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Retirement Plans Newsletter
August 23, 2021
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► 16 New Job Opportunities
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[Guidance Overview]
DOL FAQs Provide Guidance Regarding Lifetime Income Illustrations for Defined Contribution Plans
"The earliest statement for which the [lifetime income illustrations (LIIs)] are required differs depending on whether the defined contribution plan is a participant-directed plan or a non-participant-directed plan.... [P]lan administrators may provide LIIs based on the framework published in the Department's Advance Notice of Proposed Rulemaking in 2013. However, plan administrators must also provide lifetime income illustrations that comply with the requirements set forth in the IFR." MORE >>
Faegre Drinker
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[Sponsor]
ASC’s Defined Contribution / 401(k) Software: Comprehensive and Easy to Use
Administering a basic 401k plan, a complex new comp plan or a DB/DC Combo is easy using ASC Software. That’s why approximately 50% of all 401(k) accounts are tested or administered on ASC software. Learn More!
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[Guidance Overview]
A User's Guide to Implementing ARPA's DB Funding Relief
"Besides providing details on the relief elections, [IRS Notice 2021-48] gives sponsors abundant flexibility to manage credit balances and prior-year contributions. The notice also offers guidance on a few issues related to using ARPA interest rates for other purposes." MORE >>
Mercer
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New 403(b) Plan Suit Says Fees Were 'Astronomical'
"Another multibillion-dollar plan -- this one a faith-based, not-for-profit health care organization and clinical care network -- finds itself in the crosshairs of a Capozzi Adler lawsuit.... [T]he suit notes that they delivered and received confirmation of their administrative demand -- but got no response, and so they declared that the 'failure to respond within the time prescribed by the SPD deems Plaintiffs' administrative claim exhausted.' " [Holmes v. Baptist Health of South Florida, Inc., No. 21-22986 (S.D. Fla. complaint filed Aug. 17, 2021)] MORE >>
American Retirement Association [ARA]
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Antitrust Issues Scuttled Aon-WTW Combo; What Comes Next?
"Regulators cited the elimination of competition in filing a civil lawsuit to halt the union of Aon and Willis Towers Watson. As significant consolidation occurs across the financial services industry, some wonder whether similar issues could arise again." MORE >>
planadviser
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The Number of Older Workers Retiring in the Pandemic Soared
"Roughly 2 million more people than expected have joined the ranks of the retired in the pandemic, according to The New School's Schwartz Center for Economic Policy Analysis. While some ... happily chose to retire early, others were forced into retirement after losing their jobs or quitting out of fears of exposure to COVID. This doesn't mean that they're permanently out of the workforce." MORE >>
National Public Radio [NPR]
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Is There Really an Exemption from Union Pension Plan Withdrawal Liability for the Trucking Industry?
"There are no PBGC regulations interpreting this exemption and only a few PBGC advisory opinions referencing certain aspects of the exemption. Of the more than 2,500 federal court cases dealing with union pension plan withdrawal liability, less than 30 cases refer to the trucking industry exemption and most of those 30 decisions do not deal with the qualifying requirements for the exemption but rather pertain to routine withdrawal liability issues such as arbitration deadlines, controlled group liability, 'evade and avoid' issues and bankruptcy." MORE >>
Frost Brown Todd LLC
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Forget Income Replacement, Focus on Supplying Cash Flow Needs
"Confusion over income-replacement rates -- combined with huge variations in actual income-replacement needs among different cohorts -- highlights why ... most pre-retirees should bypass income-replacement rates and instead use their expected cash flow needs to help determine how much money they'll need in retirement." MORE >>
Morningstar
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Benefits in General |
Judge Rules California's Gig Worker Law Is Unconstitutional
"Friday's ruling stems from a lawsuit filed by three drivers and labor union Service Employees International Union who argued the law was unconstitutional because it limited the state Legislature's ability to make gig workers eligible for the state's workers' compensation program." [Castellanos v. State of California, No. RG21088725 (Cal. Sup. Ct. Alameda Cty. Aug. 20, 2021)] MORE >>
Courthouse News Service
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Employee Benefits Jobs |
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Selected New Discussions |
Distribution Reporting to Participant Who Has No Valid SSN
"I'm curious how others are handling 1099-R reporting where you know you have an invalid SSN. Assume the participant has unequivocally confirmed they have been using both a name and SSN that was not properly assigned to them. They have a vested balance in the plan and are now requesting a distribution. Is there an argument to be made that a distribution cannot be processed until the participant has provided accurate information allowing the plan administrator to report the distribution? If not, how would you report?"
BenefitsLink Message Boards
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Webcasts and Conferences (Retirement Plans / Executive Compensation) |
New IRS Correction Rules for Retirement Plans: Plan Administration, Remediation of Noncompliance
October 13, 2021 WEBCAST
Strafford
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Last Issue's Most Popular Items |
Mercer Projects 2022 Retirement Plan Limits Will Soar Due to Inflation
Mercer
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Are You Ready to Comply with the New Lifetime Income Disclosure Requirement for Benefit Statements?
Verrill Dana LLP
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How DOL's Cybersecurity Guidance Impacts Retirement and Health and Welfare Plans
Quarles & Brady LLP
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.
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