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Retirement Plans Newsletter

August 6, 2021

7 New Job Opportunities


[Guidance Overview]

Illinois Expands Its SECURE Choice Mandatory Retirement Savings Program

"[T]he program will apply to employers with at least 5 employees in the state during every quarter of the previous calendar year.... Secure Choice now includes annual, automatic increases to the contribution rates up to a maximum of 10% of an enrollee's wages. The Illinois Department of Revenue will establish a schedule for the automatic increase."  MORE >>

Jackson Lewis P.C.


SPARK Forum - November 7-9, 2021 -- The Breakers, Palm Beach, FL

3 days packed with actionable insights for advisors, recordkeepers and plan providers. Explore latest trends, strategies and ideas to lead through disruption. Join the retirement event with the most senior audience and network with purpose. Register Now.

Sponsored by SPARK

Fifth Circuit Holds Participants Lack Standing to Challenge Plan Investment Options

"[B]ecause plaintiffs did not transfer out of the demand-deposit fund even when a stable value option became available, the Court found it unlikely that plaintiffs would have invested in a stable value option even if the demand-deposit fund was never available. Accordingly, the Court held that to the extent plaintiffs suffered injuries, those injuries were caused by their own investment decisions and not by defendants." [Ortiz v. American Airlines, Inc., No. 20-10817 (5th Cir. Jul. 19, 2021)]  MORE >>


Pros and Cons of Pooled Employer Plans

"In general, a pooled employer plan is likely to be most attractive to small or medium-sized employers that want economies of scale and are willing to cede a large degree of control over their plans. It is likely to be less attractive to larger employers that can obtain low costs on their own and want to maintain more control over their plans."  MORE >>

Venable LLP

Gen Z Workers Get a Jumpstart on Savings

"Among those saving for retirement, Generation Z workers started saving at age 19, while Millennials started at age 25, Generation X at age 30, and Baby Boomers at age 35... [A]mong Gen Z workers between the ages of 18 and 23, more than 70% are saving for retirement."  MORE >>

PLANSPONSOR; free registration may be required

Potential Changes to the U.S. Retirement System Are on the Horizon

"It was only two years ago that the Setting Every Community Up for Retirement Enhancement (SECURE) Act was put in place; however some more modifications may be on the way. There are two similar, bipartisan bills in early stages that are aiming to build on the SECURE Act, and it looks as though action will be taken on them soon."  MORE >>

Schneider Downs

The Origins of ESG in Pensions: Strategies and Outcomes

"[T]he particular structure of pension funds creates both advantages and disadvantages for the integration of ESG. This paper reviews the historical origins, regulatory mandates, and fund structures of pensions, to tease out exactly which of these characteristics enable and which of them impede the inclusion of ESG at pension funds."  MORE >>

Pension Research Council, The Wharton School of The University of Pennsylvania

U.S. Pension Briefing, July 2021

"Pension discount rates fell almost 0.15% during July, translating to pension liability increases of approximately 2% for a typical pension plan. Discount rates are now down ~0.50% from the March 2021 highs. Asset market performance was generally positive for July, with both US fixed income and equities up 1%-3% for the month. With the offsetting effects of increased liabilities and positive asset returns, most pension plans' funded status should have seen little movement over the past month."  MORE >>

River and Mercantile

Retirement Policy Update, August 2021

"[This update reviews] the Senate HELP Committee Chairman Murray's (D-WA) recently proposed Women's Retirement Protection Act, the Senate Finance Committee Chairman Wyden's (D-OR) Encouraging Americans to Save Act, and DOL's recent 'Temporary Implementing FAQs' with respect to required DC plan lifetime income illustrations, and note the nomination of Lisa Gomez to head DOL's EBSA."  MORE >>

October Three Consulting

Benefits in General

[Guidance Overview]

IRS Finalizes Mandatory 60-Day Postponement Period for Federally Declared Disasters

"The regulations [1] explain how the new mandatory 60-day postponement period is determined, and [2] clarify how the term 'federally declared disaster' is defined under IRC Sec. 165.... Ultimately, the final regulations didn't really change the type of disaster relief that will be available or how the public will learn of that relief."  MORE >>


Executive Compensation and Nonqualified Plans

Tailoring Executive Compensation Plans for Your Unique Business

"Many companies exhibit compensation programs that seem to go 'against the grain' relative to both large-scale data and trends and proxy advisor preferred approaches. However, such programs may be entirely logical and effective within the context of sector-specific or company-specific challenges and opportunities."  MORE >>

Meridian Compensation Partners, LLC

Employee Benefits Jobs

View job as Participant Solutions Supervisor (Retirement Focus)
for Wespath Benefits and Investments Participant Solutions Supervisor (Retirement Focus)

Wespath Benefits and Investments

Glenview IL

View job as Participant Solutions Supervisor (Retirement Focus)
for Wespath Benefits and Investments

View job as DC Administrator
for MGKS DC Administrator


Remote / Phoenix AZ

View job as DC Administrator
for MGKS

View job as Special Projects/M&A Administrator
for Nova 401(k) Associates Special Projects/M&A Administrator

Nova 401(k) Associates

Remote / Houston TX / Dallas TX / Scottsdale AZ

View job as Participant Solutions Specialist (Retirement Focus)
for Wespath Benefits and Investments Participant Solutions Specialist (Retirement Focus)

Wespath Benefits and Investments

Glenview IL

View job as Consultant / Retirement Plan Administration
for Spectrum Pension Consultants, Inc. Consultant / Retirement Plan Administration

Spectrum Pension Consultants, Inc.

Remote / Tacoma WA / Honolulu HI / Fresno CA / Pasadena CA / Las Vegas NV / Mansfield OH / Independence OH

View job as Retirement Services Analyst
for Sacramento County Employees' Retirement System (SCERS) Retirement Services Analyst

Sacramento County Employees' Retirement System (SCERS)

Sacramento CA

View job as Contributions Specialist
for Wespath Benefits and Investments Contributions Specialist

Wespath Benefits and Investments

Glenview IL

Selected New Discussions

No Failsafe Language But Too Late for 11(g) Amendment

"Plan fails coverage and does not have fail safe language. What happens if the coverage failure is not discovered until November the next year? It's now too late to do an 11(g) amendment. How does it get corrected?"

BenefitsLink Message Boards

Client Changes Mind After Making Contributions, Doesn't Want 401(k) After All

"A client's advisor convinced her to start a 401k plan. She made 2 contributions to it then decided that she didn't want it. I tried to tell her that it will now have to go through the termination process but she's demanding that her contributions be returned to her. Am I wrong? Won't she get taxed and penalized on her such a 'refund'? Or is there another way?"

BenefitsLink Message Boards

Is a 'Qualified Disability Benefit' Protected Under Section 411(d)(6)?

"What is a Qualified Disability Benefit under IRC Sec. 411(a)(9)? An example would be appreciated. Is such a benefit considered an 'ancillary benefit' that doesn't need to be 'protected' under IRC Sec. 411(d)(6) or not an ancillary benefit (e.g., a 'retirement-type' benefit) that's protected under that IRC section?"

BenefitsLink Message Boards

Providing Participant Statements to Participants in Brokerage Accounts

"I've re-read ERISA 105, and we're debating whether it's necessary to send annual participant statements (from our recordkeeping system) to participants who are fully invested in self-directed brokerage accounts. As for loans... I don't see that as being a requirement anywhere, so we're on the fence about it. Any comments, ideas, etc.?"

BenefitsLink Message Boards

Press Releases

Sallus Retirement Selects Ubiquity Retirement + SavingsĀ® for Administration and Recordkeeping of its Pooled Employer Plan

Sallus Retirement, LLC

Last Issue's Most Popular Items

Retirement Plans Head to Collective Investment Trusts

Morgan Lewis

IRS Guidance on Funding Relief and Elections Under ARPA

Groom Law Group

IRS Updates the EPCRS Voluntary Correction Program


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

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