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week ending September 11th, 2020
The distractions of this year turned attention away from the big news of the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. But, big changes from that legislation are coming. For example, pooled employer plans (PEPs) will come to market January 1, and plan sponsors will need to start counting hours to prepare to include part-time employees in retirement plans. The IRS has recently issued some guidance about SECURE Act compliance. In this edition of PLANSPONSOR Weekend, you will find information to help you with your obligations related to the SECURE Act. Be well.
Editor's Choice
Compliance
Details About SECURE Act’s PEP and Lifetime Income Provisions
Open MEPs are now PEPs, and additional guidance is needed about requirements for PEPs and other provisions of the SECURE Act.
Compliance
Getting Ready to Include Part-Time Employees in Retirement Plans
401(k) plan sponsors need to understand all the parts of the new requirement and, for some, the long-term effects on plan administration.
Compliance
What to Know About Potential Open MEP Conflicts
Attorneys say employers considering whether, and what type, of multiple employer plan (MEP) to join will want to closely monitor the progress of guidance anticipated from the Department of Labor and the Internal Revenue Service.
Administration
The PEP Opportunity
Pooled employer plans (PEPs) are coming, and potential adopting employers need to know what to look for and what they are getting into.
Compliance
IRS Clarifies SECURE Act Birth and Adoption Distribution Rules
Qualified birth or adoption distributions have been permissible since January under the SECURE Act, but more specific guidance on how they should be treated has only just been published by the IRS.
Popular Reads
Compliance
DOL Offers Guidance for Locating Missing Participants
Guidance in three parts offers suggested processes for DC plans and DB plans and reveals errors DOL staff should look for.
2020 Recordkeeping Survey
Administration
The Mechanics of Moving to a PEP
With a lack of regulatory guidance, plan sponsors can rely on certain existing rules to know the steps to take if they decide to move from a single-employer plan to a pooled employer plan.
Investing
Deciding Whether an Annuity Is Right for Your Plan Participants
Plan sponsors should look at participant needs to determine whether annuities would be a fit for their plan and, if so, which types of annuities meet those needs.
Deals and People
Marty Walsh Will Be Nominated as Secretary of Labor
Apart from potentially reversing course on fiduciary rule-related regulations, there are many other areas where sources suggest the next DOL Secretary could drive significant changes.
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