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Retirement Plans Newsletter

September 15, 2021

3 New Job Opportunities


[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 66: Compliance with PTE 2020-02 -- Factors to Evaluate for a Rollover Recommendation (Part 2)

"[T]he requirement that a rollover recommendation satisfy the best interest standard of care is not delayed until December 21, since the Impartial Conduct Standards require that a financial institution and an investment professional satisfy the best interest standard of care. FAQ 15 explains the DOL's view on what is required to do that."  MORE >>


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

DOL, IRS and PBGC Call for Comments on Proposed Form 5500 Revisions

"The [DOL] ... has joined the [IRS] and the [PBGC] in requesting public comments on proposed revisions to the Form 5500 Annual Return/Report. At the same time, EBSA is publishing a notice of proposed changes to its implementing regulations under Title I of [ERISA]."  MORE >>


Could CalSavers Go National? Federal Mandated Payroll Deduction Plan Included in Budget Proposal

"Contained in the Biden 3.5 trillion dollar budget proposal is a provision to enact a similar federal mandated program to be effective in 2023.... [U]nlike CalSavers that is run by the state of California with limited employer involvement, the proposal requires the employer to adopt a plan which could be a deferral only 401(k) plan or an IRA based plan. State mandated programs like CalSavers would also qualify."  MORE >>

Murphy Austin

House Ways and Means Committee Chairman Releases Automatic Contribution Plan Proposal

"Subtitle B of [the 2022 budget proposal] ... includes Chairman Neal's Automatic Contribution Plan or Arrangement (ACPA) proposal, generally requiring all but the smallest employers to provide an automatic contribution retirement plan (e.g., a 401(k) plan with an automatic contribution feature) or auto-IRA for all employees. In this article we review that ACPA proposal."  MORE >>

October Three Consulting

Creative Ideas for Managing Pension Plan Risk

"Paying lump sum benefits to active participants ... Redesigning pension glide paths ... Utilizing call options in glide paths ... Enhancing downside interest rate protection ... Using an independent expert to place annuities ... Obtain unbiased assessment of plan termination readiness."  MORE >>

River and Mercantile


SBEN Hosts 'The Future of Benefits is Here' in Atlanta, Sept 22-24

Discover how to overcome challenges facing the Benefits Industry. This event was designed by benefits professionals for benefits professionals. Learn from and network with leading Benefits Professionals in the South. Register now.

Sponsored by Southeast Benefits Education Network [SBEN]

Fourth Circuit: Federal Restitution Rights Override ERISA 401(k) Plan Protection

"A federal appeals court recently ruled that an employer was entitled to a former employee's 401(k) plan funds as restitution for that employee's embezzlement. However, ... the court failed to acknowledge IRS guidance and case law regarding withholding and early distribution tax in a remand to decide such issues." [U.S. v. Frank, No. 20-6706 (4th Cir. Aug. 10, 2021)]  MORE >>

Blank Rome LLP

Exceptional Usefulness and Quality icon CRS Report: Social Security Primer (PDF)

18 pages. "This report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits." [R42035, updated Sep. 15, 2021]  MORE >>

Congressional Research Service [CRS]


How Long Should You Plan to Live?

"[T]he main actuarial bodies [should] strongly consider modifying their personal financial educational efforts by advancing basic actuarial principles that can be employed to help people make better financial decisions.... [T]he advice they do provide [should] either illustrate how the [Actuarial Longevity Indicator (ALI)] can be used for retirement planning purposes or reference other sources that actually use the ALI in their recommended planning processes."  MORE >>

Ken Steiner, FSA Retired


A Rumor of the Death of Groups of Plans

"On Sept. 14, the [DOL], working in concert with the Department of the Treasury, issued proposed regulations updating Form 5500 filing requirements and instructions. As part of the package of guidance, the Departments addressed the audit requirement in [Groups of Plans (GoPs)] by killing the hopes of those who expected a GoP to have a single consolidated audit like that of multiple employer plans (MEPs)."  MORE >>

Pete Swisher, via American Retirement Association [ARA]

Benefits in General

AICPA FAQs with Illustrative Auditor's Reports for Initial Year of Implementation of SAS No. 136 (PDF)

31 pages. "[These] frequently asked question (FAQ) and illustrative auditor's reports have been developed to aid practitioners as they apply AICPA Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA ... in their audits of financial statements of employee benefit plans subject to [ERISA] in the initial year of implementation."  MORE >>

American Institute of Certified Public Accountants [AICPA]

Maximizing Health Span: A Literature Review on the Impact of a Healthy Lifestyle in Retirement (PDF)

65 pages. "Though there are a plethora of innovations being explored to extend longevity ... it is not yet clear how many of these research endeavors will materialize as practical interventions in the foreseeable future and whether they will lead to meaningful improvements in health, rather than solely extensions of life. However, the existing literature contains evidence of the material impacts that stem from healthy lifestyle behaviors and chronic condition management. The primary purpose of this report is to review this literature to provide a resource for actuaries and others on relevant issues, and secondarily to call out areas of emerging evidence that could be further researched."  MORE >>

Society of Actuaries

Employee Benefits Jobs

View job as DC Plan Administrator
for Farmer & Betts, Inc. DC Plan Administrator

Farmer & Betts, Inc.

Remote / Tacoma WA / CO / OR

View job as DC Plan Administrator
for Farmer & Betts, Inc.

View job as Senior Retirement Analyst
for Dunbar, Bender & Zapf, Inc. Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Retirement Distribution Processor, Senior
for Alerus Retirement Distribution Processor, Senior



Selected New Discussions

How to Notify IRA When Plan Name Changes?

"Years ago we used to send a letter to the IRS when the name of a plan associated to a Trust ID number changes. Is this still required? To what address?"

BenefitsLink Message Boards

Press Releases

Institutional Retirement Income Council Appoints Michelle Richter as Executive Director

Institutional Retirement Income Council

PBI Launches CertiCensus – The First Single Source Pension Plan Population Management Solution

PBI Research Services

Ascensus Unveils Retirement Website and Mobile Enhancements That Offer Simple, Seamless, and Supportive User Experiences


Last Issue's Most Popular Items

Text of DOL, IRS and PBGC Proposed Revisions to Form 5500 Annual Information Return/Reports

U.S. Department of Labor [DOL]; Internal Revenue Service [IRS]; and Pension Benefit Guaranty Corporation [PBGC]

DOL Fact Sheet: SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500 (PDF)

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Text of DOL Proposed Rule: Form 5500 Annual Reporting and Disclosure

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

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

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