[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 61 -- Interim Compliance with PTE 2020-02: The Impartial Conduct Standards

"FAQ 11 discusses the Impartial Conduct Standards, which must be satisfied from February 16, 2021 until December 20, 2021 under the DOL non-enforcement policy (with concurrence by the IRS), and then on December 21, the Impartial Conduct Standards become one of the conditions of full compliance with PTE 2020-02."  MORE >>

FredReish.com

[Sponsor]

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IRS Releases Guidance with Respect to ARP Elections

"The changes made by [ARPA] will affect minimum funding requirements generally. The possible retroactive application of these changes, and the elections permitted with respect to their application, raise a number of issues ... There are also decisions for sponsors about whether to apply the interest rate changes in 2020 and 2021 for all purposes (including benefit restrictions) or just for purposes of minimum funding. [Notice 2021-48] generally provides wide latitude on the treatment of these issues."  MORE >>

October Three Consulting

Cybersecurity and Related Legal Risks Come Home to ERISA Plans (PDF)

"Plan sponsors will seek more transparency, whereas service providers may be reluctant to divulge too much on their cybersecurity defenses to guard against inadvertently offering up the keys to the castle. The balance of the two will become market practice. The DOL is ramping up enforcement in this area. Plan sponsors should also gird for class-action lawsuits with allegations of breaches of ERISA's duty of prudence when participant PII or plan asset data is mis-used."  MORE >>

Stradley Ronon, via Society of Financial Service Professionals

ESG Regulation Submitted to OMB by DOL

"The [DOL] has submitted a new proposed regulation to the White House's Office of Management and Budget (OMB), titled 'Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.' The submission represents a key step forward for the Biden administration's stated plans of modifying the regulatory framework that controls retirement plan fiduciaries' actions when considering and using environmental, social and governance (ESG)-themed investments."  MORE >>

PLANSPONSOR; free registration may be required

The Executor's Guide to Retirement Plan Distributions: Income Taxes

"Here are four obstacles you don't want to find out about after you have already taken the distribution from the retirement account (and at number five, a way to sidestep two of them): [1] Is the executor permitted to make the distribution at this time? ... [2] Pecuniary bequests.... [3] Separate share rule.... [4] No DNI deduction for charity.... [5] Transfer the plan itself, not the distribution."  MORE >>

Morningstar

Joining a PEP Is Easy, Joining the 'Right' PEP... Not So Fast, My Friend

"While conducting a prudent search for service providers via a well-developed Request for Proposal (RFP) process may be considered non-fiduciary in nature, the resulting implementation and monitoring of the service providers selected are most certainly fiduciary in nature. The same holds true when considering a Pooled Employer Plan (PEP)."  MORE >>

Voya

Pension Funding Index, August 2021

"The funded status of the 100 largest corporate defined benefit pension plans decreased by $25 billion during July ... Pension liabilities rose due to a decrease in the benchmark corporate bond interest rates used to value those liabilities. As of July 31, the funded ratio dropped to 95.8%, down from 97.1% at the end of June. The current funded ratio is still ahead of the funded ratio of 90.3% seen at the start of 2021."  MORE >>

Milliman

[Opinion]

How Can a Fiduciary Define Risk in a Way That Is Measurable, Meaningful, and Relevant?

"The easiest route to take is to simply stick to the old way of doing things. While not precise, the use of statistics and past performance really isn't that far off.... The trick here, however, is to not rely on this technique too much. What's more, you can never imply past performance guarantees future results. That's why another simple method also proves popular (and it's far easier to understand). In this process, you simply ask yourself how much you can afford to lose."  MORE >>

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5500 Asset Reporting -- Move from Cash Basis to Accrual Basis?

"Looking at possible takeover of defined contribution plans. They've been filed on a cash basis in the past. I neither like nor believe in cash basis filings because my reports must match my filings -- old habits. As far as I know, consistentcy is crucial when it comes to the filings. Is there any way to switch from cash to accrual method? If so, how?"

BenefitsLink Message Boards

Is Governor Cuomo at Risk of Forfeiting His State Pension?

"Does anyone know whether Governor Andrew Cuomo is at risk of forfeiting his New York State pension?"

BenefitsLink Message Boards

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Pentegra and LeafHouse Financial Launch the American 401(k) Pooled Employer Plan

Pentegra Retirement Services

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Financial Wellbeing Symposium

September 22, 2021 WEBCAST

EBRI [Employee Benefit Research Institute]

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Form 5500 Clarification... Better Late Than Never

Ferenczy Benefits Law Center

Who Is Responsible for Plan Mistakes? Benefits of Outsourcing Plan Administration

Cohen & Buckmann, P.C.

Congress Aims to Raise Limits for Catch-Up Contributions

USA TODAY