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Retirement Plans Newsletter

May 14, 2021

8 New Job Opportunities

 

[Guidance Overview]

New York City Mandates Retirement Savings for All Private Sector Employees

"While employers are not required to contribute to the plans, the law requires employers to enroll employees who are age 21 or over and work at least 20 hours a week, remit funds deducted from the earnings of each eligible employee for deposit into the program, and distribute information about the program to its employees.... The law establishes a Retirement Savings Board to facilitate the implementation of the program."  MORE >>

Fox Rothschild LLP

Judge Denies Wells Fargo Bid to Dismiss ERISA Suit

"U.S. District Court Judge Donovan Frank ... rejected every defense submitted ... on allegations ranging from charging excessive fees to offering poor-performing investments to engaging in prohibited transactions under ERISA." [Becker v. Wells Fargo & Co., No. 20-2016 (D. Minn. May 12, 2021)]  MORE >>

Pensions & Investments

Senate HELP Committee Hearing on Retirement Security: Building a Better Future

Video of full Committee hearing held May 13, 2021, with testimony by: [1] Lori Lucas, Employee Benefit Research Institute; [2] Shai Akabas, Bipartisan Policy Center; [3] Deva Kyle, Bredhoff & Kaiser; and [4] Dave Gray, Fidelity Investments.  MORE >>

Committee on Health, Education, Labor and Pensions [HELP], U.S. Senate

Senators, Industry Reps Discuss Solutions for Retirement Plan Coverage Gap

"While the speakers covered a variety of topics related to improving retirement security, one theme clearly received the most attention and agreement: the necessity of closing the coverage gap that exists in the defined contribution retirement system.... In particular, [the speakers] cited statistics showing that employees of small and midsized businesses broadly lack access to 401(k) plans."  MORE >>

PLANSPONSOR; free registration may be required

The Beltway Is Buzzing with Retirement Proposals

"The DOL is likely to be focused on three big rules this year, [former EBSA Assistant Secretary Preston Rutledge] said, although the order is less clear.... [1] The ESG Rule.... [2] Proxy voting.... [3] Investment advice rule."  MORE >>

InsuranceNewsNet.com

Compliance Connections: Reprioritizing Retirement Plans

"Review your process for finding missing participants and uncashed checks from both defined contribution and defined benefit plans.... Remember that Required Minimum Distributions (RMDs) must be made in 2021.... Follow investment duties according to the DOL's final regulations.... Attend to proxy voting.... Provide lifetime income disclosures."  MORE >>

Gallagher

Pooled Employer Plans: Employer Considerations (PDF)

"What might an employer consider in choosing whether to participate in a PEP? ... What might an employer consider when selecting a PEP? ... What is the business structure of the PPP?"  MORE >>

American Academy of Actuaries

Alight Solutions 401(k) Index™ March 2021 Observations

"Amid a volatile but rising stock market, 401(k) investors were light traders and content to watch their balances rise ... Average net trading activity was 0.015% of 401(k) balances, down from 0.016% in February. This is in sharp contrast to the 0.079% seen last March during the stock selloff at the onset of the COVID-19 pandemic. Four days favored fixed income funds and 19 days favored equity funds."  MORE >>

Alight Solutions

California Public Agency 401(a) Sponsors Should Amend Their Plans for PEPRA

"[M]any of California's public agency 401(a) plan sponsors would be better off by [1] utilizing their recordkeeper's [pre-approved plan document] ... [2] adopting a simple PEPRA amendment to that plan, and [3] submitting the PEPRA-amended plan to the IRS for an individual determination letter."  MORE >>

Best Best & Krieger LLP

Social Security Windfall Elimination Provision and Government Pension Offset

"The Windfall Elimination Provision [WEP] and the Government Pension Offset [GPO] ... can reduce regular Social Security benefits ... if the worker is entitled to a pension based on earnings from employment that is not covered by Social Security.... Social Security Statements sent to workers do not consider WEP and GPO until the person applies for benefits.... [At] the time of application many individuals ... may learn they will not receive as much income as expected[.]"  MORE >>

Meld Financial, Inc.

Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Notice TN-2021-01, for Victims of Severe Storms, Straight-Line Winds, Tornadoes, and Flooding in Tennessee

"Victims of severe storms, straight-line winds, tornadoes, and flooding that began March 25, 2021 now have until August 2, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms, straight-line winds, tornadoes, and flooding that reside or have a business in Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

ERISA Advisory Council to Meet June 24 and 25

"[T]he 206th open meeting of [the ERISA Advisory Council] will be held via a teleconference on Thursday, June 24 and Friday, June 25, 2021.... The two-day meeting will begin at 9:00 a.m. and end at approximately 5:30 p.m. (ET) each day ... The purpose of the open meeting is for Advisory Council members to hear testimony from invited witnesses and to receive an update from [EBSA]. The Advisory Council will study the following topics: [1] Gaps in Retirement Savings Based on Race, Ethnicity and Gender, and [2] Understanding Brokerage Window Prevalence, Usage, and Implementation."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

[Official Guidance]

Revision of ASOP No. 11, Treatment of Reinsurance or Similar Risk Transfer Programs Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports

"Since 2005, significant new guidelines and requirements for life insurance policies and annuity contracts have emerged ... The guidance in the standard is being updated to reflect emerging practices driven by this new environment.... The standard is effective for actuarial services performed in connection with financial reports issued on or after Dec. 1, 2022."  MORE >>

Actuarial Standards Board

Employee Benefits Jobs

View job as DB/DC Administrator
for Primark Benefits DB/DC Administrator

Primark Benefits

Telecommute / Burlingame CA

View job as DB/DC Administrator
for Primark Benefits

View job as Senior Retirement Plan Administrator
for TPS Group Senior Retirement Plan Administrator

TPS Group

Telecommute

View job as Senior Retirement Plan Administrator
for TPS Group

View job as Plan Administrator
for Aimpoint Pension Plan Administrator

Aimpoint Pension

Telecommute / Pompano Beach FL

View job as Plan Administrator
for Aimpoint Pension

View job as Retirement Plan Sales Consultant
for Edberg Perry Retirement Plan Sales Consultant

Edberg Perry

Phoenix AZ

View job as Investment Consultant Analyst / Associate Consultant - Fiduciary Consulting Services
for Newport Investment Consultant Analyst / Associate Consultant - Fiduciary Consulting Services

Newport

Lake Mary FL / Dallas TX / Chicago IL / Charlotte NC / Saint Petersburg FL

View job as ESOP Retirement Account Administrator, Senior
for Alerus ESOP Retirement Account Administrator, Senior

Alerus

Telecommute

View job as Senior Relationship Manager
for Alerus Senior Relationship Manager

Alerus

East Lansing MI / Scottsdale AZ

View job as 401(k) Administrator
for TPS Group 401(k) Administrator

TPS Group

Telecommute / North Haven CT

Press Releases

Attorney Neelam Chandna Joins The Wagner Law Group

Wagner Law Group P.C.

Last Issue's Most Popular Items

New York City Adopts Mandatory Auto-IRA Program

American Retirement Association [ARA]

Updated Guidance on Managing Missing Participants

WealthManagement.com

GASB 97 Has Been Released: What's New, What to Do, and What You Need to Know

Berry, Dunn, McNeil & Parker, LLC

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

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