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Retirement Plans Newsletter

August 27, 2021

2 New Job Opportunities

 

40% of 401(k) Participants Say Fees a Mystery, GAO Reports

" 'The GAO's findings are a wake-up call for the [DOL] and for consumers who have 401(k) plans,' said Rep. Robert C. 'Bobby' Scott, D-Va., chairman of the House Education and Labor Committee ... 'This report is clear evidence that the [DOL] should require plan providers to make fee disclosures easier to understand and ensure that participants are fully informed about how these fees impact their savings.' "  MORE >>

Pensions & Investments

District Court Finds Repeated Calculation Errors Do Not Involve 'Fiduciary Duties'

"[W]hen Aetna discovered its repeated calculation errors and overpayment, it began reducing monthly payments to Morris. Morris sued alleging she was entitled to the higher benefit, and also asserted an ERISA 502(a)(3) claim seeking equitable remedies, like estoppel and waiver, claiming Aetna breached its fiduciary duties to her." [Morris v. Aetna Life Ins. Co., No. 20-821 (C.D. Cal. Aug. 9, 2021)]  MORE >>

Lane Powell PC

Developing a Prudent Process for Cybersecurity

"As the DOL pivots to new areas of enforcement -- such as cybersecurity -- it will be important for plan fiduciaries to consider taking similar steps to help protect participant account balances, plan information technology systems and related information. While nobody could have anticipated in 1974 (when [ERISA] was enacted) that plan fiduciaries would be responsible for cybersecurity, here we are in 2021 with a department that seems to expect human resources (HR) professionals to moonlight as expert hackers."  MORE >>

Groom Law Group, via PLANSPONSOR; free registration may be required

Rising 401(k) Contribution Rates, Fewer Plan Loans, Show a Return to Normal

"The average annual 401(k) savings rate for plan participants reached a new high of 9.3 percent of workers' earnings this year ... Less than 1 in 5 (17.5 percent) of plan participants had an outstanding loan from their 401(k) in the second quarter of 2021, a record low percentage.... Only 5.3 percent of 401(k) savers made a change to their asset allocation in the second quarter, the lowest percentage since the fourth quarter of 2019."  MORE >>

Society for Human Resource Management [SHRM]; membership may be required to view article

New York Small Business Owners Support State's Secure Choice Savings Program

"Seven in 10 New York small business owners support the pending legislation which would require employers with 10 or more employees that do not already offer a workplace retirement savings plan to enroll their employees in the Secure Choice Savings program. The majority agree that being able to offer a portable retirement savings program helps local small businesses attract and retain quality employees and stay competitive."  MORE >>

AARP

Benefits in General

[Official Guidance]

IRS Announces Tax Relief for Victims of Severe Storms and Flooding in Tennessee

"Victims of Severe Storms and Flooding that occurred on August 21, 2021 now have until January 3, 2022, to file various individual and business tax returns and make tax payments ... Individuals and households affected by Severe Storms and Flooding that reside or have a business in Dickson, Hickman, Houston, and Humphreys counties qualify for tax relief." [TN-2021-01]  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

IRS Announces Tax Relief for Victims of Wildfires in California

"Victims of wildfires that began July 14, 2021 now have until November 15, 2021, to file various individual and business tax returns and make tax payments ... Individuals and households affected by wildfires that reside or have a business in Lassen, Nevada, Placer, and Plumas counties qualify for tax relief." [CA-2021-03]  MORE >>

Internal Revenue Service [IRS]

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Wells Thomas, LLC Retirement Plan Administrator

Wells Thomas, LLC

Branford CT / West Hartford CT

View job as ESOP Analyst
for Newport ESOP Analyst

Newport

Remote

Selected New Discussions

Anyone Know the Formula Used to Generate the Required Lifetime Income Illustration?

"Does anyone know the actual formula that's used to calculate the Lifetime Income Illustrations that are required in 2022? DOL has the calculator, but I'm wondering if somebody knows the actual formula for both the Single and Joint."

BenefitsLink Message Boards

Eligibility for a 401(k) Plan for 'Employees' Who Have W-7 Numbers

"Can a new 401k plan cover employees who have W-7 numbers rather than a Social Security Number?"

BenefitsLink Message Boards

Press Releases

Franklin Templeton Partners with Stadion Technology to Power New Personalized Managed Account Solutions

Franklin Templeton

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Executive Compensation National Institute 2021

October 21, 2021 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

IRS Issue Snapshot: Standard Terminations -- Underfunded Single-Employer Defined Benefit Plans

Internal Revenue Service [IRS]

GAO Report: 401(k) Retirement Plans: Many Participants Do Not Understand Fee Information, But DOL Could Take Additional Steps to Help Them

U.S. Government Accountability Office [GAO]

A Reminder of What IRS Examiners Will Look for Regarding NQDC Plans

PLANSPONSOR; free registration may be required

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

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