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Retirement Plans Newsletter

May 25, 2021

8 New Job Opportunities


[Guidance Overview]

DOL Provides Practical Guidance on Application of PTE 2020-02 to Rollover Recommendations

"PTE 2020-02 requires investment professionals to consider and document their analysis as to why the rollover recommendation is in the best interest of the retirement investor. The DOL provides a list of suggested factors for an investment professional to consider in this analysis."  MORE >>

Faegre Drinker

[Guidance Overview]

Distribution Options in 2021 for Beneficiaries of Traditional and Roth IRAs (PDF)

Detailed 2-page chart showing distribution options in 2021 for various kinds of beneficiaries (a surviving spouse who is the sole primary beneficiary, other named individuals, a trust, etc.) under a traditional or Roth IRA, and how they are affected by the IRA owner's date of death. (Reprinted with permission from the 2021 Supplement to the 9th Edition of the Roth IRA Answer Book, by Wolters-Kluwer.)  MORE >>

Gary S. Lesser and Denise Appleby

District Court Finds Plan Sponsor Not Liable for Plan Account Theft

"Particularly interesting for plan sponsors is the court's discussion of the sponsor fiduciary's standard of care with respect to a plan provider's 'cybersecurity.' " [Bartnett v. Abbott Laboratories, No. 20-2127 (N.D. Ill. Feb. 8, 2021)]  MORE >>

October Three Consulting

Settlement in Columbia University ERISA Case Includes Non-Monetary Provisions

"The university has agreed to request competitive bids for administrative services in the next three to four years and maintain the lowest share class of plan investments[.]" [Cates v. Trustees of Columbia Univ., No. 16-6524 (S.D.N.Y. settlement agreement May 21, 2021)]  MORE >>

PLANSPONSOR; free registration may be required

Robinhood vs. Massachusetts' Secretary of the Commonwealth: A Battle for the Ages Over Massachusetts' New Strict Fiduciary Duty Rule

"[In a December 2020 regulatory complaint, Massachusetts' Secretary of the Commonwealth, William Galvin] claims that Robinhood fell short of acting in its clients' best interest.... Robinhood responded to these allegations in the regulatory proceeding by filing suit in Massachusetts state court ... to remove the matter from the administrative process.... [T]he State court is going to need to resolve three different issues: preemption, enforcement power, and proper application."  MORE >>

Faegre Drinker


Avoid Security Risks by Effectively Managing Your Pension Plan

How big of a security risk is it to work with disparate software programs, partners and data sources? Join the experts on how to effectively streamline the management of pension participants and the application of the DOL cybersecurity guidance.

Sponsored by PBI Research Services

Understanding and Evaluating Retirement Plan Fees

"[Common pitfalls include] [1] Benchmarking only the total expense ratio of the fund.... [2] Fund's fees benchmarked to a peer group that is not applicable or apples-to-apples.... [3] Not considering investment fees in conjunction with overall investment performance of the fund."  MORE >>


Plan Loans Address and Avoid Hardships, Today and Tomorrow

"Many industry professionals favor liquidity via withdrawals -- to avoid inserting or having to justify any 'inside limits' or impediments not required by code or regulations that might get in the way once participants assert they need money.... However, a preference for hardship withdrawals over plan loans seems to be in severe conflict with the goal of retirement preparation."  MORE >>

Fiduciary News; free registration required

How to Ensure a Smooth Pension Risk Transfer

"Pension risk transfers (PRTs) can be straightforward for plan sponsors. But without careful preparation, offloading liabilities can be costly and overlong endeavors for employers. To make these deals attractive to insurers from the start, plan sponsors should get a couple things in their house in order."  MORE >>

Chief Investment Officer [CIO]

Retirement Security and Savings Act Re-Introduced

"With more than 50 provisions, this bill contains a broad set of retirement reforms ... [1] Expanding coverage and increasing retirement savings ... [2] Preservation of income ... [3] Simplification and clarification of qualified retirement plan rules ... [4] Defined benefit plan reform ... [5] Reforming employer plan rules to harmonize with IRA rules ... [6] Plan amendments."  MORE >>


Plan Sponsors Should Prepare for Smooth Sailing for ‘Secure Act 2.0' Retirement Reform Bill

"Designed to build on the SECURE Act -- and, consequently, dubbed the 'SECURE Act 2.0' -- the proposed retirement reform legislation seeks to enhance the long-term financial security of millions of Americans by providing wider access to retirement savings. While most provisions of the legislation would apply to plan years beginning after December 31, 2022, certain provisions would apply after December 31, 2021."  MORE >>

Strategic Benefits Advisors

Significant ESG Movement on the ERISA Front

"Legislation is afoot that would amend ERISA to expressly permit fiduciaries to account for environmental, social and governance (ESG) factors as part of their fiduciary duties.... [T]he bill provides that an investment selected based on ESG or similar factors may be a permissible [qualified default investment alternative (QDIA)] for a plan that uses a default investment option as part of its menu."  MORE >>

Stradley Ronon

The Value of Delayed Social Security Claiming for Higher-Earning Women

"The expected net present value of Social Security payments from delayed claiming for healthy women is $179,999, or more than twice the value of delayed claiming for a male of average health. The benefit from delayed claiming ranges from a low of $16,548 per year to $29,395 per year for healthy women."  MORE >>

Sophia Duffy, Michael S. Finke, and David Blanchett, via SSRN

Benefits in General

[Guidance Overview]

DOL Issues Long-Awaited Cybersecurity Guidance Applicable to Benefit Plans

"Although issued as informal tips and best practices, the Guidance Packet is likely intended to provide a minimum standard of care, which may be an indication that the DOL intends to focus future enforcement efforts on cybersecurity.... Each state now has its own laws governing cybersecurity breach notification and the steps that must be taken in the event of a breach, so the incident response procedure in any cybersecurity program should incorporate any such requirements."  MORE >>

Morris, Manning & Martin, LLP

Keys to a Successful 2022 Employee Benefits Strategy Season

"Know what you're trying to accomplish; what you want your benefits 'to be.' ... Create a set of Guiding Principles that you use to help measure alternatives.... Build a benefits team.... Understand your population."  MORE >>


Employee Benefits Jobs

View job as Employee Benefits & Executive Compensation Associate
for Bradley Arant Boult Cummings LLP Employee Benefits & Executive Compensation Associate

Bradley Arant Boult Cummings LLP

Birmingham AL / Nashville TN

View job as Employee Benefits & Executive Compensation Associate
for Bradley Arant Boult Cummings LLP

View job as Actuarial Analyst
for Definiti Actuarial Analyst


Telecommute / PA / TX

View job as Actuarial Analyst
for Definiti

View job as DC/DB Retirement Plan Administrator
for Steidle Pension Solutions DC/DB Retirement Plan Administrator

Steidle Pension Solutions

Telecommute / NJ / PA

View job as DC/DB Retirement Plan Administrator
for Steidle Pension Solutions

View job as Pension Case Designer
for American National Insurance Pension Case Designer

American National Insurance

Telecommute / Galveston TX

View job as Retirement Benefits Specialist
for Ironworker Employer's Benefit Corporation Retirement Benefits Specialist

Ironworker Employer's Benefit Corporation

Pasadena CA

View job as Retirement Plan Optimization Specialist
for ADP Retirement Plan Optimization Specialist


Florham Park NJ

View job as Director, Health Savings Operations (Financial Controls)
for Ascensus Director, Health Savings Operations (Financial Controls)



View job as Retirement Plan / ERISA Paralegal Specialist
for Nationwide Insurance Retirement Plan / ERISA Paralegal Specialist

Nationwide Insurance

Telecommute / Columbus OH

Selected New Discussions

Received an E-Mail from IRS Saying You're Late on ERPA Renewal?

"If you receive an e-mail from the IRS saying your renewal is late and asking for documentation of your CE credits, the IRS probably lost one of your prior renewal applications. Find your receipt from the prior renewal and send that back first. You may not have to send documentation of your CE credits."

BenefitsLink Message Boards

DB Plan Distribution -- Request Date vs. Actual Date of Transfer

"I'm working on a PBGC termination and this is the first time I've needed to deal with request date vs. actual transfer date issue for distribution. I instructed the DB distribution had to be finalized by the 14th of the month. However the physical transfer of assets occurred on the 17th due to investment house procedures/settling of transfers. Because I need to provide detailed documents to PBGC showing the amounts distributed and possibly how they were calculated, which date of payment is the acceptable/correct one?"

BenefitsLink Message Boards

Press Releases

Cohen & Buckmann Named Top Employee Benefits & Executive Compensation Firm by Chambers and Partners

Cohen & Buckmann P.C.

PlanSource Reduces Unnecessary Benefit Costs with AI-Powered DependentIQ for Employers


OneDigital Acquires Cost Plus Advisors, LLC


ICMA-RC Launches Enhanced Managed Accounts Platform by Morningstar Investment Management


Webcasts and Conferences
(Retirement Plans or Exec Comp)

A Closer Look at Excessive Fee Litigation

May 26, 2021 WEBCAST

Euclid Specialty

How Does the Department of Labor’s New Cybersecurity Guidance Impact You?

June 17, 2021 WEBCAST

Dechert LLP

Cybersecurity and Retirement Plans: What Plan Sponsors Need to Know

June 22, 2021 WEBCAST

CAPTRUST Financial Advisors

ERISA Litigation That TPAs Should Care About

October 6, 2021 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

Last Issue's Most Popular Items

IRS Updates Operational Compliance List for Retirement Plans Through 2022


Recommendations for Tracking Part-Time Employees – from an Auditor's Perspective

Bradley J. Bartells, CPA, via LinkedIn

Portman, Cardin Reintroduce Sweeping Retirement Reform Bill

American Retirement Association [ARA]

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

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