[Guidance Overview]

Cycle 3 Restatements: New Requirements for Employer Discretionary Matches

"In order to comply with the 'definitely determinable benefits' requirement in which a plan is required to provide a definite predetermined formula for allocating plan contributions, employers must satisfy two requirements when approving a discretionary match[.]"  MORE >>

Hall Benefits Law

Adding an Income Solution to Your Retirement Plan: A Plan Sponsor's Guide (PDF)

28 pages. "[This paper outlines] the decision-making process regarding the selection and addition of one or more of the retirement income solutions now available within the DC industry.... Most sponsors that engage in this process will find several products that are viable and can easily be justified as appropriate and prudent for the DC plans and the plan participants for which they are being considered."  MORE >>

Institutional Retirement Income Council [IRIC]

Survey of Industry Support for Small Business Retirement Plan Mandate

"Forty percent of responding readers work in a plan sponsor role, 31% work for/are recordkeepers/TPAs/investment consultants, 23% are advisers/consultants, 3% are attorneys and 3% are CPAs. More than half (54%) of responding reader do not support requiring small businesses to offer a retirement plan for employees.... More than six in 10 (63%) of respondents do not support requiring a protected lifetime income solution to be offered to defined contribution plan participants."  MORE >>

PLANSPONSOR; free registration may be required

Proposed House Budget Reconciliation Amendment Includes IRA Restrictions

"If enacted, the proposal would impose several restrictions on IRAs.... The legislation also imposes restrictions on certain types of investments ... Such investments that exist in IRAs at the time of enactment would be required to be divested from the IRA by December 31, 2023."  MORE >>

Ascensus

Complex Ruling Dismisses NVIDIA Fiduciary Breach Lawsuit, for Now

"The dismissal order in the case includes several points of success for the plaintiffs, and while the suit has been tossed out due to a lack of standing, the court has left room for [filing of] an amended complaint." [Tobias v. NVIDIA Corp., No. 20-6081 (N.D. Cal. Sep. 13, 2021)]  MORE >>

planadviser

Your 401(k) Has Its Perks, But It's Not the Only Way to Save

"Flexibility is always a plus when it comes to financial planning. But the ability to manage your tax bracket could become especially important if tax rates rise in the future, as many experts are predicting. And we already know the current tax brackets and lower income tax rates brought to you by the Tax Cuts and Jobs Act of 2017 are set to expire at the end of 2025."  MORE >>

Kiplinger

2021 Retirement Risk Readiness Study Identifies Distinct Differences Among Ethnicities Regarding Retirement Risks

"54% of Black/African American respondents feel the rising cost of living will prevent them from enjoying their retirement, versus 67% of Hispanic respondents and 74% of Asian/Asian American respondents Fewer BIPOC respondents are working with a financial professional than white Americans, with perceived barriers to getting help varied among ethnicities[.]"  MORE >>

Allianz Life Insurance Company of North America

House Budget Reconciliation Text Includes Significant Health, Paid Leave, and Retirement Provisions

"The Budget Legislation creates a new federal paid family and medical leave program ... [T]he Legislation requires employers that have more than five employees to provide access to a retirement plan that automatically enrolls employees by 2023. Governments and churches are exempt from the mandate."  MORE >>

Groom Law Group

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Participant Divorces Spouse (Who Becomes an Alternate Payee), But They've Gotten Back Together Again

"Participant divorced his spouse in the 2000s. The divorce decree directed that a QDRO be drafted to split the participant's retirement account 50% between the participant and spouse/alternate payee for the period of the marriage. A QDRO was never received by the fund, however. Participant and spouse/alternate payee the get remarried several years later. Participant recently applied for pension benefits. Does the fund need to find out whether a QDRO was drafted? Does the fund need this QDRO before processing the participant's application for benefits?"

BenefitsLink Message Boards

Spouse Moved to Haiti and Can't Be Found -- Waiver of QJSA Still Needed?

"A plan participant needs spousal consent since he wants to receive 100% of his accrued pension benefit. However, the spouse is in Haiti, and they have not spoken in years, and numerous attempts to contact her have not been successful. Is there any relief available here, or will he just have to keep trying to get the spousal consent or elect a 50% QJSA?"

BenefitsLink Message Boards

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The Wagner Law Group Grows to 40 Lawyers with the Addition of Former DOL Attorney

Wagner Law Group P.C.

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Employee Benefit Plan Audit Readiness

November 18, 2021 WEBCAST

Clear Law Institute

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Handling Missing Participants: Make and Follow a Written Procedure

Watkins Ross

DOL Proposal Throws Cold Water on Group-of-Plans Model

RPA Convergence

IRS Extends Relief for Remote Notarization Through June 2022 (PDF)

Groom Law Group, via Taxes the Tax Magazine