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Retirement Plans Newsletter

May 4, 2021

2 New Job Opportunities


[Guidance Overview]

DOL Issues New Cybersecurity Guidance: A Step Towards Minimum Expectations

"The DOL specifically recommends negotiating the following terms in vendor contracts to enhance cybersecurity protection for retirement plans and participants: [1] Information security reporting ... [2] Clear provisions on the use and sharing of information and confidentiality ... [3] Notification of cybersecurity breaches ... [4] Compliance with records retention and destruction, privacy and information security laws ... [5] Insurance."  MORE >>

Ice Miller LLP


ASC Webcast: Pooled Employer Plans (PEPs)

PEPs are here! Learn the latest developments related to PEPs & PPPs and how you may be able to help clients. Topics include document requirements, registration requirements, advantages/disadvantages of PEPs, PEP administration & more. Register Now!

Sponsored by ASC

[Guidance Overview]

IRS Clarifies Partial Plan Termination Relief Under 2020 Legislation

"[The CAA] provided a temporary rule that may allow a plan to avoid triggering a partial plan termination for 2020 and 2021.... IRS guidance, in the form of Questions and Answers, addresses a number of issues, including the definition of a covered active participant, treatment of partial plan years, calculation of the 80% test and non-COVID related terminations."  MORE >>

Groom Law Group

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 48

"On April 13, 2021, the DOL issued [a set of FAQs] about PTE 2020-02 and the expanded definition of fiduciary advice.... [The FAQs provide] a clear signal from the DOL that it will scrutinize quotas, bonuses, prizes and performance standards for the potential of unduly incentivizing investment professionals to put their interests ahead of the interests of retirement investors.... To compound matters, under the prohibited transaction rules, the burden of proving that the condition was satisfied is on the financial institution."  MORE >>

JCT Description of the 'Securing a Strong Retirement Act of 2021'

140 pages. "The House Committee on Ways and Means has scheduled a committee markup on May 5, 2021 of ... the 'Securing a Strong Retirement Act of 2021.' This document, prepared by the staff of the Joint Committee on Taxation, provides a description of the bill.' [Also available: JCT Description of the Chairman's Amendment in the Nature of a Substitute To the 'Securing a Strong Retirement Act of 2021"]  MORE >>

Joint Committee on Taxation [JCT], U.S. Congress

Supreme Court Declines to Take Up Wells Fargo Stock-Drop Case

"The plaintiffs argued that plan fiduciaries should have acted to protect participants ... [when] a sales-practices scandal that led to penalties against the company also caused the stock to fall ... A U.S. District Court ... dismissed the original complaint in September 2017. The 8th U.S. Circuit Court of Appeals ... upheld the lower court's decision in in July 2020[.]" [Allen v. Wells Fargo & Co., No. 18-2781 (8th Cir. Jul. 27, 2020; cert. pet. denied May 3, 2021)]  MORE >>

Pensions & Investments

Participant Sues University of Tampa Over 403(b) Plan Recordkeeping Fees

"A former employee of the University of Tampa has sued the university in its role as fiduciary for a 403(b) plan, alleging ERISA violations for 'excessive' record-keeping fees.... The complaint also alleged that the university failed to conduct RFPs for record-keeping services now offered by TIAA-CREF, which is not a defendant." [Johnson v. Univ. of Tampa, No. 21-1005 (M.D. Fla. complaint filed Apr. 28, 2021)]  MORE >>

Pensions & Investments

You're Notified of a Pending DOL Investigation: Here's What to Expect

"DOL has a set of checklists that investigators fill out to make sure the plan is meeting all the reporting and disclosure requirements ... For a typical 401k case, some of the issues ... to look at include delinquent employee and employer contributions, reporting and disclosure, whether there are any prohibited transactions, and plan's investment to see if the plan has a prudent investment process and whether it's monitored prudently."  MORE >>

Justine Kim, former EBSA Senior Investigator, via 401(k) Specialist

Here's Why a Good Fiduciary Is Not Always 100% Invested in Equities

"Ultimately, who will be held accountable should retirement savers' only option be to remain 100% invested? Yes, it could be the service provider, but the fiduciary buck nearly always stops at the desk of the plan sponsor."  MORE >>

Fiduciary News; free registration required

Plan Sponsors Often Unaware of Employee Retirement Expectations and Needs in the 'New Normal'

"Plan participants' financial security has been impacted more than plan sponsors realize ... Plan participants aren't just delaying their retirement -- some are retiring sooner ... There's room to educate plan participants -- and even plan sponsors -- on DC plan offerings[.]"  MORE >>


Pension Finance Update, April 2021

"Pension finances held steady in April, as higher stock markets offset lower interest rates. Both model plans ... improved less than 1% last month. Through the first four months of 2021, Plan A is now up 12%, while the more conservative Plan B has improved 3% this year."  MORE >>

October Three Consulting

Public Pension Funds Hit Hard by Pandemic, But They're Better Funded Now Than They've Been in Years

"Funds that were in the best financial health at the start of the pandemic took the hardest hit to their funded statuses over the course of the past year -- but they've also benefitted most from the speedy recovery over the past 12 months[.]"  MORE >>

Institutional Investor

Employee Benefits Jobs

View job as Defined Contribution Plan Administrator
for West Coast TPA Firm Defined Contribution Plan Administrator

West Coast TPA Firm


View job as Senior Employee Education Consultant - Institutional Asset Management
for PNC Senior Employee Education Consultant - Institutional Asset Management


Pittsburgh PA

Selected New Discussions

Effective Date of Amending Document to Provide a Stricter Entry Date?

"A plan was amended to change its eligibility requirements to be age 21, 1 YOS minimum, Quarterly Entry Dates, all effective as of 01/01/21. Which employees are affected? If someone was hired in 2020 but had not yet gained eligibility, is their eligibility decided by the old rule (21 & 1 with Immediate Entry) or the new rule (under which they'll need to wait until the start of the quarter)?"

BenefitsLink Message Boards

Amending a Plan After the Close of the Plan Year to Pass Gateway Test

"Is it acceptable to amend a plan for the prior plan year (PYE 12/31/2020) in the next year (now) to remove a year-end service requirement in order to pass Gateway and therefore provide a profit sharing contribution to an NHCE that wouldn't otherwise be eligible for that allocation?"

BenefitsLink Message Boards

Press Releases

NFP Acquires First Person, Inc., Expanding Employee Benefits Business in the Central Region

NFP Corp.

Future Benefits Inc. Joins OneDigital

OneDigital Health and Benefits

American Trust Retirement Acquires Stanley Benefit Services

American Trust

Centivo Launches New Health Plan for Self-Funded Employers in Iowa Utilizing Incirca Health Network, Powered by MercyOne


Transamerica Celebrates 2021 PSCA Awards with Retirement Plan Sponsors


Webcasts and Conferences
(Retirement Plans or Exec Comp)

Is your Plan Cyber Secure Right Now?

March 18, 2021 WEBCAST

Boutwell Fay LLP

The 18th Annual Made in America Taft-Hartley Benefits Summit

June 3, 2021 in NV

Wilmington FRA

Last Issue's Most Popular Items

Ascensus Sells for $3 Billion After Failing to Draw Buyers for One-Third Less in 2018


Develop Your Fiduciary Toolkit (PDF)

Roland Criss, via Journal of Compensation and Benefits

Employers Have Options to Help Employees with Student Loan Debt

Friday Eldredge & Clark LLP

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

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