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May 25th, 2021 Information & Insights for the 403(b) Community Settlement in Columbia University ERISA Case Includes Non-Monetary Provisions The university has agreed to request competitive bids for administrative services in the next three to four years and maintain the lowest share class of plan investments, among other things. The DOL’s Cybersecurity Guidance in Practice Experts share insights about implementing the guidance and warn that plan sponsors can expect investigations from the agency now that there are guidelines. Ask the Experts Crediting Past Service From an Unrelated Employer for Eligibility Purposes “I work at a health care facility that sponsors an ERISA 403(b) plan. We are attempting to recruit some physicians from a hospital in the area who want to join our retirement plan for employer contribution purposes immediately, but our plan has a one-year wait for employer contributions. Is it possible that we could amend our retirement plan to credit services from the physicians’ prior employer when they come work for us, so that they have don’t have to wait a year to receive employer contributions? The physicians’ current employer is unrelated to us.” How to Get Participants to Really Think Twice About Early Withdrawals Educating participants and offering them guidance on rollovers can substantially reduce loans, hardship withdrawals and cash-outs, experts say. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 400, Rockville, MD 20850