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Retirement Plans Newsletter

May 26, 2021

4 New Job Opportunities


[Official Guidance]

Text of IRS Publication 590-B: Distributions from Individual Retirement Arrangements (IRAs), for Use in Preparing 2020 Returns (PDF)

66 pages."What's New: [1] Coronavirus-related distributions.... [2] Special rules for qualified disaster distributions and repayments expanded.... [3] RMDs not required in 2020.... [4] Qualified birth or adoption distribution.... [5] Qualified plan loan offsets.... [6] Modification of required distribution rules for designated beneficiaries.... [7] Required minimum distributions (RMDs)." [Rev. May 13, 2021, published online May 26, 2021]  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

2021 Is Last Opportunity to Override 5-Year Rule and Stretch Distributions for 401(k)s Inherited in 2019

"Designated beneficiaries who inherit retirement accounts in 2019 get a one-year extension to override the 5-year rule. The deadline is extended from December 31, 2020, to December 31, 2021."  MORE >>

Forbes; subscription may be required

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 51

"This article looks at compliance with the rule's mitigation requirements, with particular emphasis on broker-dealers and investment advisers."  MORE >>

[Guidance Overview]

New York City's Mandatory Retirement Savings Program for Private Employers

"Certain questions remain open ... [1] is the law preempted by [ERISA] ... [2] will the Program eventually be discontinued if the State creates a similar plan.... and [3] how will employers track the hours and duties of those employees working from home for purposes of determining whether those employees are covered by the new law."  MORE >>

Clifton Budd & DeMaria, LLP

Achieving Excellence Through a Retirement Plan Operational Review

"[A] retirement plan operational review is a detailed analysis of how you're operating your retirement plan.... This exercise helps plan sponsors and their related service partners develop a policy to tactically administer the retirement plan in compliance with the laws and requirements under ERISA, the IRS, and the DOL."  MORE >>

Francis Investment Counsel LLC

Protecting Participant Personal Data

"Is the personally identifiable information shared with your retirement plan service providers safe? Many providers farm or harvest this data amongst their affiliates or others in order to market and solicit additional products or services.... [A]llowing these practices may put you at risk of accusations of breaching fiduciary duties[.]"  MORE >>

Francis Investment Counsel LLC

SECURE Act Boosts Interest in Guaranteed Lifetime Income Among Plan Sponsors

"Nearly half (45 percent) of all plan sponsors, and 55 percent of 403b providers (55 percent), say the passage of the [SECURE Act] increased their interest in offering in-plan guaranteed lifetime income options, but  ... many are still unfamiliar with specific provisions of the bill that can improve access to in-plan lifetime income solutions, including safe harbor protections (56 percent), annual lifetime income disclosure requirements (54 percent), and the provision that allows for the portability of annuities for participants (53 percent)."  MORE >>


Senators Cardin and Portman Introduce Broad Bipartisan Retirement Policy Reform Legislation

"[The Retirement Security and Savings Act (S 1770)] incorporates some proposals from SECURE 2.0 legislation [HR 2954] recently reported out of the House Ways and Means Committee but also includes a number of other proposals."  MORE >>

October Three Consulting

A Glossary of Important Terms When Designing a DC Plan's Distribution Options (PDF)

10 pages. "This DCIIA series explores how sponsors can evaluate their plan's distribution policies and potentially establish a 'retirement tier' in the plan's structure. The series' glossary -- the subject of this paper -- defines many of the terms related to retirement income[.]"  MORE >>

Defined Contribution Institutional Investment Association [DCIIA]

Russell Investments Draws Self-Dealing Scrutiny

"Plaintiffs in a new ERISA lawsuit say Caesars Entertainment allowed Russell Investments to pack its plan with proprietary investment options, to the disadvantage of plan participant outcomes." [Thomson v. Russell Inv. Mgmt. LLC, No. 21-961 (D. Nev. complaint filed May 19, 2021)]  MORE >>



ERISA Prudence, Methodology and the Aggregate of Outcomes

"Prudence ... is a matter of behavior which causes an outcome -- like the investment options in a retirement plan -- and it's best judged by methodology or deriving methodology by quantifying the outcomes in aggregate. In fact, any attempt to reach a conclusion based on one or few outcomes may lead to a myopic viewpoint and a distorted opinion."  MORE >>

Neal Shikes of MJN Fiduciary LLC, via PLANSPONSOR; free registration may be required

Executive Compensation and Nonqualified Plans

Use of ESG Metrics in Incentive Plans

"The most common ESG metrics used in annual incentive plans were social metrics, followed by environmental and governance-related metrics.... Nearly 60% of companies that included at least one environmental metric in their annual incentive plan were in one of the following industries: energy, utilities, materials, capital goods and real estate."  MORE >>

Meridian Compensation Partners, LLC

Employee Benefits Jobs

View job as Associate Attorney (Employee Benefits and Executive Compensation)
for Roberts & Holland LLP Associate Attorney (Employee Benefits and Executive Compensation)

Roberts & Holland LLP

New York NY

View job as Associate Attorney (Employee Benefits and Executive Compensation)
for Roberts & Holland LLP

View job as Manager, Customer Relationships
for National Automobile Dealers Association Manager, Customer Relationships

National Automobile Dealers Association

Mc Lean VA

View job as Plan Document Specialist
for Vestwell Plan Document Specialist


Telecommute / New York NY

View job as Senior Document Compliance Consultant
for TIAA Financial Services Senior Document Compliance Consultant

TIAA Financial Services

Telecommute / Charlotte NC

Selected New Discussions

Tribal Governmental Plan Is Exempt from Form 5500 Requirement But Filed Anyway

"We recently took over a tribal government plan and the prior TPA has been filing a Form 5500 for the plan since its inception. This plan truly qualifies as a tribal governmental plan and so it's not subject to the Form 5500 requirements. Should we file for the 2020 plan year and mark that it's the Final Form 5500, or instead choose to not file and then, when the IRS sends a letter requesting the filing, respond that the plan is not subject to the Form 5500 filing requirement?"

BenefitsLink Message Boards

How to Become a QKA?

"I'd like to be certified as QKA. What are the steps? How much time and study is required?"

BenefitsLink Message Boards

Press Releases

Transamerica Expands Employee Benefits Offerings with New Group Life, Disability Solutions


Ascensus Appoints New Regional Vice President


Chambers USA 2021 Ranks Groom as Top Tier Employee Benefits & Executive Compensation Firm and Awards Its ERISA Litigation Practice

Groom Law Group

ARA Expands Member Advocacy & Engagement Focus With New Position

American Retirement Association [ARA]

Webcasts and Conferences
(Retirement Plans or Exec Comp)

ARPA Benefits Compliance Updates and FAQ, Part 5


NFP Corp.

Back to the Future: SECURE Act and SECURE Act 2.0


Williams Mullen

Fee Benchmarking Trends, What to Know about PEPs, and a Recap on the Market


CAPTRUST Financial Advisors

Missing Participants & Distributions

June 2, 2021 WEBCAST


Saving for Health Care in Retirement: How HSAs and 401(k)s Fit Together

June 9, 2021 WEBCAST

EBRI [Employee Benefit Research Institute]

DOL Cybersecurity Guidance – Now What?

June 15, 2021 WEBCAST

Last Issue's Most Popular Items

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

Gary S. Lesser and Denise Appleby

District Court Finds Plan Sponsor Not Liable for Plan Account Theft

October Three Consulting

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

Faegre Drinker

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

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