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Retirement Plans Newsletter

April 21, 2021

5 Jobs Today


[Guidance Overview]

New Cybersecurity Guidance Applicable to Employee Benefit Plan Contracting

"[A] plan fiduciary should include in the RFP cybersecurity questions and representations that a service provider must respond to/agree to make in order to be considered for the engagement.... Plan fiduciaries should revisit [existing] service provider agreements and their service provider monitoring process to ensure the ... best practices are included in those existing agreements."  MORE >>

Winston & Strawn LLP

[Sponsor] – Plan Data Intelligence (PDI)

PDI is a powerful 5500 database. Find prospects and demonstrate value add with best-in-class Operational Benchmark Reports. Benchmark plans against standard and customized user-defined peer groups. Learn more or 612-605-2266

Sponsored by Burrmont Compliance Labs LLC

[Guidance Overview]

DOL Puts Plan Sponsors and Other Fiduciaries on Notice: ERISA Requires Appropriate Precautions to Mitigate Cybersecurity Threats

"[T]he Cybersecurity Guidance formally states the DOL's position that cybersecurity is a matter of fiduciary responsibility under ERISA ... [T]he Cybersecurity Guidance does not weigh in on the issue of whether ERISA would preempt cybersecurity regulations or laws at the state level -- often a driving source of cybersecurity legal risk."  MORE >>

Sidley Austin LLP

[Guidance Overview]

Must Death Distributions Under the 10-Year Rule Be Taken Annually?

"The IRS's apparent interpretation of the SECURE Act would require annual distributions over the 10-year period and is contrary to what many commentators ... believe to be the plain meaning of the SECURE Act. It also runs counter to the legislative history of the provision."  MORE >>

The Wagner Law Group

What DC Plan Sponsors Prefer Retiring Participants Do, and Why It Matters

"[O]nly 17.8% of DC plan sponsors prefer [that participants] leave their plans at retirement.... Considering participants' long-term retirement journey ... adds important context for making plan decisions, including communications strategies, availability of plan distribution options, and qualified default investment alternative (QDIA) selection."  MORE >>

T. Rowe Price

Opportunity for Transformative Enhancement of Retirement Plans

"Despite expected headwinds of economic challenges and societal turmoil, the panelists strongly suggest that we may see significant progress made in retirement plans by 2030. Survey respondents believe this progress will be supported by a combination of factors including technological advancements, legislative initiatives and greater employer commitment. Many feel these factors will play a key role in expanding access to plans and engaging more employees."  MORE >>


Your Retirement Account's Next 8,000 Days – and Beyond

"[A] new retiree in 2021 may spend as much as 20 to 30 years -- 8,000 days or more -- in retirement.... [A] current global slowdown in population growth and enhanced longevity will impact how we think about and plan for retirement in the future.... So, what are some practical ways to address longevity within your retirement portfolio?"  MORE >>

U.S. News & World Report

Executive Compensation and Nonqualified Plans

[Guidance Overview]

New IRS Memorandum Temporarily Allows Electronic or Digital Signatures for Code Section 83(b) Elections

"The April 2021 Memo revises an existing IRS memorandum issued on December 28, 2020, which temporarily allowed electronic or digital signatures for certain forms due to concerns relating to in-person contact during the COVID-19 pandemic, but did not extend this relief to Section 83(b) Elections."  MORE >>

Thomson Reuters Practical Law

NQDC Plan Participation Continues to Grow

"[R]oughly 66 percent of nonqualified deferred plan eligible employees participated in employer NQDC plans in 2020, in contrast to the 53.4 percent of employees who participated in their organization's NQDC plan per the PSCA's 2018 study.... NQDC plan participation documented by the 2020 study, accounted for deferral of, on average, 10.5 percent of the employee's base pay."  MORE >>

Fulcrum Partners LLC

Employee Benefits Jobs

View job as Retirement Program Analyst
for Advanced Drainage Systems, Inc. Retirement Program Analyst

Advanced Drainage Systems, Inc.

Hilliard OH

View job as Senior Retirement Plan Compliance Analyst
for Empower Retirement Senior Retirement Plan Compliance Analyst

Empower Retirement


View job as Regional Solicitor
for Office of the Solicitor, U.S. Department of Labor Regional Solicitor

Office of the Solicitor, U.S. Department of Labor

Telecommute / Los Angeles CA / Seattle WA / San Francisco CA

View job as Senior Actuarial Consultant
for USI Consulting Group Senior Actuarial Consultant

USI Consulting Group

Glastonbury CT

View job as Business Analyst
for IJOIN Business Analyst



Selected New Discussions

Two Unrelated Medical Practices Are Sharing Employees

"I have two doctors whose businesses do not constitute either a controlled group or affiliated service group. They have a shared employee relationship where one doctor pays the shared employees through his payroll and the other doctor reimburses for his attributable portion of the pay. My question here is prior service crediting. Is it permissible to credit all hours of service going forward from inception of the shared employee relationship?"

BenefitsLink Message Boards

Payroll-Based Safe Harbor Matching Contributions Were Deposited Late

"Employer missed the SH match for several employees in 2020. Most of the other employees were OK. It's a payroll-based SH Match, so the contribution must be made no later than the end of the quarter following the quarter in which the deferrals were taken. Did they just blow the SH protection for both ADP/ACP tests and Top Heavy?"

BenefitsLink Message Boards

Press Releases

Blue Ridge Acquires Coastal Pension Services, Inc.

Blue Ridge ESOP Associates

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Women in Retirement Services: A Webinar Series

April 22, 2021 WEBCAST


Coverage: The Foundation for Non-Discrimination

May 5, 2021 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

Form 5500: Update, Troubleshooting and Audit Triggers

June 2, 2021 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

Last Issue's Most Popular Items

IRS Publication 4484: Choosing a Retirement Plan (PDF)

Internal Revenue Service [IRS]

Key Takeaways from the DOL's 'Best Practices' Missing Participant Guidance

Mayer Brown

DOL Issues New Cybersecurity Guidance for Retirement Plans


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

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