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Guaranteed Income, Private Equity Coming Soon to a TDF Near You

Guaranteed Income, Private Equity Coming Soon to a TDF Near You
Legislation, regulations and market volatility will serve as catalysts for inclusion of income products and private equity in target-date funds, asset managers suggest.
Reported by
The strategic incorporation of lifetime income products and alternative investments in target-date funds (TDFs) could potentially help providers deliver superior long-term outcomes for plan participants and differentiate themselves in a market dominated by a handful of low-cost providers, according to the December issue of “Cerulli Edge U.S. Asset and Wealth Management Edition.”
Momentum for including income products in TDFs has been building since 2014, when the IRS issued guidance providing that plan sponsors can include deferred income annuities in TDFs used as qualified default investment alternatives (QDIAs) in a manner that complies with plan qualification rules. A significant barrier to plan sponsor adoption of gu ....

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Employee Benefit Plan Developments—2020 Year in Review | Perkins Coie

, Q&A-15 (rev. September 19, 2020). The IRS stated that employees who were rehired by the end of the review period would not generally be considered to have experienced an employer-initiated severance when evaluating a partial plan termination. If there is a partial plan termination, affected participants (those who experienced an employer-initiated severance) must be 100% vested.

E-signatures and Remote Notary Guidance from IRS (Retirement)
In response to the COVID-19 pandemic, the IRS issued temporary relief from the physical presence requirement in Notice 2020-42. Retirement plans often require participant elections and spousal consents to be notarized or witnessed by a plan representative. The notice allows for remote notarization in states that permit them. Plan representatives may also witness a signature remotely using certain safeguards, as specified in the notice. This relief is available from January 1, 2020, through December 31, 2020, so, absent an IRS ....

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Retirement Plan Experts Applaud Raising RMD

Retirement Plan Experts Applaud Raising RMD
They say it will give retirement plan participants a longer window in which to increase their savings, tax deferred.
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Retirement plan experts have applauded the regulatory change to increase the required minimum distribution (RMD) age from 70.5 to 72, as directed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act
. The proposed Securing a Strong Retirement Act of 2020, which many are calling the “SECURE Act 2.0” would raise it even higher, to age 75.
Many experts say extending the period in which people are not required to begin withdrawing money from a qualified retirement account gives people a longer window in which to continue to contribute to their plans and grow their money while deferring taxes. Some even say the longer period might give plan participants a chance to think about various types of drawdown strategies, including investing some of their money in annuities with ....

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Paychex Will Offer PEP in January

Paychex Will Offer PEP in January
The company contends its PEP offers greater levels of efficiency, as it can be integrated with the Paychex payroll.
Reported by
In response to the provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, Paychex will sponsor and maintain a pooled employer plan (PEP).
Paychex says its goal is to make a cost-effective retirement plan available to all businesses nationwide. The Paychex PEP will include reduced fiduciary liability for employers, simplified plan management and reduced plan expenses, when compared with single-employer retirement plans.
“Not only has the COVID-19 pandemic made business more complex than ever before, [but] it’s significantly impacted the financial security of millions of Americans,” says Tom Hammond, vice president of corporate strategy and product management at Paychex. “Expanding retirement plan access is critical to the long-term financial well-being of workers ....

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Success in 2021 Pivots on the Lessons of 2020 | Berdon LLP

Success in 2021 Pivots on the Lessons of 2020 | Berdon LLP
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