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Junior Implementation Specialist - 401(k) Administration

Ubiquity Retirement + Savings
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Sr. Retirement Plan Administrator

Tycor Benefit Administrators, Inc.
(Berwyn PA)

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Manager - Defined Contribution Plans

M2B Retirement Consulting LLC
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United Benefit Pensions Inc.
(Remote / Melville NY)

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Sixth Circuit Issues First Published Appellate Opinion Applying Supreme Court's ERISA Ruling in Hughes
Sidley Austin LLP Link to more items from this source
June 24, 2022

"The court recognized that actively managed funds cost more than passively managed funds, but that fact alone does not make active funds imprudent.... The court rejected the recordkeeping claims, too. Plausibly pleading an excessive fee claim, the court explained, requires 'context,' including allegations that 'the services that [the plan]'s fee covers are equivalent to those provided by' comparator plans and 'excessive relative to the services rendered.' " [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022)]

Tags: Fiduciary Duties  •  Retirement Plan Investment Costs  •  Retirement Plan Investments

DOL and Recordkeeper Square Off in Confidentiality Disputes
Jackson Lewis P.C. Link to more items from this source
June 24, 2022

"The DOL's cybersecurity investigation into Alight Solutions, LLC, a retirement plan recordkeeper, has queued up court rulings on the reach of the DOL's subpoena power that may have important implications for ERISA plan sponsors and their respective recordkeepers and service providers moving forward." [Walsh v. Alight Solutions, LLC, No. 20-2138 (N.D. Ill. Oct. 28, 2021; on appeal to 7th Cir.)]

Tags: Fiduciary Duties  •  Retirement Plan Administration  •  Retirement Plan Policy

Sixth Circuit: 401(k) Plan Fiduciaries Did Not Breach Duties by Offering Actively Managed Mutual Funds
Roberts Disability Law Link to more items from this source
June 24, 2022

"The court explained that merely offering actively managed funds in its mix of investment options is not by itself an imprudent act.... [The plaintiff] pointed to another investment that performed better in a five-year snapshot of the lifespan of the fund but this does not suffice to plead an imprudent decision. If so, it would mean that every actively managed fund with below-average results over the most recent five-year period would create an ERISA violation." [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022)]

Tags: Fiduciary Duties  •  Retirement Plan Investments

Retirement Goals Being Reset by Many U.S. Workers Amid Recent Market Drop and Inflation
Principal Financial Group Link to more items from this source
June 24, 2022

"[A] considerable percentage of workers (71%) said their key goal in retirement is 'maintaining my standard of living,' while less than half (44%) cited splurging periodically in retirement as a priority. The biggest concerns workers say they have in retirement, in order, are maintaining a healthy lifestyle, enduring market losses, outliving savings, and meeting daily expenses."

Tags: Retirement Plan Design

Due Dates Approaching for DC Plan Lifetime Illustrations
Segal Link to more items from this source
June 24, 2022

"For DC plans with participant direction of investments, the benefit statements with illustrations must be provided for the second calendar quarter of 2022, which ends June 30, 2022.... The due date is the same regardless of the plan's plan year.... For DC plans without participant direction of investments, the benefit statement with illustrations must be provided at the same time the Form 5500 annual report is due (including extensions)."

Tags: Retirement Plan Administration

PBGC Approves $5.4 Million in Special Financial Assistance for Painters Local 466 Pension Plan
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
June 24, 2022

"[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Local Union No. 466 Painters, Decorators and Paperhangers Pension Plan. The plan, based in Menands, New York, covers 45 participants in the construction industry. The Painters Local 466 Plan became insolvent in November 2020.... The plan will receive $5.4 million in SFA, including interest to the expected date of payment to the plan."

Tags: Multiemployer Plans

Milliman Pension Buyout Index, June 2022
Milliman Link to more items from this source
June 24, 2022

"[T]he competitive bidding process is estimated to save plan sponsors on average around 3.9% as of May 31.... During May 2022, average accounting discount rates increased by one basis point (bps), while competitive annuity purchase rates decreased by 11 bps. This caused the estimated competitive retiree buyout cost as a percentage of accounting liability to increase from 97.7% to 98.6%."

Tags: Funding of DB Plans

What Would Shakespeare Say About Offering Bitcoin in 401(k) Plans?
Stephen Rosenberg, The Wagner Law Group Link to more items from this source
[Opinion]
June 24, 2022

"[T]he ongoing kerfuffle over offering crypto in the investment menus of 401(k) plans is seeming more and more to be simply 'sound and fury, signifying nothing.'... Certainly, there are always going to be people who want to be able to make big, bold bets in their 401(k) plans, but just like most employees learned not to overweight their holdings towards their employer's stock, so too is it likely that most [participants] will not want to incur the risk of this type of investment.... So who will be liable for imprudent crypto investment options?"

Tags: Fiduciary Duties  •  Retirement Plan Investments

DOL Fiduciary Rewrite, ESG, Form 5500 Proposals Delayed
American Retirement Association [ARA] Link to more items from this source
June 23, 2022

"Based on updates to [DOL's] Spring 2022 regulatory agenda, it appears that stakeholders will have to wait a little longer for the agency's revisions to the definition of fiduciary, as well as final guidance on ESG-based factors and additional Form 5500 changes."

Tags: Fiduciary Duties  •  Reporting to Government Agencies  •  Retirement Plan Investments - ESG

An Update on Remote Work Reimbursement Rules in California
CDF Labor Law LLP Link to more items from this source
June 23, 2022

"California employers have recently experienced a material uptick in lawsuits from employees seeking reimbursement for expenses incurred while working from home.... Many California businesses continue to have employees work from home or are now using a hybrid structure. These employers should be aware of their reimbursement requirements under California law and review their policies and telecommuting agreements to ensure employees are being properly reimbursed."

Tags: Health Plan Administration  •  Misc. Benefits  •  Retirement Plan Administration

Senate Finance Committee Unanimously Advances EARN Act
The Wall Street Journal; subscription may be required Link to more items from this source
June 23, 2022

"The Senate bill raises the [RMD] age from 72 today to 75 in 2032, while the House bill [HR 2954] would increase it to 73 next year, 74 in 2030 and 75 in 2033.... The Senate bill also includes provisions for some penalty-free withdrawals for the terminally ill, victims of domestic abuse, those affected by federally declared disasters, and the payment of long-term-care insurance premiums -- all measures that aren't in the House version."

Tags: 401(k) Plans  •  Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Policy

It's Unanimous! EARN Act Passed by Senate Committee 28-0
American Retirement Association [ARA] Link to more items from this source
June 23, 2022

"The EARN Act is now cleared for consideration by the full Senate, where it will be merged with the RISE & SHINE Act [S 4353], which was approved June 14 by the Senate Health, Education, Labor and Pensions (HELP) Committee."

Tags: 401(k) Plans  •  Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Policy

Sixth Circuit Backs Plan Fiduciaries in Fidelity Freedom Funds ERISA Suit
planadviser Link to more items from this source
June 23, 2022

"The 6th Circuit takes on the argument frequently advanced by plaintiffs that they should not be required to prove a deficient process because they lack access to the fiduciary decisionmaking.... But the court ultimately responds that it is the role of Congress to set the standard, and Congress has established fiduciary law based on process, which does not allow hindsight challenges based on circumstantial evidence of allegedly imprudent outcomes." [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022)]

Tags: Fiduciary Duties  •  Retirement Plan Investments

Texas District Court Sacks NFL Retirement Plan Procedures for Disability Claims (PDF)
U.S. District Court for the Northern District of Texas Link to more items from this source
June 23, 2022

"The curtain has been pulled back as to the inner workings of Defendant The Bert Bell/Pete Rozelle NFL Player Retirement Plan. And what lies behind it is far from pretty with respect to how it handles disability benefit claims sought by former players ... What has become clear over the course of this litigation is that Plaintiffs claim for disability benefits was wrongfully and arbitrarily denied in a process that lacked the procedural safeguards both promised by the benefits plan and required by law." [Cloud v. The Bert Bell/Pete Rozelle NFL Player Retirement Plan, No. 20-1277 (N.D. Tex. Jun. 21, 2022)]

Tags: Retirement Plan Administration

Is Your Employer's Retirement Plan Imposing a Marriage Penalty?
Cohen Milstein Link to more items from this source
June 23, 2022

"[A] growing number of lawsuits allege that companies are failing to ensure that pensions are actuarially equivalent -- and specifically that the companies' failures are systematically underpaying married couples. This means that you and your surviving spouse could be the subject of a 'marriage penalty' resulting in a substantial loss of benefits.... Here's what you need to know."

Tags: Retirement Plan Information for Employees

Best Interest Standard of Care for Advisors, Part 94: Maintaining Documentation for Compliance with PTE 2020-02
FredReish.com Link to more items from this source
[Guidance Overview]
June 22, 2022

"While much attention has been given to the 'conditions' for obtaining the relief provided by PTE 2020-02, there hasn't been much discussion of the PTE's requirements to retain documentation of compliance with those conditions. This articles discusses those requirements."

Tags: Fiduciary Duties

Senate Committees Take Up Retirement Savings Proposals
Slott Report Link to more items from this source
June 22, 2022

"Here's how the House-passed bill and the Senate EARN bill compare on several key changes[.]"

Tags: Retirement Plan Design  •  Retirement Plan Policy  •  SECURE 2.0

Public Pension Funding Index, May 2022
Milliman Link to more items from this source
June 22, 2022

"Investment losses during April 2022 lowered the estimated funded status of the 100 largest U.S. public pension plans from 82.7% at the end of March 2022 to 78.6% at the end of April 2022 ... The deficit between the estimated assets and liabilities rose from $1.000 trillion to $1.243 trillion during April."

Tags: State and Local Government Plans

Bear Market Boosts the Tax Advantages of a Roth Conversion
Nerd's Eye View Link to more items from this source
June 22, 2022

"[A] market downturn presents an opportunity to convert a higher percentage of a pre-tax account to a Roth account for the same amount of taxable income, for those who otherwise should be doing a Roth conversion given their current tax rate."

Tags: IRAs  •  Misc. Distribution Issues

CRS in Focus: Social Security's Funding Shortfall
Congressional Research Service [CRS] Link to more items from this source
June 22, 2022

"Social Security's projected long-range funding shortfall is driven largely by demographic factors.... [P]rojections show the ratio of workers paying into the system to support each beneficiary is estimated to fall from 2.8 in 2022 to 2.3 in 2034.... Policy proposals to address Social Security's projected funding shortfall typically include a combination of revenue increases and benefit adjustments.... [P]olicymakers generally agree that taking legislative action sooner rather than later could mitigate the effects on workers and beneficiaries and allow people as much time as possible to adjust to the changes." [IF 10522, updated Jun. 22, 2022]

Tags: Social Security

DOL Regulatory Agenda, Spring 2022, Including Employee Benefit Items
U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
June 22, 2022

Benefits-related items from EBSA and from the Wage and Hour Division (WHD) (changes from the Fall 2021 DOL Regulatory Agenda are noted):

Prerule Stage

  • Improved Fee Disclosure for Welfare Plans
  • Improving Participant Engagement and Effectiveness of ERISA Retirement Plan Disclosures
  • Pooled Employer Plans

Proposed Rules

  • Improvement of the Form 5500 Series and Implementing Related Regulations Under ERISA
  • Definition of the Term 'Fiduciary'
  • Prohibited Transaction Exemption Procedures
  • Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets
  • Mental Health Parity and Addiction Equity Act and the Consolidated Appropriations Act, 2021
  • Short-Term Limited Duration Insurance; Update
  • Coverage of Certain Preventive Services Under the [ACA] (New)
  • Requirements Related to Advanced Explanation of Benefits and Other Provisions Under the Consolidated Appropriations Act, 2021 (New)

Final Rules

  • Pension Benefit Statements -- Lifetime Income Illustrations
  • Adoption of Amended and Restated Voluntary Fiduciary Correction Program
  • Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500 (moved from Proposed to Final)
  • Requirements Related to Surprise Billing, Part 1
  • Requirements Related to Surprise Billing, Part 2
  • Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (moved from Proposed to Final)
  • Amendment of Abandoned Plan Program
  • Updating the Davis-Bacon and Related Acts Regulations (moved from Proposed to Final)

Tags: Coronavirus (COVID-19)  •  Fiduciary Duties  •  Health Plan Administration  •  Reporting to Government Agencies  •  Retirement Plan Administration  •  Retirement Plan Design  •  Retirement Plan Investments

PBGC Regulatory Agenda, Spring 2022
Pension Benefit Guaranty Corporation [PBGC] Link to more items from this source
[Official Guidance]
June 22, 2022

No changes from the Fall 2021 PBGC Regulatory Agenda.

Proposed Rules

  • Valuation Assumptions and Methods: Interest and Mortality Assumptions for Asset Allocation in Single-Employer Plans and Mass Withdrawal Liability Determination in Multiemployer Plans
  • Multiemployer Plan Guaranteed Benefits
  • Improvements to Rules on Recoupment of Benefit Overpayments
  • Penalties for Failure to Provide Certain Notices or Other Material Information
  • Actuarial Assumptions for Determining an Employer's Withdrawal Liability

Final Rules

  • Benefit Payments and Allocation of Assets
  • Examination and Copying of PBGC Records
  • Adjustment of Civil Penalties
  • Special Financial Assistance by PBGC

See also the preamble at Regulatory and Subregulatory Actions Under Development. ("Many of these actions are the result of PBGC's active retrospective regulatory review program to identify and ameliorate inconsistencies, inaccuracies, and requirements made irrelevant over time.")

Tags: Funding of DB Plans  •  PBGC  •  Retirement Plan Administration  •  Retirement Plan Design

Text of IRS Notice 2022-29: Weighted Average Interest Rates, Yield Curves, and Segment Rates for June 2022 (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
June 22, 2022

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"

Tags: ARPA  •  Funding of DB Plans  •  Retirement Plan Administration

Excessive Fee Cases Revived After Supreme Court's Northwestern Decision
Mercer Link to more items from this source
June 22, 2022

"In both cases, district courts dismissed the claims after finding the plaintiffs needed to allege more than the mere availability of similar lower-fee funds ... However, two different three-judge panels of the 9th Circuit disagreed with the lower courts, finding the plaintiffs' barebones allegations sufficed to survive a motion to dismiss. Both appeals had been on hold pending the U.S. Supreme Court's recent decision in Hughes v. Northwestern University[.]' [Davis v. Salesforce.com, Inc., No. 21-15867 (9th Cir. Apr. 8, 2022, unpub.); Kong v. Trader Joe's Co., No. 20-56415 (9th Cir. Apr. 15, 2022, unpub.)]

Tags: Fiduciary Duties  •  Retirement Plan Investments

IRS Regulatory Agenda, Spring 2022, Including Employee Benefit Items
Internal Revenue Service [IRS], U.S. Department of the Treasury Link to more items from this source
[Official Guidance]
June 22, 2022

Partial list of benefit-related provisions (changes from the Fall 2021 IRS Regulatory Agenda are noted):

Proposed Rules

  • Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057
  • Nondiscrimination Relief for Closed Defined Benefit Plans (moved from Final to Proposed)
  • SECURE Act Modifications to Certain Rules Governing 401(k) Plans
  • Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets
  • Mental Health Parity and Addiction Equity Act and the Consolidated Appropriations Act, 2021
  • Requirements in Connection With Coverage of Certain Preventive Services (New)
  • Requirements Related to Advanced Explanation of Benefits and Other Provisions Under the Consolidated Appropriations Act, 2021 (New)

Final Rules

  • Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions
  • Application of Normal Retirement Age Regulations to Governmental Plans
  • Additional Rules Regarding Information Reporting of Minimum Essential Coverage (New)
  • Withholding on Certain Retirement Plan Distributions Under Section 3405(a) and (b)
  • MEPs and the Unified Plan Rule (moved from Proposed to Final)
  • Application of the Employer Shared Responsibility & Certain Nondiscrimination Rules to HRAs and Other Account-Based Group Health Plans Integrated With Individual Health Insurance Coverage or Medicare (New)
  • Guidance on 401(a)(9) Required Minimum Distributions (moved from Proposed to Final)
  • Requirements Related to Surprise Billing, Part 1
  • Requirements Related to Surprise Billing, Part 2 (moved from Proposed to Final)
  • Requirements Related to Surprise Billing, Part 3 (Temporary Regulations)
  • Requirements Related to Surprise Billing, Part 4 (Temporary Regulations)
  • Information Reporting of Health Insurance Coverage and Other Issues Under Sections 6055 and 6056 (moved from Proposed to Final)

 

Tags: 409A Plans  •  Executive comp  •  Health Plan Administration  •  Health Plan Design  •  Retirement Plan Administration  •  Retirement Plan Design

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