[Guidance Overview]

DOL's Cybersecurity Guidance for Benefit Plans Signals Increased Scrutiny

"The recent literature makes clear that in DOL's view, retirement plan fiduciaries are obligated to ensure the proper mitigation of cybersecurity risks, and the guidance provides helpful data points for plan record-keepers and service providers to protect plan data."  MORE >>

Akin Gump

Coming Soon to a 401(k) Near You: Some Version of SECURE 2.0

"SECURE 2.0 requires all catch-up contributions to be designated Roth contributions -- presumably to allow the government to reap the income tax benefits sooner than it otherwise would.... [Be] on the lookout for this bill, or one very similar, to make its way to the full House, the Senate, and even the President's desk by late summer or early fall 2021."  MORE >>

McAfee & Taft

Are You Ready for the Son of SECURE?

"The trend toward more Roth accounts continues as Congress is proposing allowing both SIMPLE and SEP Roth IRAs. In addition, plan catch-up contributions would be required to be made to Roth plan accounts, and plans could allow participants to have employer matching contributions made as Roth contributions. Congress likes Roths because they bring in immediate revenue since they are funded with after-tax dollars."  MORE >>

Slott Report

Multiemployer Pension Plans and the Pandemic

"The average funded percentage for all calendar-year plans increased to 89 percent in 2021, up from 87 percent in 2020.... For plans in critical and declining status in both years, the average funded percentage declined to 31 percent in 2021, from 35 percent in 2020."  MORE >>

Segal

How Employers with 51-100 Employees Can Meet Their CalSavers Deadline

"Already have a retirement plan (including a SEP or SIMPLE)? ... Don't have a retirement plan? Consider establishing one in the time period left.... Don't have a plan and don't want one? Register with CalSavers.... Need more information about counting employees towards the 51 employee threshold?"  MORE >>

E is for ERISA

[Opinion]

Should We Care About Retirement Confidence?

"For those with a retirement plan, only 12% report less than $10,000 in savings and investments and 39% have $250,000 or more. On the other hand, two-thirds of those without a retirement plan have less than $10,000 in savings and investments, and only 2% have $250,000 or more. Clearly, having access to a plan at work makes a big difference, not only in confidence -- but in the rational underpinning of that sentiment."  MORE >>

Nevin E. Adams, JD, via American Retirement Association [ARA]

[Opinion]

Not All DB/DC Hybrids Are Created Equal: The Hybrid Handbook

35 pages. "This report provides an overview of the many aspects of hybrid plan design ... This report also offers insight on jurisdictions that have implemented various forms of hybrid plans.... [In] some cases, shifts to hybrid designs were made without a proper evaluation of the long-term implications of the plan changes. In contrast, other hybrids are well-thought-out and more likely to provide retirement security to employees while also enabling public employers to recruit and retain a qualified workforce."  MORE >>

National Institute on Retirement Security [NIRS]

[Opinion]

The Long-Term Effect of COVID on 401(k) Plan Service-Providers

"The COVID pandemic has proven that people can work from home and really work.... Allowing people to permanently work from home will also question retirement plan providers as to the size of their office.... [O]ne of the bigger long-term effects for retirement plan providers is that there will be less travel."  MORE >>

Ary Rosenbaum, via JD Supra

DOL Rescinds Employer-Friendly Independent Contractor Test

"The final rule ... [does] not include a new interpretation of when workers can function as independent contractors and when they must be classified as employees. Instead, companies will continue to be judged under the existing multi-factor test known as the 'economic reality' test that the DOL and the courts have used for decades, unless and until the DOL issues more stringent regulations."  MORE >>

Ballard Spahr

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Restatement Required for Terminated 401(k) Plan with Undistributed Assets?

"We have a 401(k) Profit Sharing Plan that terminated on 12/31/2019. The plan administrator still has not paid out the participants even though the vendor and TPA have been encouraging and trying to help them to do so. Because this plan is now considered 'ongoing', does it need to be restated for Cycle 3? I'm thinking yes. Agree?"

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Attorney Christopher H. Suh Joins the Wagner Law Group

Wagner Law Group P.C.

Voya Financial to acquire Benefit Strategies, LLC

Voya Financial

Putnam Investments TargetDateVisualizer to Help Advisors Gain Greater Perspective on Retirement Investing

Putnam Investments

Carillon Tower Advisers joins the Retirement Advisor Council

Retirement Advisor Council

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Navigating COVID-19 Employment and ERISA Legal Compliance

June 9, 2021 WEBCAST

Hall Benefits Law

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Revisiting Compliance: Sunset on an EPCRS Correction Method

Graydon

DOL Electronic Retirement Rule Reminders

Withum Smith+Brown, PC

Couple Retiring Today Will Need $300,000 During Retirement to Cover Medical Expenses, an 88% Increase Since 2002

Fidelity