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Retirement Plans Newsletter

April 19, 2021

5 Jobs Today


[Guidance Overview]

DOL Issues Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Recordkeepers, and Plan Participants

"DOL's guidance is grounded in the premise that responsible plan fiduciaries have a duty to mitigate cybersecurity risk.... This cybersecurity guidance package, issued after DOL's response to the GAO Report, shifts from DOL's previous principles-based approach to a much more prescriptive approach."  MORE >>

Groom Law Group


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[Guidance Overview]

EBSA Issues New Guidance for Mitigating Retirement Plan Cybersecurity Risk

"[T]he guidance outlines considerations [plan sponsors] can use to determine that service providers follow strong cybersecurity practices. EBSA views this guidance as a complement to its regulations on electronic records and disclosures to plan participants and beneficiaries[.]"  MORE >>

Epstein Becker Green

[Guidance Overview]

DOL Releases Cybersecurity Guidance for Plan Fiduciaries

"The DOL has done a nice job of gathering information and recommendations from all sides of the retirement plan industry and putting forth a useful set of guidelines for plan sponsors to consider.... Similar types of DOL guidance in the past ... have become standards that many litigation and regulatory enforcement actions measure a plan fiduciary against."  MORE >>


[Guidance Overview]

DOL Releases FAQs on PTE 2020-02, Foreshadows Future Activity on Investment Advice

"[T]he FAQs make clear that DOL intends to make further changes to the existing regulatory framework for providing fiduciary advice in the future, which may include promulgating a new fiduciary rule and amending or revoking other exemptions financial institutions currently rely upon in providing services to the retirement industry."  MORE >>

Groom Law Group

[Guidance Overview]

DOL Publishes Additional Guidance on the Fiduciary Advice PTE

"The PTE is primarily targeted at financial institutions. But the new rule ... is generally intended to in many cases make, e.g., call center operators affiliated with financial institutions 'advice fiduciaries.' This will likely require plan fiduciaries to monitor those advice fiduciaries' compliance with the PTE."  MORE >>

October Three Consulting

Claims Against Astellas, Aon Move Forward in Untested CITs Lawsuit

"The plaintiffs allege that instead of acting in the exclusive best interest of participants, [Aon] ... acted in its own interest by causing the plan to invest in Aon's proprietary collective investment trusts (CITs) for Aon's benefit. The Astellas defendants are also accused of failing to use the plan's bargaining power to negotiate reasonable fees for investment management services." [Miller v. Astellas US LLC, No. 20-3882 (N.D. Ill. Apr. 13, 2021)]  MORE >>

PLANSPONSOR; free registration may be required

ESG Mutual Fund Portfolios for Retirement Savers

"Interest in ESG investing comes from investors of all ages, but younger investors appear to have a particular affinity for investing in line with their personal principles.... [This article describes] a series of ETF model portfolios geared toward people who are still accumulating assets for retirement, as well as 'bucket' portfolios for people who are retired and actively drawing from their portfolios for living expenses."  MORE >>


Legal and Ethical Implications of Public Pension Reform: Analyzing the New Constitutional Cases

"[This] study's contribution to the literature lies in its interwoven discussion of landmark constitutional litigation and contemporary ethical theories applied in the government pension reform context. This interdisciplinary analysis is a first step toward re-thinking how state and local governments can (and should) be legally and morally accountable in this era of austerity."  MORE >>

T. Leigh Anenson and Jennifer Gershberg, via SSRN


Once They Catch On, PEPs Could Grow Exponentially

"The current hesitancy over how they will take shape will be overcome by appreciation among advisers and sponsors alike at the prospect of expanding retirement coverage[.]"  MORE >>


Executive Compensation and Nonqualified Plans

CFO Decision Making: Integrating Executive Benefits Into Employee Engagement

"The purpose and design of executive benefits should be different now because the world itself is different. But what do these differences look like and what steps should Chief Financial Officers (CFOs) be taking?"  MORE >>

Fulcrum Partners LLC

Employee Benefits Jobs

View job as Implementation Specialist
for Ubiquity Retirement + Savings Implementation Specialist

Ubiquity Retirement + Savings

Telecommute / San Francisco CA

View job as Implementation Specialist
for Ubiquity Retirement + Savings

View job as Sales Support Specialist - Pensions & Benefit Solutions Consultant
for Wolters Kluwer Sales Support Specialist - Pensions & Benefit Solutions Consultant

Wolters Kluwer

Telecommute / IL

View job as 401k & Defined Contribution Plan Consultant
for Planned Retirement Administrators & Consultants, LLC 401k & Defined Contribution Plan Consultant

Planned Retirement Administrators & Consultants, LLC

Telecommute / Ridgewood NJ

View job as Defined Benefit Plan Consultant
for Planned Retirement Consultants & Administrators, LLC Defined Benefit Plan Consultant

Planned Retirement Consultants & Administrators, LLC

Telecommute / Ridgewood NJ

View job as Relationship Manager
for Newport Relationship Manager


Telecommute / CA

Selected New Discussions

Recordkeeping Platforms Want Right to Approve Trust Provisions in Restated Plan Documents

"This week, we received notifications from a couple of vendors/recordkeeping platforms saying that, because trust provisions are no longer in the IRS pre-approved documents, we need to notify them (the vendor) and send them a copy of the PROPOSED plan restatement provisions, at LEAST 30 days prior to sending them a copy of the restated plan. And these are plans where the employer is the Trustee, or it's a corporate Trustee. My feeling: If they have a problem with it, we can amend the plan, or the employer can find another vendor if the vendor won't handle the employer's desired provisions, if it's important enough to the employer. Are other TPAs getting these requests?"

BenefitsLink Message Boards

Adjustment of Section 415 for Participant Who Is 71

"The 415 limit is $19,166. This increases if the participant is age 71 (provided the participant had enough salary average to cover). Correct? If this is indeed increased, it's increased from 65 to 71 and not from 62 to 71. Correct?"

BenefitsLink Message Boards

Guaranteed Payments Qualify as 'Earned Income' for IRA Deductibility Purposes?

"Client owns a 50% membership interest in an LLC being taxed as a partnership. LLC had a loss on the year, but the client received taxable income in the form of guaranteed payments. This amount qualified as 'earned income' and can be contributed to an IRA, correct?"

BenefitsLink Message Boards

Press Releases

Pentegra and EPIC Retirement Plan Services Launch New 3(16) Fiduciary Solution

Pentegra Retirement Services

Last Issue's Most Popular Items

DOL Steps Into the Cybersecurity Discussion


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


Outline of Possible Federal Legislation: SECURE 2.0 and Revenue Raisers

Davis & Harman, for American Benefits Council

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

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