7 pages; Jan. 4, 2022. "Form 8955-SSA ... is used to satisfy the reporting requirements of section 6057(a). Form 8955-SSA is a stand-alone reporting form filed with the IRS.... DO NOT file Form 8955-SSA with Form 5500, Annual Return/Report of Employee Benefit Plan, or Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan. Use Form 8955-SSA to report information relating to each participant who separated from service covered by the plan and is entitled to a deferred vested benefit under the plan but is not paid this retirement benefit."   MORE >>

26 pages, Jan. 7, 2022. "[OIG] found that while PBGC has had success locating missing participants, the program is not as effective as it could be.... Currently, the program [1] does not have performance measures, [2] uses unreliable data management practices, and [3] MPP procedures do not reflect the actual business practices used in program administration. Without performance measures, identifying outliers in performance is difficult, and not having sound data management practices has led to a lack of quantitative data available for program evaluation. Further, the lack of [missing participant] procedures reflecting actual business practices may lead to ineffective implementation of the program and hinder continuity of operations."   MORE >>

"Final changes to the instructions to Form 5500 ... for the 2021 plan year implement enhanced reporting for defined contribution (DC) multiple-employer plans (MEPs), as required by the [SECURE Act] ... DOL also has updated the 2021 Form 5500 to implement the SECURE Act's provisions for retroactively adopted retirement plans, changes to multiemployer plan reporting on Schedule MB and a minor change to Schedule SB for single-employer defined benefit (DB) plans."   MORE >>

"Here are five of the most common mistakes, and how disclosures and policies can be improved to comply with the PTE. [1] DOL warning regarding implied recommendations ... [2] Failing to recognize that rollovers include IRA-to-IRA ... [3] Failing to recognize the breadth of the terms 'Plan' and 'IRA' ... [4] Using a deficient fiduciary acknowledgement ... [5] Failing to assess reasonableness of compensation."   MORE >>

"Most people in the retirement plan industry know that, in general, funds in qualified [ERISA] plans are protected from creditors. However, recent court decisions have expanded on the protections provided in some more specific circumstances. The treatment of retirement savings in bankruptcy does come up occasionally, but ... different situations can lead to different outcomes[.]"   MORE >>

"Technology-empowered threats to the security and confidentiality of retirement plan assets and data are exploding. Current fiduciary management methods largely lack a formal interface with the information technology function and its storehouse of expertise. These two realities demand that fiduciary committees embrace their enterprises' information technology departments in a new era of collaboration."   MORE >>

"While it may sound like the managed account vs. self-directed account vs. TDF decision applies only to plan participants, the plan sponsor doesn't get off that easy.... [A] plan sponsor's fiduciary liability is defined by what's written in the plan documents, including the Investment Policy Statement. It's critical they undertake strict due diligence."   MORE >>

"There are often good business reasons for allowing non-controlled group members to participate in a single pension plan. But circumstances change, and the time may come when it's appropriate for an unrelated employer to leave.... Assuming there is no other distributable event, there are three options to consider: [1] Complete plan termination; [2] Partial plan termination; [3] Spinoff termination."   MORE >>

"Plan sponsors completing an annuity purchase have a fiduciary duty to select a safe insurance provider, and an increasingly common factor in that decision is the use of a Guaranteed Separate Account (GSA) by the insurer.... This article describes GSAs, quantifies how much additional security GSAs can provide to participants and describes how plan fiduciaries should analyze GSAs when making the annuity provider selection."   MORE >>

"A portfolio that produces enough passive income to cover your living expenses without having to invade principal guarantees that you won't outlive your assets, at least in theory.... But what does it take to engineer an interest-only retirement? And with fixed-income yields still hovering near historic lows, is it possible to achieve that goal without assuming greater risk?"   MORE >>

"Many problems with service providers arise because Primary Fiduciaries do not understand their roles and accountabilities. Lack of formal training, which the DOL reports is a rampant deficiency among plan sponsors, undermines otherwise well-intentioned Primary Fiduciaries' ability to make proper choices of service providers. Consequently, they expose themselves and their employers to needless risk, as ERISA ignorance is not a legal defense."   MORE >>