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Retirement Plans Newsletter

November 23, 2021

7 New Job Opportunities 7 New Job Opportunities


[Official Guidance]

Present Value of PBGC Maximum Guarantee for 2022

"The values [in this table] apply to benefits with annuity starting dates in 2022. View a two-column spreadsheet version ... The 2022 table was developed using the 417(e) segment rates for August 2021 (0.66%, 2.50% and 3.12%, respectively) for plan years beginning in 2022 and the 417(e) applicable mortality table for 2022."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

ERISA Section 4044 Mortality Table for 2022 Valuation Dates

"This mortality table is used to determine the present value of annuities in involuntary terminations and distress terminations of single-employer plans, as discussed in 29 CFR 4044. This mortality table is also available in EXCEL."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

ERISA Section 4050 Mortality Table (Missing Participants) for 2022 Valuation Dates

"This mortality table is used as part of the 'missing participant annuity assumptions' as discussed in 29 CFR 4050. This mortality table is also available in EXCEL."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

DOL's Latest ESG Proposal: The More Things Change, the More They Stay the Same

"[T]he Proposed Rules retain the rule that investment decisions and the exercise of shareholder rights must be based solely on risk and return factors (i.e., one may not sacrifice investment returns or take additional risk in support of a collateral objective), and do not offer a 'safe harbor' for adding an ESG-themed fund to a 401(k) or 403(b) plan lineup."  MORE >>


[Guidance Overview]

Retirement Plan Legislation: Infrastructure Act, Build Back Better Act, and Proposed Retirement Improvement and Savings Enhancement Act

"[Provisions of the Infrastructure Investment and Jobs Act (IIJA) that] further increase in the already generous ARPA DB funding relief will significantly reduce ERISA minimum funding requirements and limit the application of funding-related benefit restrictions. As a result, sponsors that are at the variable-rate premium (VRP) 'headcount cap,' and thus can reduce VRPs simply by reducing participant headcount, will have more headroom to make such reductions, before minimum funding rules or benefit restrictions apply."  MORE >>

October Three Consulting

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 4: Mitigation of Conflicts

"Both Reg BI and PTE 2020-02 contemplate periodic (e.g., annual) review of the firm's conflicts of interest. If changes in products or services cause new conflicts, the expectation would be that the firm's policies and procedures be updated appropriately. However, there is a significant difference between the conflict mitigation requirements of Reg BI and the PTE."  MORE >>

[Guidance Overview]

New York Employers Soon Required to Enroll Employees in Retirement Savings Plan

"While the law became effective when Governor Hochul signed it into law on October 21, it is unclear when the Program will open for enrollment. It is not expected this will happen until sometime in 2022.... Once the Program opens for enrollment, [affected employers] will have nine months to setup the payroll deposit system."  MORE >>

Fisher Phillips

Proposed Revisions to Form 5500

"Proposal to determine financial statement audit requirement based on the number of accounts rather than the number of eligible participants.... Low participation plans want a change in participant-count methodology to allow more plans to use simplified reporting and avoid the audit.... Timing of the proposed changes if adopted."  MORE >>

Belfint Lyons Shuman

Why You Should Encourage 'Mini' Retirement Plan Audits

"[R]egularly conducting 'mini' plan audits allows compliance to be broken down into more manageable, bite-sized pieces. These voluntary reviews require minimal time and resources and can pay big dividends. Not only do they help ensure plans are running smoothly in advance of a required plan audit, they also may uncover issues that aren't on an accountant or auditor's watchlist."  MORE >>


Majority of Employees Would Welcome Retirement Income Options in DC Plans

"Nearly twice as many study respondents prefer a plan that offers a mix (49.5%) to a system that uses only investments (26.5%) or only a pension (24%) to provide income in retirement.... Survey respondents were given the ability to select allocations among stocks, safe investments such as bonds and an instrument that provides guaranteed lifetime income, with the total allocation adding up to 100%. Overall, participants placed 35.5% in stocks, 31% in bonds and 33.5% in guaranteed lifetime income."  MORE >>


Newly Flush with Cash, Retirement Funds Struggle to Find Appealing Investments

"State and local pension funds are reaping a historic windfall thanks to billions of dollars in record market gains and surplus tax revenues. Now they need to decide what to do with the money. It is a bittersweet dilemma ... Just when they finally have cash to play around with, every investment opportunity seems perilous."  MORE >>

The Wall Street Journal; subscription may be required

In Remembrance: Employee Benefits Attorney Jim Keightley (1942-2021)

"Keightley & Ashner LLP is mourning the passing of founding partner Jim Keightley. The firm is forever indebted to Jim for his key role in establishing the firm, for his countless contributions to the firm's success, and for his wise counsel to, support of, and friendship with all of us at K&A. He will be missed by so many people whose lives he has touched."  MORE >>

Keightley & Ashner LLP

Should You Take an Extra Big RMD This Year?

"How much additional income can you recognize this year while still staying within your current tax bracket? ... What is your income projected to be next year? ... How does your current tax rate compare with the tax rates of your IRA beneficiaries?  ... Increases in income can mean higher Medicare Part B & D premiums in coming years, so that should be considered in the context of total savings."  MORE >>


Employee Benefits Jobs

View job as Plan Administrator / Assistant
for National Employers Retirement Trust Plan Administrator / Assistant

National Employers Retirement Trust

Remote / Bethesda MD / DC / PA / VA / WV

View job as Defined Contribution Plan Administrator
for PPS Pension Services Defined Contribution Plan Administrator

PPS Pension Services

Remote / Williamsville NY

View job as Defined Contribution Plan Administrator
for PPS Pension Services

View job as Retirement Plan Consultant
for Cetera Retirement Plan Specialists Retirement Plan Consultant

Cetera Retirement Plan Specialists


View job as Retirement Plan Consultant
for Cetera Retirement Plan Specialists

View job as Compliance Administrator II
for Associated Pension Consultants Compliance Administrator II

Associated Pension Consultants


View job as DC Administrator with a Life!
for Nova 401(k) Associates DC Administrator with a Life!

Nova 401(k) Associates

Remote / Houston TX / Dallas TX / Scottsdale AZ

View job as Service Specialist - 401(k) / S125, Key Partner Service
for Paychex, Inc. Service Specialist - 401(k) / S125, Key Partner Service

Paychex, Inc.

Rochester NY / Phoenix AZ

View job as Retirement Plan Consultant
for Qualified Plan Administrators, Inc. Retirement Plan Consultant

Qualified Plan Administrators, Inc.

Remote / Greensboro NC

Selected New Discussions

One-Life DB Takeover with No AFTAPs

"I'm looking into taking over a set of one-life, owner-only DB plans. AFTAPs were never done because these were one lifers. AFTAPs are never exempt unless frozen prior to 9/5/2005, if I recall correctly. Some of them have been around for many years. If anyone has any experience with this situation, could you share on the fix?"

BenefitsLink Message Boards

Sole Proprietor Wishes He Hadn't Set Up a SEP-IRA in Early 2021

"Solo Proprietor earlier this year funded a SEP-IRA for the 2021 tax year. Now, due to a surprise increase in earnings, he wants to fund a Solo 401(k). The idea is that he will be able to contribute the maximum ($58,000) which he won't be able to with the SEP. I'm aware that an employer can't fund both a SEP and a Solo 401(k) in the same tax tax, assuming the SEP was established using IRS Form 5305-SEP. That being said, what options, if any does the owner have in reversing/canceling the SEP contributions? And instead fully funding the Solo(k) for 2021?"

BenefitsLink Message Boards

Press Releases

National Competition Selects Three 401(k) Champions®

401(k) Champion® Award

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

The DOL’s About-face on ESG for ERISA Plan Fiduciary Investment Decision-making


Ropes & Gray

Ethical Considerations for ERISA Attorneys

December 14, 2021 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Ask the Experts

December 16, 2021 WEBCAST

Boutwell Fay LLP

Last Issue's Most Popular Items

Lessons Learned from the ERISA Excessive Fee Lawsuits Filed in 2016 (PDF)

Broadridge Fi360 Solutions

Federal District Court Enforces DOL Subpoena of Plan Service Provider Seeking Information About Cybersecurity Program and Incidents with ERISA Clients

Jackson Lewis P.C.

Build Back Better Act Threatens Backdoor Roth Conversions

Kilpatrick Townsend

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

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