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Retirement Plans Newsletter

July 12, 2021

5 New Job Opportunities


[Official Guidance]

Text of PBGC Guidelines SFA 21-02: Special Financial Assistance Assumptions (PDF)

8 pages. "This guidance provides guidelines for changes to certain assumptions that plans may use for purposes of determining eligibility for special financial assistance (SFA) and the amount of SFA. Plans may, but are not required to, use the guidelines if they are reasonable for the plan. Guidelines are available for contribution base units (CBUs), administrative expenses, mortality, contribution rates, new entrant profiles, and investment expenses."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

PBGC Issues Interim Final Rule on the American Rescue Plan Act's Special Financial Assistance Program

"One key issue left open by the statutory text was the amount of SFA an eligible plan could receive.... [U]nder the PBGC's rule, the amount of the SFA is the value of all plan obligations minus the plan's resources. The obligations include an estimate of every amount the fund will need to pay out between the date of its application and 2051."  MORE >>


Supreme Court Set to Tackle Pleading Standard in Northwestern Retirement Plan Lawsuit

"The Supreme Court will likely address at least the two claims in the case identified by the Solicitor General: not using the lowest-cost share class and failing to take steps to attempt to reduce recordkeeping fees. The Supreme Court may also address other issues, including what allegations regarding investment benchmarks must be included, as well as the relevance of the overall mix of investments offered in the plan, the use of index funds, and revenue sharing." [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 25, 2020; cert. pet. granted No. 19-1401, Jul. 2, 2020)]  MORE >>

Groom Law Group

Seventh Circuit: No Standalone Federal Cause of Action to Impose Successor Liability for Delinquent ERISA Plan Contributions

"There is no question of Article III standing as the funds' suit presented a justiciable controversy by alleging that PPHI owes them for Prather Plumbing's unpaid judgment for delinquent contributions. But there is no statutory basis for jurisdiction, either express or implied. ERISA does not provide an enforcement mechanism for collecting judgments." [Cent. Illinois Pipe Trades Health & Welfare Fund v. Prather Plumbing & Heating, Inc., No. 20-2525 (7th Cir. July 7, 2021)]  MORE >>

Roberts Disability Law

ESG and Downside Risks: Implications for Pension Funds

"Due to their long-term horizons, pension funds face enhanced exposures to the long-lived effects of many ESG risks.... [The authors] discuss the implications of these risks and provide evidence on institutional investors' perspectives on climate-related downside risks and how these risks are priced in financial markets."  MORE >>

Pension Research Council, The Wharton School of The University of Pennsylvania

San Diego Re-Opening Its Pension System After Courts Nullify Proposition B Pension Cuts

"With San Diego's Proposition B pension cuts officially nullified by the courts, city officials are ready to start awarding pensions to all new hires again this month after a nine-year period when only new police officers got pensions. City officials also are tackling the complicated problem of how to compensate employees who got 401(k)-style retirement plans instead of traditional pensions because they were hired after voters approved Proposition B in 2012."  MORE >>

The San Diego Union-Tribune

Investment Fiduciary Hiring Tips for 401(k) Sponsors and Advisers

"Schedule meetings with the final candidates ... to get a sense of how hands-on they will be in providing advice.... Ask for references of current clients and ... at least one former client.... Ask to meet everyone who will be on the plan's team, not just the most senior person.... Everyone who will be working with the candidate should have an opportunity to participate in the final decision."  MORE >>

Carol Buckmann, via RPA Convergence


The Boomer Wealth Boom

"Baby Boomers ... leave behind a giant pile of money that the media have labeled 'the greatest wealth transfer' in modern history: a collective net worth that currently sits at $35 trillion, much of which will be passed down to their heirs.... Yet news stories about this wealth transfer are overlooking something basic: a simple explanation of how boomers accumulated this wealth amid a supposedly massive financial crisis spurred by the alleged inadequacies of our private-sector pension systems, which, four decades ago, began a shift from defined-benefit retirement plans to individual savings accounts."  MORE >>

Steven Malanga, in City Journal


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

18 pages. "Black and Hispanic households age 35 to 39 ... are significantly more likely to run short of money in retirement, and to have larger retirement shortfalls than their White counterparts.... Unmarried women tend to have fewer assets saved for retirement, and lower confidence that they will have enough money to live comfortably throughout their retirement."  MORE >>

Employee Benefit Research Institute [EBRI]


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

"[T]hese windows are used by astute investors and are already provided disclosures that provide a solid basis of the costs and risks.... [A]ny new rules that would increase a plan fiduciary's responsibility for monitoring the performance of brokerage window investments, which would likely cause plan fiduciaries to cease offering these arrangements."  MORE >>

Frank Porter, President of ASPPA and Relationship Manager for Empower Retirement

Employee Benefits Jobs

View job as Sr. Actuarial Consultant
for Maxus Plan Solutions Sr. Actuarial Consultant

Maxus Plan Solutions

Telecommute / Charlotte NC

View job as ERISA Regulatory Consultant
for Voya Financial ERISA Regulatory Consultant

Voya Financial

Telecommute / AZ / CA / CT / DC / FL / GA / MA / MD / MN / NY / OR / PA / TX / WA

View job as Plan Document Specialist
for Voya Financial Plan Document Specialist

Voya Financial


View job as DB / DC Consultant
for Nova 401(k) Associates DB / DC Consultant

Nova 401(k) Associates

Telecommute / Houston TX / AZ

View job as Compliance Consultant
for Corporate Synergies Group Compliance Consultant

Corporate Synergies Group

Telecommute / Camden NJ

Press Releases

Regional Printing Affiliates Announce Print and Graphics Retirement Plan, A Multiple Employer Plan 401(k) Program

Printing Industries Alliance [PIA]

Webcasts and Conferences
(Retirement Plans or Exec Comp)

Purchasing Annuities for Pension Plans

July 21, 2021 WEBCAST


IRA Trust Issues and How to Handle Them

August 12, 2021 WEBCAST


Last Issue's Most Popular Items

Checklist for Evaluating an Investment Policy Statement


House Panel Crafting Bill to Limit IRA Savings

Treasury & Risk; free registration required

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

Pension Benefit Guaranty Corporation [PBGC]

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

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