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Retirement Plans Newsletter

April 30, 2021

6 New Job Opportunities


[Guidance Overview]

Cybersecurity Best Practices for Retirement Plan Administration

"The 2021 Guidance is the first formal guidance issued by the EBSA on cybersecurity and builds upon a [November 2016 report] by the DOL's ERISA Advisory Council ... The 2021 Guidance does not focus on the cybersecurity of the plan sponsor or the plan fiduciary, but rather the duty of plan fiduciaries for the cybersecurity of plan service providers retained by the plan fiduciaries."  MORE >>

Troutman Sanders

[Guidance Overview]

DOL Issues New Cybersecurity Guidance: What Plans and Service Providers Need to Know

"Although the DOL did not specifically require that the guidance must be followed to meet the fiduciary responsibility standard, the DOL has identified these steps as appropriate precautions to mitigate the risk of cyberattacks, which in turn can help limit exposure to liability even in the face of a cyberattack."  MORE >>

Trucker Huss

[Guidance Overview]

DOL Releases Additional Investment Advice Guidance

"The DOL mentions ... that it anticipates issuing additional investment advice guidance, possibly by amending or revoking other class exemptions and by amending PTE 2020-02 and the investment advice regulation. This approach will allow the DOL to update current guidance without delaying enforcement of the PTE’s core components, such as the policy and procedure requirements."  MORE >>


Exceptional Usefulness and Quality icon Participant Data: Plan Asset, or Fair Game for Recordkeeper Marketing of Non-Plan Products?

"So far, one district court in the Seventh Circuit and one district court in the Fifth Circuit have found that participant data is not a plan asset.... While this issue plays out further in the courts ... plan fiduciaries [should] review their own recordkeeping agreements and consider adding cross-selling restrictions if they want to preclude their recordkeepers from using participant data for cross-selling purposes in the future."  MORE >>

Trucker Huss

New York Court Overturns Regulation 187

"Regulation 187, often described as similar to a fiduciary standard, took effect in 2019 as state officials bypassed a National Association of Insurance Commissioners' effort to create a model standard for annuity sales.... [The April 29] court ruling determined that the bar is too high." [Indep. Ins. Agents and Brokers of New York v. New York State Dept. of Financial Serv., No. 530047 (N.Y. Apr. 29, 2021)]  MORE >>

A Tax-Savvy Approach to Help Make the Most Out of Your Retirement Income

"Consider using your low tax bracket strategically by consistently 'filling up' that bracket with ordinary income from tax-deferred account distributions.... [T]hose who have a healthy portion of assets in taxable accounts may be better served by taking advantage of untaxed capital gains than by taking tax-deferred distributions to fill up ordinary income brackets."  MORE >>

T. Rowe Price

Texas Bill Would Prevent New State Employees from Enrolling in Defined Benefit Pension Plan

"The bill, passed 19-12 in the Texas Senate, closes the $30.9 billion Austin-based system's traditional defined benefit plan effective Sept. 1, 2022 and state workers hired as of that date would be enrolled in a cash balance plan. The bill was introduced in order to address the pension fund's unfunded liability of over $14.7 billion[.]"  MORE >>

Pensions & Investments

Employee Benefits Jobs

View job as Retirement Plan Relationship Manager
for ERISA Services, Inc. Retirement Plan Relationship Manager

ERISA Services, Inc.


View job as Retirement Plan Relationship Manager
for ERISA Services, Inc.

View job as Retirement Plan Administrator
for Premier Plan Consultants Retirement Plan Administrator

Premier Plan Consultants

Telecommute / San Diego CA

View job as Retirement Plan Administrator
for Premier Plan Consultants

View job as Group Benefits Account Executive
for CPS Inc Group Benefits Account Executive


Zionsville IN

View job as Client Service Representative
for Nexus Administrators, Inc. Client Service Representative

Nexus Administrators, Inc.

Telecommute / Fresno CA

View job as Benefits Specialist
for Air Line Pilots Association Benefits Specialist

Air Line Pilots Association

Mc Lean VA / Rockville Centre NY

View job as Project Specialist
for Wespath Benefits and Investments Project Specialist

Wespath Benefits and Investments

Glenview IL

Selected New Discussions

SMM Timing -- Can Wait 19 Months to Notify Participants of a New In-Service Distribution Option?

"This one always gets me. The deadline to furnish the SMM is 210 days after the plan year in which the amendment is adopted. So, if a plan amends to allow in-service withdrawals effective Feb 1, 2021, they don't have to tell the participants about it until August 2022? 19 months after the effective date of the amendment? Doesn't seem right."

BenefitsLink Message Boards

CRD Included Required Minimum Distribution; OK to Repay Entire Amount of CRD?

"An individual withdraws $100,000 as a CRD in 2020, and the $100,000 includes the individual's 2020 RMD. Can the RMD be repaid in 3 years, because it was part of the CRD?"

BenefitsLink Message Boards

Employer Is Reimbursing Trust for Investment Advisory Fees Paid from Trust

"I have a client who is making deposits to the trust account in the same amounts as the advisory fees to 'reimburse the plan for the advisory fees.' I know that such deposits must be treated as nonelective contributions, but for the life of me I can't find the citation. Anybody?"

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Qualified Disaster Distributions (QDD's)-- What Proof Does a Plan Need?

"We recently had a client express interest in qualified disaster distributions (QDD's). A 'qualified individual' is an individual (i) whose principal place of abode at any time during the incident period of any qualified disaster is located in the qualified disaster area with respect to such qualified disaster, and (ii) who has sustained an economic loss by reason of such qualified disaster. What should a TPA need to include in an application form so as to collect adequate proof?"

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Last Issue's Most Popular Items

IRS Clarifies Partial Plan Termination Rules During Pandemic


What to Expect During Your 2020 401(k) Plan Audit

Lindquist LLP

IRS Website Updates List of Top Mistakes in VCP Submissions

Thomson Reuters / EBIA

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

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