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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
Compliance
Supreme Court Decision in Thole v. U.S. Bank Has Major Implications for Pensions
The ruling effectively establishes that individual pension plan participants cannot sue their employer for a fiduciary breach if their own benefit has not been cut or otherwise altered.
Compliance
Heroes Act Now In the Hands of a Skeptical Senate
The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.
Compliance
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.
Products
BlackRock Creates Retirement Paycheck
Two insurers have joined the effort to make lifetime income available in a simplified manner.
Compliance
Plan Sponsor, Provider Sued for Adding Untested CITs to 401(k)
The 92-page complaint includes a number of other allegations, including that the plan sponsor was motivated by its relationship with the provider for its defined benefit plans.
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