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Retirement Plans Newsletter

November 8, 2021

8 New Job Opportunities 8 New Job Opportunities


[Official Guidance]

Draft Instructions for 2021 IRS Form 8955-SSA: Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits (PDF)

Nov. 5, 2021. "The [Social Security Administration] no longer processes nonstandard pages 2. Report information about separated participants only on page 2 of Form 8955-SSA. If additional space is needed for separated participants, use additional pages 2 only. Do not add another page 1 of Form 8955-SSA, spreadsheets, or other nonstandard formats."  MORE >>

Internal Revenue Service [IRS]

Federal District Court Dismisses ERISA Stock-Drop Suit

"As a threshold matter, the court held that the plaintiffs did not sufficiently allege that Aetna was a fiduciary with respect to the plan's investment decisions because Aetna had delegated its duties to the Aetna Benefits Finance Committee, which chose the plan's investment options and had the sole discretion to change them." [Radcliffe v. Aetna, Inc., No. 20-1274 (D. Conn. Sept. 30, 2021)]  MORE >>

Faegre Drinker

Pension Smoothing Relief, Digital Asset Reporting Passed in Infrastructure Bill

"[T]he pension smoothing provision was included in the nearly 3,000-page bill to help offset the cost of $550 billion in new infrastructure spending.... [The Infrastructure Investment and Jobs Act (HR 3684)] also expands information reporting requirements to include 'digital assets,' including cryptocurrency."  MORE >>

American Retirement Association [ARA]

CRS 'In Focus': Proposed Legislative Changes to Rollovers and Conversions to Roth IRAs and Designated Roth Accounts (PDF)

"Section 138311 of [the Build Back Better Act (HR 5376)], as reported by the House Committee on the Budget on November 3, 2021, would modify certain rollover rules." [IF11963, Nov. 5, 2021]  MORE >>

Congressional Research Service [CRS]

For Pension Risk Transfers, It's Safety First

"[W]eighing the financial strength and administrative capabilities of insurers can be a laborious process. Whereas price is easily understandable by all, making it a tempting hook on which to hang buying decisions. Since [DOL Interpretive Bulletin 2509.95-1] requires precisely the opposite approach, fiduciaries should guard against the temptation to put the price cart before the 'safest' horse."  MORE >>

Principal Financial Group

Survey Shows Plans Increasing Adoption of ESG

"Public plans (63%) incorporated ESG at the highest level among survey participants.... Only 20% of corporate plans incorporated ESG ... 72% of large plans incorporated ESG, and adoption rose as plan size increased.... 13% of DC plans offered a dedicated ESG option. Usage remained low, however, with an average allocation of 1.2%."  MORE >>


Corporate Pension Funding Inches Closer to Full Funding in October

"During October, corporate pensions saw strong investment returns ... The [Milliman Pension Funding Index (PFI)] market value of assets increased by $31 billion, but liabilities also increased due to a drop in the monthly discount rate, from 2.78% in September to 2.72% in October.... The funded ratio climbed from 97.2% to 98.1% as of October 31."  MORE >>


For Many Older Employees, There Isn't a Great Resignation, It's the Great Delay

"[O]ne in four employer-sponsored retirement plan participants ages 45 and older [report] that the pandemic has caused them to push back their retirement or prevented them from ever retiring at all. This is even higher for participants 65 years and older at 30%. On average, plan participants who say they will delay their retirement expect to work for at least three years later than they thought they would prior to the pandemic."  MORE >>


Executive Compensation and Nonqualified Plans

[Guidance Overview]

2022 IRS Limits for Qualified Plans Affect NQDC Planning

"The IRS changes in limits from 2021 to 2022 are relatively small. If you've already maxed out your qualified plan contributions for 2021, you will probably do the same in 2022, so you will need NQDC plans to defer any salary and bonus increases you expect in 2022."  MORE >>

Employee Benefits Jobs

View job as Compliance Analyst
for Newport Compliance Analyst


Remote / Lake Mary FL / Saint Petersburg FL / Chicago IL / Moline IL / Urbandale IA / West Des Moines IA / Pittsburgh PA / Folsom CA / Greensboro NC / Charlotte NC / Scottsdale AZ / MI / SC

View job as Junior Employee Benefits Recordkeeper
for American Pension Advisors, Ltd. Junior Employee Benefits Recordkeeper

American Pension Advisors, Ltd.

Indianapolis IN

View job as Retirement Relationship Manager - 401(k), 403(b)
for Newport Retirement Relationship Manager - 401(k), 403(b)


Remote / Folsom CA / Saint Petersburg FL / Lake Mary FL / Chicago IL / West Des Moines IA / Overland Park KS / Minneapolis MN / Lake Mary FL / Charlotte NC / Greensboro NC / De Pere WI / La Crosse WI / AZ / CO / GA / MA / MD / MI / MO / NJ / NY / OH / SC / TX / VA

View job as RSG Relationship Manager
for Chemung Canal Trust Company RSG Relationship Manager

Chemung Canal Trust Company

Elmira NY

View job as Compliance Specialist (Entry Level)
for Newport Compliance Specialist (Entry Level)



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

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Sr. Actuarial Analyst
for Newport Sr. Actuarial Analyst


Chicago IL / Dallas TX

View job as Retirement Implementation Coordinator
for Alerus Retirement Implementation Coordinator



Selected New Discussions

TPA Signing the 5500 as Sec. 3(16) Plan Administrator

"If the Plan Sponsor specifically names the TPA in the plan document as the Plan Administrator for purposes of signing Form 5500, can we entirely avoid having the Plan Sponsor sign the 5500 or any authorizations to file at all? My hope is 'yes' so that we can modify our 5500 process to provide only a copy of the filing with the Plan Sponsor for its records (and the SAR for it to distribute to the participants). Could this signing authority also extend to the SSA filing?"

BenefitsLink Message Boards

RMD Must Be Paid as Separate Distribution?

"Participant wants to take his RMD in an amount more the minimum amount. It's my understanding that a participant can request any amount as long as it's at least the minimum amount. The recordkeeper wants 2 different distributions: one for the RMD amount and one for the amount over the minimum. They say the RMD is taxed one way and the rest is taxed another way. Thoughts?"

BenefitsLink Message Boards

Press Releases

Enterprise Iron and Coherent Drive Results for the Retirement Industry

Enterprise Iron

Last Issue's Most Popular Items

IRS Announces 2022 Cost of Living Adjustments for Retirement Plan Limits

Ferenczy Benefits Law Center

2021 Year-End Preparation for Benefit Plans (PDF)

Ivins, Phillips & Barker

Draft of IRS Form W-4P: Withholding Certificate for Periodic Pension or Annuity Payments (PDF)

Internal Revenue Service [IRS]

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

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