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Retirement Plans Newsletter

December 29, 2021

2 New Job Opportunities 2 New Job Opportunities


Church Plan Litigation: Out of the ERISA Woods Into the State Law Forest

"A recent slip opinion in a case involving a church plan maintained by a hospital in upstate New York reminds us that being a non-ERISA plan brings its own set of challenges because state law is not preempted. In particular, the case illustrates that, if a church plan starts to fail to pay benefits, its sponsor -- as well as related entities such as the church it is controlled by or associated with -- may find themselves subject to various pension-related claims under state law." [Hartshorne v. The Roman Catholic Diocese of Albany, New York, 2021 NY Slip Op. 07329 (3rd App. Div., Dec. 23, 2021)]  MORE >>

Groom Law Group

Process Prevails in ERISA Excessive Fee Victories

"California and North Carolina district courts have dismissed major class action challenges to AT&T and Lowe's 401(k) plan recordkeeping fees based on extensive step-by-step documentation that the plan fiduciaries acted prudently in monitoring the plan's recordkeeping expenses. These cases provide a useful guide for the type of evidence needed in ERISA breach of fiduciary claims and likely variants." [Alas v. AT&T Services, Inc., No. 17-8106 (C.D. Cal. Sep. 28, 2021); Reetz v. Lowe's Companies, Inc.; Administrative Committee of Lowe's Companies, Inc. and Aon Hewitt Investment Consulting, Inc., No. 18-075 (W.D.N.C. Oct. 12, 2021)]  MORE >>

Greenberg Traurig

Plaintiffs Allege ERISA Breach by Chicago ESOP Consultant

"Retirement plan participants invested in the West Monroe [ESOP] allege that plan fiduciaries improperly appraised the company at a deflated valuation that undervalued employees' shares." [Daly v. West Monroe Partners, Inc., No. 21-6805 (N.D. Ill. complaint filed Dec. 22, 2021)]  MORE >>

PLANSPONSOR; free registration may be required

Questions for DC Plan Sponsors Heading Into 2022

"[1] Are you crunching the numbers and considering the data? ... [2] Are you keeping up with investment product evolution? ... [3] How are you managing fiduciary responsibilities? ... [4] Is growth within the DC retirement space a problem? ... [5] How will legislation and regulation affect your plan in 2022?"  MORE >>

American Retirement Association [ARA]

Transitioning from DB to DC: What Plan Sponsors Need to Know

"In the 2011 Employee Benefits Survey, 57% of responding organizations offered a DB pension plan. By 2020, that figure had fallen to 40%, driven primarily by a decrease from corporate/single-employer respondents (from 35% in 2011 to 19% in 2020).... Given this trend, it is becoming increasingly important to offer a variety of financial/retirement planning benefits to ensure that your plan participants are making informed decisions to ensure adequate retirement security."  MORE >>

International Foundation of Employee Benefit Plans [IFEBP]

Nearing Retirement? Ditch 'Hidden' 401(k) Fees

"If you're 59½ or older, and your employer's plan allows it, which most do, you can move your balance directly from your 401(k) to an IRA and enjoy several potential benefits, including: More control.... More investment choices.... It may make it easier to do a Roth conversion.  ... You can still contribute new money to your 401(k)."  MORE >>


Employee Benefits Jobs

View job as Distribution Specialist
for Carpenter Morse Group Inc. Distribution Specialist

Carpenter Morse Group Inc.


View job as Distribution Specialist
for Carpenter Morse Group Inc.

View job as Implementation Specialist
for Ubiquity Retirement + Savings Implementation Specialist

Ubiquity Retirement + Savings


View job as Implementation Specialist
for Ubiquity Retirement + Savings

Selected New Discussions

Lump Sum When Normal Form Isn't Life and There's a Table of....

"Plan has its own table to convert the normal form of '10 years certain + life' to other forms, including single life annuity. For IRC section 417 purposes, do I do the lump sum first by: [1] Convert 10cc to life via the plan factors, and then convert the life amount to lump at 417 rates, or [2] Convert 10cc to lump sum with 417e factors, but convert 10cc to life separately with plan factors (even though the lump sum value of that life annuity would be different)? I assume the plan's AE factors aren't going to override 417 minimums.

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

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