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Retirement Plans Newsletter

December 3, 2021

10 New Job Opportunities 10 New Job Opportunities

 

[Guidance Overview]

DOL Guidance on Cybersecurity: A Cautionary Note for Plan Sponsors

"The adoption and implementation of ERISA cybersecurity policies and procedures will be your best defense against fiduciary litigation and DOL investigations, which are certain to arise in the wake of the DOL's guidance. [1] Hiring a service provider ... [2] Cybersecurity program best practices ... [3] Online security tips."  MORE >>

Troutman Pepper

[Guidance Overview]

IRS Revamps 403(b) Preapproved Program, Sets Cycle 2 Review Dates

"The new program takes effect retroactively to July 1, 2020 -- the start of the second remedial amendment cycle for 403(b) plans (Cycle 2) -- and applies to Cycle 2 opinion-letter applications and amendments to correct certain defects first occurring after that date. IRS will issue a cumulative list of changes in 403(b) requirements to be reviewed in Cycle 2 before May 2, 2022, the start date for the on-cycle submission period."  MORE >>

Mercer

[Guidance Overview]

Alert (High Risk Issue) icon IRS Expects 403(b) Plan Sponsors to Collect Information About Employees' Outside Employment

"[A recent IRS Issue Snapshot] identifies several items that examiners should ask for when auditing a 403(b) plan for compliance with the Code Section 415(c) limit. Notably, the IRS instructs examiners to review the employer's policy regarding outside employment. If a tax exempt employer does not have a policy prohibiting outside employment, the examiner is instructed to review the employer's procedures for informing employees about the special aggregation rule and to review any notices, forms, or written communications containing that information."  MORE >>

Verrill Dana LLP

Annuity Purchase Update, November 2021

"Annuity purchase interest rates rose for Annuity Plan 1 and dropped for Annuity Plan 2.... Some insurance companies are reaching capacity constraints and their calendars are being filled with placements in the fourth quarter. It is imperative to act immediately for plan sponsors wishing to complete an annuity purchase this year or early next year."  MORE >>

October Three Consulting

School District 403(b) Plans and Investment Selection

"The distinction between [non-employer-sponsored 403(b) arrangements (NFAs)] and [employer-sponsored 403(b) plans (EFPs)] is important when it comes to participant choice within a 403(b) arrangement."  MORE >>

Best Best & Krieger LLP

Which States Automatically Enroll Residents in IRAs?

"There are currently 10 states and two cities that are either actively implementing or have implemented automatic IRAs ... Three states -- California, Illinois and Oregon -- have auto IRA programs already operating.... [T]here are a number of states -- including Maryland, Connecticut, Colorado and New Jersey -- that are either launching auto IRAs or are in the planning stages of creating them[.]"  MORE >>

CNBC

Does Social Security Serve as an Economic Stabilizer?

"This paper uses the American Community Survey to estimate the extent to which Social Security benefits stabilize local economies, by examining how the relationship between a county's economic outcomes and those of its surrounding counties vary with the share of county income from Social Security."  MORE >>

Laura Quinby, Robert L. Siliciano and Gal Wettstein, via SSRN

Employee Benefits Jobs

View job as ERISA Attorney
for Smith & Downey ERISA Attorney

Smith & Downey

Towson MD

View job as ERISA Attorney
for Smith & Downey

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 Plan Administrator
for Prime Benefits Retirement Plan Administrator

Prime Benefits

Remote / Baltimore MD

View job as Retirement Plan Administrator
for Prime Benefits

View job as Manager, Corporate Benefits
for Bertelsmann, Inc. Manager, Corporate Benefits

Bertelsmann, Inc.

New York NY

View job as DC Plan Administrator
for SPS DC Plan Administrator

SPS

Remote / NJ / PA

View job as Retirement Plan Consultant
for Latitude Service Company, Inc. Retirement Plan Consultant

Latitude Service Company, Inc.

Cincinnati OH / Glendale AZ / Indianapolis IN

View job as Account Services Representative (Entry-Level)
for Newport Group Account Services Representative (Entry-Level)

Newport Group

La Crosse WI

View job as ESOP Manager
for Newport ESOP Manager

Newport

Remote / AZ / CA / CO / FL / GA / IA / IL / KS / MA / MD / MI / MO / NJ / NY / OH / SC / TX / VA / WI

View job as Retirement Recordkeeping Operations Associate
for Newport Retirement Recordkeeping Operations Associate

Newport

Saint Petersburg FL

View job as DB/DC Plan Consultant
for NPPG, Inc. DB/DC Plan Consultant

NPPG, Inc.

Remote / FL / NJ / NY / TX

Selected New Discussions

Pay Cash Balance Plan's Expenses with 401(k) Plan's Forfeitures?

"Anyone know if this is allowed? Same employer, two different plans."

BenefitsLink Message Boards

Lost Participants and Sending SPD, SAR, Etc.

"I know there are prescribed steps to find lost participants before you can shuffle their benefit to an IRA. However, is there such a rubric for when participants cannot be located when they have to be sent an SAR, SPD or SMM?"

BenefitsLink Message Boards

Any Exceptions to October 1 Deadline for Establishment of Safe Harbor 401(k) Plan?

"There is an October 1 deadline for setting up a safe harbor 401(k) plan. Are there any exceptions?"

BenefitsLink Message Boards

Press Releases

Northeast Business Group on Health and AARP Release Digital Employer Caregiving Toolkit

Northeast Business Group on Health [NEBGH]

DWC Selected as TPA for Franklin Templeton Retirement Group Plan Solution with Transamerica

DWC - The 401k Experts

Last Issue's Most Popular Items

DOL Continues Emphasis on Enforcement in 2021

Groom Law Group

Infrastructure Law Kicks Pension Funding Cans Down Newly Paved Roads

Principal Financial Group

Second Circuit: Union Trustees Not Acting as Fiduciaries When They Passed Invalid Plan Amendments

Roberts Disability Law

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

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