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Tuesday, the Dow was down 30.42 points (0.09%) at 34,599.82, the Nasdaq closed 43.19 points (0.31%) higher at 13,924.91, and the S&P 500 was virtually unchanged at 4,227.26. 2021 PLAN SPONSOR OF THE YEAR The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations were 2020 DC SURVEY: PLAN BENCHMARKING The DC Plan Benchmarking report gathers data from thousands of plan sponsors about their plan design and administration, for the purpose of providing industry benchmarks. The survey is a study in contrasts yet demonstrates some surprisingly striking similarities among plans of various types and sizes. PLANSPONSOR Industry Reports 2021. SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of BALANCING FIDUCIARY DUTY WITH ESG DEMAND That balance is so important that the Department of Labor (DOL) issued a strict proposal last year, ordering plan fiduciaries to avoid investing in ESG funds that may offer a lower return or increased risk compared to other, non-ESG funds. The proposal later was the target of intense scrutiny, with many arguing that ESG considerations are NEW YORK SECURE CHOICE SAVINGS PROGRAM COULD BECOME As the U.S. Congress contemplates ways to expand retirement plan coverage to more workers, various U.S. states are doing the same on a more local level, including New York.. Last week, the New York State Assembly passed a bill meant to strengthen the state’s fledgling Secure Choice Savings Program, advancing the legislation by a strong 121 to 26 bipartisan margin. WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: There are several types of entities that can sponsor a 457 (b) plan, as follows: 1) State or local government entities (but NOT the federal government); FRIDAY FUN - APRIL 8, 2021 FRIDAY FUN – April 8, 2021. And now it's time for some FRIDAY FUN! A giant spider in West Palm Beach, more than just losing the mail, and more. In Anchorage, Alaska, several Costco shoppers have reported that ravens have stolen their groceries while they were in the parking lot. On reported a raven grabbing a short rib and flying away with it FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter WHY SOME ERISA LITIGATION TRENDS MAY TURN IN 2021 Asked by PLANSPONSOR for his broad take on the evolving Employee Retirement Income Security Act (ERISA) litigation landscape, Michael Klenov, an attorney at plaintiffs’ firm Korein Tillery, says 2020 has been an eventful year. “This is the case for a few reasons,” Klenov says. “First of all, 2020 has been an action-packed year from the perspective of ERISA-focused decisions coming fromPLANSPONSOR
Tuesday, the Dow was down 30.42 points (0.09%) at 34,599.82, the Nasdaq closed 43.19 points (0.31%) higher at 13,924.91, and the S&P 500 was virtually unchanged at 4,227.26. 2021 PLAN SPONSOR OF THE YEAR The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations were 2020 DC SURVEY: PLAN BENCHMARKING The DC Plan Benchmarking report gathers data from thousands of plan sponsors about their plan design and administration, for the purpose of providing industry benchmarks. The survey is a study in contrasts yet demonstrates some surprisingly striking similarities among plans of various types and sizes. PLANSPONSOR Industry Reports 2021. SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of BALANCING FIDUCIARY DUTY WITH ESG DEMAND That balance is so important that the Department of Labor (DOL) issued a strict proposal last year, ordering plan fiduciaries to avoid investing in ESG funds that may offer a lower return or increased risk compared to other, non-ESG funds. The proposal later was the target of intense scrutiny, with many arguing that ESG considerations are NEW YORK SECURE CHOICE SAVINGS PROGRAM COULD BECOME As the U.S. Congress contemplates ways to expand retirement plan coverage to more workers, various U.S. states are doing the same on a more local level, including New York.. Last week, the New York State Assembly passed a bill meant to strengthen the state’s fledgling Secure Choice Savings Program, advancing the legislation by a strong 121 to 26 bipartisan margin. WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: There are several types of entities that can sponsor a 457 (b) plan, as follows: 1) State or local government entities (but NOT the federal government); FRIDAY FUN - APRIL 8, 2021 FRIDAY FUN – April 8, 2021. And now it's time for some FRIDAY FUN! A giant spider in West Palm Beach, more than just losing the mail, and more. In Anchorage, Alaska, several Costco shoppers have reported that ravens have stolen their groceries while they were in the parking lot. On reported a raven grabbing a short rib and flying away with it FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter WHY SOME ERISA LITIGATION TRENDS MAY TURN IN 2021 Asked by PLANSPONSOR for his broad take on the evolving Employee Retirement Income Security Act (ERISA) litigation landscape, Michael Klenov, an attorney at plaintiffs’ firm Korein Tillery, says 2020 has been an eventful year. “This is the case for a few reasons,” Klenov says. “First of all, 2020 has been an action-packed year from the perspective of ERISA-focused decisions coming from CONSIDERATIONS FOR 2022 HEALTH AND VOLUNTARY BENEFIT As open enrollment season nears, many plan sponsors are considering costs and employee needs before renewing contracts with health and voluntary benefit providers. During last year’s open enrollment window, many employers leaned into remote-friendly benefits and FORUSALL INTRODUCES RETIREMENT PLAN WITH ALTERNATIVE ForUsAll, a retirement investment platform for small businesses, has introduced the Alt 401(k). The retirement investment platform allows employers to provide alternative investment options within 401(k) plans. The company is enabling employers to offer cryptocurrency asthe plan’s first
2020 BEST IN CLASS DC PROVIDERS Introduction. From our annual survey of approximately 3,000 defined contribution (DC) plan sponsors, DC plan providers are measured and evaluated according to feedback from their own clients. Major DC plan providers are rated in the various client categories they serve, and benchmark information is collected for plan sponsors to gauge their 2020 PLAN SPONSOR OF THE YEAR WINNERS 2020 Plan Sponsor of the Year Winners. We recognize the winners in 10 categories of plans. Reported by. Judy Faust Hartnett. Art by Wenting Li. To access this premium content, please sign up PARTIAL PLAN TERMINATION RELIEF PROVIDED IN NEW STIMULUS The latest COVID-19 relief bill, attached to the Consolidated Appropriations Act, 2021, enables certain retirement plan sponsors that laid off or furloughed employees due to the economic effects of the pandemic to avoid a partial plan termination.The bill was signed last night by President Donald Trump. The bill states: “A plan shall not be treated as having a partial termination (within the RUSH OF LITIGATION AGAINST RETIREMENT PLANS EXPECTED TO One insurer says the more than $1 billion in settlements thus far could make fiduciary insurance a thing of the past. There have been approximately 200 “cookie-cutter” Employee Retirement Income Security Act (ERISA) class action lawsuits filed EMPLOYERS INCREASINGLY SUPPORTING EMPLOYEES’ WORK/LIFE Spurred on by the ongoing effects of the COVID-19 pandemic, employers are attempting to tailor their benefits to address the evolving needs of their workers, according to new research from Fidelity Investments and the Business Group on Health. They also report that companies’interest and
ESSENTIAL CONSIDERATIONS FOR DC PLAN INVESTMENT LINEUPS Before evaluating investments for inclusion on a defined contribution (DC) plan fund lineup, plan sponsors need to decide what types of investments they want to use.. An article from Willis Towers Watson, “Moving the Needle on Defined Contribution Plans,” suggests that the purpose of the plan will help sponsors define the pieces of aninvestment lineup.
WHY SOME ERISA LITIGATION TRENDS MAY TURN IN 2021 Asked by PLANSPONSOR for his broad take on the evolving Employee Retirement Income Security Act (ERISA) litigation landscape, Michael Klenov, an attorney at plaintiffs’ firm Korein Tillery, says 2020 has been an eventful year. “This is the case for a few reasons,” Klenov says. “First of all, 2020 has been an action-packed year from the perspective of ERISA-focused decisions coming from CAN OTHER DISTRIBUTIONS BE TREATED AS CORONAVIRUS-RELATED Fortunately, the IRS recently released Notice 2020-50 which provided some important clarification in this regard as follows: “However, any amount described in Q&A-4 of §1.402 (c)-2 is not permitted to be treated as a coronavirus-related distribution. Thus, the following amounts are not coronavirus-related distributions: correctivePLANSPONSOR
The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2021 PLAN SPONSOR OF THE YEAR The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations were SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of 2020 DC SURVEY: PLAN BENCHMARKING The DC Plan Benchmarking report gathers data from thousands of plan sponsors about their plan design and administration, for the purpose of providing industry benchmarks. The survey is a study in contrasts yet demonstrates some surprisingly striking similarities among plans of various types and sizes. PLANSPONSOR Industry Reports 2021. 403(B) LAWSUIT TARGETING WAKEMED RAPIDLY SETTLES 403 (b) Lawsuit Targeting WakeMed Rapidly Settles. In their short-lived complaint, the plaintiffs suggested WakeMed fiduciaries have not acted prudently in the operation of the 403 (b) retirement plan in question. Reported by. John Manganaro. A settlement has been reached in an Employee Retirement Income Security Act (ERISA)fiduciary breach
NEW YORK SECURE CHOICE SAVINGS PROGRAM COULD BECOME As the U.S. Congress contemplates ways to expand retirement plan coverage to more workers, various U.S. states are doing the same on a more local level, including New York.. Last week, the New York State Assembly passed a bill meant to strengthen the state’s fledgling Secure Choice Savings Program, advancing the legislation by a strong 121 to 26 bipartisan margin. BALANCING FIDUCIARY DUTY WITH ESG DEMAND That balance is so important that the Department of Labor (DOL) issued a strict proposal last year, ordering plan fiduciaries to avoid investing in ESG funds that may offer a lower return or increased risk compared to other, non-ESG funds. The proposal later was the target of intense scrutiny, with many arguing that ESG considerations are SETTLEMENT DETAILS PUBLISHED IN NORTON HEALTHCARE ERISA Settlement Details Published in Norton Healthcare ERISA Suit. The settlement comes with a $5.75 million price tag to be split between the plan sponsor defendant and its financial adviser, along with other nonmonetary stipulations to be followed by both the plaintiffs and the defendants. Reported by. John Manganaro. WHO IS IMMEDIATELY VESTED UPON PLAN TERMINATION Full termination – Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service.”. Thus, if the participant in question took a full distribution of his vested amount one-year priorto
WHAT TYPES OF SITUATIONS DOES A ‘MISTAKE OF FACT’ PLAN Case law and certain Private Letter Rulings (PLRs) issued by the IRS over the years offer some insight into what situations may result in a mistake of fact. As a general matter, mistakes of fact under ERISA have been narrowly construed by the courts and are mostly limited to clerical errors regarding the calculation of the amount ofcontributions.
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The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2021 PLAN SPONSOR OF THE YEAR The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations were SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of 2020 DC SURVEY: PLAN BENCHMARKING The DC Plan Benchmarking report gathers data from thousands of plan sponsors about their plan design and administration, for the purpose of providing industry benchmarks. The survey is a study in contrasts yet demonstrates some surprisingly striking similarities among plans of various types and sizes. PLANSPONSOR Industry Reports 2021. 403(B) LAWSUIT TARGETING WAKEMED RAPIDLY SETTLES 403 (b) Lawsuit Targeting WakeMed Rapidly Settles. In their short-lived complaint, the plaintiffs suggested WakeMed fiduciaries have not acted prudently in the operation of the 403 (b) retirement plan in question. Reported by. John Manganaro. A settlement has been reached in an Employee Retirement Income Security Act (ERISA)fiduciary breach
NEW YORK SECURE CHOICE SAVINGS PROGRAM COULD BECOME As the U.S. Congress contemplates ways to expand retirement plan coverage to more workers, various U.S. states are doing the same on a more local level, including New York.. Last week, the New York State Assembly passed a bill meant to strengthen the state’s fledgling Secure Choice Savings Program, advancing the legislation by a strong 121 to 26 bipartisan margin. BALANCING FIDUCIARY DUTY WITH ESG DEMAND That balance is so important that the Department of Labor (DOL) issued a strict proposal last year, ordering plan fiduciaries to avoid investing in ESG funds that may offer a lower return or increased risk compared to other, non-ESG funds. The proposal later was the target of intense scrutiny, with many arguing that ESG considerations are SETTLEMENT DETAILS PUBLISHED IN NORTON HEALTHCARE ERISA Settlement Details Published in Norton Healthcare ERISA Suit. The settlement comes with a $5.75 million price tag to be split between the plan sponsor defendant and its financial adviser, along with other nonmonetary stipulations to be followed by both the plaintiffs and the defendants. Reported by. John Manganaro. WHO IS IMMEDIATELY VESTED UPON PLAN TERMINATION Full termination – Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service.”. Thus, if the participant in question took a full distribution of his vested amount one-year priorto
WHAT TYPES OF SITUATIONS DOES A ‘MISTAKE OF FACT’ PLAN Case law and certain Private Letter Rulings (PLRs) issued by the IRS over the years offer some insight into what situations may result in a mistake of fact. As a general matter, mistakes of fact under ERISA have been narrowly construed by the courts and are mostly limited to clerical errors regarding the calculation of the amount ofcontributions.
2020 PLAN SPONSOR OF THE YEAR The Plan Sponsor of the Year annual awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made CONSIDERATIONS FOR 2022 HEALTH AND VOLUNTARY BENEFIT As open enrollment season nears, many plan sponsors are considering costs and employee needs before renewing contracts with health and voluntary benefit providers. During last year’s open enrollment window, many employers leaned into remote-friendly benefits and EMPLOYERS INCREASINGLY SUPPORTING EMPLOYEES’ WORK/LIFE 1 day ago · Spurred on by the ongoing effects of the COVID-19 pandemic, employers are attempting to tailor their benefits to address the evolving needs of their workers, according to new research from Fidelity Investments and the Business Group on Health. They also report that companies’ interest and DB PLAN FUNDED STATUS REMAINS STABLE IN MAY Consultants say now is the time to evaluate interest rate and equity market risk strategies, as well as whether and how to take advantage of pension funding relief legislation passed in March. The aggregate funded ratio for U.S. defined benefit (DB) pension plans sponsored byS&P 500 companies
EMPLOYERS FEELING MORE RESPONSIBILITY IN A POST-PANDEMIC A BlackRock study found many plan sponsors are planning to add more automatic features, ESG options and active management strategies to their plans. Lasting impacts brought on by the COVID-19 pandemic have caused major barriers for employees to reach financial wellness and retirement readiness goals ‘DOWN MARKET’ ERISA SUIT NETS $1.8M SETTLEMENT The parties in an Employee Retirement Income Security Act (ERISA) lawsuit brought last July against CDI Corp. have filed a settlement agreement in the U.S. District Court for the Eastern District of Pennsylvania.. The underlying claims in the lawsuit echoed those detailed in numerous other ERISA challenges raised in recent years, but this litigation was distinguished by the relatively small JUMBO 403(B) PLAN HIT WITH EXCESSIVE FEE SUIT Fiduciaries of the Wake Forest University Baptist Medical Center plan are accused of failing to ensure reasonable investment fees and mismanaging revenue sharing to pay for administrative expenses. Wake Forest University Baptist Medical Center, its board of directors and its retirement benefit ESSENTIAL CONSIDERATIONS FOR DC PLAN INVESTMENT LINEUPS Before evaluating investments for inclusion on a defined contribution (DC) plan fund lineup, plan sponsors need to decide what types of investments they want to use.. An article from Willis Towers Watson, “Moving the Needle on Defined Contribution Plans,” suggests that the purpose of the plan will help sponsors define the pieces of aninvestment lineup.
WHO IS IMMEDIATELY VESTED UPON PLAN TERMINATION Full termination – Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service.”. Thus, if the participant in question took a full distribution of his vested amount one-year priorto
TUESDAY TRIVIA: WHAT DO THE OLYMPIC RINGS REPRESENT 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.comPLANSPONSOR
PLANSPONSOR is the trusted information and solutions resource for America’s retirement benefits decision makers 2021 PLAN SPONSOR OF THE YEAR The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations were 2020 DC SURVEY: PLAN BENCHMARKING 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of 2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com NEW YORK SECURE CHOICE SAVINGS PROGRAM COULD BECOME As the U.S. Congress contemplates ways to expand retirement plan coverage to more workers, various U.S. states are doing the same on a more local level, including New York.. Last week, the New York State Assembly passed a bill meant to strengthen the state’s fledgling Secure Choice Savings Program, advancing the legislation by a strong 121 to 26 bipartisan margin. WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? “What entities can sponsor a 457(b) plan?” Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: CAN OTHER DISTRIBUTIONS BE TREATED AS CORONAVIRUS-RELATED “I read with great interest your Ask the Experts column on required minimum distributions that have already been distributed in 2020 prior to the release of the CARES Act. You stated that ‘presumably, these distributions could be treated as COVID-19 distributions for those who are individuals qualified to receive such distributions under the CARES Act, which would mean that such FRIDAY FUN - MARCH 12, 2021 A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner.On Sunday, he received a call from the Los Angeles County animal shelter in Palmdale and another from the company that made a microchip implanted in Brandy when she was adopted, the Associated Press FRIDAY FUN - APRIL 8, 2021 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.comPLANSPONSOR
PLANSPONSOR is the trusted information and solutions resource for America’s retirement benefits decision makers 2021 PLAN SPONSOR OF THE YEAR The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations were 2020 DC SURVEY: PLAN BENCHMARKING 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of 2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com NEW YORK SECURE CHOICE SAVINGS PROGRAM COULD BECOME As the U.S. Congress contemplates ways to expand retirement plan coverage to more workers, various U.S. states are doing the same on a more local level, including New York.. Last week, the New York State Assembly passed a bill meant to strengthen the state’s fledgling Secure Choice Savings Program, advancing the legislation by a strong 121 to 26 bipartisan margin. WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? “What entities can sponsor a 457(b) plan?” Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: CAN OTHER DISTRIBUTIONS BE TREATED AS CORONAVIRUS-RELATED “I read with great interest your Ask the Experts column on required minimum distributions that have already been distributed in 2020 prior to the release of the CARES Act. You stated that ‘presumably, these distributions could be treated as COVID-19 distributions for those who are individuals qualified to receive such distributions under the CARES Act, which would mean that such FRIDAY FUN - MARCH 12, 2021 A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner.On Sunday, he received a call from the Los Angeles County animal shelter in Palmdale and another from the company that made a microchip implanted in Brandy when she was adopted, the Associated Press FRIDAY FUN - APRIL 8, 2021 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com 2020 PLAN SPONSOR OF THE YEAR The Plan Sponsor of the Year annual awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made EMPLOYERS INCREASINGLY SUPPORTING EMPLOYEES’ WORK/LIFE 1 day ago · Spurred on by the ongoing effects of the COVID-19 pandemic, employers are attempting to tailor their benefits to address the evolving needs of their workers, according to new research from Fidelity Investments and the Business Group on Health. They also report that companies’ interest and EMPLOYERS FEELING MORE RESPONSIBILITY IN A POST-PANDEMIC A BlackRock study found many plan sponsors are planning to add more automatic features, ESG options and active management strategies to their plans. Lasting impacts brought on by the COVID-19 pandemic have caused major barriers for employees to reach financial wellness and retirement readiness goals IRS REMINDS PLAN SPONSORS OF PLAN QUALIFICATION The IRS updates its Operational Compliance List periodically to reflect new legislation and IRS guidance, and it reflects that many provisions of the SECURE Act are in effect. Plan sponsors that might have been distracted by the COVID-19 pandemic and WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? “What entities can sponsor a 457(b) plan?” Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: ESSENTIAL CONSIDERATIONS FOR DC PLAN INVESTMENT LINEUPS Before evaluating investments for inclusion on a defined contribution (DC) plan fund lineup, plan sponsors need to decide what types of investments they want to use.. An article from Willis Towers Watson, “Moving the Needle on Defined Contribution Plans,” suggests that the purpose of the plan will help sponsors define the pieces of aninvestment lineup.
ALEGEUS TO DEBUT MODERN HSA SOLUTION Alegeus has announced that it will launch its modern health savings account (HSA) solution at the 2021 Alegeus Client Success Summit on June 15 and 16. An extension of the Alegeus HSA experience, the investment solution features real-time and fractional trading, a 2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com CLIENT CLAIMS SELF-DEALING BY RUSSELL INVESTMENTS Participants in the Royal Caribbean Cruises retirement savings program have filed a lawsuit against Russell Investments, suggesting the firm engaged in self-dealing in its provision of discretionary investment advisory services. The lawsuit closely resembles other self-dealinglawsuits that have
TUESDAY TRIVIA: WHAT DO THE OLYMPIC RINGS REPRESENT 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.comPLANSPONSOR
The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2021 PLAN SPONSOR OF THE YEAR 2021 Plan Sponsor of the Year. PLANSPONSOR is pleased to announce the 2021 Plan Sponsor of the Year finalists. The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan 2020 DC SURVEY: PLAN BENCHMARKING The DC Plan Benchmarking report gathers data from thousands of plan sponsors about their plan design and administration, for the purpose of providing industry benchmarks. The survey is a study in contrasts yet demonstrates some surprisingly striking similarities among plans of various types and sizes. PLANSPONSOR Industry Reports 2021. SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of 2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com CAN OTHER DISTRIBUTIONS BE TREATED AS CORONAVIRUS-RELATED Fortunately, the IRS recently released Notice 2020-50 which provided some important clarification in this regard as follows: “However, any amount described in Q&A-4 of §1.402 (c)-2 is not permitted to be treated as a coronavirus-related distribution. Thus, the following amounts are not coronavirus-related distributions: corrective WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: There are several types of entities that can sponsor a 457 (b) plan, as follows: 1) State or local government entities (but NOT the federal government); FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter SETTLEMENT DETAILS PUBLISHED IN NORTON HEALTHCARE ERISA Settlement Details Published in Norton Healthcare ERISA Suit. The settlement comes with a $5.75 million price tag to be split between the plan sponsor defendant and its financial adviser, along with other nonmonetary stipulations to be followed by both the plaintiffs and the defendants. Reported by. John Manganaro. PRINCIPAL-WELLS FARGO INTEGRATION ON TRACK FOR 2021 Principal-Wells Fargo Integration on Track for 2021 Completion. Remaining clients still on the Wells Fargo platform can expect to be transferred to the Principal platform by the end of next year. Renee Schaaf, president of retirement and income solutions at Principal Financial Group, recently jumped on the phone with PLANSPONSOR for aPLANSPONSOR
The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2021 PLAN SPONSOR OF THE YEAR 2021 Plan Sponsor of the Year. PLANSPONSOR is pleased to announce the 2021 Plan Sponsor of the Year finalists. The annual Plan Sponsor of the Year awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan 2020 DC SURVEY: PLAN BENCHMARKING The DC Plan Benchmarking report gathers data from thousands of plan sponsors about their plan design and administration, for the purpose of providing industry benchmarks. The survey is a study in contrasts yet demonstrates some surprisingly striking similarities among plans of various types and sizes. PLANSPONSOR Industry Reports 2021. SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of 2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com CAN OTHER DISTRIBUTIONS BE TREATED AS CORONAVIRUS-RELATED Fortunately, the IRS recently released Notice 2020-50 which provided some important clarification in this regard as follows: “However, any amount described in Q&A-4 of §1.402 (c)-2 is not permitted to be treated as a coronavirus-related distribution. Thus, the following amounts are not coronavirus-related distributions: corrective WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: There are several types of entities that can sponsor a 457 (b) plan, as follows: 1) State or local government entities (but NOT the federal government); FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter SETTLEMENT DETAILS PUBLISHED IN NORTON HEALTHCARE ERISA Settlement Details Published in Norton Healthcare ERISA Suit. The settlement comes with a $5.75 million price tag to be split between the plan sponsor defendant and its financial adviser, along with other nonmonetary stipulations to be followed by both the plaintiffs and the defendants. Reported by. John Manganaro. PRINCIPAL-WELLS FARGO INTEGRATION ON TRACK FOR 2021 Principal-Wells Fargo Integration on Track for 2021 Completion. Remaining clients still on the Wells Fargo platform can expect to be transferred to the Principal platform by the end of next year. Renee Schaaf, president of retirement and income solutions at Principal Financial Group, recently jumped on the phone with PLANSPONSOR for a 2020 PLAN SPONSOR OF THE YEAR The Plan Sponsor of the Year annual awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made ESSENTIAL CONSIDERATIONS FOR DC PLAN INVESTMENT LINEUPS Before evaluating investments for inclusion on a defined contribution (DC) plan fund lineup, plan sponsors need to decide what types of investments they want to use.. An article from Willis Towers Watson, “Moving the Needle on Defined Contribution Plans,” suggests that the purpose of the plan will help sponsors define the pieces of aninvestment lineup.
IRS REMINDS PLAN SPONSORS OF PLAN QUALIFICATION The IRS updates its Operational Compliance List periodically to reflect new legislation and IRS guidance, and it reflects that many provisions of the SECURE Act are in effect. Plan sponsors that might have been distracted by the COVID-19 pandemic and 2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: There are several types of entities that can sponsor a 457 (b) plan, as follows: 1) State or local government entities (but NOT the federal government); TUESDAY TRIVIA: WHAT DO THE OLYMPIC RINGS REPRESENT 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com EMBRACING A 'RETIREMENT TIER' FRAMEWORK T. Rowe Price says its new framework for implementing a retirement tier helps sponsors weed through the array of products and tools to choose what might be best for their plans. While many plan sponsors have flirted with the idea of offering retirement AMERICANS CONTINUE TO GRAPPLE WITH RETIREMENT SAVINGS While studies find that 401(k) contributions have remained stable over the past 15 months, some Americans have struggled to save for retirement.. Research from BlackRock’s 2021 “DC Pulse Survey” found that the coronavirus pandemic may have exacerbated concerns for plan participants who were already behind on their savings. SERCO REACHES $1.2 MILLION SETTLEMENT IN EXCESSIVE FEE The suit had charged the Navy defense contractor with selecting mutual funds with an average expense ratio of 0.81% when funds costing 0.41% were available. Navy defense contractor Serco Inc. has reached a $1.2 million settlement agreement in STATUTORY LIMITS TO USE FOR NON-CALENDAR YEAR PLANS “Our ERISA 403(b) plan has a non-calendar year plan year: July 1 to June 30. Our recordkeeper insists that in calculating the 415 contribution limit, we should use the dollar limitation for the calendar year in which our plan year ENDS, but for calculating the 401(a)(17) compensation limit, we should use the dollar limitation forthe calendar year
PLANSPONSOR
The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2020 PLAN SPONSOR OF THE YEAR The Plan Sponsor of the Year annual awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made EVENTS | PLANSPONSOR 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter PANDEMIC REVEALS OVERWHELMING NEED FOR FINANCIAL WELLNESS The need for employee financial wellness programs has increasingly gained attention in the past decade, and what began as general education initiatives have morphed into more actionable programs. Offering a financial wellness program to employees was considered a value-added benefit, but the novel coronavirus pandemic suggests it isan urgent
WHO IS IMMEDIATELY VESTED UPON PLAN TERMINATION Full termination – Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service.”. Thus, if the participant in question took a full distribution of his vested amount one-year priorto
NONQUALIFIED DEFERRED COMPENSATION PLANS AND SECTION 409ASEE MORE ONPLANSPONSOR.COM
DO RETIREMENT PLAN SPONSORS NEED A POLICY FOR EDUCATION Retirement plan sponsors need a strategy for education, but an actual policy statement may not be needed. Reported by. Jill Cornfield. Retirement plans governed by the Employee Retirement Income Security Act (ERISA) are already subject to a range of regulations and requirements, but plan sponsors can increase the rules to which theymust adhere
WHY NONPROFITS MAY PREFER A 403(B) PLAN OVER A 401(K Why Nonprofits May Prefer a 403 (b) Plan Over a 401 (k) It often comes down to nondiscrimination testing. Reported by. Lee Barney. Cammack Retirement Group was founded in the 1960s specifically to specialize in 403 (b) plans for nonprofits and, today, while the practice has expanded to cover 401 (k) plans, many of the advisory practice’sPLANSPONSOR
The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2020 PLAN SPONSOR OF THE YEAR The Plan Sponsor of the Year annual awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made EVENTS | PLANSPONSOR 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter PANDEMIC REVEALS OVERWHELMING NEED FOR FINANCIAL WELLNESS The need for employee financial wellness programs has increasingly gained attention in the past decade, and what began as general education initiatives have morphed into more actionable programs. Offering a financial wellness program to employees was considered a value-added benefit, but the novel coronavirus pandemic suggests it isan urgent
WHO IS IMMEDIATELY VESTED UPON PLAN TERMINATION Full termination – Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service.”. Thus, if the participant in question took a full distribution of his vested amount one-year priorto
NONQUALIFIED DEFERRED COMPENSATION PLANS AND SECTION 409ASEE MORE ONPLANSPONSOR.COM
DO RETIREMENT PLAN SPONSORS NEED A POLICY FOR EDUCATION Retirement plan sponsors need a strategy for education, but an actual policy statement may not be needed. Reported by. Jill Cornfield. Retirement plans governed by the Employee Retirement Income Security Act (ERISA) are already subject to a range of regulations and requirements, but plan sponsors can increase the rules to which theymust adhere
WHY NONPROFITS MAY PREFER A 403(B) PLAN OVER A 401(K Why Nonprofits May Prefer a 403 (b) Plan Over a 401 (k) It often comes down to nondiscrimination testing. Reported by. Lee Barney. Cammack Retirement Group was founded in the 1960s specifically to specialize in 403 (b) plans for nonprofits and, today, while the practice has expanded to cover 401 (k) plans, many of the advisory practice’s IRS REMINDS PLAN SPONSORS OF PLAN QUALIFICATION The IRS updates its Operational Compliance List periodically to reflect new legislation and IRS guidance, and it reflects that many provisions of the SECURE Act are in effect. Plan sponsors that might have been distracted by the COVID-19 pandemic and ESSENTIAL CONSIDERATIONS FOR DC PLAN INVESTMENT LINEUPS Before evaluating investments for inclusion on a defined contribution (DC) plan fund lineup, plan sponsors need to decide what types of investments they want to use.. An article from Willis Towers Watson, “Moving the Needle on Defined Contribution Plans,” suggests that the purpose of the plan will help sponsors define the pieces of aninvestment lineup.
2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com EMBRACING A 'RETIREMENT TIER' FRAMEWORK T. Rowe Price says its new framework for implementing a retirement tier helps sponsors weed through the array of products and tools to choose what might be best for their plans. While many plan sponsors have flirted with the idea of offering retirement WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: There are several types of entities that can sponsor a 457 (b) plan, as follows: 1) State or local government entities (but NOT the federal government);2021 SERVICE STARS
Five individuals and five teams from the retirement plan provider community have been selected as 2021 PLANSPONSOR Service Stars. The PLANSPONSOR Service Star Awards program recognizes the retirement plan account representatives and relationship managers who, in STATUTORY LIMITS TO USE FOR NON-CALENDAR YEAR PLANS “Our ERISA 403(b) plan has a non-calendar year plan year: July 1 to June 30. Our recordkeeper insists that in calculating the 415 contribution limit, we should use the dollar limitation for the calendar year in which our plan year ENDS, but for calculating the 401(a)(17) compensation limit, we should use the dollar limitation forthe calendar year
AMERICANS CONTINUE TO GRAPPLE WITH RETIREMENT SAVINGS While studies find that 401(k) contributions have remained stable over the past 15 months, some Americans have struggled to save for retirement.. Research from BlackRock’s 2021 “DC Pulse Survey” found that the coronavirus pandemic may have exacerbated concerns for plan participants who were already behind on their savings. SERCO REACHES $1.2 MILLION SETTLEMENT IN EXCESSIVE FEE The suit had charged the Navy defense contractor with selecting mutual funds with an average expense ratio of 0.81% when funds costing 0.41% were available. Navy defense contractor Serco Inc. has reached a $1.2 million settlement agreement in WORRYING ABOUT INFLATION’S EFFECT ON YOUR PENSION FINANCES Inflation can affect defined benefit (DB) plan finances, but the latest bout of it seems mostly favorable for plan sponsors, retirement industry experts say.. Brian Donohue, a partner at October Three Consulting, says that for inactive participants—or, for frozen plans, all participants—DB liabilities are fixed-dollar liabilities, so if inflation is high, the “real” value of theirPLANSPONSOR
The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2020 PLAN SPONSOR OF THE YEAR The Plan Sponsor of the Year annual awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made EVENTS | PLANSPONSOR 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter PANDEMIC REVEALS OVERWHELMING NEED FOR FINANCIAL WELLNESS The need for employee financial wellness programs has increasingly gained attention in the past decade, and what began as general education initiatives have morphed into more actionable programs. Offering a financial wellness program to employees was considered a value-added benefit, but the novel coronavirus pandemic suggests it isan urgent
WHO IS IMMEDIATELY VESTED UPON PLAN TERMINATION Full termination – Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service.”. Thus, if the participant in question took a full distribution of his vested amount one-year priorto
NONQUALIFIED DEFERRED COMPENSATION PLANS AND SECTION 409ASEE MORE ONPLANSPONSOR.COM
DO RETIREMENT PLAN SPONSORS NEED A POLICY FOR EDUCATION Retirement plan sponsors need a strategy for education, but an actual policy statement may not be needed. Reported by. Jill Cornfield. Retirement plans governed by the Employee Retirement Income Security Act (ERISA) are already subject to a range of regulations and requirements, but plan sponsors can increase the rules to which theymust adhere
WHY NONPROFITS MAY PREFER A 403(B) PLAN OVER A 401(K Why Nonprofits May Prefer a 403 (b) Plan Over a 401 (k) It often comes down to nondiscrimination testing. Reported by. Lee Barney. Cammack Retirement Group was founded in the 1960s specifically to specialize in 403 (b) plans for nonprofits and, today, while the practice has expanded to cover 401 (k) plans, many of the advisory practice’sPLANSPONSOR
The connection between ESPPs and 401 (k)s. ESPPs 101Employee Stock Purchase Plans (ESPPs) provide a broad base of employees the opportunity to purchase company stock, often at a discount.HOW THEY WORKEmployees contribute post-tax dollars to their 2020 PLAN SPONSOR OF THE YEAR The Plan Sponsor of the Year annual awards program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success. The award is given in many categories to recognize all plan types, so any plan sponsor can be eligible. Nominations are made EVENTS | PLANSPONSOR 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com SETTLEMENT DETAILS PUBLISHED IN JANDER V. IBM The parties in the Employee Retirement Income Security Act (ERISA) lawsuit known as IBM v.Jander have filed settlement details in the U.S. District Court for the Southern District of New York, drawing to a close long-debated allegations of imprudence in IBM’s management of its employee stock ownership plan (ESOP).. IBM admits no wrongdoing as part of the settlement, while the class of FRIDAY FUN - MARCH 12, 2021 FRIDAY FUN – March 12, 2021. And now it's time for some FRIDAY FUN! Reported by. PS. A spider attack, a girl doing math, a dancer forgets to leave the stage, and more. In Los Angeles, California, a cat that went astray about 15 years ago has been reunited with its owner. On Sunday, he received a call from the Los Angeles County animal shelter PANDEMIC REVEALS OVERWHELMING NEED FOR FINANCIAL WELLNESS The need for employee financial wellness programs has increasingly gained attention in the past decade, and what began as general education initiatives have morphed into more actionable programs. Offering a financial wellness program to employees was considered a value-added benefit, but the novel coronavirus pandemic suggests it isan urgent
WHO IS IMMEDIATELY VESTED UPON PLAN TERMINATION Full termination – Affected participants are current or former employees who haven’t received full payment of their vested interest by the plan termination date, unless they’ve incurred at least 5 consecutive 1-year breaks in service.”. Thus, if the participant in question took a full distribution of his vested amount one-year priorto
NONQUALIFIED DEFERRED COMPENSATION PLANS AND SECTION 409ASEE MORE ONPLANSPONSOR.COM
DO RETIREMENT PLAN SPONSORS NEED A POLICY FOR EDUCATION Retirement plan sponsors need a strategy for education, but an actual policy statement may not be needed. Reported by. Jill Cornfield. Retirement plans governed by the Employee Retirement Income Security Act (ERISA) are already subject to a range of regulations and requirements, but plan sponsors can increase the rules to which theymust adhere
WHY NONPROFITS MAY PREFER A 403(B) PLAN OVER A 401(K Why Nonprofits May Prefer a 403 (b) Plan Over a 401 (k) It often comes down to nondiscrimination testing. Reported by. Lee Barney. Cammack Retirement Group was founded in the 1960s specifically to specialize in 403 (b) plans for nonprofits and, today, while the practice has expanded to cover 401 (k) plans, many of the advisory practice’s IRS REMINDS PLAN SPONSORS OF PLAN QUALIFICATION The IRS updates its Operational Compliance List periodically to reflect new legislation and IRS guidance, and it reflects that many provisions of the SECURE Act are in effect. Plan sponsors that might have been distracted by the COVID-19 pandemic and ESSENTIAL CONSIDERATIONS FOR DC PLAN INVESTMENT LINEUPS Before evaluating investments for inclusion on a defined contribution (DC) plan fund lineup, plan sponsors need to decide what types of investments they want to use.. An article from Willis Towers Watson, “Moving the Needle on Defined Contribution Plans,” suggests that the purpose of the plan will help sponsors define the pieces of aninvestment lineup.
2020 BEST IN CLASS DC PROVIDERS 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.com EMBRACING A 'RETIREMENT TIER' FRAMEWORK T. Rowe Price says its new framework for implementing a retirement tier helps sponsors weed through the array of products and tools to choose what might be best for their plans. While many plan sponsors have flirted with the idea of offering retirement WHAT ENTITIES CAN SPONSOR A 457(B) PLAN? Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer: There are several types of entities that can sponsor a 457 (b) plan, as follows: 1) State or local government entities (but NOT the federal government);2021 SERVICE STARS
Five individuals and five teams from the retirement plan provider community have been selected as 2021 PLANSPONSOR Service Stars. The PLANSPONSOR Service Star Awards program recognizes the retirement plan account representatives and relationship managers who, in STATUTORY LIMITS TO USE FOR NON-CALENDAR YEAR PLANS “Our ERISA 403(b) plan has a non-calendar year plan year: July 1 to June 30. Our recordkeeper insists that in calculating the 415 contribution limit, we should use the dollar limitation for the calendar year in which our plan year ENDS, but for calculating the 401(a)(17) compensation limit, we should use the dollar limitation forthe calendar year
AMERICANS CONTINUE TO GRAPPLE WITH RETIREMENT SAVINGS While studies find that 401(k) contributions have remained stable over the past 15 months, some Americans have struggled to save for retirement.. Research from BlackRock’s 2021 “DC Pulse Survey” found that the coronavirus pandemic may have exacerbated concerns for plan participants who were already behind on their savings. SERCO REACHES $1.2 MILLION SETTLEMENT IN EXCESSIVE FEE The suit had charged the Navy defense contractor with selecting mutual funds with an average expense ratio of 0.81% when funds costing 0.41% were available. Navy defense contractor Serco Inc. has reached a $1.2 million settlement agreement in WORRYING ABOUT INFLATION’S EFFECT ON YOUR PENSION FINANCES Inflation can affect defined benefit (DB) plan finances, but the latest bout of it seems mostly favorable for plan sponsors, retirement industry experts say.. Brian Donohue, a partner at October Three Consulting, says that for inactive participants—or, for frozen plans, all participants—DB liabilities are fixed-dollar liabilities, so if inflation is high, the “real” value of their* News __
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EDITORS' PICKS
RULES FOR RETAINING BENEFIT PLAN RECORDS Electronic filing is popular, but benefit plan sponsors need to know the rules about what... RETIREMENT PLAN INVESTORS MAY BE LOOKING FOR INVESTMENT STANDOUTS While asset managers are optimistic that market conditions will stabilize and improve, they still point...Survey
Findings
_BOTH ESG INVESTING AND IN-PLAN RETIREMENT INCOME SOLUTIONS ARE USED BY FEWER THAN ONE IN EIGHT DC PLANS, AND IT IS UNCLEAR WHAT EFFECT REGULATORY CHANGES WILL HAVE ON SPONSOR INTEREST._
Source: 2020 DC Survey: Plan Benchmarking PLAN PROGRESS WEBINAR SERIES Each month, PLANSPONSOR editors will facilitate discussions about strategies to move your plan forward.see updates
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TOP STORIES
EFFECT OF THE BIDEN ADMINISTRATION ON HEALTH AND RETIREMENT BENEFITS Health and retirement benefit plan sponsors will likely see efforts to reduce health costs for Americans and a rolling back of current administration efforts, especially on ESG investing.DEALS AND PEOPLE
| November 25th, 2020 RETIREMENT INDUSTRY PEOPLE MOVES Strategic Benefits Advisors hires leader of DB administration team and Nationwide hires chief data officer.ADMINISTRATION |
November 25th, 2020
COVID-19 AND BIDEN POLICY COULD INTERTWINE TO AFFECT DB PLAN FUNDING The future health and political landscape could make a big difference on assumptions used for calculations and defined benefit plan... PLAN PROGRESS WEBINAR SERIES Each month, PLANSPONSOR editors will facilitate discussions about strategies to move your plan forward.see updates
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FINANCIAL WELLNESS PROGRAMS SHOULD BE CUSTOMIZED FOR WOMEN Interrupted careers, greater longevity and other factors call for unique help for women in employer financial wellness programs, apaper...
PRODUCTS | November24th, 2020
NATIONWIDE NEW BUSINESS FEE WAIVER EXTENDED THROUGH MARCH The firm is also offering plan participants a 90-day trial period of its managed account solution. COMPLIANCE | November24th, 2020
$17.5M SETTLEMENT REACHED OVER ‘TOO CONSERVATIVE’ PLANINVESTMENTS
The plan’s investment policy statement allegedly called for 70% of the plan’s assets to be allocated into domestic fixed income... COMPLIANCE | November24th, 2020
BATH AND BODY WORKS PARENT COMPANY SUED FOR 401(K) PLAN EXCESSIVEFEES
The lawsuit against L Brands says recordkeeping and investment fees were excessive and fiduciaries failed to use the lowest-cost share...ASK THE EXPERTS
| November 24th, 2020 TERMINATING A 403(B) AND STARTING A 401(K) “I work with an Employee Retirement Income Security Act (ERISA) 403(b) plan sponsor that has a 403(b) plan in which... BENEFITS | November23rd, 2020
EXPERIENCE AND EXPECTATIONS SHOW THE NEED FOR MORE FLEXIBLE BENEFITS The effect of the COVID-19 pandemic on employees creates a need for more flexible leave and PTO policies, caregiving support,... COMPLIANCE | November23rd, 2020
IRS MODIFIES CARES ACT DUE DATE FOR DB PLAN CONTRIBUTIONS The extended due date for contributions could help plan sponsors reduce PBGC variable rate premiums. SEE MORE STORIESMARKET MIRROR
Tuesday, the Dow gained 454.97 points (1.54%) to finish at 30,046.24, the NASDAQ closed 156.15 points (1.31%) higher at 12,036.79, and the S&P 500 increased 57.82 points (1.62%) to 3,635.41. The Russell 2000 added 35.23 points (1.94%) to close at 1,853.53, and the Wilshire 5000 climbed 580.00 points (1.55%) to 37,899.80. The price of the 10-year Treasury note decreased 25/32, bringing its yield up to 0.886%. The price of the 30-year Treasury bond fell 1 3/32, increasing its yield to 1.604%.LATEST IN RESEARCH
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DC SURVEY: PLAN BENCHMARKINGSEE MORE RESEARCH
INDUSTRY INTELLIGENCE SPOTLIGHT article.slide" data-cycle-pager=".custom-pager" data-cycle-pager-template="____">WEBCASTS
DRIVING RETIREMENT PLAN OUTCOMES THROUGH AN INCOME STRATEGY COVID-19 has highlighted many gaps in today’s retirement plans and verified that American workers are not prepared for retirement. A guaranteed income strategy is often the missing link that is preventing plans from... _sponsored by Prudential_____________
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CONSIDERING PROVIDER SUPPORT DURING A CHALLENGING YEAR Stock plan sponsors reflect on provider response as they navigate administration during the pandemic _sponsored by E*TRADE___
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FINANCIAL OWNERSHIP: HELPING PARTICIPANTS MOVE FROM ENGAGEMENT TOACTIONS
Catherine Golladay, President Schwab Retirement Plan Services keynote from the PLANSPONSOR National Conference _sponsored by Charles Schwab_WEBCASTS
DRIVING RETIREMENT PLAN OUTCOMES THROUGH AN INCOME STRATEGY COVID-19 has highlighted many gaps in today’s retirement plans and verified that American workers are not prepared for retirement. A guaranteed income strategy is often the missing link that is preventing plans from... _sponsored by Prudential_THOUGHT LEADERSHIP
EXPERT VOICE: ED FARRINGTON _sponsored by Natixis Investment Managers_THOUGHT LEADERSHIP
PODCAST: THE POWER OF _sponsored by Fidelity_WEBCASTS
PLANSPONSOR WEBINAR SERIES: PLAN PROGRESSTHOUGHT LEADERSHIP
BUILDING THE RETIREMENT TIER _sponsored by PIMCO_ SEE MORE INDUSTRY INTELLIGENCE Plansponsor Magazine browse our most current issues PLANSPONSOR October – November 2020TIME TO TAKE STOCK
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How we got here, and 5 action steps to a more promising...ERISA Examination
ERISA Examination
COMMITTEES NEED A CHECKUP, TOO It’s prudent for your plan committee to annually review bestpractices.
Inside Angle
Inside Angle
DOL SHIFTS COURSE ON PROXY VOTING New proposed rule would up the fiduciary requirements.DB Focus
DB Focus
ESG ACROSS ASSET CLASSES Most asset managers—though not the DOL—agree with using ESG funds.SEE MORE STORIES
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