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Retirement Plans Newsletter

July 6, 2021

4 New Job Opportunities


[Guidance Overview]

Retirement Account Rollovers: PTE 2020-02 vs. PTE 84-24

"In the short term, PTE 84-24 may be an easier route for insurance companies to avoid the requirements under PTE 2020-02.... However, it is possible -- perhaps even likely -- that new and more demanding conditions will be added to 84-24. But that is more than a year away, and the current 84-24 may be an effective transition approach."  MORE >>

Faegre Drinker

SCOTUS Agrees to Hear ERISA 'Excessive Fee' Case

"While the Seventh Circuit in Hughes affirmed the dismissal of the plaintiffs' complaint, many of these excessive fees cases have survived motions to dismiss, subjecting plan sponsors and fiduciaries to costly and time consuming discovery.... The Supreme Court's decision to review this issue should bring some clarity to the pleading standard in this hotly litigated area[.]" [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 25, 2020; cert. pet. granted No. 19-1401, Jul. 2, 2020)]  MORE >>

Steptoe & Johnson LLP

Cybersecurity for Plan Fiduciaries: Focus on Account Theft

"One case can take your participant and you down a rabbit hole that might not have a great ending.... [No] matter how vigilant your plan's recordkeeper is, plan sponsors, plan fiduciaries and plan participants can and should take steps to protect retirement accounts from cyber theft. The recent DOL guidance is designed to outline what those steps might be."  MORE >>

PLANSPONSOR; free registration may be required

Proposal Would Allow Former Temporary Federal Employees to Make Catch-Up Pension Contributions

"[T]he Federal Retirement Fairness Act (HR 4268), which would allow employees enrolled in the Federal Employees Retirement System who initially entered government as a temporary worker the ability to make catch-up retirement contributions to cover for the years when they were temps and unable to contribute to their retirement accounts."  MORE >>

Government Executive

The Mysterious Order of Asset Withdrawal

"Even though there is retirement software telling you that if you play the retirement tax game just right you can spend 10% more money per year, you are likely going to spend about what you did pre-retirement.... Tax law regarding brackets, inheritance rules, RMDs, capital gains treatment, step-up in cost basis, etc. will change many times during a 25-year retirement. The assumptions made for your withdrawal plan may be moot in 18 months. It's better to be flexible than try to be 'perfect.' "  MORE >>

MSN News

Worry Less and Spend More in Retirement

"In addition to providing economic benefits, shifting assets from investments to guaranteed lifetime income can also provide psychological benefits that give households a 'license to spend' their assets. So, you can worry less, spend more and achieve your financial goals by shifting some of your assets from investments to guaranteed lifetime income."  MORE >>

Ken Steiner, FSA Retired


Proposed Legislation Would Allow $1,000 Penalty-Free 401(k) Withdrawal

"The rationale is that low-paid workers are more likely to save if they know they have access to their money if they should need it.... My favorite idea for access, however, is an old plan put forth in the 1990s ... [under which] employees could have convenient access to a limited amount of their 401(k) money through a credit card."  MORE >>

Alicia Munnell, in MarketWatch


History’s Lessons for Retirement Plan Fiduciaries

"Inertia is a powerful force....Selection of committee members is crucial....Know that there are risks....It's important to put it in writing....Actions can speak louder than words."  MORE >>

Data 'Points'


What's the Impact of Pandemic-Induced Early Retirements on DB Plan Funding?

"During normal times, a sharp jump in the number of workers who decide to retire early does not bode well actuarially for DB plans.... But the pandemic was not a normal occurrence, and it might be that other mitigating factors like the mortality rate may dampen any effect early retirements have on the system."  MORE >>

Chief Investment Officer [CIO]; free registration required


Why Fully-Funded U.S. Pension Plans Could Give Bonds a Boost

"The events of the last year have led to a market environment which is forcing pension plans to act. This is likely to see increased allocations to fixed income assets. [The authors] expect to see large flows into long duration bonds in particular, a trend that has already begun, but which will grow in magnitude in the coming quarters."  MORE >>


Benefits in General

Tech Firms Take Greater Interest in Plan Design Features

"While fewer than half (45%) of the respondents reported that they offer 401(k) matching to employees (up from 36% in 2018), 13% of companies plan to add or increase their match in the next 12 months.... 72% of tech companies have implemented immediate vesting, compared to 67% of non-tech companies.... [The] findings also suggest a trend toward greater value in family-planning options, mental health solutions and additional paid holidays"  MORE >>

American Retirement Association [ARA]

Executive Compensation and Nonqualified Plans

Dollars and Sense: How to Integrate ESG into Compensation Programs

"[A] 2020 survey of 338 global boards of directors ... showed that 32 percent of boards plan to tie ESG metrics to executive pay within the next 12 months, and an additional 37 percent plan to do so within the next three years.... This article outlines current best practices for how companies, particularly public companies, should approach integrating ESG metrics into their executive compensation programs."  MORE >>

Womble Bond Dickinson

Employee Benefits Jobs

View job as Fiduciary Service Administrator
for Definiti Fiduciary Service Administrator


Telecommute / The Woodlands TX / FL / PA / WA

View job as Fiduciary Service Administrator
for Definiti

View job as Retirement Plan Administrator
for Retirement Solutions Specialists Retirement Plan Administrator

Retirement Solutions Specialists

Telecommute / Jacksonville FL

View job as Junior Retirement Plan Administrator
for Integrity Pension Services, LLC Junior Retirement Plan Administrator

Integrity Pension Services, LLC

Telecommute / Las Vegas NV

View job as Quality Assurance Manager
for Nova 401(k) Associates Quality Assurance Manager

Nova 401(k) Associates

Telecommute / Houston TX / Dallas TX / Scottsdale AZ

Press Releases

Hub International Acquires the Assets of Tennessee-Based Aegis Retirement Group, LLC

HUB International

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Executive Compensation: Staying Focused on the Essentials


Meridian Compensation Partners, LLC

Pension Plan Investments 2021: Advanced Perspectives

November 16, 2021 WEBCAST

PLI [Practising Law Institute]

Last Issue's Most Popular Items

Notes from Meeting of Actuaries 'Intersector Group' with IRS, April 2021 (PDF)

American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]

Supreme Court Will Hear Northwestern 403(b) Case


Developing a One-Page Financial Plan and Its 'Technical Appendix'

Nerd's Eye View

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

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