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Retirement Plans Newsletter

November 17, 2021

10 New Job Opportunities 10 New Job Opportunities


[Guidance Overview]

New California Law Shifts Liability for Certain CalPERS Benefit Overpayments to Employers

"Starting in 2022, CalPERS contracting agencies will bear the risk of certain overpayments to retirees that result from compensation reporting errors. The employer, rather than the retiree, will have to repay the overpayment and pay a 'penalty' based on the present value of future benefit payment adjustments. The new law applies retroactively to [certain] CalPERS determinations disallowing reported compensation made on or after January 1, 2017[.]"  MORE >>

Hanson Bridgett LLP

Form 5500 DOL Investigations

"[M]any investigations are opened because your plan meets criteria that a current initiative has flagged.... The most recent initiative ... has been the DOL's terminated-vested participant program.... [T]he DOL has targeted plans based on readily available information in Form 5500 -- mainly defined benefit plans and specifically plans that report a large number of terminated vested participants."  MORE >>

Groom Law Group

Exceptional Usefulness and Quality icon PBGC's Claimed Global Reach: A Practical Guide for Navigating Through the Uncertainty (PDF)

"As we near the half-century mark from the time of ERISA's enactment, whether and, if so, under what circumstances a foreign affiliate of a US plan sponsor can be successfully pursued for a controlled group obligation remains unclear. The unsettled nature of the legal landscape can be an opportunity, as long as an effective PBGC strategy is developed to navigate through the uncertainty."  MORE >>

Keightley & Ashner LLP, via Journal of Pension Benefits

City of Milwaukee Pension System Task Force Identifies Ideas to Address Financial Challenges

"Among the ideas offered by the task force: Closing the city pension plan to new entrants and having them instead join the state's retirement program; creating a new design and benefits structure for new entrants; and reducing city services and staffing.... Milwaukee could have to lay off 1,300 employees -- 24% of its municipal workers -- between 2023 and 2025 to pay the city's annual pension contribution if changes aren't made to funding requirements[.]"  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]

Ohio Pension Fund Sues Meta (Formerly Facebook)

"The $91.2 billion Ohio Public Employees Retirement System [OPERS] is suing Meta, previously known as Facebook, for securities fraud. The pension fund claims that Meta misrepresented the safety of its platforms for vulnerable users ... to its shareholders and the general public. OPERS said this resulted in harm to stock owners when [a] whistleblower ... emerged in September with a slew of internal documents revealing that the company was aware of the harmful effects of its platforms on its young users." [Ohio Public Employees Retirement System v. Meta Platforms, Inc., No. 21-8812 (N.D. Cal. complaint filed Nov. 12, 2021)]  MORE >>

Institutional Investor

House Retirement Bill Advances, Seeks Scrutiny of Pension Risk Transfers

"[The Retirement Improvement and Savings Enhancement (RISE) Act (HR 5891)] passed the House Committee on Education and Labor on Nov. 10.... Unlike other SECURE 2.0 bills to date, the RISE Act directs DOL to review how ERISA's fiduciary standards apply when a defined benefit (DB) plan sponsor outsources some or all of its pension risk by purchasing annuities from an insurance company or other annuity provider.... Other RISE Act provisions are similar or identical to earlier proposals."  MORE >>


ESG: Popular, But Not Simple

"When considering whether a published benchmark is appropriate, here are a few questions to ask: [1] What is the source of the ESG data used to rate the benchmark constituents? What is the criteria for choosing that source? [2] What ESG factors are used in compiling the benchmark? What is the construction methodology for the benchmark? ... [3] Is the benchmark recognized as a broad and investable index? ... [S]election of a benchmark is not a static event."  MORE >>

PLANSPONSOR; free registration may be required


DOL Amicus Brief Supporting Denial of Supreme Court Review of Gannett Fiduciary Case (PDF)

29 pages. "The court of appeals correctly determined that respondents' amended complaint states claims for breach of ERISA's duties of prudence and diversification. Respondents plausibly allege that petitioners acted imprudently by failing to investigate red flags about the Plan's TEGNA stock holdings and to divest that stock within an appropriate time. Respondents also plausibly allege that the Plan as a whole was not adequately diversified because petitioners offered the TEGNA Stock Fund in addition to the New Gannett ESOP in the same sector. Contrary to petitioners' contention, the court of appeals' decision does not create any clear conflict with the decision of another federal court of appeals that warrants this Court's review. And petitioners likewise err in asserting that the court of appeals' decision conflicts with Dudenhoeffer. The petition for a writ of cer- tiorari should be denied." [Gannett Co. v. Quatrone, No. 19-1212 (4th Cir. Aug. 11, 2020; cert. pet. filed Oct. 30, 2020, S. Ct. No. 20-609)]  MORE >>

U.S. Solicitor General, on behalf of the Solicitor of Labor

Executive Compensation and Nonqualified Plans

Exceptional Usefulness and Quality icon ESG Continues to Find Its Way Into Incentive Compensation Plans

"Traditional incentive compensation metrics, namely quantitative shareholder return and financial and operational metrics, still dominate but, increasingly, qualitative 'social' factors, such as diversity and pay equity, are playing a meaningful role in executives' take-home incentive pay."  MORE >>

Shearman & Sterling LLP

Employee Benefits Jobs

View job as Retirement Plan Consultant
for Multnomah Group, Inc. Retirement Plan Consultant

Multnomah Group, Inc.


View job as Retirement Plan Consultant
for Multnomah Group, Inc.

View job as Non-Qualified Retirement Plan Administrator
for The Hebets Company, NFP Non-Qualified Retirement Plan Administrator

The Hebets Company, NFP

Remote / Phoenix AZ

View job as Non-Qualified Retirement Plan Administrator
for The Hebets Company, NFP

View job as Sr Recordkeeping Specialist
for BlueStar Retirement Services, Inc Sr Recordkeeping Specialist

BlueStar Retirement Services, Inc


View job as Sr Recordkeeping Specialist
for BlueStar Retirement Services, Inc

View job as Compliance Consultant
for Small National TPA Compliance Consultant

Small National TPA


View job as Plan Administration Manager, Client Services
for The Retirement Advantage, Inc. (TRA) Plan Administration Manager, Client Services

The Retirement Advantage, Inc. (TRA)


View job as Assistant Administrator
for Pollard & Associates, Inc. Assistant Administrator

Pollard & Associates, Inc.

Hunt Valley MD

View job as Human Resource Operations Analyst (Retirement & Benefits)
for Adventist Health Human Resource Operations Analyst (Retirement & Benefits)

Adventist Health

Roseville CA

View job as Insurance Carrier Analyst (Entry level)
for Newport Insurance Carrier Analyst (Entry level)


Greensboro NC

View job as ESOP Retirement Account Administrator, Senior
for Alerus ESOP Retirement Account Administrator, Senior



View job as Retirement Account Administrator
for Alerus Retirement Account Administrator



Selected New Discussions

File Under DFVCP Without Attaching the Required Audit?

"Is it possible to file under DFVCP without the required auditor report attached? The Form 5500 was filed already and accepted without an audit report. IRS has issued penalty notice but due to some very unique circumstances including a company merger, audit is just in the initial stages. IRS notice is coming up on 30 days. Would it be OK to have the plan sponsor/TPA refile the same Form 5500 under DFVCP (again, without an audit) and then amend the form again once the audit is completed?"

BenefitsLink Message Boards

PBGC Coverage -- When Does It End?

"Calendar DB plan for 2021. Owner plus 1 rank-and-file participant. As of 8/31/2021, the rank-and-file participant is paid out, so now only owner remains. Applied to PBGC for an exemption from coverage and got a response stating that the case is not yet assigned to an agent. Hence no formal exemption determination. Owner wants to make full $58,000 profit sharing contribution plus a rather large DB contribution. The rank-and-filer will receive whatever PS allocation is due. When is the DB plan officially considered not covered by PBGC? When is the PS portion is limited to 6%?"

BenefitsLink Message Boards

Two Non-Profits Merge; Acquired Org Has a 401(k) Plan -- What Happens to That Money?

"A non-profit client of mine with a 403(b) plan absorbed a smaller non-profit organization that has a 401(k) plan. I told them that the two plans couldn't merge. The participants are all being retained as employees, but obviously they're now employed by the surviving non-profit employer. I still have nightmares about the same-desk rule -- are these people considered 'terminated' and therefore can roll their 401k money into the 403b plan as rollovers? Or is an IRA their only option?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Target Date Funds in the Spotlight: How Well Are 401(k) Participants Using Them?

November 30, 2021 WEBCAST

EBRI [Employee Benefit Research Institute]

Investment by ERISA Plans in Private Equity Funds

December 7, 2021 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

Year-End Considerations for Employer-Sponsored Retirement and Health Plans

Troutman Pepper

Excessive Fee Lawsuits Without Excessive Fees: The Case of the $30 Recordkeeping Fee

Euclid Specialty Managers

Reminder: No Rush to Adopt Retirement Plans, ESOPs Included, by End of 2021 for Tax Deduction Purposes

Morgan Lewis

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

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