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Retirement Plans Newsletter

November 10, 2021

6 New Job Opportunities 6 New Job Opportunities

 

Extended Pension Interest Rate Relief to Become Law; Other Reforms Pending

"The infrastructure bill [HR 3684] keeps the 5% corridor in place through 2030. At that point, the corridor will widen by 5 percentage points each year until it reaches 30% in 2035, rather than in 2030 as under ARPA.... The bill leaves unchanged the rest of ARPA's single-employer pension relief."  MORE >>

Mercer

Effectively Managing Pension Participant Pool Data (PDF)

"[Failure to maintain accurate participant pool data] can reduce the lifetime value of a fund, result in costly [DOL] audits and significantly increase exposure to cybersecurity risk. Savvy plan sponsors ... update participant/beneficiary personally identifiable information (PII), institute continuous monitoring for decedents, verify location information for participants/beneficiaries and consolidate projects via systems that significantly reduce cybersecurity risk."  MORE >>

International Foundation of Employee Benefit Plans [IFEBP]

Bundled or Unbundled 401(k) Provider? How to Choose

"In general, bundled providers offer lower fees and more straightforward services, while unbundled providers can be more custom or high-touch. Other major differences [are shown in a side-by-side comparison]."  MORE >>

Employee Fiduciary

Retirement Plan Issues When Rehiring Employees

"[M]ore and more companies are finding themselves rehiring former employees. If those former employees previously participated in an employer's 401(k) plan prior to their severance from employment ... [retirement plan] considerations include: [1] Eligibility ... [2] Credit for previous eligibility and vesting service ... [3] Distributions from the plan ... [4] Restoration of forfeitures."  MORE >>

Holland & Hart LLP

Estimates of the Financial Effects on Social Security of Enacting the Social Security for Future Generations Act of 2021 (PDF)

"[The Social Security for Future Generations Act of 2021 (HR 5737)] includes six provisions with direct effects on the Social Security trust funds.... [E]nactment of these provisions would extend the ability of the OASDI program to pay scheduled benefits in full and on time for an additional 10 years. That is, the date of projected depletion of the combined OASI and DI Trust Fund reserves would be moved from 2034 under current law to 2044 assuming enactment of the proposal, under the intermediate assumptions of the 2021 Trustees Report."  MORE >>

Office of the Chief Actuary, U.S. Social Security Administration [SSA]

Boeing Reaches Tentative Deal with Pension Fund Plaintiffs Over 737 Max

"The lawsuit, led by the trustee of the $268.3 billion New York State Common Retirement Fund, Albany ... alleged Boeing and its board of directors breached their fiduciary duties by dismantling Boeing's 'lauded safety-engineering corporate culture in favor of what became a financial-engineering corporate culture,' leading to what the plaintiffs call the flawed design of Boeing's 737 Max airplane. Under the proposed settlement ... Boeing would recover $237.5 million from the directors' insurers and also adopt new enhanced safety and oversight protocols[.]"  MORE >>

Pensions & Investments

The Value of Working with a Retirement Plan Consultant

"The four most common reasons employers engage a professional are ... [1] Plan consultants offer a unique perspective ... [2] Retirement plan consultants provide compliance assurance ... [3] Goal-oriented plan ... [4] Financial professionals can help increase plan participation."  MORE >>

Voya

[Opinion]

ARPA SFA Bailout: 0% = $6.1 Million

"[T]hese applications are easy to [compile]. They may run hundreds of pages but almost all of it is backup data with the meat being two excel spreadsheets ... And the PBGC gives you the worksheets.... [F]or any pension actuaries out there: have you ever used 0% for your valuation interest rate?"  MORE >>

Burypensions

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Bates & Company, Inc. Retirement Plan Administrator

Bates & Company, Inc.

Remote / Winter Park FL

View job as Retirement Plan Administrator
for Bates & Company, Inc.

View job as Retirement Plan Consultant
for The MandMarblestone Group, llc Retirement Plan Consultant

The MandMarblestone Group, llc

Remote / Philadelphia PA

View job as Retirement Plan Consultant
for The MandMarblestone Group, llc

View job as DC Plan Administrator
for One of the Best TPA Firms in the US DC Plan Administrator

One of the Best TPA Firms in the US

Remote / Oklahoma City OK

View job as DC Plan Administrator
for One of the Best TPA Firms in the US

View job as 401(k) Plan Administrator
for TPA 401(k) Plan Administrator

TPA

Remote

View job as Senior Defined Contribution Administrator
for Pryor Associates Senior Defined Contribution Administrator

Pryor Associates

New York NY / Hicksville NY

View job as Senior Consultant / Enrolled Actuary - Small Plans Team
for BPAS Senior Consultant / Enrolled Actuary - Small Plans Team

BPAS

Syracuse NY

Selected New Discussions

403(b) Hardship Distribution OK from Employer Matching Contribution Account?

"A 403(b) plan has all assets held in custodial accounts. Can a participant take a hardship from the employer contribution account? The new regs prevent taking employer QNEC and QMAC from custodial accounts, but what about an account that holds only matching contributions?"

BenefitsLink Message Boards

Changing TPAs, Need New Plan Document. Pay Cost from Plan?

"Plan is moving TPAs. Old TPA (obviously) will not continue to support their plan document. When the plan is restated to the new TPA's document, can that expense be passed on to the trust? Either forfeiture or participant accounts?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Get Ready for 2022: Year End Checklist for Benefit Plans

November 18, 2021 WEBCAST

Boutwell Fay LLP

Last Issue's Most Popular Items

2021 Retirement Plan Year-End Amendments and Operational Compliance

Groom Law Group

What the Ascensus Purchase of Newport Group Means to Advisers

InvestmentNews; subscription may be required

Year-End Deadlines and Considerations for Employee Benefit Plans

Husch Blackwell

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

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