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Retirement Plans Newsletter

September 23, 2021

3 New Job Opportunities


[Guidance Overview]

Plan Sponsors Have a Deadline to Provide Lifetime Income Illustrations

"Plans that must issue quarterly statements can incorporate their first lifetime income illustration on any quarterly statement up to the second calendar quarter of 2022 (ending June 30, 2022).... For plans under which a participant or beneficiary has their own account but does not have the right to direct the investment of assets in that account, the lifetime income illustrations must be on the statement for the first plan year ending on or after Sept. 19, 2021."  MORE >>

Porter Wright Morris & Arthur LLP

Cybersecurity and DOL Document Requests

"[T]he DOL has been asking for quite an extensive list of documentation ... [T]he DOL has noted that plan administrators should be aware that they may need to consult not only with the sponsor of the plan, but with the service providers of the plan to obtain all the documents requested, and if they are unable to produce the requested documents the plan administrator must specify the reasons why the documents are unavailable."  MORE >>

Retirement Learning Center, LLC

The Do's and Don'ts of Your 401(k) Fund Lineup

"Plan sponsors should make it easy for participants to have a well-diversified portfolio.... Develop a standalone menu of funds, which allows you to give participants the opportunity to develop a properly diversified portfolio on their own.... [T]oo many options can be confusing for participants and actually cause them to make poor decisions or no decision at all."  MORE >>

Conrad Siegel Actuaries

Treasury Pulling Back From Student Loan Retirement Plan Rules

"The Biden administration has pulled back from working on new rules that would allow employers' retirement plans to make contributions to retirement savings plans based on their workers' student loan payments.... 'There's been a lot of congressional interest in the topic, and there's some idea to sort of see what happens on the legislative front on student loans,' [William Evans, an attorney adviser in the Department of the Treasury's Office of Benefits Tax Counsel,] said."  MORE >>

Bloomberg Law

Legislation Introduced to Establish Portable Retirement Accounts

"The Portable Retirement and Investment Account (PRIA) Act of 2021 [HR5334] ... would generally establish the accounts for every American at birth by providing a PRIA at the same time they receive a Social Security number. The accounts would be administered by a nine-person independent board appointed by the Treasury and Labor secretaries, the PBGC and the Consumer Financial Protection Bureau, and managed by selected financial institutions."  MORE >>

American Retirement Association [ARA]


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

CRS 'In Focus': Social Security -- The Average Wage Index (PDF)

"Recent news articles suggest a possible decrease in national average wages due to the recent recession caused by the [COVID-19] pandemic. Such a decrease would have a negative impact on the Social Security benefits of individuals who reached age 60 in 2020. Social Security benefits are tied to a worker's earnings record but are also affected by changes in national wage levels, price levels, and claiming age." [IF11931, Sep. 22, 2021]  MORE >>

Congressional Research Service [CRS]

State and Local Pension Plans Funded Status Holds Steady Despite Pandemic

"[T]hrough the first quarter of 2021, state and local retirement plans have accumulated assets of $5 trillion in defined benefit (DB) pension plans and $531 billion in defined contribution (DC) plans. Despite the early economic disruption of the COVID-19 pandemic, the average funded ratio among state and local pension plans has held steady at 72% for plans included in the Public Plans Database (PPD)."  MORE >>


Executive Compensation and Nonqualified Plans

[Guidance Overview]

Executive Compensation for Tax-Exempt Organizations Under the Final Regs (PDF)

20 pages. "[T]ax exempt organizations will need to watch the payments triggered by an involuntary separation from employment to keep that amount at a multiple of 2.99 or less of the 'base amount.' Organizations who compensate the covered employees at an annual amount that exceeds the one million dollar limit will need to budget for the excise tax ... Affected tax exempt and governmental employers will also need to maintain lists of which individuals are amongst the 'High Five' in each calendar year after December 31, 2016[.]"  MORE >>

Jackson Walker, via Bloomberg Tax Management Compensation Planning Journal

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Steidle Pension Solutions Retirement Plan Administrator

Steidle Pension Solutions

Remote / NJ / PA

View job as Retirement Plan Administrator
for Steidle Pension Solutions

View job as Compliance Administrator II
for Associated Pension Consultants Compliance Administrator II

Associated Pension Consultants


View job as Senior Consultant
for Pentegra Senior Consultant


Remote / West Harrison NY

Press Releases

Competition Opens for Innovative Public Pension Funding Strategies Award

National Institute on Retirement Security [NIRS]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Recent ERISA Litigation Trends & Outcomes


Ropes & Gray

IRA Distributions

November 23, 2021 WEBCAST


Last Issue's Most Popular Items

ERISA and the Challenges of Using ESG in Retirement Plan Investing (PDF)

Morgan Lewis, via Reuters Legal News

IRS Employee Plans News: Retroactively Adopted Plans That Filed Form 5558 Extensions

Internal Revenue Service [IRS]

What Employers Need to Know Before Offering Cryptocurrency in 401(k)s

Fisher Phillips

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

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