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Retirement Plans Newsletter

June 28, 2021

6 New Job Opportunities


[Guidance Overview]

IRS Again Extends Temporary Relief from 'Physical Presence' Requirement for Certain Retirement Plan Elections

"[Notice 2021-40] includes a request for comments from potential stakeholders (by September 30, 2021) on whether the temporary relief should be made permanent or whether other changes may be appropriate, so the Notice also provides the IRS with more time to consider permanent changes to the physical presence requirement."  MORE >>

Morgan Lewis

Coverage Gap, SECURE 2.0 Are Focus of House Subcommittee Hearing

"[T]he hearing was something of a history lesson on the creation and development of pensions and 401(k) plans, but there also was an underlying debate about whether the country really does face a retirement savings crisis, as well as a rehash of the multiemployer plan relief legislation enacted this past spring."  MORE >>

American Retirement Association [ARA]

Judges Don't Bite on Applying DB Defense to DC Plans in ERISA Cases

"Seeking to defeat ERISA complaints, some defined contribution sponsors are using a 13-month-old, pro-sponsor ruling by the U.S. Supreme Court that addressed defined benefits plans. However, at the federal District Court level so far, most judges have rejected this DC legal defense, citing the Supreme Court's 5-4 ruling as making a distinction between DC and DB."  MORE >>

Pensions & Investments

How to Make Your Investment Committee More Effective

"[1] Assemble the correct committee.... [2] Focus on what really matters.... [3] Practice smart logistics.... [4] Remain curious." [Podcast, with summary and infographic]  MORE >>

Fiducient Advisors

Checklist: Is Your 401(k) Plan on Course?

"Tracking a 401(k) plan includes thorough reviews throughout the year, with employers focused on fees and performance, compliance, and participant communication. Here is a concise checklist to keep your 401(k) plan on course."  MORE >>


Competitive Pricing Rate for Pension Risk Transfer Costs Decreased in May

"During May, the average estimated cost to transfer retiree pension risk to an insurer dropped, from 102.4% of a plan's total liabilities to 102.0% of those liabilities. This means the average estimated retiree PRT cost for the month is now 2.0% more than those plans' retiree accumulated benefit obligation (ABO). Meanwhile annuity purchase costs reflecting competition amongst insurers also decreased, from 100.1% in April to 99.7% in May."  MORE >>


Annuity Purchase Update: June 2021 Interest Rates

"Despite the persistence of the pandemic, it is clear that the outlook for plan sponsors is currently trending positively. Equity markets are strong and interest rates are rising. This is leading to improved plan funding statuses and lower annuity purchase prices. The average plan funding status of the largest 100 pensions is now above 98%."  MORE >>

October Three Consulting

Understanding How Households Actually Support Spending in Retirement

"Across retirement wealth quartiles, there is more spending at almost all ages for households who have at least some annuities and/or pensions.... [T]hose without annuities and/or pensions had a slightly larger equity concentration in their IRA portfolios after rollover than they had in their 401(k) plans; however, those with some annuities and/or pensions had a significantly larger increase in equity concentration."  MORE >>

Employee Benefit Research Institute [EBRI]

Investing During Retirement: Income Allocation Planning

"[W]hen planning for retirement income, include a financial product designed for lifetime income: annuity payment contracts. And reduce your 'income risk' by adding safe income first. Manage any residual income risk in real time as market corrections, emergencies or life events occur, rather than through upfront simulations of hypothetical results."  MORE >>


Lawmakers Revive Push for Annual Social Security Statements

"Bipartisan legislation has been introduced in the House [HR 4143] and Senate [S 2204] to restore the delivery of annual Social Security projected benefit statements ... to all workers aged 25 and older with covered earnings who are not receiving Social Security benefits.... The bill also provides individuals the option to receive their annual statement electronically, rather than by mail."  MORE >>

American Retirement Association [ARA]

Tech-Savvy Recordkeepers Flood Micro 401(k) Market

"[N]ew 'tech-forward' recordkeepers offering low-cost, easy-to-onboard startup plans for small businesses are penetrating the micro 401k provider market.... [P]roviders can use recordkeeping as a platform through which to distribute more lucrative investment products and services, including proprietary mutual funds. According to [recent] research, more than 40% of micro 401k plan assets are invested in proprietary investment products."  MORE >>

401(k) Specialist

Benefits in General

Exceptional Usefulness and Quality icon Using Mandatory Arbitration to Avoid ERISA Class Actions, Part 3: Practical Considerations (PDF)

"[1] Provide that an arbitrator will decide whether the disputes are arbitrable. [2] Require all employees to sign an arbitration agreement that specifically refers to ERISA fiduciary breach claims and contains a clear class action waiver ... [3] Adopt a plan provision requiring mandatory individual arbitration of all claims and disputes ... [4] Notify participants and former employees with vested benefits immediately when the plan provision is adopted ... [5] Reference the arbitration clause in any communications regarding a dispute ... [6] Mention some consideration provided by employees/participants in these documents. [7] Specify a specific venue for the arbitration to control potentially inconsistent decisions."  MORE >>

Cohen & Buckmann P.C., via Bloomberg Law

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Chase Benefit Advisors Retirement Plan Administrator

Chase Benefit Advisors

Glen Allen VA

View job as Plan Document Specialist
for National Professional Planning Group Plan Document Specialist

National Professional Planning Group

Telecommute / Shrewsbury NJ

View job as Managing Director, Insperity 401(k) Plans
for Insperity Managing Director, Insperity 401(k) Plans


Kingwood TX

View job as Compliance Administrator II
for Associated Pension Consultants Compliance Administrator II

Associated Pension Consultants


View job as Senior ERISA Compliance Specialist
for Hooker & Holcombe Senior ERISA Compliance Specialist

Hooker & Holcombe

Telecommute / Bloomfield CT

View job as Director of Compliance
for UBA Director of Compliance


Telecommute / Chicago IL

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Understanding Performance Measurement in Executive Compensation


Meridian Compensation Partners, LLC

Using Discretion Effectively in Your Annual Incentive Plan


Meridian Compensation Partners, LLC

Complex Death Claims and How to Handle Them

July 13, 2021 WEBCAST


Last Issue's Most Popular Items

2021 Is the Last Year for Retirement Plan Unlimited 'Quasi-Rollover' to Charity

Thompson Coburn LLP

IRS Again Extends Temporary Relief from Physical Presence Requirement for Retirement Plan Consents


Pooled Employer Plans: An Opportunity for Employers and Private Equity Sponsors to Reduce Their ERISA Fiduciary Responsibilities

Ropes & Gray LLP

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

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