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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. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Weekend directly in your mailbox!

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