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Retirement Plans Newsletter

September 2, 2021

7 New Job Opportunities


[Guidance Overview]

DOL's Lifetime Income Disclosure Illustration Requirement

"[This article provides] some examples of what these new lifetime income numbers might be like for participants at different ages and consider the implications of providing these numbers for participant communications.... Participants who have been focused on significant 401(k) asset gains over the last several years may be somewhat surprised to see the (relatively small) size of the lifetime income their account balance can buy in the current interest rate environment."  MORE >>

October Three Consulting


ASC’s Tried & True Defined Benefit System

Since 1981, ASC mature & robust Defined Benefit System provides clients with cutting edge, constantly evolving defined benefit plan designs and features developed and supported by in-house ERISA attorneys and actuaries. Learn More!

Sponsored by ASC

[Guidance Overview]

Exceptional Usefulness and Quality icon IRS Updates Tools for Reviewing Retirement Plan Document Compliance

"The IRS has updated nearly all of the 'subject matter packages' used by IRS specialists when reviewing retirement plan documents. Each package consists of an Explanation, a Worksheet, and a Checksheet that are designed to be used together.... While they were created for IRS personnel, these materials can also be used by plan sponsors to review a plan's compliance before submitting a determination letter application."  MORE >>

Thomson Reuters / EBIA

[Guidance Overview]

Public Agencies May Want to Take Advantage of an Anonymous VCP Opportunity Before It Disappears at End of 2021

"This change in EPCRS may be important to a number of public agencies (and other employers with retirement plans) for the following reasons: [1] Potential loss of a useful tool.... [2] Not clear how the [new] anonymous presubmission conference feature will work.... [3] Many public agency plan compliance problems lend themselves to an anonymous VCP approach."  MORE >>

Best Best & Krieger LLP

How to Navigate the Future of the Retirement Industry

"[M]any firms are turning momentum from COVID-19-inspired needs into creative, large-scale digital transformation strategies and solutions that could yield exponential post-COVID-19 benefits. Core technology modernization was, and still is, a primary focus for providers ... [T]he faster these firms transformed themselves digitally, the better they reported both their business outcomes and their business outlook."  MORE >>

401(k) Specialist

Less Jargon, More Clarity: Improving Retirement Plan Communications with Simple Language Can Promote Action (PDF)

"Consumers prefer brief and direct terms that use everyday words to describe financial topics.... [S]mall changes can transform confusing jargon into language consumers prefer.... One-on-one meetings are the most popular format for financial education overall and email is preferred for most account updates.... [T]here are important differences by topic, age and culture."  MORE >>

Empower Institute


SPARK Forum - November 7-9, 2021 -- The Breakers, Palm Beach, FL

3 days packed with actionable insights for advisors, recordkeepers and plan providers. Explore latest trends, strategies and ideas to lead through disruption. Join the retirement event with the most senior audience and network with purpose. Register Now.

Sponsored by SPARK

Here's What Many Retirement Plan Committees Have in Common

"Although the majority of respondents indicated that their company has one committee (64 percent), there is a wide variety in how those committees are structured.... [M]any factors are related to size, with larger organizations having not only more committees but also ones that are more formalized and structured."  MORE >>


Can Insurers Be a Pension Safety Net?

"[If] an insurance company becomes insolvent and can't cover annuity payments, a state guaranty fund for annuities kicks in. Depending on the state, that amount can vary from a lifetime maximum of $250,000 to $500,000 per individual ... Another concern is that under ERISA, an individual's pension is protected from creditors, but that's not the case in every state when a pension becomes an annuity."  MORE >>


Pension Finance Update, August 2021

"Pension finances improved in August due to strong stock markets and modestly higher interest rates.... Plan A improved close to 2% in August and is now up almost 11% for the year, while the more conservative Plan B gained a fraction of 1% last month and is now up almost 3% through the first eight months of the year."  MORE >>

October Three Consulting

Wilshire Estimates Increase in Aggregate Funded Ratio for U.S. Corporate Pension Plans in August (PDF)

"The aggregate funded ratio for U.S. corporate pension plans increased by an estimated 1.2 percentage points month-over-month in August to end the month at 94.0 percent.... The monthly change in funding resulted from a 0.7 percent decrease in liability values compounded by a 0.6 percent increase in asset values. The aggregate funded ratio is estimated to have increased by 6.2 and 9.8 percentage points year-to-date and over the trailing twelve months, respectively."  MORE >>

Wilshire Associates


Costs, Correlations and Prudent Fiduciary Investing

"Financial advisers and actively managed mutual funds do not like to talk about the costs associates with their funds. Research has consistently shown that the overwhelming majority of actively managed are not cost efficient.... Financial advisers and actively managed funds also do not like to discuss the relationship between a fund's implicit expense ratio and its correlation of returns with comparable index funds."  MORE >>

The Prudent Investment Fiduciary Rules

Benefits in General

Seventh Circuit: ERISA Does Not Cover Charter School Teachers

"[T]he court discussed the nature of charter schools and what distinguishes them from purely private schools, which led the court to find: '[A] charter school in Illinois is part of the set of public educational offerings, which makes it appropriate to conclude that the school district may include charter-school teachers in its pension and welfare plans without losing its exemption under ERISA.' " [Graham v. Board of Ed. of City of Chicago, No. 19-2745 (7th Cir. Aug. 10, 2021)]  MORE >>

DeBofsky Sherman Casciari Reynolds P.C.

Employee Benefits Jobs

View job as Operations Manager & Compliance Consultant
for Advanced Benefits Consulting Operations Manager & Compliance Consultant

Advanced Benefits Consulting

Remote / Saint Louis MO / TX

View job as DC Administrator
for MGKS DC Administrator


Remote / Phoenix AZ

View job as DC Administrator
for MGKS

View job as Plan Administrator/Assistant
for National Employers Retirement Trust Plan Administrator/Assistant

National Employers Retirement Trust

Remote / Bethesda MD / DC / PA / VA / WV

View job as Implementation Project Manager
for TRI-AD Implementation Project Manager


Escondido CA / AZ / CO / FL / IN / NC / NV / OK / OR / TX / UT

View job as Associate Consultant, Health Consulting
for Segal Associate Consultant, Health Consulting



View job as Consultant, Health Consulting
for Segal Consultant, Health Consulting


New York NY

View job as Economist
for Employee Benefits Security Administration [EBSA] Economist

Employee Benefits Security Administration [EBSA]

Remote / Washington DC

Selected New Discussions

Employer Over-Deposited Profit Sharing Contribution to the Plan's 'Holding Account'

"In 2020, ER deposited $100,000 to a holding account in the plan (I know!). Maxing out the owner and giving 5% to the employees results in a $70,000 allocation for 2020 and the passing of tests. Does he need to allocate the remainder to the participants? Or can he take back the funds as a Mistake of Fact?"

BenefitsLink Message Boards

Hardship Withdrawal Allowed for Payment of Rent?

"I have a participant in a plan that, as a result of her employer moving her from one location to another (and then having to also move her parents, because she is their caretaker), is requesting a hardship withdrawal to lease (i.e., rent) a house in her new location. She has no other source of funds and the employer would like to grant this request. As the lease is for, technically, her principal residence, would you be inclined to grant the withdrawal?"

BenefitsLink Message Boards

Press Releases

Health-E Commerce Launches New Line of Generic, Over-The-Counter Medications Through Private Label Caring Mill Brand

Health-E Commerce

DOL Obtains Final Order Against John J. Koresko for Involvement in Nationwide Employee Benefit Plan Scheme

U.S. Department of Labor [DOL]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Fall Policy Outlook: What the Budget Might Mean for Health and Retirement Plans

September 9, 2021 WEBCAST

Groom Law Group

Last Issue's Most Popular Items

Text of IRS Rev. Proc. 2021-37: Procedures for Issuing Opinion Letters for Section 403(b) Pre-Approved Plans for the Second Remedial Amendment Cycle; Rules for Determining When Remedial Amendment Periods Expire for Section 403(b) Pre-Approved Plans (PDF)

Internal Revenue Service [IRS]

Text of IRS Rev. Proc. 2021-38: Extension of Deadline for Adopting an Interim Amendment for a Section 401(a) Pre-Approved Plan (PDF)

Internal Revenue Service [IRS]

Emerging Issues in 401(k) Fee Litigation

October Three Consulting

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

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