[Guidance Overview]

DOL Issues Its First Cybersecurity Guidance for Plan Sponsors, Fiduciaries and Service Providers

"[T]he new guidance more closely aligns the data privacy and security requirements of United States retirement plans with the requirements outside the United States and with general corporate standards. The guidance is based on the central premise that '[r]esponsible plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks.' "  MORE >>

King & Spalding

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 55

"[C]hanges are being considered for both the definition and the exemption.... The change to the fiduciary definition will likely cause even more advisors and agents (and their firms) to be fiduciaries for plans, participants and IRA owners. The changes to the exemptions will impose additional compliance burdens on investment advisers, broker-dealers, banks and insurance companies."  MORE >>

FredReish.com

Spring 2021 DOL Regulatory Agenda Includes Retirement Plan Projects

"The Agenda includes four significant [DOL] regulatory initiatives ... [1] mandatory annual DC plan lifetime income illustrations, required by the [SECURE Act] of 2019; [2] fiduciary duties with respect to retirement plan investments based on environmental, social, and corporate governance (ESG) factors and with respect to proxy voting; [3] a revision of the DOL advice fiduciary rule; and [4] implementation of the SECURE Act's DC 'group of plans' combined 5500 provision. In this article [the authors] briefly review, and provide some background on, these projects."  MORE >>

October Three Consulting

Technology-Driven Retirement Plan Challenges

"[T]here seems to be a growing number of tools which may finally be giving vendors a chance to thrive in what has largely been a legacy driven retirement technology market. Making these sorts of technology accommodations is not easy, and there will be many firms which will not be able to compete over time. A number of recent legislative initiatives, in particular, really contemplate advanced technology which makes technology expertise all the more critical for service providers."  MORE >>

Business of Benefits

Taking a Fiduciary Holistic Approach: How Can 401(k) Participant Data Be Used?

"It's long been assumed by recordkeepers and other 401k portal providers that critical participant data can and perhaps should be used to give employees up-to-date information on their financial situation.... At some point, however, the best interest of the retirement saver crosses the line into a privacy violation. It's just too tempting to use this information for business purposes.... Is this a real conflict-of-interest or only an apparent one? This quandary comes about because there's a real question of ownership of the data."  MORE >>

Fiduciary News; free registration required

Plan Sponsor Pitfalls When Using a Section 3(38) Investment Manager

"Pitfall #1: No ongoing formal monitoring process ... Pitfall #2: Contracting with a 3(38) investment manager but acting in a 3(21) investment advisor capacity ... Pitfall #3: Allowing room for guesswork or interpretation ... Pitfall #4: Assuming all 3(38) investment manager services are equal."  MORE >>

CAPTRUST

Pension Risk Transfer: Evaluating Impact and Barriers for De-Risking Strategies (PDF)

64 pages. "This paper provides background for how plan sponsors have historically managed risk within their pension plan ... and covers the options plan sponsors have to transfer that risk ... Recent market drivers are discussed ... which have impacted many of the recent trends ... [The paper provides] a framework for plan sponsors considering a risk transfer, along with a number of items that should be considered throughout the process ... [and discusses] potential risk transfer alternatives and innovations, as well as providing a forecast of where the market may go in the future."  MORE >>

Society of Actuaries

Deep Learning for Liability-Driven Investment (PDF)

63 pages. "[T]his research contributes to the existing literature in three ways. First, it introduces [Reinforcement Learning (RL)] and deep learning to actuaries and tries to build some connections with actuarial concepts. Second, it provides a workable example to demonstrate the application of RL to LDI and assess its effectiveness. Without simplifying any liability and asset modeling, it shows the potential of RL to solve complex actuarial problems.... Third, sample implementation codes are made public for educational purposes[.]"  MORE >>

Society of Actuaries

California Teacher Retirement Data

"CalSTRS processed 11,706 service retirements and paid $15.9 billion in retirement, disability and survivor benefits and purchasing power supplemental payments. Members retired with an average of 24.3 years of service credit and a monthly member-only benefit of $4,614. The average member age at retirement was 63.3 years old."  MORE >>

403bwise

Majority of Americans Are Reluctant to Discuss Retirement Concerns

"Americans are more worried than ever about a variety of retirement risks in 2021 including concerns about healthcare costs (71% versus 65% in 2020), the rising cost of living (67% vs. 59% in 2020) and the impact of a market downturn on retirement savings (66% vs. 54% in 2020). People are most interested in getting professional guidance about how to prevent running out of money before they die (66%) and understanding the impact of a market downturn's impact on savings (64%)."  MORE >>

Allianz Life Insurance Company of North America

What Level of Long-Term Services and Supports Do Retirees Need?

"This analysis, using two decades of data from the Health and Retirement Study, classifies the severity of care needs, accounting for both intensity and duration. The results suggest about one-fifth of retirees will need no support at all and about one-quarter will have severe needs, with the rest facing low to moderate needs. The demographic patterns are as expected: those who are married, better educated, white, or in better health have more manageable needs."  MORE >>

Center for Retirement Research at Boston College

How to Pre-Fund a Legacy So You Can Enjoy Your Retirement Guilt-Free

"A life insurance death benefit is income tax-free. Can't say that about an IRA or 401(k). Both of those get eaten up by income taxes. Not to mention, there are several bills on the hill calling for the elimination of the step-up-in-basis rule, with some exclusions.... The peace of mind is knowing that whatever happens in the future ... my kids will at least get the $1 million life insurance policy. The peace of mind is also knowing that now that the kids' inheritance is planned for, I am free to spend all my retirement money on retirement."  MORE >>

Kiplinger

[Opinion]

American Academy of Actuaries Comment Letter to IRS: Increasing Flexibility Relating to Maintenance and Application of Funding Balances (PDF)

"Specifically we suggest: [1] Extending the deadline for elections to create or apply funding balances by one month to coincide with the Form 5500 filing deadline; [2] Extending the deadline for elections to reduce (waive) funding balances beyond the end of the plan year; [3] Modifying specific and standing elections to provide greater flexibility by allowing formulaic elections; and ... [4] [P]roviding an additional standing election to waive funding balances under certain circumstances."  MORE >>

American Academy of Actuaries

Tenth Circuit Makes Clear That Arms-Length Service Agreements Without Evidence of a Prior Relationship Are Not Prohibited Transactions

"Plaintiffs contended, '[b]ecause [the recordkeeper] is a service provider and hence a 'party in interest,' its 'furnishing of' recordkeeping and administrative services to the Plan constituted a prohibited transaction[.]' The Tenth Circuit soundly rejected that notion, noting '[t]he class's interpretation leads to an absurd result: the initial agreement with a service provider would simultaneously transform that provider into a party in interest and make that same transaction prohibited under Section 1106.' " [Ramos v. Banner Health, No. 20-1231 (10th Cir. June 11, 2021)]  MORE >>

Jackson Lewis P.C.

Employers Make Enhancing the Employee Experience a Top Priority for Post-Pandemic Success

"Most respondents believe a positive employee experience is a key driver of engagement (82%), employee wellbeing (79%), productivity (79%), and ability to attract and retain talent (80%).... Less than one in seven (13%) say the pandemic has receded enough to end temporary pandemic-related policies and programs. The rest indicate they will be ready to do so during the second half of this year (59%) or in 2022 or beyond (28%)."  MORE >>

Willis Towers Watson

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Tony Notermann Joins SageView Advisory Group as Chief Financial Officer

SageView Advisory Group

Haynes and Boone’s Employee Benefits, Executive Compensation Practice Featured in 2021 Chambers USA Directory

Haynes and Boone, LLP

Voya Launches New Stable Value Offering to Help Retirement Savers with Their Financial Security

Voya Financial

OneDigital Acquires Christine Mathews Consulting, Marking Its Largest HR Acquisition

OneDigital

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Bridging the Gap from Workplace Retirement Savings to Personalized Advice

June 29, 2021 WEBCAST

fi360

Professionalism in a Virtual World

August 4, 2021 WEBCAST

Conference of Consulting Actuaries

Common 401(k) Plan Errors

August 26, 2021 WEBCAST

Nova 401(k) Associates

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How Can We Retire Early Without Paying So Much in Taxes?

The Madison Leader Gazette

Case Study: Communicating a Voluntary Early Retirement Program

Milliman

Retirees: If You Love Income, You Should Love Cash Flow Even More

Morningstar