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week ending October 16th, 2020 Provisions in the Setting Every Community Up for Retirement Enhancement (SECURE) Act aim to relieve retirement plan sponsors’ concerns about including guaranteed income options, specifically annuities, in their defined contribution (DC) plan designs. Educating plan sponsors about annuity options and helping them know how to educate their participants is an important first step in increasing annuity offerings in plans. Plan sponsors need to understand their choices and responsibilities and understand what to consider before implementing guaranteed income solutions in their plans. This edition of PLANSPONSOR Weekend includes articles that will aid in this understanding. Have a great weekend and please be safe. Editor's Choice Opinions Retirement Income: Spotlight on Annuities Peg Knox, with the Defined Contribution Institutional Investment Association (DCIIA), discusses what plan sponsors should consider before implementing an income solution. Administration PSNC 2020: Duties With Regard to Annuities The momentum for offering annuities to DC plan participants is growing, and plan sponsors need to know their responsibilities and choices. Investing Getting Portability Right Key to Annuities in DC Plans Confidence exists that insurers will come up with solutions to address the possibility that plan sponsors may at some point make provider changes. Investing Painful Market Losses Help Paint Annuities in Positive Light This significant bout of negative market volatility, coming as it does on the heels of the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, presents an important learning opportunity about the role of annuities. Administration The Future for Annuities in DC Plans The SECURE Act offered an annuity selection safe harbor for plan sponsors, but education will be the first step in getting this income protection to plan participants. Popular Reads 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. 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. Investing An Overview of, and How to Assess, Retirement Income Options A look at the in-plan, out-of-plan, insured and investment options available. Rules/Regs Sponsors Can Hack-Proof Their Plan Organizations should have some defensive elements in place. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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