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Retirement Plans Newsletter

September 10, 2021

5 New Job Opportunities


[Guidance Overview]

IRS Extends Interim Amendment Deadline for Pre-Approved Plans

"The revised deadline [in Rev. Proc 2021-38] for interim amendments by pre-approved plans is consistent with contemporaneous new guidance for 403(b) plans (in Rev. Proc. 2021-37) ... The deadlines for pre-approved and individually designed plans still are not identical, however, because the two-year period for individually designed plans isn't triggered until a change appears on a Required Amendments List, which generally happens only after guidance for the item has been provided."  MORE >>

Thomson Reuters / EBIA

Lawsuit Accuses Sponsor of DuPont Pension Plan of 'Sleight of Hand'

"[P]ension plan participants say plan fiduciaries' arbitrary interpretation of plan terms and the classification of employees as 'terminated' resulted in them receiving lower pension benefits than they were promised." [Cockerill v. Corteva, Inc., No. 21-3966 (E.D. Penn. complaint filed Sep. 3, 2021)]  MORE >>


Target Date Funds Growing in Popularity and Appropriate Use by 401(k) Plan Participants

"At year-end 2018, more than half (56 percent) of 401(k) participants in the EBRI/ICI 401(k) database held target date (or lifecycle) funds. Target date fund assets were more than one-quarter (27 percent) of 401(k) plan assets in the database.... At year-end 2018, 62 percent of 401(k) plan participants in their twenties held target date funds, compared with 50 percent of those in their sixties."  MORE >>

Employee Benefit Research Institute [EBRI]

401(k) Plan Designs Evolve to Boost Workers' Savings

"In 2017, about a third of all companies had auto-enrollment, compared to virtually none in 2003. Among companies with auto-enrollment, about 44 percent of the large employers and half of the overall sample are automatically increasing their workers' contributions."  MORE >>

Squared Away Blog, by the Center for Retirement Research at Boston College

Ways and Means Greenlights Automatic Retirement Arrangements

"The retirement subtitle, which is estimated to cost nearly $47 billion over 10 years, was approved by the Committee Sept. 9 ... [T]he legislation would require employers without employer-sponsored retirement plans to automatically enroll their employees in IRAs or 401(k)-type plans. It also would provide an increase in the credit limitation for small employer pension plan startup costs and adds a new credit for certain small employer automatic retirement arrangements."  MORE >>

American Retirement Association [ARA]

Your Company's 401(k) Had Better Shine

"[W]hose employees would you like to recruit? When you've identified three or four such employers, it's time for some reconnaissance.... When doing your research, look out for the following: [1] Eligibility requirements; [2] Employee contribution types: pre-tax, Roth, after-tax; [3] Employer contribution types, formulas, funding frequency; [4] Vesting schedules."  MORE >>



The U.S. Needs Only One 401(k) Plan

"Over the decades, the 401(k) industry has gradually standardized. Some variety remains, because sponsors tend to adjust their 401(k) plans incrementally rather than overhaul them abruptly. However, the drive toward conformity is clear: [1] Plan lineups are shrinking, as sponsors eliminate their actively run funds. [2] Almost every plan now includes index funds. [3] Ditto for target-date funds, which are usually a plan's default investment."  MORE >>

John Rekenthaler, via Morningstar

Benefits in General

[Official Guidance]

Treasury Department 2021-2022 Priority Guidance Plan (PDF)

"The 2021-2022 Priority Guidance Plan contains 193 guidance projects that are priorities for allocating Treasury Department and Service resources during the 12-month period from July 1, 2021 through June 30, 2022 (the plan year)." [Employee benefit items begin on page 3, including 19 retirement plan items and 16 items relating to executive compensation, employment taxes, health care and other benefits.]  MORE >>

Internal Revenue Service [IRS], U.S. Department of the Treasury

[Official Guidance]

IRS Extends Hurricane Ida Disaster Relief to Victims in Mississippi

"Victims of Hurricane Ida in parts of Mississippi now have until November 1, 2021, to file various individual and business tax returns and make tax payments ... Currently, individuals and households affected by Hurricane Ida that reside or have a business in all 82 counties and the Mississippi Choctaw Indian Reservation qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Exceptional Usefulness and Quality icon Ways and Means Budget Reconciliation Bill: Summary and Analysis of Paid Leave and Retirement Provisions

"On Tuesday, Sept. 7, House Ways and Means Committee Chair Richard Neal (D-MA) released part of the committee's portion ... [of] the expected $3.5 trillion budget reconciliation measure ... This alert summarizes Subtitles A (Universal Paid Family and Medical Leave) and Subtitle B (Retirement)."  MORE >>

Brownstein Hyatt Farber Schreck LLP

Employee Benefits Jobs

View job as Retirement Plan Consultant (RPC)
for Qualified Plan Consultants, LLC (QPC) Retirement Plan Consultant (RPC)

Qualified Plan Consultants, LLC (QPC)


View job as Retirement Plan Consultant (RPC)
for Qualified Plan Consultants, LLC (QPC)

View job as Associate Counsel
for UMWA Health and Retirement Funds Associate Counsel

UMWA Health and Retirement Funds

Washington DC

View job as Retirement Services Consultant
for Insperity Retirement Services Consultant


Kingwood TX

View job as Account Manager
for MAP Retirement Account Manager

MAP Retirement

Remote / Appleton WI

View job as Account Services Representative (Entry-Level)
for Newport Account Services Representative (Entry-Level)


Folsom CA

Selected New Discussions

Plan Terminated, But Employer Doesn't Want to Pay for Remaining 5500s

"Who is responsible for filing the 5500 -- the plan administrator or the trustee? We have a client whose business closed. Unbeknownst to us, they terminated the plan and paid all the assets in 2021. Obviously, they have to file 2020 and 2021 5500s. Client doesn't want to. Is filing a Form 5500 a fiduciary act?"

BenefitsLink Message Boards

Press Releases

National Alliance Releases Resource to Help Employers Better Manage Drug Costs Under Medical Benefit

National Alliance of Healthcare Purchaser Coalitions

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Plan Sponsor Briefing; Recordkeeper Consolidation

September 14, 2021 WEBCAST

Institutional Investment Consulting

Growing the Dream Through Self-Directed IRAs: A Design Discussion

September 23, 2021 WEBCAST

Hunton Andrews Kurth

Proactive Pension Plan Management

October 12, 2021 WEBCAST

PBI Research Services

The 2021 Annual ERISApedia Ethics Broadcast!

December 9, 2021 WEBCAST

Last Issue's Most Popular Items

Forced Rollovers of Small Retirement Account Balances: What to Do with Missing Participants

Faegre Drinker

As Remote Work Becomes Normal, Could the Office Be a New Employee Benefit?

International Foundation of Employee Benefit Plans [IFEBP]

The ABCs of Estate Planning for IRAs Under the SECURE Act


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

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