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Retirement Plans Newsletter

July 9, 2021

8 New Job Opportunities


[Official Guidance]

Text of PBGC Interim Final Rule and Comment Request: ARPA Special Financial Assistance for Multiemployer Plans

114 pages. "This document contains an interim final rule that sets forth the requirements for special financial assistance [SFA] applications and related restrictions and conditions pursuant to the American Rescue Plan Act of 2021.... This rulemaking sets forth what information a plan is required to file to demonstrate eligibility for SFA and the amount of SFA to be paid by PBGC to the plan. It identifies which plans will be given priority to file applications before March 11, 2023, and provides for a processing system, which will accommodate the filing and review of many applications in a limited amount of time. It also establishes permissible investments for SFA funds and restrictions and conditions on plans that receive SFA."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

Text of IRS Notice 2021-38: Issues Relating to Special Financial Assistance from the PBGC to Certain Multiemployer Defined Benefit Pension Plans (PDF)

"This notice provides guidance under Section 432(k) ... to sponsors of multiemployer defined benefit pension plans that are required to reinstate certain previously suspended benefits as a condition of receiving special financial assistance under Section 4262 of [ERISA]  ... This notice also provides guidance on whether make-up payments with respect to previously suspended benefits under Section 432(k)(2)(A)(ii) of the Code are eligible to be rolled over to another eligible retirement plan under Section 402(c). In addition, this notice provides guidance on how to apply the rule in Section 432(k)(2)(D)(i) under which any special financial assistance received by the plan is not taken into account in determining contributions required under Section 431."  MORE >>

Internal Revenue Service [IRS]

Checklist for Evaluating an Investment Policy Statement

"The [investment policy statement (IPS)] is perhaps the most important governance and oversight document regarding an investment program and should cover all details relevant to governing, executing and monitoring the program and its portfolio(s).... Common IPS sections ... Definition of responsibilities ... Objectives and constraints ... Benchmarking the plan ... Portability."  MORE >>


House Panel Crafting Bill to Limit IRA Savings

"House Ways and Means Committee Chairman Richard Neal, D-Mass., is mulling legislation that would limit 'the total amount of money that can be saved in tax-preferred retirement accounts, and putting an end to the tax dodging some do when saving in IRAs' ... Senate Finance Committee Chairman Ron Wyden, D-Ore., also plans to reintroduce legislation he floated in 2016 that would have limited the amount of money that could be invested in Roth IRAs[.]"  MORE >>

Treasury & Risk; free registration required

Court Slashes Fees Requested by 'Excessive Fee' Attorney

"Judge Martinez considered three potential measures of attorneys' fees ... explaining that 'in the Court's view, an 80% reduction of the claimed attorneys' fees is a reasonable reflection of the Plaintiffs' limited success in this matter, as well as an appropriate reduction of Plaintiffs' excessive billable hours and hourly fee rates.' ... Judge Martinez also had issues with the expenses submitted, calling them 'grossly excessive.' " [Ramos v. Banner Health, No. 15-2556 (D. Colo. Jul. 7, 2021)]  MORE >>

American Retirement Association [ARA]

Pension Indicator June 2021

"[T]he market movements of the past twelve months are giving us the highest readings in the Pension Indicator's history for June 30. While we certainly have experienced some good returns in broad equities at times over the past decade, the changing bond yields actually worked in plan sponsors' favor for once."  MORE >>


CBO's 2021 Long-Term Projections for Social Security: Additional Information

"In lieu of publishing a separate report providing additional information about CBO's long-term projections for Social Security, the agency is publishing the data [XLSX] that it would have presented in that report."  MORE >>

Congressional Budget Office [CBO]

How Different Generations Define Retirement

"[People were asked] to write down the first three words that came to their mind when they thought about 'retirement.' ... [The] responses [were then used] to construct word clouds ... [F]or the young adults in this sample, the concept of retirement evokes the aging process first and relaxation second....[F]or adults ages 50 and older, ... [age] is now smaller and off to the side ... Rather, the epicenter of retirement is now pleasure and pursuit of happiness: travel, relaxation, freedom, family, and, for a few, the beach."  MORE >>



Testimony to the ERISA Advisory Council: Understanding Brokerage Windows in Self-Directed Retirement Plans (PDF)

"So that plan sponsors can continue to respond to unique participant needs through brokerage windows, [the Chamber believes] that DOL should make it easier for these to be offered by clarifying the application of ERISA Section 404(c) protection, by issuing tip sheets to help plan sponsors understand what is involved from selecting, to monitoring to terminating a brokerage window option and by providing model language and a checklist of suggested participant disclosures."  MORE >>

Chantel Sheaks, U.S. Chamber of Commerce


Testimony to the ERISA Advisory Council: Gaps in Retirement Savings Based on Race, Ethnicity and Gender (PDF)

11 pages. "The US private sector employer-sponsored retirement system leaves out many workers, disproportionately impacting Blacks and Latinos. Rates of retirement plan access vary widely by occupation, industry, and wage level, and part-time/full-time status.... While some states have forged their own path to try to close this coverage gap, these efforts are limited in scope by ERISA preemption. Federal policy action is necessary so that all workers are covered by a plan that effectively prepares them for a financially secure retirement."  MORE >>

Nari Rhee, Ph.D., Center for Labor Research and Education, University of California at Berkeley

Employee Benefits Jobs

View job as DB/DC Administrator
for Primark Benefits DB/DC Administrator

Primark Benefits

Telecommute / Burlingame CA

View job as DB/DC Administrator
for Primark Benefits

View job as Retirement Plan Administrator
for The Retirement Group, LLC Retirement Plan Administrator

The Retirement Group, LLC

Telecommute / Verona NJ / NY

View job as Retirement Plan Administrator
for The Retirement Group, LLC

View job as Attorney - ERISA Health & Welfare (Multiemployer)
for Trucker Huss, APC Attorney - ERISA Health & Welfare (Multiemployer)

Trucker Huss, APC

San Francisco CA / Los Angeles CA

View job as Attorney - ERISA Health & Welfare (Multiemployer)
for Trucker Huss, APC

View job as Attorney - ERISA Health & Welfare
for Trucker Huss, APC Attorney - ERISA Health & Welfare

Trucker Huss, APC

San Francisco CA / Los Angeles CA

View job as Attorney - ERISA Health & Welfare
for Trucker Huss, APC

View job as Team Lead - Defined Contribution & Defined Benefit Plans
for Qualified Plan Administrators, Inc. Team Lead - Defined Contribution & Defined Benefit Plans

Qualified Plan Administrators, Inc.

Telecommute / Greensboro NC

View job as Installation Coordinator
for July Business Services Installation Coordinator

July Business Services

Telecommute / Waco TX

View job as Product Support Specialist
for / Wolters Kluwer Product Support Specialist / Wolters Kluwer


View job as Actuarial Service Specialist
for July Business Services Actuarial Service Specialist

July Business Services

Telecommute / Waco TX

Press Releases

Franklin Templeton Partners with vWise to Deliver Personalized Investment Solutions to Defined Contribution Participants

Franklin Templeton

National Institute of Pension Administrators Announces 2021-2022 Officers and Directors

NIPA [National Institute of Pension Administrators]

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Missing Plan Participants


Williams Mullen

Transforming the Employee Experience: With Business Models Shifting, It's Time to Recalibrate Your Approach to Workplace Culture, Employee Wellbeing and Benefits

July 15, 2021 in GA

Worldwide Employee Benefits Network [WEB] - Atlanta Chapter

Rethinking Employee Benefits in a Post-Pandemic World

July 21, 2021 WEBCAST

TriNet Group

Employment and Employee Benefits Issues in M&A Transactions

July 22, 2021 WEBCAST

Hunton Andrews Kurth

IRA Institute Online

September 6, 2021 WEBCAST


Last Issue's Most Popular Items

To Arbitrate or to Litigate Under ERISA, That Is the Question (PDF)

Davis & Gilbert LLP, via Employee Relations Law Journal

Harmonizing 'Tax Home' Concepts with Evolving Remote Work Arrangements (PDF)

Groom Law Group, via Tax Notes State

The Truth About Paying for Long-Term Care in Retirement

Forbes; subscription may be required

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.

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