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Retirement Plans Newsletter

October 11, 2021

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

New IRS Issue Snapshot Tackles Deemed Distributions

"In addition to examining the plan document and loan policy, IRS auditors will also review outstanding loan documentation to see if any deemed distributions have occurred and validate that Form 1099-Rs were properly filed. The snapshot also notes that agents should look out for indicators of fraud, which might occur if participants claimed special COVID relief but weren't eligible for it."  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

IRS TE/GE Program Letter Highlights FY 22 Compliance Initiatives

"Among the priorities for 2022, TE/GE will focus on the following compliance activities: ... Employee stock ownership plans (ESOPs) ... Private foundation and retirement plan audits for high-income taxpayers.... [T]he webpage indicates that TE/GE will continue to pursue the compliance program described in program letters for prior years ... [A] number of initiatives have been removed [including] ... Employee plans: Inflated assets [and] Employee plans: Partial termination/partial vesting."  MORE >>


Cybersecurity: Do More Than Simply React

"To meet the challenge cyber criminals pose ... takes preventive action. An approach of simply reacting to the threat cyber criminals pose ... is 'insufficient and ineffective.' This ... means working within and taking out a cybersecurity insurance policy ... but also working together with other parties."  MORE >>

American Retirement Association [ARA]

Most DB Plan Sponsors Seeking an Exit

"More pension risk transfer transactions are likely to be seen within the decade -- and by more down-market plans -- for a variety of reasons.... Two different surveys find that the majority of defined benefit (DB) plan sponsors are seeking to cut ties with their plans."  MORE >>

PLANSPONSOR; free registration may be required

A Possible Solution to the Potential Restrictions on 'Mega IRAs'

"The proposals do not take into account the value of company defined benefit (DB) plans, including traditional DB plans and cash balance plans.... Even apart from the House bill, DB plans provide definite advantages.  ... But there are certain tradeoffs for these tax benefits."  MORE >>

Slott Report

Both Plan Sponsors and Participants Show Strong Interest in Guaranteed Lifetime Income Options

"73% of employer-sponsored participants would consider an option that offers guaranteed income for life in their plan if available. 64% of employer-sponsored plan participants stated that market volatility caused by COVID-19 has increased their interest in adding an option that offers lifetime income into their plan. 77% said providing an option for lifetime income within their plan would demonstrate their employer has a vested interest in their retirement readiness and wellbeing, and 65% said this option would increase their loyalty to their employer."  MORE >>

Allianz Life Insurance Company of North America

Even the Experts Can't Figure Out How to Plan for Retirement Income

"[E]veryday consumers can follow a few simple steps to create true income that lasts a lifetime and is low-risk. Creating an Income Allocation Plan allows you to look at many planning alternatives, and to decide -- based on your own expertise -- which ones are the best for you."  MORE >>


Employee Mistakes That Can Ruin Their Plans for Retirement

"[1] Failing to enroll in your company's retirement plan.... [2] Leaving your 401k on autopilot.... [3] Leaving your company match on the table.... [4] Waiting to start saving.... [5] Having a one-dimensional portfolio.... [6] Not having a plan."  MORE >>

Meld Financial, Inc.

Should You Use Personalized Investment Advice for Your Employer's 401(k) Plan?

"Many retirement plans offer participants the opportunity to get tailor-made investment advice for an additional fee. And like many bespoke products, they can be expensive relative to the alternatives. How do you decide whether an off-the-rack solution is sufficient or you need a personalized solution?"  MORE >>


Employee Benefits Jobs

View job as Retirement Plan Administrator
for Heritage Administrative Services, LLC Retirement Plan Administrator

Heritage Administrative Services, LLC

Woodbury NY

View job as Retirement Plan Administrator
for Heritage Administrative Services, LLC

View job as Retirement Plan Consultant (RPC)
for Qualified Plan Consultants, LLC (QPC) Retirement Plan Consultant (RPC)

Qualified Plan Consultants, LLC (QPC)


View job as Retirement Plan Consultant (RPC)
for Qualified Plan Consultants, LLC (QPC)

View job as Lead Client Executive
for Transamerica Lead Client Executive


Remote / FL / GA / SC

View job as Retirement Planning Consultant
for Transamerica Retirement Planning Consultant


Remote / TX

View job as Senior Client Executive
for Transamerica Senior Client Executive


Remote / CA

View job as Account Manager
for MAP Retirement Account Manager

MAP Retirement

Remote / Appleton WI

View job as ESOP Client Service Specialist
for Alerus ESOP Client Service Specialist



Selected New Discussions

Identifying the 409A 'Payment Event' in This Transaction Bonus Scenario

"What is the Payment Event under 409A when a Transaction Bonus (calculated as a% of net proceeds) is payable 12 months following a CIC, but the bonus will be forfeited if the employee voluntarily terminates employment prior to the payment date? Is the Payment Event the CIC or a fixed date (the date 12 months after the CIC)? I believe it's a fixed date. But what if the plan language says the bonus is payable 'within 12 months' after the CIC, and is still subject to forfeiture if employee voluntarily terminates employment prior to the payment date?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What You Should Know About: Payroll Deduction IRAs


IRS [Internal Revenue Service]

Trends in DC: Focus on Retirement Income

October 20, 2021 WEBCAST

Pensions & Investments

Last Issue's Most Popular Items

Can 401(k) Plans Better Serve Their Retired Workers?


Trickle-Down Litigation

McDermott Will & Emery

Is This the Time to Harmonize the Required Minimum Distribution Rules?

Law Offices of Albert Feuer, via SSRN

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

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