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Retirement Plans Newsletter

November 3, 2021

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 71: Further Extension of Non-Enforcement Policy

"This article discusses the impact of the extension [announced in FAB 2021-02] on [1] the conditions of PTE 2020-02, [2] the application of the expanded definition of fiduciary advice, including rollover recommendations, [3] the application to PTE 84-24 for insurance and annuity sales, and [4] the significance of the Impartial Conduct Standards in this context."  MORE >>

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[Guidance Overview]

'Disregarded Entities,' 403(b)s and 457(b)s

"In most cases, if a 403(b) sponsor has a subsidiary or other affiliate; it, too, must be an eligible employer, on its own, in order to allow its employees to participate in the 403(b) plan. There is an exception for certain disregarded entities. Employees of a disregarded entity are treated as employees of the entity sponsoring the 403(b), and must be allowed to make elective deferrals in order to satisfy the universal availability rule."  MORE >>

Retirement Learning Center, LLC

Misuse of Participant Confidential Data

"There have ... been recent ... actions by the [SEC] against service providers who use confidential participant data to cross-sell their own products in the rollover context.... [T]he DOL has been very concerned with the practice of cross-selling in the rollover context as well, and it seems that the DOL is expressing the same concerns in its plan audits."  MORE >>

The Wagner Law Group

IRS Gives Pandemic Tips on Rehiring Retirees, In-Service Distributions

"A new Q&A explains that rehiring a retiree due to unforeseen circumstances -- such as a labor shortage due to the COVID-19 pandemic -- won't cause the prior retirement to no longer be considered bona fide, as long as a prearrangement to rehire the retiree didn't exist."  MORE >>


Retirement Plan Fee Benchmarking Case Study

"The challenges facing 401(k) and 403(b) retirement plan sponsors to ensure the fees associated with their retirement plan are reasonable in light of the services rendered can seem daunting. It's a balancing act requiring a diligent vendor monitoring program."  MORE >>

Multnomah Group; free registration required

Switching Retirement Plan Providers in a Changing Market

"Consolidation seems like bad news when an employer's current record keeper merges with or is acquired by another firm ... Potential good news is that consolidation could lead to record keeper relationships that generate more value for both employers and plan participants.... Better services for lower fees, however, are by no means a given, so regularly shopping around to compare record keepers' services and fees is becoming a prudent part of sponsoring a retirement plan."  MORE >>

Society for Human Resource Management [SHRM]; membership may be required to view article

2022 Social Security and PBGC Figures, with Projected Covered Compensation Amounts (PDF)

"Social Security benefits payable in 2022 will increase by 5.9% ... [PBGC] likewise has released inflation-indexed premium amounts for next year and the maximum guaranteed benefit for single-employer pension plans. Mercer has estimated the present value of the maximum guarantee for 2022. IRS has yet to issue 2022 covered compensation, but Mercer has projected those figures, using the published taxable wage base."  MORE >>



SPARK Comment Letter to EBSA on Proposed Changes to Form 5500 (PDF)

11 pages. "[SPARK is] concerned that the new information required on Schedule H results from an improper focus on fees, to the exclusion of other very important aspects of plan administration.... [S]ignificant and expensive system builds will be needed to connect the trust report information with other plan data to complete Schedule H.... A [defined contribution group (DCG)] should be allowed to use a single audit ... [T]he questions related to use of affiliates by a pooled plan provider on Schedule MEP [should] be removed or significantly clarified."  MORE >>

The SPARK Institute

Benefits in General

[Official Guidance]

More Ida Relief from IRS: Sept. 15, Oct. 15 Deadlines, Other Dates Extended to Jan. 3 for Parts of Connecticut

"Victims of Hurricane Ida in parts of Connecticut now have until January 3, 2022, to file various individual and business tax returns and make tax payments.... [T]he IRS is offering this relief to those parts of the state designated for either individual or public assistance. Currently, this includes Fairfield and New London counties, including the Mashantucket Pequot Tribal Nation and the Mohegan Tribal Nation."  MORE >>

Internal Revenue Service [IRS]

Executive Compensation and Nonqualified Plans

The Executive Compensation Threat to Retirement

"This article explores the unresolved ambiguity that has enabled top hat plan metastasis into upper-middle compensation ranges. It documents the sources of the pathologies associated with the expansion of top hat pensions and traces their consequences. And it surveys the leading responses to these developments, some of which offer only partial solutions, while others could be accomplished only by legislation." [Washington University in St. Louis Legal Studies Research Paper No. 21-11-01]  MORE >>

Profs. Peter J. Wiedenbeck and Norman P. Stein, via SSRN

Employee Benefits Jobs

View job as Actuarial Consultant
for October Three Consulting LLC Actuarial Consultant

October Three Consulting LLC

Remote / Chicago IL / Irving TX / Jacksonville FL

View job as Actuarial Consultant
for October Three Consulting LLC

View job as Plan Document Specialist
for AimPoint Pension Plan Document Specialist

AimPoint Pension


View job as Plan Document Specialist
for AimPoint Pension

View job as Regional Employee Benefits Compliance Lead
for Hilb Group Regional Employee Benefits Compliance Lead

Hilb Group

Remote / Cranston RI / Needham Heights MA

View job as Regional Vice President, Outside Sales Consultant
for RetireWell Administrators, Inc. Regional Vice President, Outside Sales Consultant

RetireWell Administrators, Inc.

Remote / NY

View job as Retirement Plan Administrator
for Horace Mann/Benefit Consultants Group Retirement Plan Administrator

Horace Mann/Benefit Consultants Group

Cherry Hill NJ

Selected New Discussions

Refinancing of Participant Loan

"A participant took out a loan from his 401(k) plan on January 1, 2018 with repayments over a 5 year period ending on December 31, 2022. Participant was a qualified individual under the CARES Act and requested a suspension of the loan back in June 2020. The loan was reamortized in January 2021 which extended the original repayment end date out one year to December 31, 2023. Participant is wanting to take out another loan, but the plan only allows one outstanding loan at a time. However, the plan does permit loan refinancing and the participant is now requesting to refinance the loan. The participant is looking to take out an additional amount and refinance to December 31, 2023. Is there an issue since the replacement loan is technically more than 5 years from the existing loan's origination date of January 1, 2018?"

BenefitsLink Message Boards

Press Releases

The Center for Board Certified Fiduciaries™ (CBCF™) Is Affiliating with Wake Forest University School of Professional Studies (SPS)

Center for Board Certified Fiduciaries

EPIC National Employee Benefits Practice Receives Impressive Net Promoter Score


Vestwell Announces Plan to Acquire BNY Mellon's Sumday


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Book of Business Audits: Navigating DOL Service Provider Investigations

November 10, 2021 WEBCAST

Groom Law Group

Advanced Pension Conference (Virtual)

February 1, 2022 WEBCAST

FIS Retirement Education

Last Issue's Most Popular Items

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)

Internal Revenue Service [IRS]

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

Ice Miller LLP

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

American Benefits Council

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

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