|
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 >>
CAPTRUST
|
[Sponsor]
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.
|
|
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 >>
ThinkAdvisor
|
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 >>
BlackRock
|
[Sponsor]
The Best Defined Benefit/Cash Balance Software!
DATAIR's Defined Benefit/Cash Balance System for Proposal, Testing, and Valuation is built by actuaries, is supported by actuaries, and is easy to use! Contact us today for a Special Offer! 888-328-2474 or www.datair.com
|
|
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 >>
Burypensions
|
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
|
[Opinion]
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 |
|
Actuary
Pension Benefit Guaranty Corporation [PBGC]
Telecommute / Washington DC
|
|
|
Senior Actuary
Pension Benefit Guaranty Corporation [PBGC]
Telecommute / Washington DC
|
|
|
|
|
|
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
Lockton
|
Milliman Wins Four International Employee Communication Awards Recognizing Outstanding Achievement in Benefits Communication
Milliman
|
Transamerica Expands Mutual Fund Lineup for Retirement Investors with Five R6 Shares
Transamerica
|
Vestwell Leverages Bambu's Wealth Management API to Build an Advisor Managed Account Offering Natively Into Its Platform
Vestwell
|
OneDigital Acquires Fiduciary Plan Advisors
OneDigital
|
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
fi360
|
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
myStockOptions.com
|
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
|
Unsubscribe |
Change Email Address
Search Past Issues |
Privacy Policy
Submit an Article |
Contact Us |
Advertise Here
Copyright 2021 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.
Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers. We are not involved in their production and are not responsible for their content.
|