[Guidance Overview]

DOL Fiduciary Rule 3.0: The Sprint to December 20

"In the absence of further direction from DOL, it now has become incumbent on [investment advisers] to accelerate their Rule 3.0 compliance project if the December 20 date is to be met, and in particular to implement PTE 2020-02 or an alternative solution if they are or may be serving as a fiduciary in rollover interactions."  MORE >>

Eversheds Sutherland

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[Guidance Overview]

Best Interest Standard of Care for Advisors Part 65: Compliance with PTE 2020-02 -- Factors to Evaluate for a Rollover Recommendation (Part 1)

"This article discusses ... the factors that must be considered to satisfy the best interest standard of care for rollover recommendations:... [T]hought should be given to what information should be collected about retirement investors so that the profiles are better able to be coordinated with the recommendations made to those retirement investors -- and particularly to those who are retiring."  MORE >>

FredReish.com

[Guidance Overview]

ARPA Multiemployer Pension Plan Special Financial Assistance Program: What It Is, and What to Consider

"This update describes key features of the IFR and IRS guidance ... [T]his article also discusses what contributing employers may wish to monitor in those affected plans and what they may need to consider in terms of their own business planning."  MORE >>

Epstein Becker Green, via National Law Review

[Guidance Overview]

Rev. Proc. 2021-30 Brings Welcome Changes to IRS Correction Program

"Elimination of the anonymous submission procedure and addition of an anonymous pre-submission conference option under VCP ... Extension of the SCP correction period for significant failures ... Expansion of corrections by plan amendment for operational failures under SCP ... Extension of the sunset on safe harbor correction methods available for certain employee elective deferral failures ... Expansion of flexibility in the recoupment of overpayments."  MORE >>

Krieg DeVault

District Court Dismisses Oshkosh Fees Challenge

"[A]ccording to the ruling, the plaintiff does not allege any facts as to what would constitute a reasonable fee or any facts suggesting that the fee charged by the recordkeeper is excessive in relation to the services provided.... The plaintiff's arguments regarding the provision of inappropriate share classes and the offering of actively managed investments were met with similar skepticism by the court." [Albert v. Oshkosh Corp., No. 20-901 (E.D. Wis. Sep. 2, 2021)]  MORE >>

PLANSPONSOR; free registration may be required

Keeping Retirement Plan Committees 'In-Shape' with Fiduciary Training

"There are three key areas to address: [1] Overview of [ERISA] ... [2] Explanation of ERISA fiduciary duties ... [3] Documenting committee member roles and responsibilities ... Fiduciary training needs to be ongoing in nature so plan fiduciaries stay up-to-date on regulatory and legislative changes."  MORE >>

Francis Investment Counsel LLC

If You Meet Your Objectives, Does It Make Sense to Worry About Fees?

"Fees are important, they're just not the only important element in the analysis.... If you really want to complicate things, you need to look at all sources of fees. Ideally, you'll compartmentalize each source and match it with the comparable service. Within each of these compartments lies a competitive environment that continually changes; hence, the need for periodic fee analysis."  MORE >>

Fiduciary News; free registration required

Retirement Policies Feature in Draft Budget Language Now Before House Ways and Means Committee

"Budget reconciliation legislation set for debate in Congress ... [includes] a broad mandate for employers to offer retirement plans.... The language ... appears to permit a service/eligibility period of up to two consecutive 12-month periods.... Other provisions would require automatic enrollment retirement plans to include a protected lifetime income distribution option for plan participants."  MORE >>

planadviser

U.S. Pension Briefing, August 2021

"Pension discount rates increased by 0.05% during August, translating to pension liability decreases of approximately 0.5%–0.7% for a typical pension plan.... Asset market performance was generally positive for August, US fixed income stayed stable, and US equities were up 2-3% for the month.... [P]ension plans should see an improvement in funded status during August."  MORE >>

River and Mercantile

How to Save Taxes with the Net Unrealized Appreciation Rules for Company Stock in a 401(k)

"Under the net unrealized appreciation rules, employees can roll over the portion of their 401(k) invested in company stock to a brokerage account and pay tax at more favorable long-term capital gains tax rates (rather than higher ordinary income rates) when the shares are sold. It doesn't always make sense to use NUA -- or keep employer stock in your retirement plan -- so carefully weigh the pros and cons."  MORE >>

Kristin McKenna via Forbes; subscription may be required

[Official Guidance]

Text of IRS Notice of Hearing on Electronic-Filing Requirements for Specified Returns and Other Documents

"This document provides a notice of public hearing on proposed regulations amending the rules for filing electronically and affects persons required to file partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, and certain information returns, registration statements, disclosure statements, notifications, actuarial reports, and certain excise tax returns.... The public hearing is being held [by teleconference] on Wednesday, September 22, 2021[.]"  MORE >>

Internal Revenue Service [IRS]

U.S. Employers Rethinking Employee Benefit Strategy

"The 2021 Benefits Trends Survey found that more than two-thirds of employers (69%) plan to differentiate and customize their benefit programs over the next two years, a sharp increase from just 23% today. Nearly three in four respondents (73%) cite an increased focus on DEI as driving their benefit strategy, followed by tight labor markets (53%) and rising benefit costs (50%)."  MORE >>

Willis Towers Watson

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Jose M. Jara Appointed Co-Chair of ABA Fiduciary Responsibility, Administration and Litigation Committee

Fox Rothschild LLP

Dechert Welcomes Employee Benefits and Executive Compensation Partner Kevin Kay in New York

Dechert LLP

Ubiquity Retirement + Savings® Introduces Streamlined Recordkeeping Solo 401(k)

Ubiquity Retirement + Savings

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Tales from the Crypt: Cybersecurity Issues for Employee Benefit Plans

October 14, 2021 WEBCAST

Worldwide Employee Benefits Network [WEB] - Northeast Ohio Chapter

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IRS Revises Opinion Letter Procedures for Pre-Approved Plans

Thomson Reuters Practical Law

It's Time to Dust Off Your ERISA Fiduciary Liability Insurance Policy

Jackson Lewis P.C.

Participants Sue $1.52 Billion Baptist Health South Retirement Plan

LawyersAndSettlements.com