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Retirement Plans Newsletter

September 9, 2021

8 New Job Opportunities


[Guidance Overview]

Forced Rollovers of Small Retirement Account Balances: What to Do with Missing Participants

"[A] responsible plan fiduciary should take reasonable steps to locate a missing participant before determining that the participant cannot be found.... If a missing participant cannot be located using the initial search steps, the fiduciaries must consider whether additional search steps are appropriate. In making that decision, the fiduciaries should consider the size of a participant's account and the cost of further search efforts."  MORE >>

Faegre Drinker


SBEN Hosts the Future of Benefits is in Atlanta, Sept 22-24

Discover how to overcome challenges facing the Benefits Industry. This event was designed by benefits professionals for benefits professionals. Learn from and network with leading Benefits Professionals in the South. Register now.

Sponsored by Southeast Benefits Education Network [SBEN]

Third Circuit Upholds Withdrawal Liability Award Under MPPAA's 'Evade or Avoid' Provision

"The arbitrator, the [federal district court], and ultimately the [Third Circuit] ... found the last-minute change resulting in a direct transfer of 24.5% of equity at Renco's insistence highly indicative of an evade or avoid motive.... [This case] reminds us that a transaction can (and often does) have more than one principal purpose, and that only one such purpose need have an evasive motive to trigger the application of Section 4212(c)." [Steelworkers Pension Trust v. The Renco Group, Inc., Nos. 19-3499, 19-3504 and 19-3507 (3d Cir. Aug. 26, 2021)]  MORE >>

Jackson Lewis P.C.

Use of the Brokerage Option in Vanguard DC Plans (PDF)

"In 2020, one in five Vanguard plans offered a self-directed brokerage option. Larger plans were somewhat more likely to offer the feature, and one-third of Vanguard plan participants had access to the option. Interestingly, 21% percent of plans with a brokerage option were law firms -- and on average, 6% of law firm plan assets were invested in brokerage. Forty-four percent of law firms on our platform offer the brokerage feature."  MORE >>


The Advantages of Managing Retirement Plans Through a Single Recordkeeper

"More than three-quarters of plan sponsors said they could reduce the time spent on their retirement plans by working with a single recordkeeper. Depending on the type of plan, sponsors with multiple recordkeepers reduced the time they spent on their plan by 17% if they switched to a sole recordkeeper. Hourly time savings from using one recordkeeper translated to as many as 14 business days over the course of a year[.]"  MORE >>


Exceptional Usefulness and Quality icon The ABCs of Estate Planning for IRAs Under the SECURE Act

"The Secure Act of 2019 created a confusing new array of different 'required minimum distribution rules' for 'plain old designated beneficiaries' and five classes of 'eligible designated beneficiaries.' Meanwhile, the IRS' complicated 'minimum distribution trust rules' are still with us, even though the rewards for successfully navigating the same are diminished.... [The] system described here is designed to cut through that confusion and get you quickly to the estate planning options for each type of beneficiary and their minimum distribution consequences."  MORE >>



SPARK Forum - November 7-9, 2021 -- The Breakers, Palm Beach, FL

3 days packed with actionable insights for advisors, recordkeepers and plan providers. Explore latest trends, strategies and ideas to lead through disruption. Join the retirement event with the most senior audience and network with purpose. Register Now.

Sponsored by SPARK


Your State Pension Is Not Fully Protected Under Law

"[T]he approximately $4 trillion in America's government pensions is not protected by any comprehensive federal or state law.... Public pensions are regulated by a thin patchwork quilt of state and local laws. Many of the most significant issues related to managing state and local pensions are unanswered in these statutes. Anything that's not clearly illegal under applicable law can probably be gotten away with."  MORE >>

Ted Siedle, via Golocalprov

Benefits in General

[Official Guidance]

IRS Extends Hurricane Ida Tax Relief to Victims in New York and New Jersey

"Victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments ... In New York, this currently includes Bronx, Kings, New York, Queens, Richmond and Westchester counties, and in New Jersey, it includes Bergen, Gloucester, Hunterdon, Middlesex, Passaic and Somerset counties. Taxpayers in Ida-impacted localities subsequently designated by FEMA in other parts of these states will automatically receive the same filing and payment relief."  MORE >>

Internal Revenue Service [IRS]


As Remote Work Becomes Normal, Could the Office Be a New Employee Benefit?

"A company with an office needs to start thinking about how their space acts as a unique, long-term benefit. Whether it’s building a social group, professional development or engagement with the local community, working in an office has big advantages—The company just needs to protect, encourage and promote them."  MORE >>

International Foundation of Employee Benefit Plans [IFEBP]

Executive Compensation and Nonqualified Plans

Stock Options and RSUs: Costly Mistakes to Avoid

"[1] Not understanding your grant or how it works.... [2] Not understanding the taxes or letting taxes drive decisions.... [3] Forfeiting your grant in job termination.... [4] Not having a strategic plan for the shares.... [5] Getting bad advice on financial and tax planning."  MORE >>

Employee Benefits Jobs

View job as DC Plan Administrator
for Retirement, LLC DC Plan Administrator

Retirement, LLC

Remote / Oklahoma City OK

View job as DC Plan Administrator
for Retirement, LLC

View job as Retirement Plan Administrator
for The Retirement Group, LLC Retirement Plan Administrator

The Retirement Group, LLC

Remote / Verona NJ / NY

View job as Employee Benefits Associate
for Shipman & Goodwin LLP Employee Benefits Associate

Shipman & Goodwin LLP

Hartford CT / New Haven CT / Stamford CT / Washington DC

View job as Consultant
for Cap Strat Advisory Consultant

Cap Strat Advisory

Remote / Villa Park IL

View job as Associate Retirement Plan Administrator
for Certified Financial Group Associate Retirement Plan Administrator

Certified Financial Group

Altamonte Springs FL

View job as Account Manager for Large Groups
for Employee Benefits International Arizona, Inc. Account Manager for Large Groups

Employee Benefits International Arizona, Inc.

Phoenix AZ

View job as Account Coordinator for Large Groups
for Employee Benefits International Arizona, Inc. Account Coordinator for Large Groups

Employee Benefits International Arizona, Inc.

Phoenix AZ

View job as Actuary
for Alerus Financial Actuary

Alerus Financial


Selected New Discussions

Are You Ready for Your Client to Be Compelled to Provide an Annuity Payout?

"According to Pensions & Investments, the House Ways and Means Committee this week will consider legislation that would 'require plans to offer participants with more than $200,000 in their accounts an option to take a distribution of at least 50% of their vested account balance in the form of a protected lifetime income solution.' What do BenefitsLink mavens think about this?"

BenefitsLink Message Boards

Press Releases Announces Release of PDI Email Pro

DOL Recovers $14k for Illinois Retirement Plan After Investigation Finds Company Owner Failed to Forward Contributions

U.S. Department of Labor [DOL]

OneDigital Acquires Virginia Medical Plans / Katz Insurance Group


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

PTE 2020-02, IRA Rollovers and Beyond: How to Comply by December 20 Deadline

September 15, 2021 WEBCAST

Broadridge Financial Solutions, Inc.

15th Annual Multiemployer IT Summit

October 6, 2021 WEBCAST


Latest Retirement Plan Trends & Top Plan Sponsor and Participant Challenges

October 21, 2021 in GA

Worldwide Employee Benefits Network [WEB] - Atlanta Chapter

IRA Contributions

November 9, 2021 WEBCAST


Last Issue's Most Popular Items

DOL Fiduciary Rule 3.0: The Sprint to December 20

Eversheds Sutherland

U.S. Employers Rethinking Employee Benefit Strategy

Willis Towers Watson

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

Francis Investment Counsel LLC

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

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