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Retirement Plans Newsletter

November 29, 2021

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

Text of IRS PLR 202147015: Waiver of 60-Day Rollover Deadline for Roth Amounts Erroneously Deposited in Traditional IRA Account (PDF)

"Taxpayer A completed a request for a direct rollover from Plan C to Financial Institution F.... Financial Institution F received two checks from Financial Institution G, the third-party administrator for Plan C. One check ... represented contributions and earnings in Taxpayer A's designated Roth account under Plan C. The other check represented pre-tax elective deferrals and earnings thereon under Plan C. Accompanying the checks was a letter from Financial Institution G that explained the two checks. Financial Institution F, however, deposited both checks into Taxpayer A's Traditional IRA D."  MORE >>

Internal Revenue Service [IRS]


ASC CE Webcast: Ethics for Employee Benefit Practitioners

Join John Griffin, J.D., LL.M., recipient of the ASPPA Educator of the Year Award, as he discusses ethical considerations for employee benefit practitioners including ethical concerns, best ethical practices, case studies and more. Register Now!

Sponsored by ASC

[Guidance Overview]

In-Service Distributions from Defined Benefit Plans

"For a defined contribution plan, such as a 401(k) or 403(b), an in-service distribution at 59½ is a fairly straightforward process. However, in a defined benefit plan, such as a pension, an age 59½ in-service lump sum distribution must satisfy one of three thresholds before a Highly Compensated Employee or Highly Compensated Former Employee (as defined by the IRS) can receive their lump sum in-service distribution."  MORE >>

Watkins Ross

Firms Beef Up Retirement Benefits to Attract and Retain Employees

"KPMG LLP ... recently announced it will overhaul its 401(k) matching formula -- and replace it with something far more generous.... Other sponsors are looking at everything from eligibility requirements to adding emergency savings accounts and other features to their plans in addition to matching formulas."  MORE >>

Pensions & Investments

What's More Important to Employees Now: Savings Plan Deferrals or Paying Down Personal Debt?

"Despite the challenges facing individuals when it comes to a decision to contribute to retirement savings or pay down personal debt, oftentimes a combination strategy might be the best approach.... Here are four suggestions to allow for both."  MORE >>


Exceptional Usefulness and Quality icon Blueprint for 401(k)/403(b) Investments and Litigation

"[An] investor and/or investment fiduciary simply has to answer two simple questions: [1] Does the actively managed fund provide a positive incremental return relative to a comparable index fund? [2] If so, does the actively managed fund's positive incremental return exceed the actively managed fund's incremental costs? If the answer to either of these questions is 'no,' then the actively managed fund is not a prudent investment choice relative to the benchmark index fund."  MORE >>

The Prudent Investment Fiduciary Rules

Tips for Evaluating Target Date Solutions

"There are two key factors to begin with when selecting a target date solution: Plan objectives and plan characteristics.... Creating one glide path for a large group of employees requires a different way of looking at them and their needs.... By taking a step back and reviewing the plan, its goals, characteristics, and participant population, sponsors will be better equipped to take on questions such as the relative merits of active versus passive investments in a target-date option."  MORE >>

T. Rowe Price; free registration required

Reasons Not to Use Pension Funding Relief

"Using the funding relief will allow plan sponsors to reduce their contributions, and it might give them more room to take risks and implement settlements of pension obligations, but there is no change in the total financial obligation of the plan, or to the company balance sheet, or PBGC premiums or the cost to terminate a plan[.]"  MORE >>

PLANSPONSOR; free registration may be required


Democrats Want to Rescue Union Pensions from the Party's Failed Bailout Plan

"Democrats entangled themselves in the web of multiemployer union pension plans financial alchemy and based the bailout on optimistic hypothetical investment returns, instead of the market value of liabilities. Plans use this sleight of hand to value pensions at less than half of cost and is a key reason multiemployer union pension plans, along with state and local government pensions, are severely underfunded to begin with."  MORE >>

Aharon Friedman, via The Hill

Employee Benefits Jobs

View job as Implementation Specialist
for One of the Best TPA Firms in the US Implementation Specialist

One of the Best TPA Firms in the US

Remote / Oklahoma City OK

View job as Implementation Specialist
for One of the Best TPA Firms in the US

View job as 401(k) Compliance Documents Manager
for Human Interest 401(k) Compliance Documents Manager

Human Interest

Remote / Denver CO

View job as Marketing Content Copywriter
for Ubiquity Retirement + Savings Marketing Content Copywriter

Ubiquity Retirement + Savings

Remote / San Francisco CA

View job as Project Manager / Plan Implementation Team
for The Retirement Plan Company (TRPC)/an ABG firm Project Manager / Plan Implementation Team

The Retirement Plan Company (TRPC)/an ABG firm


Selected New Discussions

Annoying: Auditors Who Ask TPAs to Provide Prior 5500's

"Why do auditors ask for prior year 5500's? All the filings going back to 2009 are online, and can be downloaded in an instant."

BenefitsLink Message Boards

ESOP Sponsor Acquiring Property from Related Employer

"An ESOP sponsor is controlled by husband and wife, who are direct shareholders in the sponsor and are also the ESOP's trustees. Is there a prohibited transaction or fiduciary breach if the ESOP sponsor leases or purchases property from a company that is in a controlled group with the ESOP sponsor?"

BenefitsLink Message Boards

Worthless Assets at Time of Plan Termination -- Can They Be Donated?

"I have an older client who has a single member business (a civil engineer consultant). He wants to retire. Unfortunately, he got hooked up with a guy who sold him 2 lots in an RV park, which are basically worthless. He can't sell them. He's ready and willing to walk away if that is what it takes to liquidate his plan once and for all. Can the plan donate the RV lots to a charity?"

BenefitsLink Message Boards

Press Releases

Leading Executive Compensation and Benefits Lawyer Michael Bergmann Joins Cadwalader


State Street Global Advisors and the University of California Innovate on Retirement Income Strategy with Launch to Participants

State Street

Last Issue's Most Popular Items

House Version of 'Build Back Better' Act Includes Retirement Plan and Benefits Provisions


IRA 'Checkbook Control' in the Crosshairs?

Groom Law Group

2021 Is the Last Opportunity to Override 5-Year Rule and Stretch Distributions for 401(k)s Inherited in 2019

Appleby Retirement Dictionary

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

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