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Full Disclosure Required: Lifetime Income Estimates on Defined Contribution Plan Benefit Statements

The Department of Labor provided interim guidance on the new required annual lifetime income disclosures to participants in defined contribution plans, including plans covered under section 401(k) or 403(b) of the Internal Revenue Code, profit-sharing plans and employee stock ownership plans (ESOPs). The Lifetime Income Disclosure Rule is currently scheduled to go into effect on September 18, 2021. Given this timeframe, sponsors of defined contribution plans should start planning for these new disclosure requirements now. Access the article.

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Virus Stokes Telemedicine, Mental Health Benefits’ Popularity

The COVID-19 pandemic that ravaged 2020 spurred workers to take advantage of telemedicine and mental health benefits more frequently, and demand for those services isn't expected to wane in the near future, experts say. A recent article in Law360 examined three ways the pandemic had an impact on employee benefits over the past year, with McDermott partner Jacob Mattinson weighing in. Access the article.

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Final Rule for Selecting Retirement Plan Investments Leaves “ESG” Behind

In recent guidance, the Department of Labor clarified the retirement plan standards for environmental, social and corporate governance (ESG) investing without mentioning the term ESG. The new guidance provides that, when selecting and monitoring plan investments, an Employee Retirement Income Security Act (ERISA) fiduciary must never sacrifice investment returns, take on additional investment risk or pay higher fees to promote non-pecuniary benefits or goals. Teal Trujillo, an incoming associate in our Chicago office, also contributed to this On the Subject. Access the article.

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Securing Retirement: Additional SECURE Act and Miners Act Guidance for Retirement Plans

The Internal Revenue Service (IRS) recently issued practical and helpful guidance in a question-and-answer format for tax-qualified retirement plans and for an Individual Retirement Arrangement (IRA), regarding the legislative changes under the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan American Miners Act of 2019 (the “Miners Act”). Teal Trujillo, an incoming associate in our Chicago office, also contributed to this On the Subject. Access the article.

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Using Paid Time Off Funds to Provide Student Loan Relief to Employees

What do unused paid-time-off (PTO) days, student loan debt and the coronavirus have in common? An opportunity for employers to provide financial relief to employees who are increasingly putting off vacations due to the COVID-19 pandemic. In a recent article by the Society of Human Resource Management, Jeff Holdvogt, a partner in McDermott’s Chicago office, explained that more employees, particularly Millennials, are telling employers that benefits to help pay off student loan debt would go a long way to attracting and retaining them. Access the article.

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