[Guidance Overview]

DOL Steps Into the Cybersecurity Discussion

"[The 'best practices'] guidance provides fairly extensive detail for each of the 12 items, which range from a description of what the DOL expects to see in a formal, documented cybersecurity program to stressing the importance of annual internal risk assessments along with external audits of security controls."  MORE >>

Proskauer

[Guidance Overview]

Cybersecurity: New DOL Guidance for Retirement Plans

"Plan sponsors and fiduciaries should anticipate that this new guidance will serve as the basis for future DOL retirement plan audits and adjust their security programs to follow the DOL's best practices."  MORE >>

Bradley

[Guidance Overview]

DOL Issues FAQs on PTE 2020-02 (Fiduciary Investment Advice)

"Regarding whether an investment advice provider can avoid fiduciary status with a fine print disclaimer that no mutual agreement, arrangement, or understanding exists between the parties, the FAQs explain that such written statements may be considered in determining whether a mutual understanding exists, but will not be treated as determinative.... The FAQs reiterate and elaborate on the requirements of PTE 2020-02."  MORE >>

Thomson Reuters Practical Law

Ninth Circuit: No Fiduciary Breach for Miscalculation of Pension Benefits, But State Law Negligence Claims Not Preempted by ERISA

"[T]he court determined that Plaintiffs failed to state a claim for breach of fiduciary duty ... because calculation of benefits pursuant to a formula is not a fiduciary function.... [T]he court determined that Plaintiffs' state-law professional negligence and negligent misrepresentation claims are not preempted by ERISA because they do not have a 'reference to or connection with' an ERISA plan." [Bafford v. Northrop Grumman Corp., No. 20-55222 (9th Cir. Apr. 15, 2021)]  MORE >>

Roberts Disability Law

Retirement Security Survey, Q1 2021

35 pages. "Only 16% of employers feel that most of their employees are saving adequately for retirement ... Only 2 in 10 employers consider employee demographics when making benefit decisions.... One-third of employers do not offer resources to help employees transition to retirement."  MORE >>

Principal Financial Group

Outline of Possible Federal Legislation: SECURE 2.0 and Revenue Raisers

13 presentation slides. "[1] RMD age increased from 72 to 75 ... [2] Permitting employers to match student loan repayments ... [3] Part-time employee eligibility: from 3 years of 500 hours to two years ... [4] Virtually all inadvertent plan and IRA errors may be self-corrected without a submission to the IRS ... [5] Imposing an overall cap on retirement benefits ... [6] Requiring all catch-up contributions to be Roth ... [7] Permitting matching contributions to be made on a Roth basis if elected by the participant."  MORE >>

Davis & Harman, for American Benefits Council

Corporate Pensions Near ‘Full Funding,' Funded Ratio Up to 98.4% in March

"March was a great month for corporate pensions, with the funded status of plans improving by $62 billion, thanks to a 24-basis-point increase in the monthly discount rate, from February's 2.88% to 3.12% as of March 31.... [T]he funded status deficit for these plans dropped to $29 billion at month's end, compared to February's $91 billion."  MORE >>

Milliman

Required Minimum Distributions Return in 2021. Prepare for New Complexities and Rules

"Anyone who inherited a retirement account due to an account owner's death in 2020 needs to ensure they are following the new SECURE Act inherited RMD rules.... As long as you remember to take them by the end of the year, there's no significant benefit to taking out RMDs early in the year as opposed to later. "  MORE >>

Forbes

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Can't Give 45-Day Notice Requirement for Safe Harbor Correction

"Employee made deferral election upon beginning employment in September 2020. Recently discovered that no deferrals were made from September through December 2020. We can't meet the 45-day notice requirement under the safe harbor correction method. Should we go ahead and make the 25% QNEC plus earnings and give the employee notice and move on or must we correct under the regular method for missed deferrals?"

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ARPA Benefits Compliance Updates and FAQ, Part 3

RECORDED

NFP Corp.

Retirement Committee Field Guide: The Basics of Retirement Committee Organization and Operation, Part 2

RECORDED

Mintz

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IRS Surprises with Apparent Explanation of the SECURE Act 10-Year Rule

Slott Report

DOL Issues Cybersecurity Best Practices for ERISA-Covered Retirement Plans

Jackson Lewis P.C.

Rollovers, 'Regular Basis' Are Focus of DOL Fiduciary Guidance

American Retirement Association [ARA]