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Retirement Plans Newsletter

June 11, 2021

8 New Job Opportunities


[Official Guidance]

Text of PBGC Submission to OMB and Request for Comments on Revisions to Forms for Reportable Events; Notice of Failure to Make Required Contributions

"PBGC is modifying the Form 10 for the 'Failure to make required contributions' reportable event to provide that if payment was made to satisfy a missed contribution, the filer must submit documentation of that payment ... to give evidence that the missed contribution was made up and no risk to the plan remains before PBGC closes the event.... PBGC is modifying the [Form 200] to include a separate field showing the payment amount that triggered the notification in order to better track missed contributions and identify the amount by which liens associated with missed contributions must be updated." [Instructions for submission of comments can be found on the PBGC website.]  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

Text of PBGC Submission to OMB and Request for Comments on Changes to Survey of Nonparticipating Single Premium Group Annuity Rates

"[PBGC's published] interest rates are intended to reflect current conditions in the annuity markets. To determine these interest rates, PBGC gathers premium rate data from insurance companies that are providing group annuity contracts to terminating pension plans through a quarterly survey. The American Council of Life Insurers (ACLI) distributes the survey and provides PBGC with 'blind' data ... PBGC is proposing several changes to the survey distributed by ACLI." [Instructions for submission of comments can be found on the PBGC website.]  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

PBGC Regulatory Agenda, Fall 2020

Proposed Rules

  • Valuation Assumptions and Methods: Interest and Mortality Assumptions for Asset Allocation in Single-Employer Plans and Mass Withdrawal Liability Determination in Multiemployer Plans
  • Multiemployer Plan Guaranteed Benefits
  • Improvements to Rules on Recoupment of Benefit Overpayments
  • Penalties for Failure to Provide Certain Notices or Other Material Information

Final Rules

  • Benefit Payments and Allocation of Assets
  • Examination and Copying of PBGC Records
  • Adjustment of Civil Penalties
  • Special Financial Assistance by PBGC


Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

Retirement Plan Fiduciaries and the DOL Investment Advice Rules

"This guidance offers important takeaways for employer-plan fiduciaries with respect to hiring and monitoring: [1] those who advise you about the investment funds that should be included in the plan; and [2] those who provide advice to participants about their investment fund selection in the plan or on rollovers (e.g., at provider call centers)."  MORE >>

Warner Norcross & Judd LLP

Alert (High Risk Issue) icon DOL Begins Its Cybersecurity Audit Initiative, and It's a Doozy

"Despite plan fiduciaries having had just a handful of weeks to digest the DOL's only actionable guidance on cybersecurity and privacy matters, ... the DOL has begun issuing information and document requests under this new initiative, and the requests are probing and indicate serious inquiry by the DOL.... [B]oth the pace with which the DOL has begun its audits and the depth and breadth of the initial round of requests is surprising."  MORE >>

Morgan Lewis

SCOTUS Decision on Northwestern University Case Could Be a Pivotal Point for Plan Sponsors and Plan Advisers

"While the petition for certiorari poses several questions, the one that ... could, and should, be unequivocally resolved is the so-called 'menu of investment options' defense.... [T]here are a few courts that continue to accept the defense, effectively [denying] plan participants the rights and protections guaranteed to them under ERISA. The plaintiffs cite this ongoing division within the federal judicial circuits as one reason for why cert should be granted." [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 25, 2020; cert. pet. filed Jun. 19, 2020)]  MORE >>

The Prudent Investment Fiduciary Rules

Jumbo 403(b) Plan Hit With Excessive Fee Suit

"The complaint alleges that many of the mutual funds ... were more expensive than comparable funds found in similarly sized plans -- those with more than $1 billion in assets. It says the expense ratios for the funds in the plan were up to 280%, in one case, and up to 273%, in another, above the median expense ratios for funds in the same investment category." [Garnick v. Wake Forest Univ. Baptist Medical Ctr., No. 21-0454 (M.D.N.C. complaint filed Jun. 4, 2021)]  MORE >>

PLANSPONSOR; free registration may be required

Defined Contribution Plan Participants' Activities, First Quarter 2021 (PDF)

16 pages. "Preliminary data indicate that the commitment to contribution activity in 2021:Q1 continued at the high rate observed in the first three months of other years.... Most DC plan participants stayed the course with their asset allocations as stock values edged up during the first three months of the year.... DC plan participants' loan activity edged down in the first quarter of 2021."  MORE >>

Investment Company Institute [ICI]

CRS 'In Focus' Report on Social Security Long-Range Projections: Why 75 Years?

"This 'In Focus' explains why the Trustees use a 75-year horizon for evaluating the financial status of the Social Security program under current law and, in turn, for evaluating the financial impact of Social Security legislative proposals. It also explains why comparing the valuation period used for Social Security with the valuation periods used for other systems, including private-sector defined benefit (DB) pension plans,can be misleading." [IF11851, Jun. 11, 2021]  MORE >>

Congressional Research Service [CRS]

Should My Money Stay or Go? Employer 401(k) vs. IRA Rollover

"Employers are the newest contenders for the rollover assets from your retirement plan. Here's what to consider when leaving your job and choosing whether to leave your money in your old employer's defined contribution plan or roll it over to an IRA."  MORE >>


Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Notice LA-2021-03, for Victims of Severe Storms and Flooding in Louisiana

"Victims of severe storms and flooding that began May 17, 2021 now have until August 16, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms and flooding that reside or have a business in Ascension, Calcasieu, East Baton Rouge, Iberville, and Lafayette Parishes qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

DOL Regulatory Agenda, Spring 2021, Including Employee Benefit Items

Proposed Rules (EBSA)

  • Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500
  • Definition of the Term "Fiduciary"
  • Implementing Executive Orders 13990 and 14030
  • Prohibited Transaction Exemption Procedures
  • Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets

Final Rules (EBSA)

  • Pension Benefit Statements -- Lifetime Income Illustrations
  • Adoption of Amended and Restated Voluntary Fiduciary Correction Program
  • Requirements Related to Surprise Billing, Part 1
  • Requirements Related to Surprise Billing, Part 2
  • Amendment of Abandoned Plan Program


U.S. Department of Labor [DOL]

[Official Guidance]

IRS Regulatory Agenda, Fall 2020, Including Employee Benefit Items

Numerous employee benefits items, some of which are:

Proposed Rules

  • Determination of Governmental Plan Status
  • Guidance on Rules Applicable to IRAs Under Sections 408 and 408A
  • Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057
  • Rules Relating to Employer-Provided Meals and Employer-Operated Eating Facilities
  • Definition of Church Plan
  • Application of Nondiscrimination Requirements, Backloading Limitations, Certain Plan Termination Rules, Benefit Limitations, and Top Heavy Rules to Statutory Hybrid Plans
  • MEPs and the Unified Plan Rule
  • Determination of Line of Business for Purposes of No-Additional-Cost Service and Qualified Employee Discount Fringe Benefits
  • Guidance on 401(a)(9) Required Minimum Distributions
  • Requirements Related to Surprise Billing, Part 1
  • Requirements Related to Surprise Billing, Part 2

Final Rules

  • Definition of Dependent Under Section 152
  • Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057
  • Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions
  • Application of Normal Retirement Age Regulations to Governmental Plans
  • Nondiscrimination Relief for Closed Defined Benefit Plans
  • Minimum Value of Eligible Employer-Sponsored Plans
  • Withholding on Certain Retirement Plan Distributions Under Section 3405(a) and (b)
  • Application of the Employer Shared Responsibility & Certain Nondiscrimination Rules to HRAs and Other Account-Based Group Health Plans Integrated With Individual Health Insurance Coverage or Medicare

   MORE >>

Internal Revenue Service [IRS], U.S. Department of the Treasury

[Guidance Overview]

SAS 136: The New Audit Standard for Employee Benefit Plans and Its Impact on Plan Sponsors

"The new standard affects all phases of audits, including engagement acceptance and reporting. It also significantly revises the form and content of the audit report to provide greater transparency regarding the scope and nature of the audit.... [T]he new standard requires plan sponsors to provide additional information and documentation to the auditor. [Certain] key provisions may have major implications for plan sponsors."  MORE >>

Ogletree Deakins

[Guidance Overview]

IRS Finalizes Regs on Federally Declared Disaster Postponement of Tax Deadlines

"[In] the case of any person described in Sec. 7508A(b) (generally pensions and employee benefit plans), the time-sensitive acts postponed for the mandatory 60-day postponement period include ... various contributions, distributions, and rollovers."  MORE >>

Journal of Accountancy

Employee Benefits Jobs

View job as Product Support Consultant
for part of Wolters Kluwer Legal & Regulatory Product Support Consultant part of Wolters Kluwer Legal & Regulatory


View job as Product Support Consultant
for part of Wolters Kluwer Legal & Regulatory

View job as Employee Benefits/Health and Welfare Attorney
for Miller Johnson Employee Benefits/Health and Welfare Attorney

Miller Johnson

Telecommute / Grand Rapids MI / Kalamazoo MI / Detroit MI

View job as Employee Benefits/Health and Welfare Attorney
for Miller Johnson

View job as DB/DC Administrator
for Primark Benefits DB/DC Administrator

Primark Benefits

Telecommute / Burlingame CA

View job as DB/DC Administrator
for Primark Benefits

View job as Director of Finance
for NYCDC of Carpenters Benefit Funds Director of Finance

NYCDC of Carpenters Benefit Funds

New York NY

View job as Sr. Retirement Plan Administrator
for Compass Retirement Consulting Group Sr. Retirement Plan Administrator

Compass Retirement Consulting Group

Telecommute / Stratham NH

View job as Senior Retirement Analyst
for Dunbar, Bender & Zapf, Inc. Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Telecommute / Pittsburgh PA

View job as Relationship Manager/Consultant
for The Retirement Plan Company (TRPC)/an ABG firm Relationship Manager/Consultant

The Retirement Plan Company (TRPC)/an ABG firm


View job as Retirement Plan Administrator & Team Lead - 3(16) Services
for Compass 360, LLC Retirement Plan Administrator & Team Lead - 3(16) Services

Compass 360, LLC

Stratham NH / MA / ME

Selected New Discussions

Timing and Amount of Deduction for Delinquent Contributions

"I have a new client that hadn't funded a required contribution for multiple years. They funded those contributions, with added interest, in 2021. The question is, when are these contributions deductible on their taxes? (They hadn't been taking the deduction, since the contribution had never been made.)"

BenefitsLink Message Boards

Press Releases

iJoin Expands its Availability to Advisors as 40th Recordkeeper Signs On


Last Issue's Most Popular Items

Nothing in Life Is Free: Considerations for ERISA Expense Accounts

Haynes and Boone, LLP

Bringing Details to Light: GAO Report Illuminates DOL Enforcement of ERISA (PDF)

Eversheds Sutherland

Text of IRS Final Regs: Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster

Internal Revenue Service [IRS]

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

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