Correcting Retirement Plan

Correct Retirement Plan Operational Failures and Other Issues

Fulcrum Partners Executive Benefits News, Fulcrum Partners News

The IRS recently made significant changes to its comprehensive guidelines on how retirement plans can correct operational and other failures. On July 16, 2021, the Internal Revenue Service (the IRS) released Rev. Proc. 2021-30, reflecting important changes to the Employee Plans Compliance Resolution System (the EPCRS) that the IRS previously established for correcting errors in tax-qualified retirement plans.

DOL Cybersecurity Guidance

DOL Cybersecurity Guidance and Audit Initiative

Fulcrum Partners Fulcrum Partners News

The U.S. Department of Labor (DOL) recently issued cybersecurity guidance for retirement plans for the first time, which consisted of the following: (i) Cybersecurity Program Best Practices; (ii) Tips for Hiring a Service Provider; and (iii) Online Security Tips. The DOL has already started reviewing the cybersecurity programs of ERISA plan sponsors and fiduciaries as part of a new audit initiative.

This newsletter provides highlights of the DOL’s cybersecurity guidance and audit initiative, and provides recommended next steps for plan sponsors and fiduciaries in light of the uptick in cybersecurity inquiries by the DOL and recent incidences involving cybersecurity breaches of benefit plan data.

Lifetime Income Illustrations

DOL Releases Clarifications About Lifetime Income Illustrations

Fulcrum Partners Fulcrum Partners News

Late last month, the Employee Benefits Security Administration (EBSA) of the Department of Labor, issued answers regarding the timing of when plan sponsors are required to include lifetime income illustrations on plan participant’s retirement statements. This guidance applies to defined contribution plans only.