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PLANSPONSOR NEWSDASH LOGO November 3rd, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
IRS Issue Snapshot Reflects Changes to Hardship Withdrawal Rules
IRS Issue Snapshot Reflects Changes to Hardship Withdrawal Rules
Though the document addresses changes for 401(k) plans, all but one of them applies to 403(b) plans as well.
Events
PLANSPONSOR Best Practices Conference
To help plan sponsors perform all of their fiduciary duties, PLANSPONSOR has created a virtual mini conference to address key topics in four sessions on November 10. Plan sponsors can learn from expert advisers and well-known ERISA attorneys what the Employee Retirement Income Security Act (ERISA) requires of them; how to best manage their retirement plan committee/s; what to expect from service providers; and how to benchmark investments and fees. Register today!
Most Read
Research
2021 DC Plan Benchmarking Survey
Data and Research
Working Past Age 65 May Seem Like a Great Idea …
Data and Research
2022 Retirement Industry Trends to Follow
Market Mirror
Tuesday, the Dow climbed 138.79 points (0.39%) to 36,052.63, the Nasdaq closed 53.69 points (0.34%) higher at 15,649.60, and the S&P 500 increased 16.98 points (0.37%) to 4,630.65. The Russell 2000 was up 3.74 points (0.16%) at 2,361.86, and the Wilshire 5000 gained 71.57 points (0.15%) to finish at 48,111.71.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.548%. The price of the 30-year Treasury bond was unchanged, with its yield up to 1.959%.
Compliance
DOL Alleges ESOP Sale Illegally Benefited Plan Fiduciaries and Their Children
The Department of Labor says the plan’s ownership interest was sold for less than market value, effectively transferring the rest of the stock’s value to board members and their children’s trusts.
Ask the Experts
Excluding Part-Time Employees From Employer Contributions
“I work with an ERISA 403(b) plan at a health care organization. I read your PLANSPONSOR Ask the Experts column indicating that, though in theory it is possible to exclude employees who work fewer than 20 hours per week from the right to make elective deferrals to a 403(b) plan, it is difficult to do in actual practice. But how about excluding such employees from the right to receive employer contributions?”
Small Talk
ON THIS DATE: In 1796, John Adams was elected as the 2nd President. In 1900, the first automobile show in the United States opened at New York’s Madison Square Garden. In 1911, Chevrolet Motor Car Company was founded by Louis Chevrolet and William C. Durant. In 1964, residents of the District of Columbia cast their ballots in a presidential election for the first time. The passage of the 23rd Amendment in 1961 gave citizens of the nation’s capital the right to vote for a commander in chief and vice president. In 1975, “Good Morning America” premiered on ABC-TV. In 1992, Carol Moseley-Braun became the first African-American woman U.S. senator. In 1995, President Bill Clinton dedicated a memorial at Arlington National Cemetery to the 270 victims of the bombing of Pan Am Flight 103. In 2014, One World Trade Center officially opened in New York City, on the site of the Twin Towers.
WEDNESDAY WISDOM: “The past cannot be cured.”—Elizabeth I, Queen of England and Ireland from November 17, 1558, until March 24, 1603
Industry Intel Roundup—Featured Webcasts
PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webcasts sponsored by experienced providers in the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.
PLANSPONSOR 2021 Plan Progress Series: Measuring the Success of Your DC Plan
Sponsored by American Century Investments For years, defined contribution (DC) plan success was measured by participation rates. Then savings rates were introduced as a metric. Most recently, measuring plan participant outcomes, or retirement readiness, has been stressed as an important success metric. All these things and other factors contribute to the success of a DC plan. Join PLANSPONSOR, industry sources and a plan sponsor for a webinar in which they will discuss: Metrics plan sponsors should use to gauge the success of their DC plans; Ways to measure participant outcomes, or retirement readiness; and Information available to help plan sponsors measure DC plan success.
Retirement Reimagined: How Employers Can Help Their Workforce Amid Shifting Priorities
Millions of Americans are leaving the traditional workforce due to the “Great Resignation.” When coupled with the fact that many baby boomers (the youngest of whom will reach age 65 in 2030)1 are working longer – one thing has become clear: the notion of a “normal retirement” no longer exists. But the retirement readiness gap remains. Recently, Edelman Financial Engines conducted research to examine the state of retirement planning. According to the findings, more than half of employees age 55+ without a financial plan aren’t sure if they can ever afford to stop working.2 With some employees planning to work until they’re unable while others might be leaving their employer sooner than expected, it becomes obvious that employees need help. The good news – there are actions employers can take to address these varied situations and ensure employees retire with confidence. Join us for a webinar to learn more about the research and how employers can solve the distinct and complex challenges of employees nearing retirement. Analyze research on the current state of retirement planning needs for American workers during a time of pivotal change. Discover how to help your near-retiree population based on these findings. Learn how providing employees with access to trusted advisors can instill confidence. Preview Edelman Financial Engines' retirement income innovations launching in early 2022.
PLANSPONSOR 2021 Plan Progress Series: Retirement Plan Cybersecurity
As we live life online, cybersecurity is a growing risk. As headlines and lawsuits have shown, retirement plan accounts and providers are not immune to cyber theft and fraud. Strong defenses must be in place for the best interest of the plan and its participants. Join PLANSPONSOR and a panel of experts for a discussion about: Plan sponsor fiduciary responsibilities related to retirement plan cybersecurity; The most up-to-date actions plan sponsors and participants can take to keep plan accounts and information secure; and How plan sponsors should be prepared in case cyber theft or fraud happens in their plans.
SPONSORED BY: Fidelity Information Services
New Paths to Retirement Growth and Strategies for Success
Under pressure from all sides – from clients to competitors to regulatory bodies and global events – the retirement industry is undergoing significant disruption that will define this decade. Join a panel of industry experts as they provide their perspective on these disruptions and the strategies they have in place to address them, including driving participant engagement, increasing cybersecurity, and leveraging advanced technology to drive efficiency and innovation.
PLANSPONSOR 2021 Plan Progress Series: Communicating to Boost Participant Engagement
Employees’ savings may have gotten off course due to financial impacts of the pandemic and legislation allowing for special retirement plan distributions and higher loan limits. With so many issues affecting health and finances over the past year, perhaps it’s time for a retirement savings reset.
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