

ESOPs as a Succession Planning Tool: Delivering Massive Benefits to Participants, Complying With ERISA Requirements

June 10, 2021 WEBCAST


Controlled Group Liability and Successor Employer Rules: ERISA and IRC Provisions, Limiting Claims, Seller Liability

June 10, 2021 WEBCAST


Washington Pulse: Practical and Tactical Actions for Plan Sponsors

June 15, 2021 WEBCAST

Retirement Learning Center

Last Issue's Most Popular Items

DOL Offers Guidance on How to Keep Track of Your Plan Participants, Part 1 (PDF)

Boutwell Fay LLP

IRS TE/GE Division Releases New Compliance Initiatives


Are You Sure You Can Use the QPAM Exemption?

Stradley Ronon

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

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