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Retirement Plans Newsletter

June 3, 2021

5 New Job Opportunities


Cybersecurity: Retirement Plan Sponsors Can Protect Themselves

"Careful review of service-provider agreements and contract terms is an important first step.... Most employers have a cybersecurity insurance policy covering the organization, but plan sponsors should make sure the policy specifically covers the retirement plan.... [P]articipants [who] rarely log in are less likely to change their passwords or notice any unusual account activity."  MORE >>



DOL’s New Pension Plan Cybersecurity Guidance & More [Webinar]

Join the experts, Groom Law and PBI Research, to cover the DOL cybersecurity guidance and the impact it has on how pensions effectively manage their participant pool including partners they work with, data sources used, and selected software stack.

Sponsored by PBI Research Services

Missing Participants: What Comes Next?

"While the compliance release provides a framework for the potentially efficient completion of a [DOL] missing participant investigation, time will tell whether the language in the compliance release allowing for 'additional information requests' beyond the basic framework will become an exception or the norm.... [W]hile the DOL 'best practices' are not binding authority, they suggest a number of steps to be taken -- including posting lists of missing participants."  MORE >>

American Retirement Association [ARA]

Proposal Would Allow Penalty-Free Emergency Withdrawals from 401(k)s, IRAs

"The Enhancing Emergency and Retirement Savings Act of 2021 would ... provide a penalty-free 'emergency distribution" option from employer-sponsored retirement accounts and IRAs. One emergency distribution would be permitted per calendar year, and that distribution would be limited to vested amounts over $1,000, with an annual maximum withdrawal of $1,000[.]'  MORE >>


Survey Results: Common Retirement Plan Committee Practices (PDF)

"[M]ost companies have at least one formal committee to over-see retirement plan administration, and many have two. Most committees have between five and ten participants, and though there is no list of job titles that always serve on committees, many companies determine committee participation by job title. At least half of organizations, depending on plan size, also have legal counsel present during committee meetings."  MORE >>

Plan Sponsor Council of America [PSCA]

2021 DC Pulse Survey: Retirement Trends and Savers' Needs

"77% of participants are looking for help to get through retirement, not simply reach it.... 81% of participants said it would be helpful if their employer provided secure income generating options in their workplace plan.... 56% of participants say they would save more for retirement if they had an emergency savings fund set aside.... 67% of retirees feel confident they have enough money to last throughout retirement[.]"  MORE >>



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Sponsored by DATAIR Employee Benefit Systems, Inc.

Multiemployer Pension Plan Bailout May Cost $527 Billion More Than Expected

"The bailout was set for $86 billion but the Congressional Research Service (CRS) put out a report listing plans they thought would be eligible and it totaled $149 billion in unfunded liabilities. Yet CRS left out a lot of plans ... who might get themselves eligible for some of that bailout money and those unfunded liabilities came to: $526,809,656,346 for 8,228,401 participants in 909 plans."  MORE >>


May 2021 Pension Finance Update

"Pensions saw a second consecutive flat month in May, as both assets and liabilities grew about 1%. Both model plans ... continued to tread water last month. Through the first five months of 2021, Plan A is up more than 11% while the more conservative Plan B has improved 3%"  MORE >>

October Three Consulting


The Top Ten Advantages of Maintaining Defined Benefit Pension Plans: 2021 Update (PDF)

24 pages. "While recognizing that DC plans are useful in providing supplemental retirement benefits, this paper argues that replacing DB plans with DC plans would be short-sighted and damaging on many levels. Eliminating the DB plan and switching to a DC plan is likely to be a lose-lose situation for governments, their employees, and taxpayers."  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]

Benefits in General

5500 Filing Rejected! How Could Plan Sponsors Have Known Their Auditor Was Deficient?

"Each year, we get new clients whose previously accepted Forms 5500 have been rejected when the [DOL] determined that their auditor's work was deficient. Each time, our new client is flabbergasted by the news that they had a responsibility to assess their CPA's qualifications to perform a retirement plan audit. Like going to a new doctor, how can you know whether a licensed professional is good at his or her job? It's not easy."  MORE >>

Belfint Lyons Shuman

The Truth About Health Care Expenses Later in Life

"The likelihood that health care costs in the final two years of someone's life will inevitably deplete their finances in retirement is low, though the concern is undoubtedly real. Among non-Medicaid recipient retirees, nearly half have no nursing home expenses during their final two years of life. Even after age 90, there is a less than 10% chance that health care costs will exhaust their assets."  MORE >>

T. Rowe Price

Employee Benefits Jobs

View job as DC or DB Administrator
for Farmer & Betts, Inc. DC or DB Administrator

Farmer & Betts, Inc.

Telecommute / Tacoma WA / Tualatin OR / Littleton CO

View job as DC or DB Administrator
for Farmer & Betts, Inc.

View job as Actuary
for Pension Benefit Guaranty Corporation [PBGC] Actuary

Pension Benefit Guaranty Corporation [PBGC]

Telecommute / Washington DC

View job as Senior Actuary
for Pension Benefit Guaranty Corporation [PBGC] Senior Actuary

Pension Benefit Guaranty Corporation [PBGC]

Telecommute / Washington DC

View job as Plan Design Analyst
for Vestwell Plan Design Analyst


Telecommute / New York NY

View job as FSA / HRA Account Administrator
for Alerus FSA / HRA Account Administrator


Telecommute / MN

Selected New Discussions

Effects of Mid-Year Increase in Match But Only for Employees of a Participating Employer, Not the Plan Sponsor

"Client has a discretionary match formula, first half of the year they've done 100% up to 2% but starting July 1 will increase to 3%. They however want to leave the participating sponsor employees at the 2%. My thought is that is acceptable as long as they pass ACP and as long as there isn't a disproportional amount of NHCEs in the participating sponsor. Would you agree?"

BenefitsLink Message Boards

Press Releases

Sherri Harrison to Lead Lockton Benefits Practice in Southern California


Milliman Wins Four International Employee Communication Awards Recognizing Outstanding Achievement in Benefits Communication


Transamerica Expands Mutual Fund Lineup for Retirement Investors with Five R6 Shares


Vestwell Leverages Bambu's Wealth Management API to Build an Advisor Managed Account Offering Natively Into Its Platform


OneDigital Acquires Fiduciary Plan Advisors


Aon Signs Agreements to Sell Its U.S. Retirement Business to Aquiline and Its Aon Retiree Health Exchange™ Business to Alight

Aon Corporation

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Pooled Employer Plans (PEP): Moving Into the New Era of Retirement Plans

June 10, 2021 WEBCAST


A Few New Things: Updates for 2020 Form 5500 Filings

June 24, 2021 WEBCAST

Worldwide Employee Benefits Network [WEB] - New York Chapter

Stock Option Exercise Strategies: Advanced Bootcamp

June 24, 2021 WEBCAST

Unlocking the Secrets of Personalized Benefits Programs: How 2020 Shaped the Future of Employee Benefits

June 29, 2021 WEBCAST

Worldwide Employee Benefits Network [WEB] - Dallas Chapter

IRA Academy - Retirement Plan Masterclass

September 6, 2021 in TN

The Entrust Group

Last Issue's Most Popular Items

ERISA Plan Fiduciaries: 2021 Update (PDF)

Hanson Bridgett LLP

DOL Cybersecurity Guidance: Managing Risks to Employer-Sponsored Retirement Plans

Fisher Phillips

ERISA Litigation in Defined Contribution Plans: Background, History, Current Status and Risk Management Techniques (PDF)

SageView Advisory Group LLC

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

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