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Retirement Plans Newsletter

December 23, 2021

9 New Job Opportunities 9 New Job Opportunities


[Official Guidance]

Text of 2022 IRS Instructions for Forms 1099-R and 5498: Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc. (PDF)

23 pages: "What's New: ... [1] Payments from qualified plans to state unclaimed property funds under escheat laws must be reported on Form 1099-R.... [2] Beginning in 2022, new Form W-4R is to be used only for nonperiodic payments and eligible rollover distributions."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Transitioning to the Updated Required Minimum Distribution Tables in 2022

"For IRA owners, the switch is straightforward: they will just reference the new table. The process is more involved for taxpayers who inherited these accounts ... With respect to individuals who die after December 31, 2019, only [eligible designated beneficiaries (EDBs)] may use the life expectancy method."  MORE >>

The CPA Journal

[Guidance Overview]

DOL Issues Supplemental Guidance on DC Plan Private Equity Investments

"The Statement reiterates some of the key issues fiduciaries should consider when evaluating an investment that includes a private equity component, and it emphasizes the need for plan fiduciaries to understand the investments they are considering.... [T]here is no reason to believe a fiduciary would violate his/her duties under ERISA by operating within the four corners of the Information Letter, regardless of the size of the plan."  MORE >>

Groom Law Group

[Guidance Overview]

DOL Throws Its 2020 Self Under the Bus, Walks Back Guidance That Appeared to Open the Door to Private Equity Investments in 401(k) Plans

"The [DOL] 'clarified' a 2020 Trump DOL 'information letter' ... [following] complaints that the initial letter ... green lighted a private equity component in individual account plans, such as 401(k) plans, under certain circumstances.... The 2020 letter was a significant coup by the PE industry. It opened a wide swath of 401(k) plans with an estimated $7.3 trillion in assets (as of June 2021) to private equity investments.... The DOL's make-good is written in bureaucratic terms yet it is mostly unequivocal in admitting its earlier communication lacked even-handedness."  MORE >>


[Guidance Overview]

Latest Regulatory Agenda Offers Few Surprises for Retirement Plans

"The Biden administration's fall 2021 update to the regulatory agenda contains several items of interest to retirement plan sponsors, including proposed regulations relating to environmental, social and governance (ESG) investing ... and a number of items related to the [SECURE] Act of 2019 ... This article highlights some of the retirement plan items on the updated agendas for [EBSA, the IRS and PBGC], but omits some routine items."  MORE >>


Dismissal Motion Fails in Natixis ERISA Lawsuit

"The lawsuit, now cleared for discovery, claims that a proclivity for proprietary mutual funds has cost plan participants millions of dollars in excess fees." [Waldner v. Natixis Investment Managers, L.P., No. 21-10273 (D. Mass. Dec. 20, 2021)]  MORE >>

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Benefits in General

Interpreting Pandemic-Related Decreases in Life Expectancy (PDF)

"The [CDC] has published provisional ... estimates ... that the average life expectancy of Americans decreased by a year and a half during 2020, primarily due to the impact of COVID-19. This development ... creates an impression that the average American will live a year and a half less than they otherwise would have due to COVID-19. But what is 'life expectancy' -- and does the CDC's statement really mean what many people think it means?"  MORE >>

American Academy of Actuaries

Employee Benefits Jobs

View job as Participant Directed Retirement Plan Specialist
for T Bank, NA, a Tectonic Financial Company Participant Directed Retirement Plan Specialist

T Bank, NA, a Tectonic Financial Company

Remote / Dallas TX

View job as Participant Directed Retirement Plan Specialist
for T Bank, NA, a Tectonic Financial Company

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 Plan Administrator
for Stones River Consulting Plan Administrator

Stones River Consulting


View job as Plan Administrator
for Stones River Consulting

View job as Client Relations Manager/Compliance Analyst
for Alliance Benefit Group of Houston, Inc. Client Relations Manager/Compliance Analyst

Alliance Benefit Group of Houston, Inc.

Remote / Houston TX

View job as Client Relations Manager/Compliance Analyst
for Alliance Benefit Group of Houston, Inc.

View job as Cash Balance Retirement Account Administrator
for Alerus Cash Balance Retirement Account Administrator


Remote / MI / MN / ND / NH

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



View job as H&W Claims Administrator
for Alerus H&W Claims Administrator



View job as 401(k) Plan Administrator Trainee/Assistant
for Southern Pension Services 401(k) Plan Administrator Trainee/Assistant

Southern Pension Services

Tampa FL

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

Associated Pension Consultants


Selected New Discussions

Can Require 1,000 Hours of Service in a Six-Month Period, for 401(k) Component Eligibility?

"Looking at a plan doc prepared by another. Calendar year plan.

Eligibility for the 401(k) component is 6 months in which at least 1,000 hours of service are required, with the 401(k) component's entry date being the first month following completion of 6 months. Can a 401(k) plan require 1,000 hours of service in a 6-month period, for the 401(k) component?

For the employer's profit-sharing contribution componennt, the participant must have 12 months with 1,000 hours, so that seems fine. (Entry date is dual entry, 1st and 7th months.)"

BenefitsLink Message Boards

Last Issue's Most Popular Items

Text of EBSA Supplemental Statement on Private Equity in Defined Contribution Plan Designated Investment Alternatives

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Meet the Architect of the 401(k) Plan


DOL Rolls Over Relief for Investment Fiduciaries Into 2022


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

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