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Retirement Plans Newsletter

October 16, 2024

3 New Job Opportunities 3 New Job Opportunities

 

[Guidance Overview]

Annual 401(k) Plan Notices Are Due December 2

"There are three types of notices due at this time each year. [1] 401(k) safe harbor notice ... [2] Automatic enrollment notice ... [3] QDIA notice."  MORE >>

Cassell Plan Audits

[Guidance Overview]

2024 Retirement Plan Year-End Amendments and Operational Compliance

"While there are no mandatory plan amendments due this year, plan sponsors must remain diligent about discretionary amendment deadlines, operational compliance with changes in law, and ensuring later-adopted plan amendments accurately reflect plan operations.... [P]lan sponsors should confirm that legally-required participant notices (e.g., 401(k) safe harbor notices, QDIA/automatic enrollment notices, fee disclosures, 402(f) notices) are compliant in form and are being provided by the applicable deadlines using the appropriate delivery method."  MORE >>

Groom Law Group

[Guidance Overview]

How to Compute the 15-Year Special Catch-Up for 403(b) Plans

"The amount available under the 15-year catch-up provision is based on the number of years of service and the total contributions previously made.... [T]he additional contribution is permitted if it brings the cumulative participant contributions closer to an average of $5,000 per year."  MORE >>

Belfint Lyons Shuman

What is a SOC Report and Why Should Plan Sponsors Know About Them?

"[O]ne key aspect of ensuring that service providers are up to par with their cybersecurity policies is requesting a service organization control, or SOC, report from the provider.... A SOC report is a third-party assessment of an organization's ability to protect data and implement controls. However, there are different types of SOC reports[.]"  MORE >>

PLANSPONSOR; free registration may be required

The Impact of Remote Work on Retirement Savings Patterns

"Studies ... indicate that physical absence from the office environment may be altering how employees participate in their employer-sponsored plan. The conclusions suggest that plan sponsors take measures to address and take advantage of these changes by adapting their retirement plans to accommodate this new mode of employment to foster goodwill and employee satisfaction of remote workers."  MORE >>

PlanPILOT

How Much Does a $1 Million Annuity Pay Annually?

"The amount you'll receive from a $1 million annuity can vary based on the type of annuity, purchaser's age, interest rates and whether the payments begin immediately or are deferred. At age 60, a $1 million annuity could pay around $62,000 annually, but delaying payouts until age 65 could increase the yearly payout to approximately $90,000. You may find drawbacks such as limited access to funds, penalties for early withdrawal, fees and inflation reducing the purchasing power of your payments."  MORE >>

U.S. News & World Report

You Missed the October 15 Deadline to Correct an Excess IRA Contribution – Now What?

"One way to fix the problem is to withdraw the contribution from the IRA. The good news is that only the excess contribution amount needs to be withdrawn.... The bad news is that there will be a 6% excess contribution penalty, and IRS Form 5329 will need to be filed to pay it."  MORE >>

Slott Report

[Opinion]

SPARK Institute Comment Letter to OMB on DOL Retirement Savings Lost and Found Information Collection Request (PDF)

12 pages. "Although we believe that the ICR released by the Department in September significantly improves the ICR proposed in April, [SPARK remains] concerned that the revised ICR does not address many of the critical issues ... [T]he revised ICR does not address key cybersecurity and fiduciary matters, and it does not address [concerns] about the potential for 'false positives."  MORE >>

The SPARK Institute

Benefits in General

Annual Enrollment: Building Workforce Resilience

"Today's employees, reflecting longer term generational trends, seek benefits that provide broad choice, flexibility, and value for their investment.... [E]mployees say their financial situation is their number one challenge -- but it's the area where employer support is least effective.... Over the past few years, employer have often prioritized emotional wellbeing, whereas employees say they need the most help with financial security."  MORE >>

Willis Towers Watson

How the Federal Government Can Support Flexible Benefits for Independent Workers

"With states already beginning to experiment with various portable benefits models, the federal government can add to these efforts through seven comprehensive reforms that seek to ... [1] Remove barriers to benefits. [2] Create flexible benefits and savings opportunities. [3] Improve access to healthcare benefits."  MORE >>

Mercatus Center, George Mason University

Employee Benefits Jobs

View job as Retirement Plan Consultant for July Business Services

Retirement Plan Consultant

July Business Services

Remote / Waco TX

View job as Retirement Plan Consultant for July Business Services
View job as Senior Level DC/DB Administrator for Steidle Pension Solutions, LLC

Senior Level DC/DB Administrator

Steidle Pension Solutions, LLC

Remote / Lebanon NJ / Hybrid

View job as Senior Level DC/DB Administrator for Steidle Pension Solutions, LLC
View job as Retirement Plan Administrator for Strongpoint Partners

Retirement Plan Administrator

Strongpoint Partners

Remote

View job as Retirement Plan Administrator for Strongpoint Partners

Selected New Discussions

Forced 'Secondary' Distributions

"I have a plan that allows forced cash distributions for balances less than $1,000. FTW document. Participant terminated and took a distribution earlier this year, well over $1,000. She was entitled to a small profit sharing from 2023. Her balance is less than $1,000. Can I force her out? Even though at one point it was over $1,000."

BenefitsLink Message Boards

Beneficiary Designated with a Dollar Amount?

"Is it possible to designate a beneficiary with a specific dollar amount? For example, the primary beneficiaries are two children who each get $100,000, then the rest goes to the spouse? Realizing that spousal consent would be required, but I've never seen anything other than percentages used. In the instance for which this is being asked the account balance is well beyond the dollar amount allotted."

BenefitsLink Message Boards

Press Releases

New AI Tool Helps Americans Get Immediate, Helpful Answers to HSA and Consumer-Directed Benefits Questions

HealthEquity

T. Rowe Price Launches Lifetime Income Solution for Retirees with Pacific Life

T. Rowe Price

Pentegra Earns CEFEX Certification as a Pooled Plan Service Provider

Pentegra

Investment Company Institute Board of Governors Elects New Board Members

ICI [Investment Company Institute]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Choosing a Retirement Plan in SECURE 2.0 World

RECORDED

IRS [Internal Revenue Service]

Retirement Plans and IRAs: Distribution and Repayment Options Under SECURE 2.0

RECORDED

IRS [Internal Revenue Service]

Building Retirement Portfolios With A Liability-Driven-Investing Approach To Manage Sequence Of Return Risk

RECORDED

Nerd's Eye View

IRA Transfers and Rollovers

November 14, 2024 WEBINAR

Ascensus

Last Issue's Most Popular Items

Text of IRS Notice 2024-77: Guidance Under Sections 414(aa) and 402(c)(12) of the Internal Revenue Code with Respect to Inadvertent Benefit Overpayments (PDF)

Internal Revenue Service [IRS]

Controlled and Affiliated Service Group Rules for Retirement and Cafeteria Plans: An Overview

EisnerAmper

Plan Sponsor Policies on Cashouts, Missing Participants, and Uncashed Checks

Plan Sponsor Council of America [PSCA]

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

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