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Retirement Plans Newsletter

September 14, 2021

2 New Job Opportunities


[Official Guidance]

Text of DOL, IRS and PBGC Proposed Revisions to Form 5500 Annual Information Return/Reports

135 pages. "This document contains proposed changes to the Form 5500 Annual Return/Report forms filed for employee pension and welfare benefit plans under [ERISA] and the Internal Revenue Code. The proposed form revisions primarily relate to statutory amendments to ERISA and the Code enacted as part of the [SECURE Act]. The [DOL, IRS and PBGC] are also proposing certain additional changes intended to improve reporting on multiemployer defined benefit pension plan funding, update Form 5500 financial reporting to make the financial information collected on the Form 5500 more useful and usable, [and] enhance the reporting of certain tax qualification and other compliance information by retirement plans[.]"  MORE >>

U.S. Department of Labor [DOL]; Internal Revenue Service [IRS]; and Pension Benefit Guaranty Corporation [PBGC]


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[Official Guidance]

Text of DOL Proposed Rule: Form 5500 Annual Reporting and Disclosure

87 pages. "This document contains proposed amendments to [DOL] regulations relating to annual reporting requirements under Title I of [ERISA]. The proposed amendments contained in this document would conform these DOL reporting regulations to proposed revisions ... to the Form 5500 ... and Form 5500-SF ... prepared jointly by DOL, the [IRS] and the [PBGC]. Those proposed form changes and these proposed regulatory amendments primarily implement statutory changes enacted as part of the [SECURE Act]. Conforming changes also are being proposed to the requirements for the summary annual report."  MORE >>

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

[Official Guidance]

Text of PBGC Interest Rate Assumptions for Valuing Benefits in Single-Employer Plans, Fourth Quarter 2021

"The fourth quarter 2021 interest assumptions will be 2.40 percent for the first 20 years following the valuation date and 2.11 percent thereafter. In comparison with the interest assumptions in effect for the third quarter of 2021, these interest assumptions represent a decrease of 5 years in the select period (the period during which the select rate (the initial rate) applies), an increase of 0.27 percent in the select rate, and a decrease of 0.12 percent in the ultimate rate (the final rate)."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

DOL Fact Sheet: SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500 (PDF)

"The proposed regulations and forms revisions involve the following major categories of changes, along with other technical revisions and updates: [1] Consolidated Form 5500 for defined contribution retirement plan groups.... [2] Reporting by Pooled Employer Plans (PEPs) and other MEPs.... [3] Financial transparency and accountability for investment assets.... [4] Change in participant-count methodology to allow more plans to use simplified reporting options.... [5] Funding and financial reporting by defined benefit plans.... [6] Selected tax qualification compliance question.... If adopted, the proposed changes generally would be effective for plan years beginning on or after January 1, 2022." [Also see DOL Press Release.]  MORE >>

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

[Guidance Overview]

SECURE Act Update: Implementing FAQs for Lifetime Income Illustrations (PDF)

"FAQs [issued by the DOL on July 26, 2021] provide some additional detail on the earliest statement on which the lifetime income illustrations are required content ... The FAQs also indicate that the DOL intends to adopt a final rule as soon as possible and will consider plan administrators' concerns about needing sufficient transition time to accommodate any changes that materially differ from the IFR."  MORE >>

Patterson Belknap Webb & Tyler LLP


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

Exceptional Usefulness and Quality icon Defined Contribution Plans: Challenges and Opportunities for Plan Sponsors

176 pages. "[This publication is a] primer to help plan sponsors and their advisers navigate the regulatory, legal, and practical opportunities and challenges that they face in their highly technical, multifaceted, and supremely important roles.... [It includes] a step-by-step guide to thinking through a plan's delivery, participants' needs, and the challenges of being a fiduciary ... [and an extensive discussion of] the hiring and retention of investment managers, with special attention paid to fees[.]"  MORE >>

Jeffery V. Bailey, CFA, and Kurt D. Winkelmann, for CFA Institute Research Foundation

When Indexing Is Not an Improvement

"The case for indexing single assets, such as large-company U.S. stocks or investment-grade bonds, has been amply established. But should 401(k) plans also index with their target-date funds? I had assumed so, but I had not closely examined the numbers. Let's do so now."  MORE >>

John Rekenthaler, in Morningstar

How Do You Prep for the Coming IRA Rollover Fiduciary Rule?

"[W]hat was initially considered a 'pick me because you like me' decision on the part of the prospect has been reframed as a 'pick me because I sold you investments' decision. It's a subtle distinction, but it drives the difference between a fiduciary act and a non-fiduciary act.... This distinction is important because of the way the DOL views its oversight of fiduciaries versus what has traditionally been allowed under trust law (which, outside of ERISA, has generally governed fiduciary law)."  MORE >>

Fiduciary News; free registration required

Benefits in General

[Official Guidance]

IRS Disaster Relief Notice PA-2021-05, for Pennsylvania Victims of Hurricane Ida

"Victims of remnants of Hurricane Ida that began August 31, 2021 now have until January 3, 2022, to file various individual and business tax returns and make tax payments ... Individuals and households affected by remnants of Hurricane Ida that reside or have a business in Bucks, Chester, Delaware, Montgomery, Philadelphia and York counties qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Seventh Circuit: ERISA Claims Are Arbitrable But Arbitration Provision Forbidding Plan-Wide Relief Is Unenforceable

"[On the]issue of the enforceability of the arbitration provision in this case, the Seventh Circuit held that the arbitration provision, which precludes plan-wide relief, is unenforceable because it prohibits relief that ERISA expressly permits.... The court did not decide the issue of whether Smith consented to the arbitration provision, whether he received notice, or whether a plan's sponsor can unilaterally amend the plan to include an arbitration provision." [Smith v. Bd. of Directors of Triad Mfg., Inc., No. 20-2708 (7th Cir. Sept. 10, 2021)]  MORE >>

Roberts Disability Law

Employee Benefits Jobs

View job as Senior Retirement Plan Administrator
for TPS Group Senior Retirement Plan Administrator

TPS Group

Remote / Buffalo NY

View job as Senior Retirement Plan Administrator
for TPS Group

View job as Retirement Benefits Administrator
for Blue Benefits Consulting Retirement Benefits Administrator

Blue Benefits Consulting

Columbus OH

Press Releases

Andy Banducci to Lead ERIC’s Retirement & Paid Leave Advocacy Efforts

ERIC [ERISA Industry Committee]

CAPTRUST Launches Direct Fiduciary Program with T. Rowe Price and National Benefit Services

CAPTRUST Financial Advisors

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Stock Comp Financial Planning for Private Company Employees: From Startup to IPO or Acquisition

September 22, 2021 WEBCAST

Managing the Deluge of Employee Benefit Plan Compliance Requirements, Session 3: Retirement Plans

October 20, 2021 WEBCAST

Thompson Hine LLP

Managing the Deluge of Employee Benefit Plan Compliance Requirements, Session 4: ERISA Litigation

October 27, 2021 WEBCAST

Thompson Hine LLP

ERISA Remedies: Key Enforcement Provisions and Scope of Equitable Relief for Benefit Claims

November 17, 2021 WEBCAST


Last Issue's Most Popular Items

IRS Issue Snapshot: Calculation of Plan Compensation for Sole Proprietorships

Internal Revenue Service [IRS]

IRS Issue Snapshot: Combined Limits Under Section 404(a)(7)

Internal Revenue Service [IRS]

Democrats May Change the Rules for 'Mega' IRAs Over $5 Million


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

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