[Official Guidance]

Text of EBSA PTE 2021-02: Exemption from Certain Prohibited Transaction Restrictions Involving the Goldman Sachs Group, Inc.

45 pages. "The Department is granting this exemption to ensure that Covered Plans with assets managed by an asset manager within the corporate family of Goldman Sachs may continue to benefit from the relief provided by PTE 84-14.... The Department intends for the terms of this exemption to promote adherence to basic fiduciary standards under ERISA and the Code.... The Department cautions that the relief in this exemption will terminate immediately if an entity within the Goldman Sachs corporate structure is convicted of a crime described in Section I(g) of PTE 84-14 (other than the Goldman Sachs Malaysia Conviction) during the Exemption Period."  MORE >>

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

[Guidance Overview]

IRS Issues Revised 2020 Publication 590-B

"[T]he publication appears to suggest that the 10-year rule may not be an option for an eligible designated beneficiary for death on or after the account owner's required beginning date."  MORE >>

Ascensus

COVID-19 and Annuity Providers

"Many insurers participating in the Pension Risk Transfer (PRT) arena saw a modest decline in solvency throughout 2020, although balance sheets remained strong at the end of the year.... Impact of higher death rates has been manageable ... The economic downturn has weakened investment portfolios ... Low interest rates have weighed on profitability."  MORE >>

River and Mercantile

Annuity Purchase Update: May 2021 Interest Rates

"PBGC premiums have increased in 2021. This raises plan maintenance costs and can make Pension Risk Transfer solutions even more appealing. An annuity purchase for even a subset of plan participants would allow for plan sponsors to lock in the recent gains from increased funding status and interest rates."  MORE >>

October Three Consulting

The Security of Pension Plan Benefits (PDF)

"[A] consideration of the mechanisms that help ensure pension plans will ultimately pay the benefits participants have earned ... can shed light on the causes of existing failures to meet promises, and can in turn inform a framework for preventing future defaults. This issue brief discusses factors relevant to the security of typical employer-sponsored defined benefit pension plans in the United States."  MORE >>

American Academy of Actuaries

What Makes a Plan an Electing Church Plan?

"IRS has taken the position that a church plan cannot be inadvertently categorized as an 'electing church plan' ... The plan administrator must make a formal election ... in order to be treated as an electing church plan. The election is irrevocable."  MORE >>

Retirement Learning Center, LLC

Self-Dealing Lawsuit Filed Against State Street

"The complaint alleges that many of the funds offered by State Street in its staff retirement plan were selected and retained because the defendants benefited financially from their inclusion, to the detriment of the participants." [Gomes v. State Street, No. 21-10863 (D. Mass. complaint filed May 25, 2021)]  MORE >>

PLANSPONSOR; free registration may be required

Texas Legislature Passes Anti-ESG Bill

"If signed into law by Republican Gov. Greg Abbott, SB 13 would require Texas' public pension funds to 'sell, redeem, divest, or withdraw all publicly traded securities of [any] financial company …' that 'boycott[s] energy companies.' ... The bill ... would affect the state's six pension funds ... [and] would be one of the first state-level pushbacks against recent ESG developments on Wall Street."  MORE >>

Sidley Austin LLP

Planning for Your Retirement: A Checklist

"With the caveat that the when of retirement may be out of your control -- if you're, say, forced to retire earlier than planned or need to stay on the job longer to make up for gaps in your savings -- here's a list of items to check off when you're 10 years, five years and one year away from your expected retirement date."  MORE >>

Kiplinger

[Guidance Overview]

DOL Issues Long-Awaited Cybersecurity Guidance for 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."  MORE >>

Morris, Manning & Martin, LLP

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OneDigital Expands its Portland Presence with Two Acquisitions

OneDigital

AIG Retirement Services Launches Self-Directed Retirement Planning Tool to Help Plan Participants Discover Their Path to a Brighter Future

AIG Retirement Services

Company Owner Pleads Guilty to Falsifying Pension Contribution Reports

U.S. Department of Justice [DOJ]

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The DOL's New Fiduciary 'Rule' and the PTE: What Registered Investment Advisers Need to Know

June 23, 2021 WEBCAST

Faegre Drinker

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

Forbes; subscription may be required

Senators Cardin and Portman Introduce Broad Bipartisan Retirement Policy Reform Legislation

October Three Consulting

Achieving Excellence Through a Retirement Plan Operational Review

Francis Investment Counsel LLC