Sixth Circuit Strikes Down 'Segal Blend' for Calculation of Multiemployer Plan Withdrawal Liability

"This result means, in the Sixth Circuit at least, that in many cases the withdrawal liability that a multiemployer plan may assess against withdrawing employers may be significantly lower than it has been in the past." [Sofco Erectors, Inc. v. Trustees of Ohio Operating Engineers Pension Fund, No. 20-3639 (6th Cir. Sept. 28, 2021)]  MORE >>

October Three Consulting

[Sponsor]

Plan Sponsor Cybersecurity Webinar - October 12

Hear from a Dept of Homeland Security CISA liaison and other top cyber experts. Educate retirement plan sponsors on how to better secure plans and employees from attacks, evaluate vendors administering employee benefits and much more. Free to attend.

How Plan Sponsors Can Boost Cybersecurity

"[1] Familiarize yourself with DOL guidance ... [2] Analyze current policies, then make a plan ... [3] Review your service providers ... [4] Gather and organize all related documents ... [5] Take it seriously."  MORE >>

Voya

Is Allowing Bitcoin in Retirement Accounts Dangerous for the 401(k) Plan Fiduciary?

"Part of the challenge for the 401k plan sponsor is understanding what cryptocurrency really is.... There's a sense that cryptocurrency returns are not necessarily correlated to equity returns. That makes them appear to be a separate and distinct asset class, further justifying their inclusion in retirement savings accounts.... This doesn't mean these products don't represent a significant risk."  MORE >>

Fiduciary News; free registration required

ESG Funds: Should You Add Them to Your 401(k)?

"Are plan sponsors allowed to offer ESG funds? ... What do ESG, SRI and 'sustainable investing' mean? ... Where should my plan start with sustainable investing? ... Three reasons to include ESG funds ... [1] Better performance ... [2] Your workforce believes in sustainable investing ... [3] Everyone is doing it."  MORE >>

Lawton Retirement Plan Consultants

Audit Communications to Plan Sponsors More Robust Under SAS 136

"Plan sponsors should expect more communication from auditors throughout the audit process. Proactive planning can help ensure there are no surprises at the end of the audit. These changes will be effective for periods ending on or after December 15, 2021, although some firms have already chosen to adopt this standard."  MORE >>

ORBA

2021 Pension Risk Transfer Poll: Ultimately Nearly All Pension Liabilities to Be Divested (PDF)

13 pages. "[M]ost plan sponsors with de-risking goals (93%) plan to completely divest all of their DB pension plan liabilities -- a sizable increase from the 76% of DB plan sponsors who, in 2019, said they would completely divest all of their plan liabilities. Among the 9 in 10 plan sponsors who intend to divest their liabilities, they'll do so in an average of 3.7 years."  MORE >>

MetLife

Pension Finance Update, September 2021

"Pension finances lost ground in September, as higher interest rates were unable to offset the impact of weak stock markets.... Plan A lost more than 1% in September but remains up more than 9% for the year, while the more conservative Plan B lost almost 1% last month but is still 2% ahead through the first three quarters of the year."  MORE >>

October Three Consulting

Budget Bill Seeks Retirement Plan Mandate, Roth Conversion Ban

"Nearly all employers would have to offer retirement plans with automatic enrollment, and the saver's credit would turn into a government matching plan contribution under the current House version of a roughly $3.5 trillion budget package. Other retirement-related proposals would ban Roth conversions in employer plans and cap retirement benefits for high earners.... Although the retirement provisions may change as the Senate weighs in, they stand a good chance of surviving in any final package."  MORE >>

Mercer

Preparing for Retirement Reforms: Potential Consequences for Saving, Work, and Retirement Plans

"Under current law, the share of retirees with inadequate income will increase from 26% in 2020 to 45% by 2090, including a sharp increase after 2034. Most of the income gains from working longer accrue to workers before retirement, with only a modest portion of the gains directly increasing incomes in retirement.... By 2065, more saving reduces the share of Social Security beneficiaries unable to replace 75% of preretirement earnings by 5 to 13 percentage points."  MORE >>

TIAA Institute

Want to Improve Retirement Outcomes? Make Sure Employees Understand Social Security Basics

"Plan sponsors should work with their advisor and plan recordkeeper to provide educational materials ... that cover ... [1] Realistic Social Security preretirement income replacement expectations; [2] Eligible ages to receive retirement benefits (the range is 62--70); [3] Definition and clarification of 'full retirement age' ... [4] Factors to consider when deciding whether to take benefits earlier versus later; [5] Annual cost-of-living adjustments to Social Security benefits."  MORE >>

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Prudential Financial Aligns Individual and Institutional Retirement Capabilities to Form New Prudential Retirement Strategies Business

Prudential Financial, Inc.

Firefly Health Launches Health Plan for Employers

Firefly Health

Tamara Middleton Joins RMC Group as Vice President of Pensions

RMC Group

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Defined Contribution Litigation: What Plan Sponsors Need to Know Now

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NEPC

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2021 Plan Amendment Deadlines and Other Looming Fourth Quarter Considerations

Jackson Lewis P.C.

DOL's Cybersecurity Guidance: Practical Pointers for Fiduciaries (PDF)

Keightley & Ashner LLP, via International Pension Lawyer

Murder Victim's Son Can Get Money from 401(k) Accounts Linked to Killers

Bloomberg; subscription may be required