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Retirement Plans Newsletter

September 27, 2021

5 New Job Opportunities


[Guidance Overview]

IRS Issues Reminder on Application of Section 415(c) Limit to 403(b) Plans

"The fact the IRS has published an Issue Snapshot implies that they plan to be more engaged in ensuring that 403(b) plan sponsors are taking responsibility to enforce the IRC Section 415(c) limit in situations where their employees/plan participants are engaged in outside employment."  MORE >>

Morgan Lewis

[Guidance Overview]

Identifying Exemptions to the Prohibited Transaction Rules (PDF)

16 pages. "This practice note addresses exemptions to the prohibited transactions rules of [ERISA] and the similar rules under the Internal Revenue Code.... The specific topics addressed in this practice note are (1) Statutory Exemptions, (2) Individual Exemptions, (3) Application for Class Exemptions, and (4) EXPRO (Expedited Processing) Applications for Exemption."  MORE >>

Fox Rothschild LLP and Steptoe & Johnson, LLP, via LexisNexis Practical Guidance

Seventh Circuit Says ESOP Dispute Cannot Be Arbitrated, Misunderstands Leveraged Transactions!

"[T]he holding can be addressed by some careful drafting of arbitration language. But there is a broader, more pervasive problem ... in the Court's discussion of background facts that had nothing to do with the arbitration issue before the Court. The Seventh Circuit completely misunderstood the nature of a leveraged ESOP transaction and the difference between 'equity' value of ESOP stock and 'enterprise' value of the plan sponsor." [Smith v. Bd. of Directors of Triad Mfg., Inc., No. 20-2708 (7th Cir. Sept. 10, 2021)]  MORE >>

Faegre Drinker

Recordkeepers Planning to Amp Up Cyber Staff

"[N]early a third of recordkeepers expect to boost their cybersecurity staff going forward ... [R]ecordkeepers rarely view cybersecurity capabilities as a competitive differentiator when it comes to winning new business ... [N]early 8 out of 10 (79%) retirement specialist advisors indicate cybersecurity is a very important factor when selecting a recordkeeper. Yet fewer than two-thirds of small to mid-sized plan advisors have a formal written process for conducting due diligence on recordkeepers' fraud prevention practices[.]"  MORE >>

American Retirement Association [ARA]

A Deeper Dive Into the Build Back Better Act: IRA Provisions

"[1] Limitations on contributions to IRAs ... [2] New reporting requirement ... [3] New restrictions on IRA investments."  MORE >>

Robert Richter, via American Retirement Association [ARA]


PBI Launches CertiCensus® - The 1st Proactive Pension Plan Mgmt Solution

CertiCensus® offers continuous monitoring on each participant for always-up-to-date data, comprehensive reporting, and a full audit trail for each participant that supports Department of Labor (DOL) compliance and audit-readiness.

Sponsored by PBI Research Services

Fast Facts & Figures About Social Security, 2021 (PDF)

43 pages. "[This report] highlights basic program data for the Social Security (retirement, survivors, and disability) and Supplemental Security Income programs. Most of the data come from the Annual Statistical Supplement to the Social Security Bulletin, which provides detailed data on the programs administered by SSA. Data on trust fund operations are from the 2021 Trustees Report."  MORE >>

U.S. Social Security Administration [SSA]

Progressive Pensions as an Incentive for Labor Force Participation

"[The authors] show that a well-designed reform of the pension system has the potential to encourage labor force participation. [They] propose a progressive pension component linked to the employment decision of households, which implicitly subsidizes employment of the productivity poor.... [Their analysis] indicates that this positive employment effect can be sizable and welfare enhancing."  MORE >>

Fabian Kindermann and Veronika Pueschel, via SSRN

Employee Benefits Jobs

View job as Distribution Specialist
for Carpenter Morse Group Distribution Specialist

Carpenter Morse Group

Remote / Longwood FL

View job as Distribution Specialist
for Carpenter Morse Group

View job as 401(k) Support Staff
for Retirement, LLC 401(k) Support Staff

Retirement, LLC

Remote / Oklahoma City OK

View job as 401(k) Support Staff
for Retirement, LLC

View job as 401(k) Consultant
for Creative Retirement Systems 401(k) Consultant

Creative Retirement Systems

Remote / Cincinnati OH

View job as BOLI (Bank Owned Life Insurance) Analyst (Entry Level)
for Newport BOLI (Bank Owned Life Insurance) Analyst (Entry Level)


Greensboro NC

View job as Sr Recordkeeping Specialist
for BlueStar Retirement Services, Inc Sr Recordkeeping Specialist

BlueStar Retirement Services, Inc


Selected New Discussions

Safe Harbor Plan Allows After-Tax Employee Contributions

"A plan is a SH match plan. However, they decide to allow for after-tax contributions. The plan is now subject to the ACP testing. I believe the test can be conducted with or without the SH match included. My question: The plan is also top heavy. The plan 'loses' the top heavy exemption and is now required to fund the top heavy minimum. Is this still true even if no participants actually make after-tax contributions? My gut says yes, they're required to fund because the plan is not considered 'solely' safe harbor. Thoughts?"

BenefitsLink Message Boards

Full-Timer Already Participating But Then Moves to Ineligible (?) Part-Time Status

"401k Plan currently excludes part-time employees from participating in the 401k plan. If a full time employee moves to part-time, can they be excluded prospectively?"

BenefitsLink Message Boards

Which Mutual Fund Providers Furnish Prospectuses in Spanish?

"Of the popular mutual fund providers, which furnish prospectuses in Spanish, and which do not?"

BenefitsLink Message Boards

What's an 'Executive Cash Balance' Plan?

"All of my research and in my experience working in a prior job says cash balance is a qualified plan that has to pass testing. Has anyone ever heard of an executive cash balance plan? Can a plan sponsor designate only HCEs and/or executives for a cash balance plan?"

BenefitsLink Message Boards

Charging Advisor Fees to Accounts

"Has anyone seen an ERISA 404(c) plan that allows participants to have their own investment advisor's fees paid out of their plan account? I have seen this, but only in the case of self-directed brokerage windows within a plan."

BenefitsLink Message Boards

Press Releases

Taft-Hartley Benefits Firm Joins The Wagner Law Group

Wagner Law Group P.C.

HHS Announces Lisa J. Pino as Director for Office for Civil Rights

U.S. Department of Health & Human Services [HHS]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What You Should Know About: 401(k) Plans


IRS [Internal Revenue Service]

Plan Sponsor Cybersecurity

October 12, 2021 WEBCAST

SPARK Institute

2021 SPARK Forum

November 7, 2021 in FL

SPARK Institute

Last Issue's Most Popular Items

ESOPs: Current Trends in DOL and IRS Investigations

McDermott Will & Emery

Vanguard Group Becomes Second Domino to Fall in 401(k) Recordkeeper Detente on Plan Portability


Employee Benefits Changes in Ways and Means Amendment for 2022 Budget Reconciliation (PDF)

Ivins, Phillips & Barker

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

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