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7 New Job Opportunities
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[Guidance Overview]
Should We Submit Missing Participant Data to the DOL with the Plan's Form 5500?
"Fiduciaries may find value in having access to a tool that can connect participants and beneficiaries to their plan benefits and conclude the disclosure is in their best interests. However, there are several critical countervailing considerations. First, the scope of the
information requested goes well beyond what was reflected in SECURE 2.0.... Second, the notice leaves the DOL's cybersecurity measures to your imagination, simply noting that 'multiple security measures will be in place' to protect the data provided. ... Third, the DOL did not establish a fiduciary safe harbor or any protections in the event the information the fiduciary volunteers is ultimately compromised,
incomplete, or incorrect." MORE >>
Jackson Lewis P.C.
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[Sponsor]
Register Now: ERISA at 50 -- Where Employee Benefits Law is Headed
Join WEB Network's webinar on June 20: panelists who have been involved with ERISA since its early days will discuss why and how ERISA was adopted, the growth of employee protections over the years, and how ERISA might be further expanded.
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[Guidance Overview]
Final 417(e) Regs Add New Requirements and Offer Design Flexibility
"The [IRS] recently issued final regulations concerning 'minimum present value requirements' for tax-qualified defined
benefit plans. There are three primary changes for sponsors of DB plans to note and consider in their plan design. [1] Expansion of anti-cutback relief for changes to code Section 417(e) interest rate ... [2] Lump sum distributions of employee after-tax contributions ... [3] Social Security level income options." MORE >>
Morgan Lewis
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[Guidance Overview]
What's in the Final Retirement Security Rule?
"The [DOL's] final retirement security rule ... covers many of the same elements as the initial proposal, but contains key
changes, such as exemptions for educational materials and the removal of discretionary authority as an automatic trigger of fiduciary status.... The final rule also does not require contract modifications nor require insurance companies to accept fiduciary responsibility over independent agents who sell their products[.]" MORE >>
PLANSPONSOR; free registration may be required
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[Guidance Overview]
Important Changes in DOL’s Final Fiduciary Rule
"Now that it's released, what changes does the final rule make to the proposed rule? ... [1] Regular basis test ... [2] Sophisticated investors ... [3] 'Hire me' ... [4] Timing of disclosure ...
[5] Robo-advice ... [6] Web disclosure ... [7] Severability." MORE >>
American Retirement Association [ARA]
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[Guidance Overview]
Key Investor Lessons from the New DOL Fiduciary Rule
"Under the new rule, the definition of ERISA level fiduciary 'investment advice' is broadened significantly. This change
means that more types of advice, including one-time advice which was previously exempt, now require advisors to meet fiduciary standards.... The updated rule removed the requirement that the advice must be on a 'regular basis.' " MORE >>
Forbes; subscription may be required
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Seventh Circuit Revives ERISA Claims Related to ESOP Purchase of Company at Allegedly Inflated Valuation Price
Roberts Disability Law
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SDNY Denies Leave to Amend ERISA Complaint
"The court reasoned that the proposed amended complaint contained 'substantively the same defects' as its predecessor. Former Montefiore employees [had] challenged the healthcare center's management of its 403(b) retirement plan, alleging that plan fiduciaries
[1] selected underperforming funds charging excessive management fees; [2] failed to offer the least expensive share classes of funds; and [3] failed to control the plan's recordkeeping costs." [Boyette v. Montefiore Med. Ctr., No. 22-5280 (S.D.N.Y.
Apr. 5, 2023)] MORE >>
Jackson Lewis P.C.
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2024 Retirement Confidence Survey: Majorities Remain Optimistic About Retirement Prospects
"68% of workers and 74% of retirees are confident they will have enough money to live comfortably throughout retirement.... [T]his is not a significant increase from last year.... Most workers (88%) expect Social Security to be a source of income in retirement.... Half of
Americans have tried to calculate how much money they will need in retirement. In reaction to their calculation, 52% of workers and 44% of retirees started to save more.... Workers would like help saving for emergencies through their retirement plan.... Workers are more likely this year to want to purchase a guaranteed income product with their retirement savings." MORE >>
Employee Benefit Research Institute [EBRI]
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White House Convenes Nation's Largest Pension Funds to Promote Robust Labor Policies in Private Equity
"Biden administration officials met with leaders of five pension funds, representing more than $1 trillion in assets, that are requiring strong labor standards from their private equity investments, suggesting other pension funds should do the same." MORE >>
Pensions & Investments
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PBGC Director Gordon Hartogensis Concludes 5-Year Term
"Gordon Hartogensis, the first director to serve the full five-year term, will conclude his appointment at the [PBGC] on April 30, 2024.... During Hartogensis' tenure, PBGC's insurance programs have grown stronger than at any time in the agency's 50-year history.
In 2023, for the third consecutive year, both PBGC's Multiemployer and Single-Employer Insurance Programs reported positive net positions. The overall net financial position from 2019 to the present has improved $102.6 billion." MORE >>
Pension Benefit Guaranty Corporation [PBGC]
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Executive Compensation and Nonqualified Plans |
Negotiating Stock Options and RSUs: What to Know Before You Try
"[1] Be realistic and informed before attempting negotiations ... [2] Understand compensation trends in your industry ... [3] Evaluate equity grants you are leaving behind ... [4] Know the best times to negotiate ... [5] Choose what to
focus on in negotiation ... [6] Seek protections at termination ... [7] Know how private companies differ." MORE >>
myStockOptions.com
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Employee Benefits Jobs
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Selected New Discussions |
How Does One Decide Whether a Distribution Happened (Or Didn't) If Neither Side Has Evidence?
"If a plan's administrator -- following a reasonable record-retention (and destruction) plan -- no longer has proof (beyond a presumption of regularity) that a distribution was paid, but the claimant lacks evidence that no distribution was paid, how do these
situations resolve? If the Employee Benefits Security Administration opens an inquiry, what does EBSA ask for? And if the response is no records remain, do they close the file? Do any of these claimants bring a lawsuit? Something else?"
BenefitsLink Message Boards
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No Record of Distribution Received
"I had a pension from many years ago. The company was bought and sold a few times. When I tried to collect it in 2023, I was told that I received a payout (under $5000) in May of 2001. I never received said payout. I obtained my 2001 tax transcript from the IRS and my wage
statement from my employer of that year. Clearly shows a 1099R was never issued and the only income I received that year was from my W2. Pension administrator has never been able to show any documentation that the payout actually occurred. We are in appeal now. Just wondering if anyone else has had a situation similar to mine and what the out come was."
BenefitsLink Message Boards
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Press Releases |
Pacific Life and Selerix Elevate Benefits Administration with Real-Time Integration
Pacific Life
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Lincoln Financial Group Empowers Small Businesses With Employee Benefits Solutions During National Small Business Week
Lincoln Financial Group
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Webcasts and Conferences (Retirement Plans / Executive Compensation) |
ERISA Moments Episode 23: ERISA Litigation Odds and Ends -- ESG, Crypto and Forfeitures
RECORDED
Faegre Drinker
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Last Issue's Most Popular Items |
DOL Investment Advice Fiduciary Rule Includes Changes from 2023 Proposal
Groom Law Group
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DOL Fact Sheet: Retirement Security Rule and Amendments to Class Prohibited Transaction Exemptions for Investment Advice Fiduciaries
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
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DOL Releases Final Investment Advice Fiduciary Rule
American Retirement Association [ARA]
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Copyright 2024 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
BenefitsLink® Retirement Plans Newsletter, ISSN no. 1536-9587.
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