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Retirement Plans Newsletter

December 2, 2021

3 New Job Opportunities 3 New Job Opportunities

 

[Official Guidance]

Text of PBGC Final Regs: Allocation of Assets in Single-Employer Plans; Valuation of Benefits and Assets; Expected Retirement Age

"This rule amends the [PBGC's] regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2022. This table is needed to compute the value of early retirement benefits and, thus, the total value of benefits under a plan."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

Infrastructure Law Kicks Pension Funding Cans Down Newly Paved Roads

"ARPA allowed use of a 25-year average corporate bond rate multiplied by 95% through 2025.... Then, the 95% multiplier was to drop 5% annually until ultimately reaching 70% in 2030.... IIJA punts the ARPA schedule an additional half-decade down the asphalt. The 95% multiplier is now in effect through 2030, with the ultimate 70% multiplier not scheduled to arrive until 2035."  MORE >>

Principal Financial Group

Second Circuit: Union Trustees Not Acting as Fiduciaries When They Passed Invalid Plan Amendments

"Looking to the terms of the Trust Agreements, the Second Circuit agreed with the district court that the Union Trustees failed to comply with those Agreements.... However, the Second Circuit disagreed with the district court that the Union Trustees were acting in a fiduciary capacity when they passed the amendments because passing procedurally invalid amendments was not a fiduciary function within the meaning of ERISA." [Massaro v. Palladino, No. 20-1807 (2d Cir. Nov. 30, 2021)]  MORE >>

Roberts Disability Law

DOL Continues Emphasis on Enforcement in 2021

"[T]he lion's share of the amount recovered in enforcement actions was from EBSA's Terminated Vested Participant Project (TVPP), which encompasses EBSA's missing participant initiative. EBSA reported that the TVPP resulted in a recovery of over $1.5 billion."  MORE >>

Groom Law Group

Study Suggests Substantial Retirement Risks Remain

"[W]hile most surveyed workers report that they are saving for retirement, fewer than one in four (24%) are very confident that they will be able to fully retire with a comfortable lifestyle. Still, despite the pessimistic figure, the survey also finds that 49% of workers say they are 'somewhat confident,' resulting in nearly three in four workers (73%) saying they are confident they will be able to fully retire with a comfortable lifestyle."  MORE >>

American Retirement Association [ARA]

Non-Profits to Increase Focus on Retirement Income and Financial Wellness in 2022

"[T]op priorities for plan sponsors had shifted in a few key areas since surveying done before the pandemic. This included an increase in focus on retirement income solutions in plan design, as well as a 45% jump in prioritizing financial wellness tools -- just over 12.3% of surveyed organizations did so this year, versus 8.5% in the prior survey."  MORE >>

Principal Financial Group

A Group of Midwestern Retirees Are Trying to Stop Use of Hedge Funds and Private Equity in Governmental Plans

"Due to an active group of retirees and the assistance of a former Ohio attorney general, both the Ohio state auditor and the Ohio Department of Securities have launched inquiries into the Ohio State Teachers Retirement System (STRS Ohio), a $100 billion pension that has launched billions of dollars of investments into the riskier corners of the market, namely private equity and hedge funds."  MORE >>

Jacobin

FAS87 ASC715 Discount Rates and Moody's Rates, November 30, 2021

An unofficial monthly report of the Moody's Daily Long-term Corporate Bond Yield Averages and Moody's Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

BenefitsLink Message Boards

Employee Benefits Jobs

View job as VP Sales Consultant (Retirement)
for FuturePlan, by Ascensus VP Sales Consultant (Retirement)

FuturePlan, by Ascensus

Remote / FL

View job as VP Sales Consultant (Retirement)
for FuturePlan, by Ascensus

View job as National Healthcare Director
for Nyhart, part of FuturePlan by Ascensus National Healthcare Director

Nyhart, part of FuturePlan by Ascensus

Remote / Indianapolis IN / AL / AR / CT / DC / DE / FL / GA / IA / IL / KS / KY / LA / MA / MD / ME / MI / MN / MO / MS / NC / ND / NE / NH / NJ / NY / OH / OK / PA / RI / SC / SD / TN / TX / VA / VT / WI / WV

View job as National Healthcare Director
for Nyhart, part of FuturePlan by Ascensus

View job as Retirement Plan Administrator
for The Pension Company Retirement Plan Administrator

The Pension Company

Boca Raton FL

Selected New Discussions

401(k) Plan to Be Split to Avoid Audit Requirement

"Current 401(k) plan will have around 140 participants as of 12/31/2021, thus making it subject to a certified audit. The plan sponsor, to avoid the cost of an audit, desires to split the plan into two (plans are identical), effective 1/1/2022, so that each plan has 70 participants, making them not subject to audit. Can the assets remain in the same trust?"

BenefitsLink Message Boards

Remove the 16b Indicator?

"A client would like to know whether the 16b indicator can be removed. Any idea how this could be done?"

BenefitsLink Message Boards

Eligible for PS Contribution if Terminated on Last Day of Plan Year?

"Two separate questions. Plan Year is July 1 to June 30. [1] PSP has last day requirement only. If someone's last day worked is 6/30, do they a PS allocation? Why or why not? [2] For 5500 participant count. If last day worked is 7/1, are they considered 'active' for 5500 purposes at the beginning of the year?"

BenefitsLink Message Boards

Press Releases

Bolton Announces Appointment of James E. Downing as Chief Executive Officer

Bolton

Transamerica Selected as Recordkeeper for Franklin Templeton Retirement Group Plan Solution

Transamerica

IRI Announces 2021 Federal Champion of Retirement Security Award Recipients

Insured Retirement Institute [IRI]

Qualified Plan Advisors Launches Pooled Employer Plan (PEP)

Qualified Plan Advisors [QPA]

Aon Launches Interactive Model to Quantify Impact of Social Determinants of Health for U.S. Employers

Aon Hewitt

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Navigating Department of Labor Investigations of ESOPs

December 15, 2021 WEBCAST

Groom Law Group

Fundamentals of Qualified Retirement Plans for 2022 Webcast Series

January 6, 2022 WEBCAST

ASC

Last Issue's Most Popular Items

Potential Effects of the COVID-19 Pandemic and Other Mortality Trends on Corporate Defined Benefit Plans

Milliman

How to Make Annuities Work with 401(k)s

Employee Benefits Report

DOL Temporarily Halts Enforcement of Compliance with PTE and ERISA Fiduciary Obligations for Rollover Advice

Faegre Drinker

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

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