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Retirement Plans Newsletter

August 13, 2021

3 New Job Opportunities


DOL Is 'Encouraging' Retirement Plan Fiduciaries to Recoup Uncashed Participant Checks from Prior Recordkeepers

"Taking the form of a letter-based initiative, the DOL is now urging retirement plan fiduciaries to recoup amounts held by former recordkeepers or paying agents that might have been overlooked during the transition of the service provider relationship to a new vendor.... Without imposing a deadline, the letters ask that plan fiduciaries provide the DOL with copies of documentation [1] confirming that uncashed check amounts, including lost earnings, have been returned, and [2] sufficient to demonstrate that the funds have been appropriately allocated to the accounts of affected participants and beneficiaries."  MORE >>

Morgan Lewis

Changing DC Plan Recordkeepers Can Be Complex: Steps for a Smooth and Successful Transition (PDF)

10 pages. "Risks associated with the conversion can be effectively managed under a well-developed transition plan as part of a plan's overall approach to managing operational risk. An additional benefit of the transition process is that it presents an opportunity to review plan operations and processes with an eye toward improvement"  MORE >>


SeaWorld Soaked With Excessive Fee Suit

"The plaintiffs ... allege that since the inception of the plan (March 1, 2010), defendants offered higher cost mutual fund share classes as investment options for the Plan 'even though 90% of the time lower cost class shares of those exact same mutual funds with the same attributes were readily available.' They also claim that defendants 'offered higher cost share classes rather than readily available lower cost options to Plan participants for a decade before finally acknowledging their imprudent actions and changing share classes in January 2020.' " [Coppel v. SeaWorld Parks & Entertainment, Inc., No. 21-1430, (S.D. Cal. complaint filed Aug. 10, 2021)]  MORE >>

American Retirement Association [ARA]

Supreme Court Declines to Disturb Ruling That Coal Miner Retiree Health Benefits Can Be Modified in Bankruptcy

"The Supreme Court's denial of certiorari in Westmoreland leaves undisturbed a line of cases reaching back for over fifteen years holding that Coal Act obligations can be modified in chapter 11 cases.... [E]ven if a bankruptcy court orders the modification of Coal Act obligations, retirees will continue to receive benefits they were promised, but the costs of those benefits will be borne by the government benefit funds established for this purpose, rather than the debtors' estates (or their buyers)." [In re Westmoreland Coal Co., No. 19-20066 (5th Cir. Aug. 4, 2020; cert. pet. denied May 24, 2021)]  MORE >>

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Reeling from Pandemic, Women Say Saving for Retirement Is on Back-Burner

"More than 40% of women can't give any thought to retirement savings right now because they're trying to cover day-to-day expenses ... Over half of women are paying greater attention to their saving and spending amounts ... but only 35% have put more thought into their retirement plans."  MORE >>

The Business Journals

Executive Compensation and Nonqualified Plans

[Guidance Overview]

San Francisco Will Tax Employers Based on CEO Pay Ratio

"Companies with a CEO pay ratio of 100:1 or more will be subject to the Measure L tax, and the tax rate will increase for every additional 100 times the CEO's pay exceeds the median worker's pay.... While, for the San Francisco tax purposes, the CEO of a business may be located anywhere, the pool of workers that San Francisco identifies for the median pay amount is limited to those workers based in San Francisco."  MORE >>

Jackson Lewis P.C.

Employee Benefits Jobs

View job as DB/DC Administrator
for Primark Benefits DB/DC Administrator

Primark Benefits

Remote / Burlingame CA

View job as DB/DC Administrator
for Primark Benefits

View job as 401(k) Specialist
for Coastal Pension Services, LLC 401(k) Specialist

Coastal Pension Services, LLC

Remote / Columbia MD

View job as Employee Benefits Investigator
for Employee Benefits Security Administration [EBSA] Employee Benefits Investigator

Employee Benefits Security Administration [EBSA]

Remote / Chicago IL

Press Releases

Lockton Dunning Benefits Continues to Encapsulate Its Commitment to Growth


Willis Towers Watson announces agreement to sell Willis Re to Gallagher

Willis Towers Watson

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

The SEC Renews Focus on Dodd-Frank Executive Compensation Issues


Meridian Compensation Partners, LLC

Helping Women Take the Mystery Out of Retirement Planning

September 2, 2021 WEBCAST

Employee Benefits Security Administration [EBSA], U.S. Department of Labor

The Impact of Proposed Legislative Changes on Retirement Income Adequacy

September 13, 2021 WEBCAST

EBRI [Employee Benefit Research Institute]

Last Issue's Most Popular Items

Special Financial Assistance Program for Financially Troubled Multiemployer Plans, Part 2 (PDF)

Pension Benefit Guaranty Corporation [PBGC]

Correcting Late Deposits of Employee Contributions and Loan Repayments

E is for ERISA

Special Financial Assistance Program for Financially Troubled Multiemployer Plans, Part 1 (PDF)

Pension Benefit Guaranty Corporation [PBGC]

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

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