[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]

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

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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

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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

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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