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Retirement Plans Newsletter
November 22, 2021
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8 New Job Opportunities
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[Official Guidance]
IRS Hearing Cancellation: User Fees for Enrolled Agent Special Enrollment Examination and the Enrolled Retirement Plan Agent Special Enrollment Examination
"This document cancels the public hearing on proposed amendments to the regulations on user fees for the special enrollment examinations for enrolled agents and enrolled retirement plan agents." [Hearing was previously scheduled for Nov. 23, 2021.] MORE >>
Internal Revenue Service [IRS]
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Federal District Court Enforces DOL Subpoena of Plan Service Provider Seeking Information About Cybersecurity Program and Incidents with ERISA Clients
"The court squarely rejected the Company's arguments that the DOL's subpoena power only extends to ERISA fiduciaries, finding the DOL ... may investigate 'merely on suspicion that the law is being violated, or even just because it wants assurance that it is
not.' The court also found that the requests were not too indefinite ... [and that they] were relevant to the investigation[.]" [Walsh v. Alight Solutions, LLC, No. 20-2138 (N.D. Ill. Oct. 28, 2021)] MORE >>
Jackson Lewis P.C.
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Lessons Learned from the ERISA Excessive Fee Lawsuits Filed in 2016 (PDF)
26 presentation slides, Nov. 18, 2021. "Hundreds of ERISA cases filed in last decade ... Ways to analyze changing fiduciary contours ... 2016 saw novel claims tested in court ... Five years later ... Intensive review of 91 'excessive fee' ERISA
class-actions ... Key Takeaways for advisors." MORE >>
Broadridge Fi360 Solutions
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DOL Issues Cybersecurity Guidelines and Begins Audits
"The type of documentation that the DOL has requested as part of its recent audits is quite comprehensive, including basically all information and documentation that an organization has relating to its information security systems.... [P]lan sponsors and fiduciaries should
consider how much of the [listed] documentation they can provide in the event of an audit." MORE >>
Kelley Drye & Warren LLP
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2021 Year End Reminders for Retirement Plans
"Plans may need to adopt amendments by December 31, 2021, even if the plan's plan year is not the calendar year ... Safe harbor notices must describe the general terms of the plan and the requirements, if any, to receive safe harbor contributions.... Required
Minimum Distributions." MORE >>
The Wagner Law Group
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Build Back Better Act Threatens Backdoor Roth Conversions
"The Build Back Better Act [HR 5376] would ... [prohibit] voluntary after-tax (non-Roth)
contributions from being converted to Roth after-tax contributions effective December 31, 2021... [and would] prohibit taxpayers from executing similar backdoor Roth conversions outside of the 401(k) context by rolling over after-tax amounts in traditional IRAs to Roth IRAs." MORE >>
Kilpatrick Townsend
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Employee Benefits Jobs |
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Selected New Discussions |
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RMD for 9/30 Fiscal Year Plan -- Must Use 12/31 Account Balance?
"For a September 30 FYE plan, when calculating the RMD can/do you use the 9/30 balance, or do you need to determine the 12/31 balance and calculate the distribution based on that calendar year end balance?"
BenefitsLink Message Boards
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Do Your Clients' Plans Require a Minimum Distribution After Age 70-1/2 (Not 72)?
"Do your clients' plans still require a minimum distribution after age 70½ (not 72)?"
BenefitsLink Message Boards
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Participant Loan Available Only If 10 or More Years of Service?
"Could a 403(b) loan program be established in a way that a loan can be taken for any reason, but only for individuals with 'X' years of service (e.g., 10 years of service)? The plan in question does not have any HCEs so there would not be a discrimination issue, but in
general is it permitted to structure a loan program in this manner?"
BenefitsLink Message Boards
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Webcasts and Conferences
(Retirement Plans / Executive Compensation) |
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Cybersecurity Guidance and New Proposed Rule Regarding ESG Investments from the DOL
December 7, 2021 WEBCAST
Trucker Huss
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Retirement Plan Investments: Plan Asset Hedge Fund; PE Fund Investing, 401k and IRA; ESG and Plan Voting Regulations
January 12, 2022 WEBCAST
Strafford
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Last Issue's Most Popular Items |
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Update on Retirement Policy Provisions of the Build Back Better Act
October Three Consulting
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The IRA Investor Profile: Roth IRA Investors' Activity, 2010–2018 (PDF)
Investment Company Institute [ICI]
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Privacy Notices and Retirement Plans
The Retirement Advantage
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.
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