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week ending April 3rd, 2020
The Coronavirus Aid, Relief and Economic Security (CARES) Act offers help for both retirement plan sponsors and participants during this trying economic time. Plan sponsors need to know all the details to be able to make the best decisions for themselves and their participants. The help offered by the CARES Act extends beyond retirement plans. In this edition of PLANSPONSOR Weekend, you’ll find informative articles to help you with decision making and administration. We will continue to update our news coverage with more details. All our coverage can be found on our Coronavirus News for Plan Sponsors web page.
Editor's Choice
Compliance
DB Plan Relief Included in the CARES Act
The bill provides a delay for minimum annual required contributions and relief for plans that may have benefit restrictions triggered due to a drop in funding levels.
Administration
Administrative Considerations for CARES Act Transactions
Plan sponsors need to understand the details and ask themselves certain questions to make sure they are complying with the new law.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
“Our firm sponsors both a 403(b) and 457(b) plan and have already begun to receive questions from employees regarding the hardship distribution (403(b)) and unforeseeable emergency distribution (457(b)) provisions in our retirement plans and whether they would be able to access their funds in such plans due to expenses related to the COVID-19 pandemic. Will such distributions be permissible?”
Compliance
Important Considerations Before Waiving RMDs
Taking required minimum distributions (RMDs) is about shifting to a taxable account, not necessarily about liquidating investments.
Benefits
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
Popular Reads
Administration
Consider Who Is Paying When Benchmarking Retirement Plan Fees
There is less risk when a plan sponsor pays retirement plan fees, but that doesn’t necessarily mean the benchmarking should be different than if participants pay.
Compliance
Social Security Announces COLA for 2021
In addition, the maximum amount of earnings subject to Social Security tax—used to determine the taxable wage base for permitted disparity in DC plan contributions—will increase.
Compliance
Lessons From a Rare ERISA Excessive Fee Suit Dismissal
The complexity of retirement plan lawsuits often makes district court judges reluctant to approve early dismissal motions plaintiffs, but Salesforce has succeeded in defeating a complaint alleging it committed various fiduciary breaches.
Rules/Regs
Sponsors Can Hack-Proof Their Plan
Organizations should have some defensive elements in place.
Administration
Repositioning Financial Wellness and Retirement Benefits for 2021
Plan sponsors can take steps now to make sure their plans are ready to meet fiduciary obligations and participants’ needs in the new year.
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