logo logo

Retirement Plans Newsletter

November 2, 2021

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Draft of Instructions for 2022 IRS Forms 1099-R and 5498: Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc. (PDF)

"What's New: ... Payments from qualified plans to state unclaimed property funds under escheat laws must be reported on Form 1099-R."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

DOL Issues Limited Relief Regarding New Fiduciary Exemption

"[To] the extent that financial institutions had planned to complete their required retrospective reviews on or before the previous December 20, 2021 deadline on a special (e.g., non-calendar) schedule, they may wish to reconsider that choice in light of [FAB 2021-02], which, by providing general transition relief through January 31, 2021, now extends the relief to beyond the end of calendar-year 2021."  MORE >>

Dechert LLP

[Guidance Overview]

New York Mandatory Retirement Savings Program

"While the law is currently effective, the enforcement of the Program for covered employers will not occur until later in 2022 when the Program likely opens for enrollment and further regulations are released.... Given the new State law, it is possible that the [New York City] program may be discontinued."  MORE >>

Clifton Budd & DeMaria, LLP

Protecting Participant Data: Cross-Selling Raises Concern

"[T]here are six areas where recordkeeping vendors have tried to monetize their relationship with retirement plans. This plan sponsor guide focuses on ... cross-selling retail financial products. For plan sponsors, it is important to understand how recordkeepers cross-sell retail financial products and what the plan sponsor's obligation is to reduce or eliminate such cross-selling."  MORE >>

Multnomah Group; free registration required

The New IRS Draft Forms for Tax Withholding from Benefit Payments: What You Need to Know

"Since the release of the 2022 forms in March 2021, there has not yet been any additional guidance regarding whether the IRS is moving forward with implementing the new Forms W-4P and W-4R, effective January 1, 2022.... [In] the March 2021 draft of the Form W-4P, the IRS stated, '[t]hese computational steps should not change, and this draft form may be relied upon for purposes of starting systems programming.' " [Editor's note: See Mar. 21, 2021 Draft 2022 Form W-4P and Draft 2022 Form W-4R.]  MORE >>

Ice Miller LLP

Retirement Plan Audits: Who, What, Where, Why and How

"[1] Who (must have an independent qualified plan audit of its retirement plan)? ... [2] Who (can audit plan financial statements)? ... [3] What (must be audited)? ... [4] Where (is the audit filed)? ... [5] Why (must an audit be performed)? ... [6] How (will the audit be performed)?"  MORE >>

Belfint Lyons Shuman

Northwestern SCOTUS Case Could Decide Fate of Many 401(k) Lawsuits

"The question before the court is whether a plaintiff can adequately bring claims for breach of fiduciary duty based simply on the fact that lower-cost options were available to the plan. Although the 3rd and 8th Circuit Courts of Appeals have found that that alone is enough, the 7th Circuit, which decided the Northwestern case, found it to be insufficient to state a claim.... [An] affirmation of the decision could make it much more difficult to bring litigation that can survive motions to dismiss or stand good odds of extracting big settlements." [Hughes v. Northwestern Univ., No. 18-2569 (7th Cir. Mar. 25, 2020; cert. pet. granted No. 19-1401, Jul. 2, 2020)]  MORE >>

InvestmentNews; subscription may be required

Plan Sponsors Told to Disclose Lifetime Income Despite DOL Rule's Uncertainty

"[O]ne of the biggest open questions is whether the DOL will reverse itself regarding the assumption that the accounts post no future earnings growth, an assumption that some industry stakeholders have challenged."  MORE >>

Pensions & Investments

Exceptional Usefulness and Quality icon An Individual's Guide to Annuities

"In this special report, discover whether annuities should play a role in your retirement portfolio and how to find the right fit."  MORE >>


FAS87 ASC715 Discount Rates and Moody's Rates, October 29, 2021

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

BenefitsLink Message Boards


American Benefits Council Comment Letter to EBSA on Proposed Revision of Form 5500

"[The Council is] very concerned that the proposed revisions would -- contrary to the statute and congressional intent -- impose excessively burdensome requirements on DCGs and force a restructuring of widespread, current business practices for some of our members. The proposed revisions would thus fail to fully achieve the efficiencies for DCGs that were envisioned by Congress."  MORE >>

American Benefits Council

Benefits in General

GAO Report on Social Security and Medicare: Improving the Timeliness of Trust Fund Reports

"In 2019, GAO reported that the trustees issued their annual reports to Congress after the statutory deadline in 17 of the 25 years from 1995-2019 ... Treasury missed its April 1 deadlines for the 2020 and 2021 reports.... This report [1] describes Treasury's progress in addressing GAO's 2019 recommendations, and [2] offers potential actions ... that could help ensure timely completion of the Trustees reports." [GAO-21-105413, published Sep. 30, 2021, released Nov. 1, 2021]  MORE >>

U.S. Government Accountability Office [GAO]

Employee Benefits Jobs

View job as Participant Directed Retirement Plan Specialist
for T Bank, NA, a Tectonic Financial Company Participant Directed Retirement Plan Specialist

T Bank, NA, a Tectonic Financial Company


View job as Participant Directed Retirement Plan Specialist
for T Bank, NA, a Tectonic Financial Company

View job as Benefits Specialist
for Pension Benefit Guaranty Corporation [PBGC] Benefits Specialist

Pension Benefit Guaranty Corporation [PBGC]

Remote / Euclid OH

View job as Recordkeeper Specialist
for Benetic, Inc. Recordkeeper Specialist

Benetic, Inc.


View job as Retirement Plan Administrator (Entry Level)
for TriStar Pension Consulting Retirement Plan Administrator (Entry Level)

TriStar Pension Consulting

Remote / Oklahoma City OK

View job as Retirement Client Services Manager
for Newport Retirement Client Services Manager


Remote / Folsom CA / Chicago IL / Saint Petersburg FL / Lake Mary FL / La Crosse WI / Charlotte NC / Mobile AL / Overland Park KS / Dallas TX / West Des Moines IA / Los Angeles CA / Pittsburgh PA

Selected New Discussions

Excluding an HCE in a Combo Plan

"Small company (4 HCEs, of whom one is a Key Employee, and 3 NHCEs) has had a SH match plan for years.They recently got very successful and want to add a Cash Balance for 2021 with Key Employee getting $200,000 pay credit and as little as possible to others. One of the HCEs has no balance in the current 401(k) because he hasn't made any deferrals. The client wants to continue to give him nothing even though the plan is top-heavy and will be even more top-heavy with the CB in place. Can this HCE be excluded from the Cash Balance plan and get nothing under the DC plan too, even though profit sharing contributions will need to be made to NHCEs to meet the gateway?"

BenefitsLink Message Boards

Document Non-Amender Under Audit; Need Attorney for Audit CAP?

"A small profit sharing plan under audit was brought to us because their plan document was not timely amended. It was amended for EGTRRA around 2009 but that was about it. The auditor recommended updating their document, which was done and they now have current document. While the auditor accepts that, the auditor is moving forward with Audit CAP to avoid disqualification because the document had not been timely amended. While hiring an ERISA attorney is never a bad option with Audit CAP, would it really make much difference in this case?"

BenefitsLink Message Boards

401(k) for Cannabis Businesses; Impact of Impact of IRC 4972 10% Excise Tax on Nondeductible Contributions

"Several articles have been published to the effect that Cannabis businesses can sponsor 401(k) and other qualified retirement plans. The basic theme of these articles seems to be that IRC §280E would only restrict the employer's deduction for contributions to the plan, possibly affecting only a portion of the contributions, and that the §280E does not jeopardize the employees' tax treatment or the trust's tax exemption. Those points seem generally sound to me, but what about the 10% excise tax on nondeductible contributions under IRC §4972?"

BenefitsLink Message Boards

Press Releases

OneAmerica Launches New Retirement Plan Offering More Flexibility and Streamlined Administration


Goldman Sachs Asset Management and Ascensus Offer a Retirement Plan Solution for Small and Mid-Sized Businesses


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Benefit Plans in the COVID-19 Era: 2021 Year-End Action Items and 2022 Considerations

November 9, 2021 WEBCAST

Western Pension & Benefits Council - Denver Chapter

Longevity Rates for Pension Plan Participants

November 17, 2021 WEBCAST

National Institute on Retirement Security [NIRS]

Last Issue's Most Popular Items

EPCRS Update Brings Good News for Plan Sponsors (PDF)

Groom Law Group, via TAXES The Tax Magazine

DOL Files Suit to Recover ESOP's Losses of $35 Million from Stock Sale Benefitting Board Members, Children at Workers' Expense

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

Time Running Out to Issue Annual Plan Notices


Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2021, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than and are offered as a service to our readers. We are not involved in their production and are not responsible for their content.