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3 New Job Opportunities
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[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
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[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
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[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
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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
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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
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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
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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
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[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
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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
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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
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Employee Benefits Jobs
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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
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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
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Press Releases |
New AI Tool Helps Americans Get Immediate, Helpful Answers to HSA and Consumer-Directed Benefits Questions
HealthEquity
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T. Rowe Price Launches Lifetime Income Solution for Retirees with Pacific Life
T. Rowe Price
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Pentegra Earns CEFEX Certification as a Pooled Plan Service
Provider
Pentegra
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Investment Company Institute Board of Governors Elects New Board Members
ICI [Investment Company Institute]
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Webcasts and Conferences (Retirement Plans / Executive Compensation) |
Choosing a Retirement Plan in SECURE 2.0 World
RECORDED
IRS [Internal Revenue Service]
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Retirement Plans and IRAs: Distribution and Repayment Options Under SECURE 2.0
RECORDED
IRS [Internal Revenue Service]
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Building Retirement Portfolios With A Liability-Driven-Investing Approach To Manage Sequence Of Return Risk
RECORDED
Nerd's Eye View
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IRA Transfers and Rollovers
November 14, 2024 WEBINAR
Ascensus
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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]
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Controlled and Affiliated Service Group Rules for Retirement and Cafeteria Plans: An Overview
EisnerAmper
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Plan Sponsor Policies on Cashouts, Missing Participants, and Uncashed Checks
Plan Sponsor Council of America [PSCA]
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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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