Retirement Plan Administrator

Steidle Pension Solutions, LLC Lebanon NJ

Retirement Plan Administrator

SPS Telecommute

401(k) Compliance Analyst

MVP Plan Administrators, Inc. Telecommute

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Maximizing Social Security Retirement and Survivors' Benefits
November 13, 2020 WEBCAST
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[Official Guidance]

"The Board of Trustees of the Carpenters Pension Trust Fund -- Detroit & Vicinity Pension Fund, a multiemployer pension plan, has submitted an application to reduce benefits under the plan in accordance with [MPRA]. The purpose of this notice is to announce that the application ... has been published on the website of the Department of the Treasury, and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers[.]" 

U.S. Department of the Treasury

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[Official Guidance]

"The Board of Trustees of the Arizona Bricklayers' Pension Trust Fund, a multiemployer pension plan, has submitted an application to reduce benefits under the plan in accordance with [MPRA]. The purpose of this notice is to announce that the application ... has been published on the website of the Department of the Treasury, and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers[.]" 

U.S. Department of the Treasury

[Guidance Overview]

"The DOL's proposed rule applies in the context of the FLSA.... For retirement plans and employee benefit plans covered by ERISA Title I, the term 'employee' is defined as 'any individual employed by the employer.' And because ERISA uses the same circular definition that the FLSA contains, the practical definition for ERISA purposes has also been determined by the courts.... To the extent that these rules provide a clear, practical method for evaluating the employer-employee relationship, they may help courts to apply a common law standard more consistently." 

Ascensus

"Take control of the audit process ... Get a handle on the number of plans ... Keep the lines of communication with auditors open." 

Cammack Retirement Group

"Given the likelihood of continued market volatility, review the investment options to consider whether they remain prudent in the current financial environment.... In an environment of continuing market volatility, it may be prudent to increase the frequency of plan investment reviews and request more frequent input from plan investment advisors ... Continue to document all fiduciary decisions to continue or change the investment line-up and rationale for the decisions made.... [H]ave ongoing communication with plan participants.... [T]he risk of data breach and fraud activity is substantially increased." 

Vandeventer Black LLP

Plan Advisor Checklist: Identifying the Best Retirement Plan Prospects

Retirement plan prospecting can be difficult. Successful advisors are targeted and focused on bringing new ideas to clients and prospects. Use this checklist to define your target audience, identify meaningful opportunities and communicate your value. 

"Plan sponsors say they are looking to create an institutional-quality investment lineup because they lack the internal expertise to do so and to reduce their fiduciary risk.... [O]nly 15% of DC sponsors are using an [outsourced chief investment officer (OCIO)] manager, but that this jumps to 24% for mid-sized plans." 

planadviser

"[T]he percentage of retirees who report they are happier in retirement decreased from first quarter Principal research conducted before the pandemic (from 51% to 41%). Retirees share that they struggle with imagining their life in retirement and are unsure how they'll spend their time -- citing not being able to travel (61%) or see family (58%) and planning for health care and long-term care costs (44%)." 

Principal Financial Group

"Beginning on Jan. 1, 2021, ... [federal] employees eligible for catch-up contributions can set one contribution rate, and when they hit the annual limit, the TSP will automatically start funneling the rest of their contributions for the year into catch-up contributions." 

Government Executive

[Opinion]

"[1] Most Americans don't have anything saved for retirement.... [2] A higher cost of living and student loans make it difficult for workers to save for retirement.... [3] The rise of 401(k)s has been a disaster for workers' retirement security.... [4] The gender pay gap persists in retirement.... [5] Many older workers continue working because they can't afford to retire." 

National Public Pension Coalition

Can We Destroy the Paper Records for Our ERISA Plans and Retain Our Records in Electronic Form?

"While requirements vary somewhat from agency to agency and some special rules may apply, those imposed by the DOL for the use of electronic recordkeeping [include]: ... [1] The electronic records must be maintained in reasonable order in a safe and accessible place, and in a manner in which they can be easily inspected, examined, and reproduced.... [2] The electronic recordkeeping system must have reasonable controls to ensure the confidentiality, integrity, accuracy, authenticity, and reliability of the electronic records, and adequate records of the management practices for the electronic system must be established and implemented." 

Thomson Reuters / EBIA

"The [DOL] is working on a guidance package addressing cybersecurity issues as they relate to plan sponsors and third-party providers ... Tim Hauser, Deputy Assistant Secretary for National Office Operations at [EBSA], also indicated that he expects to see more focus in the department's investigations on the adequacy of various cybersecurity programs, especially for large plans in terms of making sure the providers they hire are observing good cybersecurity practices." 

American Retirement Association [ARA]

"The contribution limits of qualified plans are the major reason for the existence of nonqualified plans ... The changes in limits from 2020 to 2021 are slight. If you've already maxed out your qualified plan contributions for 2020, you will probably do the same in 2021, so you will need NQDC plans to defer any salary and bonus increases you expect in 2021." 

myStockOptions.com

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"Are Top Heavy contributions subject to coverage if that's the only employer contribution?" 

BenefitsLink Message Boards

"I know the general Rabbi Trust template (and many others, based on it that I have seen from trust companies) says the trustee will make all distributions to participants and report/withhold. Others say (and in my experience this is what the sponsors often do, regardless of the trust terms) the sponsor may pay the benefits directly and request reimbursement from the trust; in that situation, sponsors usually cite the inability of their payroll systems to accurately record a direct payment from the trustee for W-2 reporting. If the trust makes the payment directly, though, what exactly do they report to the IRS, and how does that information get reconciled with the sponsor's payroll system?" 

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