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Retirement Plans Newsletter
October 20, 2021
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4 New Job Opportunities
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[Official Guidance]
PBGC Issues 2022 Maximum Monthly Guarantee Limits
As a result of the indexing rules provided by law, the maximum guarantee limits for single-employer plans that fail in 2022 will be 2.82% higher than the limits that applied for 2021. The guarantee limits for multiemployer plans are not indexed and have not changed. MORE >>
Pension Benefit Guaranty Corporation [PBGC]
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[Sponsor]
Keep Up with Current Developments while Earning CE Credit!
Join John Griffin, J.D., LL.M., recipient of the prestigious ASPPA Educator of the Year award, as he discusses the latest developments in the industry, including recent retirement plan legislation, IRS and DOL regulatory developments. Register Now!
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[Guidance Overview]
New IRS Correction Rules for Retirement Plans
32 presentation slides. Topics: [1] General principles. [2] Erroneous exclusion of employees: correction of pre-tax contributions, after-tax contributions, and matching contributions; earnings calculations. [3] Incorrect calculation of contributions: correction of
pre-tax contributions, Roth contributions, after-tax contributions other than Roth contributions, matching contributions and nonelective contributions; earnings calculations. MORE >>
Carol V. Calhoun of Venable LLP, for Strafford
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Aon Defeats ERISA Class Action at Trial
"Plaintiffs alleged that Aon and Lowe's breached their fiduciary duties of loyalty and prudence under ERISA to the Plan by directing substantial Plan assets to Aon's proprietary investment products.... In rejecting Plaintiffs' argument that Aon breached its fiduciary
duty because its proprietary fund did not generate as much growth as other investment options, Judge Bell noted that Plaintiffs' 'hindsight attacks' on Aon's alleged failure to consider alternative investments based on historical results were 'unpersuasive'[.] ' [Reetz v. Lowe's Companies, Inc.; Administrative Committee of Lowe"s Companies, Inc. and Aon Hewitt Investment Consulting, Inc., No. 18-075 (W.D.N.C. Oct. 12, 2021)] MORE >>
Jackson Lewis P.C.
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Managing Fiduciary Responsibility Using Liability Insurance
"[S]ettlements in the tens or hundreds of millions of dollars are forcing insurers to institute dramatic premium increases. Some carriers are hesitant to offer such coverage at all.... [This article investigates] the risks associated with fiduciary responsibility, the need for
fiduciary liability insurance, and ways employers can secure coverage and reduce the likelihood of litigation." MORE >>
CAPTRUST
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Wealth Planning Before Retirement: Key Concepts
"Wealth planning involves a comprehensive review of all the decisions that affect your finances as you progress into retirement, from housing choices and eldercare options to investment strategies and charitable goals. It also, of course, seeks to ensure that all estate planning
documents are in place to protect your interests in the event that you become incapacitated, and ultimately provide for the tax-efficient transfer of assets to the next generation." MORE >>
MassMutual
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Facts About Retirement Planning and Saving
"Black and Hispanic workers, and women, are more likely to experience financial insecurity during retirement ... Many workers don't have access to or participate in employer-sponsored retirement plans ... If your employer does offer a plan, take advantage of
it ... There are many ways to save for retirement ... Financial planning can help you figure how much you can save ... If you're close to retirement, you can catch-up on your contributions ... It's never too late to start saving for retirement." MORE >>
U.S. Department of Labor Blog
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Rollovers as Business Start-Ups: What to Know When Financing a Business Using Your 401(k), IRA or Other Retirement Funds
"A ROBS can be an ideal option for funding a small business or to recapitalize on an existing business. However, it is important to weigh all the pros and cons of a ROBS to avoid potential tax and legal liabilities if the ROBS is established or operated
incorrectly." MORE >>
Ice Miller LLP
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[Opinion]
How Auto IRAs Could Soon Improve Retirement for Millions of Americans
"The Automatic IRA would help roughly 55 million people build savings that would supplement their Social Security benefits. Employers with more than 5 employees that do not offer another retirement plan would act as a conduit enabling their employees to save a pre-set amount
from each paycheck that would be invested in privately-managed, low-cost financial assets. Self-employed and gig workers could also save this way." MORE >>
J. Mark Iwry and David C. John , for The Brookings Institution
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Employee Benefits Jobs |
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Selected New Discussions |
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Off-Calendar Plan Year -- Effect on 402(g) Limit
"Plan is on an off-calendar plan year (10/1/2020 - 9/30/2021). Participant defers $34,500 during the plan year, divided as follows: [1] $18,000 from 10/1/2020 through 12/31/2020. [2] $16,500 from 1/1/2021 through 3/31/2021, when he quit. Does he have a 402(g) issue or is he OK?
He wasn't in another plan before this one during 2020. We don't know whether he was in a plan of any employer later in 2021."
BenefitsLink Message Boards
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Date Amendment Must Be Signed on Conversion of Money Purchase Plan to Profit Sharing Plan?
"Assume calendar year MP plan. Client wants to convert to a PS plan mid-year. Let's say July 1. 204(h) notice is done timely. Must the AMENDMENT be signed by July 1, or can it be signed by December 31, as long as the 204(h) notice was provided timely?"
BenefitsLink Message Boards
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Press Releases |
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Nationwide, Capital Group and Annexus Retirement Solutions Set to Launch Next Evolution in Target Date Series
Nationwide
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BPAS Launches Innovative Tool to Prevent Fraud
BPAS
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Transamerica Debuts Employer-Funded Health Reimbursement Accounts
Transamerica
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Webcasts and Conferences
(Retirement Plans / Executive Compensation) |
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Church Plans: The Fiduciary Myth Is a Reality
November 10, 2021 WEBCAST
Faegre Drinker
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The Overwhelming Cornucopia of Retirement Plan Regs
November 23, 2021 WEBCAST
New England Employee Benefits Council [NEEBC]
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Structuring Employee Severance/Separation Arrangements: Revisiting Section 409A and Its Impact on Deferred Compensation
December 8, 2021 WEBCAST
Strafford
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Last Issue's Most Popular Items |
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Retirement Plan Sponsors Have Short List of 2021 Year-End Amendments
Mercer
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Cybersecurity Requests Appear in DOL Audits
Groom Law Group
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Service Agreements for Benefit Plans: The Devil Is in the Details
Holland & Hart LLP
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.
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