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Retirement Plans Newsletter

May 11, 2021

6 New Job Opportunities


[Guidance Overview]

The DOL's Cybersecurity Guidance for Retirement Plan Sponsors, Service Providers and Participants

"[P]lan sponsors should confirm that multi-factor authentication is a default security feature with their current recordkeeper and inquire about how often a participant is required to change their password, and whether the password requirements for participants are robust.... [D]ata breaches will happen despite reasonable precautions, and so sponsors and recordkeepers should have an organized plan to respond to any incident -- and they should practice this plan by using mock 'tabletop' exercises." [Podcast, with transcript]  MORE >>

Ropes & Gray LLP

[Guidance Overview]

ARPA: Federal Government Contributions to Union Pension Plans, and Other Pension Provisions

"Congress took a very rare step in ARPA requiring the federal government make contributions to some of the worst-funded MPPs using the PBGC as the conduit, as further described [in this article].... The Congressional Budget Office (CBO) estimates that the estimated outlays under ARPA for such contributions will be approximately $83 billion, most of which are expected to be contributed to the affected MPPs in 2022."  MORE >>

Frost Brown Todd LLC

[Guidance Overview]

IRS Clarifies Partial Plan Termination Relief But More Guidance Needed

"Some employers may have determined that a partial plan termination occurred -- and vested affected participants accordingly -- before the relief was enacted.... For employers in this situation, applying the relief now would essentially require 'unvesting' the affected participants ... These employers need additional IRS guidance on how to proceed."  MORE >>


[Guidance Overview]

401(a)(17) Failure? Saved by the EPCRS!

"This statutory limit must be applied when calculating contribution and forfeiture allocations and any deduction limits under Code Section 404.... Of the many qualification requirements, Section 401(a)(17) is one of the easiest to fix via both SCP and VCP."  MORE >>

Ferenczy Benefits Law Center

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 49

"This article looks at the issues related to complying with the rule's reasonable compensation and mitigation requirements, with particular emphasis on broker-dealers and investment advisers."  MORE >>

California District Court Again Dismisses ERISA Lawsuit Challenging 401(k) Plan's Fees

"[T]he court rejected the plaintiffs' reliance on an industry publication's calculation of median fees charged by a few plan funds because the data amalgamated fees charged by funds with disparate characteristics.... Similarly, the court nixed the plaintiffs' comparison of actively managed funds to passively managed funds because the two types of funds 'have different aims, different risks, and different potential rewards that cater to different investors.' " [Davis v., Inc., No. 20-1753 (N.D. Cal. Apr. 15, 2021)]  MORE >>

Jackson Lewis P.C., via Lexology; free registration required

Recovering Retirement Plan Overpayments: Process Is Key

"While unfortunate for participants who received an overpayment, a plan sponsor has an obligation to recover overpayments on behalf of the retirement plan ... A recent court case ... highlights the value of having a robust administrative process for dealing with the inevitable overpayment issues that arise." [Zirbel v. Ford Motor Co., No. 20-1149 (6th Cir. Nov. 16, 2020]  MORE >>

Dickinson Wright

How Can 401(k) Plan Sponsors Best Prepare Employees for Post-Retirement Complexity?

"For decades, defined contribution plan sponsors have been taught to train their employees to save. This was the most critical avenue to a comfortable retirement.... Compared to saving ... retirement is a Rube Goldberg-like contraption, an elaborate mechanical system with an unending number of points where something can go wrong. How do you get employees ready for this?"  MORE >>

Fiduciary News; free registration required

Five Retirement Risks and What to Do About Them

"[1] Low interest rates ... [2] Market volatility ... [3] Withdrawal timing and sequence of returns risk ... [4] Government policy uncertainty ... [5] Increasing longevity."  MORE >>


Retirement Savings Tax Incentives: Impact of Biden Individual Tax Proposals

"[F]or those affected by it, [an] increase in the capital gains tax will nearly double the value of saving in a tax qualified retirement plan vs. outside the plan.... [T]he tax savings ... will (generally) be the same for Roth 401(k) contributions, other defined contribution plan contributions, and defined benefit plan benefits."  MORE >>

October Three Consulting

A Bitcoin Primer for Fiduciaries (PDF)

"To many people, Bitcoin and other cryptocurrencies are a science fiction delusion or a digital Tulipomania. But this is changing, and fiduciaries need to know what to do about it. [In this column] the focus is on the nature of cryptocurrencies and their place in the regulatory scheme."  MORE >>

Pete Swisher, via Journal of Pension Benefits


457(b): Savings Plan Unicorn?

"There's a retirement plan available to teachers that sounds almost mythical. Upon separation of service it can be accessed tax-penalty free at any age. It has a provision that allows regular contributions to be doubled for three years prior to retirement (if the employer permits it).... The plan is called the 457(b)."  MORE >>


Employee Benefits Jobs

View job as ESOP Administrator
for Blue Ridge ESOP Associates ESOP Administrator

Blue Ridge ESOP Associates


View job as ESOP Administrator
for Blue Ridge ESOP Associates

View job as Retirement Plan Administrator
for Whitney Pension Associates, Inc. Retirement Plan Administrator

Whitney Pension Associates, Inc.

Quechee VT

View job as Inside Sales Specialist - Retirement - 401k
for Newport Inside Sales Specialist - Retirement - 401k


Charlotte NC

View job as 401k Documents Consultant
for Newport 401k Documents Consultant


Dallas TX

View job as Program Analyst: Multiemployer Plans Assistance, More
for Pension Benefit Guaranty Corporation [PBGC] Program Analyst: Multiemployer Plans Assistance, More

Pension Benefit Guaranty Corporation [PBGC]

Telecommute / Washington DC

View job as Tax Manager - Employee Benefits Group
for EisnerAmper LLP Tax Manager - Employee Benefits Group

EisnerAmper LLP

New York NY / NJ / PA

Selected New Discussions

No Date Needed on Form 5558?

"We know that no signature required on Form 5558, but we have always dated the form. I seem to remember the form has to be dated, but my software vendor says no. Curious, I've got about 75 calendar year extensions, I'm doing currently, and if they don't need to be dated, great."

BenefitsLink Message Boards

Does New York Require Employers to Offer a Retirement Plan?

"A client received a letter that New York requires all employers with five employees to offer a retirement plan. Is this true? It appears from research that this program is voluntary in NY."

BenefitsLink Message Boards

Press Releases

FisherBroyles Welcomes Kyle Flaherty in New York

Fisher Broyles

Experienced In-House Counsel Joins Maynard Cooper & Gale

Maynard Cooper & Gale

Centivo Named by BHCG as Health Plan Offering for Employers in Eastern Wisconsin


Webcasts and Conferences
(Retirement Plans or Exec Comp)

Preparing for the Pandemic’s Impact on Your Pension Plan: Year 2


National Conference on Public Employee Retirement Systems [NCPERS]

Partial Terminations in a Pandemic

May 19, 2021 WEBCAST

Nova 401(k) Associates

Evaluating Your Third-Party Administrator: Are You Getting What You're Paying For?

May 26, 2021 WEBCAST

Lorman Education Services

How to Not Keep All Your Eggs in One Basket: Managing Risk of Concentrated Stock Holdings

May 26, 2021 WEBCAST

Why Everything You Know About Roth Conversions May Be Wrong

June 16, 2021 WEBCAST

Lorman Education Services

Last Issue's Most Popular Items

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

McAfee & Taft

Are You Ready for the Son of SECURE?

Slott Report

DOL's Cybersecurity Guidance for Benefit Plans Signals Increased Scrutiny

Akin Gump

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

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