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Definiti-LLC Telecommute / The Woodlands TX / FL / WA

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Definiti-LLC Telecommute / The Woodlands TX / FL / WA

Sales Associate / Retirement Plan Accounting Analyst

Bates & Company Winter Park FL

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[Official Guidance]

"PBGC's pilot program -- under which employers may request, in certain circumstances, an Opinion Letter about whether a plan in the process of being created is likely to be covered by PBGC -- has been extended to September 30, 2021. For more information, see PBGC's coverage webpage ." 

Pension Benefit Guaranty Corporation [PBGC]

Just updated! DATAIR's Pension System for CARES Act provisions!

Our Defined Benefit and Defined Contribution Systems were updated last week! We provide outstanding support, including actuaries on staff. Contact us for more information. 888-328-2474 or www.datair.com

[Guidance Overview]

"Under the final regulations, the IRS can change the default rate of withholding applied to monthly pension or annuity payments simply by issuing new forms, instructions, or other guidance, rather than by having to issue new regulations. Plan administrators and annuity providers should consider making changes to their systems and processes to allow frequent changes to the default withholding rate for pension or annuity payments. The IRS will likely issue guidance prior to year-end to announce the default withholding rate that will apply for periodic retirement and annuity payments in 2021." 

Hanson Bridgett LLP

[Guidance Overview]

"Defined contribution plans ... may (but are not required to) offer qualified birth or adoption distributions, but defined benefit plans are not.... The distributions are not subject to the 10% early distribution penalty tax under Code Section 72(t) ... [T]he distributions are not treated as eligible rollover distributions under the direct rollover rules, which means the plan is not required to give the 402(f) special tax notice or apply mandatory 20% withholding (although the voluntary withholding rules do apply)." 

Frost Brown Todd LLC

[Guidance Overview]

"Determining pre-2021 vesting service could be burdensome for employers that lack the hours information for employees under 1,000 hours before 2021.... The notice clarifies that the [small employer auto-enrollment] credit only applies with respect to the employer and not the plan, meaning sponsoring more than one plan providing an EACA will not increase the credit.... The notice also clarified that the credit is available to each eligible employer that participates in a multiple employer plan (MEP), including one sponsored by a pooled plan provider (PPP) that constitutes a pooled employer plan (PEP)." 

Morgan Lewis

"Perceptions from non-retired Americans about when their retirement will start and what it will look like are much different from the experiences of people already in retirement. This disconnect is putting the financial security of those nearing retirement at significant risk." 

Allianz Life Insurance Company of North America

"A class action lawsuit asserting the use of an outdated mortality table to calculate benefits is moving forward to trial against Huntington Ingalls after the defendant's motion for summary judgment was denied.... The plaintiff filed the lawsuit in May 2019 claiming that the company breached its fiduciary duty under ERISA by using 1971 mortality assumptions to calculate pension payments for workers who choose nonstandard payout methods." [ Herndon v. Huntington Ingalls Ind., Inc. , No. 19-052 (E.D. Va. Sep. 29, 2020)] 

West Virginia Record

"In the first week of May, the ADP Total Source Retirement Savings Plan, a professional employer organization multiple employer 401(k) plan, was the recipient of two suits, one brought by one of the participating employers in the plan and the other brought by participants.... Both complaints make substantially the same allegations ... One of the interesting aspects of the case brought by McCaffrey Financial is that it is one of the employers that participates in the plan and as such it is a co-sponsor and co-fiduciary. It is suing in its capacity as a co-fiduciary." 

Boutwell Fay LLP

"A review of 29 complaints filed in the first half of 2020 shows that the litigation spans industries, plan sizes, plaintiff counsel, and allegations.... Managed account providers benefit from the dearth of available options and limited competition that can hinder more reasonable fee structures as the plan size and participation grow. Plan sponsors should consider the inclusion of managed account services carefully and document the process and rationale, if those services are added." 

Callan Institute

[Opinion]

11 pages. "Binary choice regarding voting proxies should be removed.... Specificity on prudence and loyalty requirements is unnecessary.... Mandate to review proxy voting policies every two years unnecessary.... The proposal imposes additional costs on ERISA plans.... Clarifications [needed] regarding scope (pass-through voting, mutual funds, timeframe).... The proposed effective date is too soon." 

American Benefits Council

[Opinion]

"The practice of investing increasing amounts into private equity, however, is purely a result of poor long term fund management. Managers feel the need to invest in riskier options to produce return estimates that look more favorable for the fund to make up for losses. In this case, the drive for investing in riskier private equity options also creates losses through exorbitant fees." 

Institute for Pension Fund Integrity [IPFI]

"The most prevalent performance metrics [for annual incentive plans] continue to be Operating Income, Revenue, Cash Flow and Earnings per Share (EPS).... 17% of the Meridian 200 include ESG metrics as a weighted corporate performance metric in their annual incentive plans ... 97% of Meridian 200 companies grant performance-based vehicles as part of their long-term incentive plans[.]" 

Meridian Compensation Partners, LLC

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"Existing 401k plan with SH match. Looking at adding a CB plan for 2020. Can it be switched to non-elective for 2020 and, if yes, 3% or 4%? Any other issues not asking?" 

BenefitsLink Message Boards

"Does anyone have experience filling out the MP-100 for a missing participant in a cash balance plan? If so, is the present value reported equal to the hypothetical account balance or do you need to calculate a life annuity at normal retirement using the plan assumptions and then convert back using the PBGC assumptions?" 

BenefitsLink Message Boards

"What is a reasonable estimate for time spent by an experienced retirement plan administrator to prepare a 5500-SF filing for a DB plan including AFN, considering the assets and the participant counts have already been reconciled, the actuarial valuation report has already been completed, and the valuation software produces attachments, AFN info, etc. (Datair)? This is for plain vanilla situations, no life insurance, etc. Excluding time spent for the 8955, I am thinking 3 hours to get it to the client for signature, and another hour or so to get it filed. Is that a reasonable expectation on average?" 

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CC Capital & Motive Partners To Acquire Wilshire Associates Wilshire Associates

T. Rowe Price Retirement Plan Services, Inc. Adds SoFi Student Loan Solutions to Financial Wellness Offering T. Rowe Price

LIMRA Expands Its Data Exchange Standards for Non-Medical Workplace Benefits LIMRA

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