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Retirement Plans Newsletter

December 30, 2021

13 New Job Opportunities 13 New Job Opportunities

 

[Official Guidance]

Exceptional Usefulness and Quality icon Text of Instructions for IRS Form 8950: Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPCRS) (PDF)

Rev. Jan. 2022. "What's New: ... Modifications have been made to improve the Employee Plans Compliance Resolution System (EPCRS) by making changes to: [1] Accommodate revisions to the IRS's Voluntary Correction Program (VCP), and [2] Update various references and add other miscellaneous changes."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Exceptional Usefulness and Quality icon Auditing Standard SAS 136: Raising the Bar for Retirement Plan Sponsor Fiduciary Committees

"Plan sponsors, fiduciaries, and fiduciary committees are all affected by the revised rules in at least the following three ways: [1] 'Limited scope' vs. 'ERISA Section 103(a)(3)(C)' -- What's in a name? ... [2] New obligations imposed on 'management' ... [3] Management policies and procedures."  MORE >>

Mintz

[Guidance Overview]

Understanding the Multiemployer Pension Plan Construction Industry Exemption

"The [building and construction industry] exemption can serve as a life preserver for a business: a way to avoid costly withdrawal liability. An employer (and counsel) must understand the requirements of the exemption as to the fund and the union."  MORE >>

Jackson Lewis P.C.

Increasing DC Plan Default Deferral Rate Drives Higher Savings

"A new research paper suggests that defined contribution plan sponsors should focus on increasing the default savings rate to help boost participants' retirement savings for new employees rather than increasing employer matching contributions."  MORE >>

PLANSPONSOR; free registration may be required

Cash Balance Plans: Advantages and Disadvantages

"Cash balance plans made up 42% of all defined benefit plans in 2018, up from 2.9% in 2001, and this market continues to see double digit annual growth each year, primarily for small to mid-size companies (defined as those with less than 100 employees) compared to relatively flat growth in other qualified plans."  MORE >>

Retirement Management Services, LLC

Exceptional Usefulness and Quality icon Maximizing NUA Benefits for Employee Stock Ownership Plans

"[A]dvisors can help clients who are employees of private companies determine whether they can take advantage of NUA in the first place. For example, employees who work for S corporations may have distribution contingencies in their plan that result in an immediate long-term capital gain tax on distributions that need to be immediately sold, on top of the ordinary income tax due on the original purchase price."  MORE >>

Nerd's Eye View

In Memoriam: Karen Ferguson, President and Founder of the Pension Rights Center

Photo of Karen W. Ferguson
Photo: Pension Rights Center

"Karen Ferguson ... president and founder [of the Pension Rights Center in Washington, D.C.] ... died on December 23rd from cancer.... Through her brilliance and determination, [in 1976, ten years after her 1966 graduation from Harvard Law School,] Karen created the leading organization fighting for pension beneficiaries and their families.... For 45 years, Karen was involved in virtually every piece of pension legislation [including the Retirement Equity Act of 1984] ... Karen also founded the Center's legal program [of approximately 570 registered laywers], which serves as the resource center to six pension counseling and information programs ... [which] have helped tens of thousands of people obtain the pensions they have earned.... Over her career, Karen testified at scores of congressional and regulatory hearings, was quoted in hundreds of articles and co-authored, with Kate Blackwell, an acclaimed book on pensions, Pensions in Crisis: Why the System is Failing America and How You Can Protect Your Future.... Ralph Nader, who inspired Karen and provided her with the initial donation to create the Center, remarked '... Unassuming and unsung, she was both the brains and the national networker of efforts behind pension law reform. Her quiet, authoritative influence was felt on Capitol Hill, in executive suites, on the shop floors, and among specific pensioners needing immediate help.' ... In lieu of flowers, Karen's family has asked that donations be made to the Pension Rights Center."  MORE >>

Pension Rights Center

[Opinion]

Many Face Gloomy Retirement Prospects (PDF)

"In 2017 about 6.7 million persons age 60 and over qualified for Food Stamps ... [The author estimates] an additional 25 million or more private sector employees will enter the over age 50 population during the next generation with insufficient retirement income prospects.... The split between public and private retirees is not clearly defined, but we know public employee plans are rarely terminated or curtailed. Private sector workers are the most affected."  MORE >>

H.C. Foster & Company

Employee Benefits Jobs

View job as Retirement Plan Documents Specialist
for Loren D. Stark Company (LDSCO) Retirement Plan Documents Specialist

Loren D. Stark Company (LDSCO)

Remote / Houston TX

View job as Retirement Plan Documents Specialist
for Loren D. Stark Company (LDSCO)

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

The Retirement Plan Company (TRPC)/an ABG firm

Remote

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

View job as Benefits Specialist
for Air Line Pilots Association Benefits Specialist

Air Line Pilots Association

CA

View job as 401(k) Retirement Administrator
for United Health Group 401(k) Retirement Administrator

United Health Group

Remote

View job as Relationship Manager for Non-Qualified Retirement Plans
for Newport Relationship Manager for Non-Qualified Retirement Plans

Newport

Remote / AZ / CA / CO / FL / GA / IA / IL / KS / MA / MD / MI / MN / MO / NC / NJ / NY / OH / SC / TX / VA / WI

View job as Senior Relationship Manager for Non-Qualified Retirement Plans
for Newport Senior Relationship Manager for Non-Qualified Retirement Plans

Newport

Remote / AZ / CA / CO / FL / GA / IA / IL / KS / MA / MD / MI / MN / MO / NC / NJ / NY / OH / SC / TX / VA / WI

View job as Specialist, Implementation Operations
for Vestwell Specialist, Implementation Operations

Vestwell

Remote

View job as Client Relationship Manager
for FuturePlan, by Ascensus Client Relationship Manager

FuturePlan, by Ascensus

Remote

View job as Defined Contribution Plan Consultant
for FuturePlan, by Ascensus Defined Contribution Plan Consultant

FuturePlan, by Ascensus

Remote

View job as Defined Benefit Plan Consultant
for FuturePlan, by Ascensus Defined Benefit Plan Consultant

FuturePlan, by Ascensus

Remote

View job as Testing Specialist II
for FuturePlan, by Ascensus Testing Specialist II

FuturePlan, by Ascensus

Remote

View job as Compliance Analyst
for FuturePlan, by Ascensus Compliance Analyst

FuturePlan, by Ascensus

Remote

View job as Actuarial Analyst
for Nyhart, part of FuturePlan by Ascensus Actuarial Analyst

Nyhart, part of FuturePlan by Ascensus

Remote / San Diego CA / AZ / CO / ID / MT / NM / NV / OR / UT / WA / WY

Last Issue's Most Popular Items

Federal Agencies Release 2021 Annual Return/Report Series: Forms 5500, 5500-SF and 5500-EZ

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]; Internal Revenue Service [IRS]; and Pension Benefit Guaranty Corporation [PBGC]

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

Groom Law Group

Process Prevails in ERISA Excessive Fee Victories

Greenberg Traurig

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

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