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Retirement Plans Newsletter

January 11, 2022

6 New Job Opportunities 6 New Job Opportunities


[Official Guidance]

Text of 2021 Instructions for IRS Form 8955-SSA: Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits (PDF)

7 pages; Jan. 4, 2022. "Form 8955-SSA ... is used to satisfy the reporting requirements of section 6057(a). Form 8955-SSA is a stand-alone reporting form filed with the IRS.... DO NOT file Form 8955-SSA with Form 5500, Annual Return/Report of Employee Benefit Plan, or Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan. Use Form 8955-SSA to report information relating to each participant who separated from service covered by the plan and is entitled to a deferred vested benefit under the plan but is not paid this retirement benefit."  MORE >>

Internal Revenue Service [IRS]

[Sponsor] -- Happy New Year

Happy New Year from authors and staff. We wish you a safe and prosperous 2022. Please contact us to see how we can help you save time and money. or 612-605-2266

Sponsored by

[Official Guidance]

Text of PBGC Inspector General Report: PBGC Can Improve Effectiveness of the Missing Participants Program (PDF)

26 pages, Jan. 7, 2022. "[OIG] found that while PBGC has had success locating missing participants, the program is not as effective as it could be.... Currently, the program [1] does not have performance measures, [2] uses unreliable data management practices, and [3] MPP procedures do not reflect the actual business practices used in program administration. Without performance measures, identifying outliers in performance is difficult, and not having sound data management practices has led to a lack of quantitative data available for program evaluation. Further, the lack of [missing participant] procedures reflecting actual business practices may lead to ineffective implementation of the program and hinder continuity of operations."  MORE >>

Office of Inspector General [OIG], Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

Form 5500 Updates Address MEPs and More

"Final changes to the instructions to Form 5500 ... for the 2021 plan year implement enhanced reporting for defined contribution (DC) multiple-employer plans (MEPs), as required by the [SECURE Act] ... DOL also has updated the 2021 Form 5500 to implement the SECURE Act's provisions for retroactively adopted retirement plans, changes to multiemployer plan reporting on Schedule MB and a minor change to Schedule SB for single-employer defined benefit (DB) plans."  MORE >>


[Guidance Overview]

Exceptional Usefulness and Quality icon PTE 2020-02 Compliance: Avoiding Common Mistakes

"Here are five of the most common mistakes, and how disclosures and policies can be improved to comply with the PTE. [1] DOL warning regarding implied recommendations ... [2] Failing to recognize that rollovers include IRA-to-IRA ... [3] Failing to recognize the breadth of the terms 'Plan' and 'IRA' ... [4] Using a deficient fiduciary acknowledgement ... [5] Failing to assess reasonableness of compensation."  MORE >>

Faegre Drinker

Courts Address Rules for Protection of Retirement Plan Assets

"Most people in the retirement plan industry know that, in general, funds in qualified [ERISA] plans are protected from creditors. However, recent court decisions have expanded on the protections provided in some more specific circumstances. The treatment of retirement savings in bankruptcy does come up occasionally, but ... different situations can lead to different outcomes[.]"  MORE >>

PLANSPONSOR; free registration may be required

Bridging the Gap Between Fiduciary Committees and the IT Department (PDF)

"Technology-empowered threats to the security and confidentiality of retirement plan assets and data are exploding. Current fiduciary management methods largely lack a formal interface with the information technology function and its storehouse of expertise. These two realities demand that fiduciary committees embrace their enterprises' information technology departments in a new era of collaboration."  MORE >>

Roland Criss, via Journal of Compensation and Benefits

401(k) Fiduciary Can of Worms: Managed, Self-Directed, and TDFs! Oh, My!

"While it may sound like the managed account vs. self-directed account vs. TDF decision applies only to plan participants, the plan sponsor doesn't get off that easy.... [A] plan sponsor's fiduciary liability is defined by what's written in the plan documents, including the Investment Policy Statement. It's critical they undertake strict due diligence."  MORE >>

Fiduciary News; free registration required

Distributing Assets When an Unrelated Employer Leaves a Multiple Employer Plan

"There are often good business reasons for allowing non-controlled group members to participate in a single pension plan. But circumstances change, and the time may come when it's appropriate for an unrelated employer to leave.... Assuming there is no other distributable event, there are three options to consider: [1] Complete plan termination; [2] Partial plan termination; [3] Spinoff termination."  MORE >>


Annuity Purchases and Guaranteed Separate Accounts

"Plan sponsors completing an annuity purchase have a fiduciary duty to select a safe insurance provider, and an increasingly common factor in that decision is the use of a Guaranteed Separate Account (GSA) by the insurer.... This article describes GSAs, quantifies how much additional security GSAs can provide to participants and describes how plan fiduciaries should analyze GSAs when making the annuity provider selection."  MORE >>

River and Mercantile

How to Create an Interest-Only Retirement Plan

"A portfolio that produces enough passive income to cover your living expenses without having to invade principal guarantees that you won't outlive your assets, at least in theory.... But what does it take to engineer an interest-only retirement? And with fixed-income yields still hovering near historic lows, is it possible to achieve that goal without assuming greater risk?"  MORE >>


Benefits in General

Can Service Providers Be Trusted? (PDF)

"Many problems with service providers arise because Primary Fiduciaries do not understand their roles and accountabilities. Lack of formal training, which the DOL reports is a rampant deficiency among plan sponsors, undermines otherwise well-intentioned Primary Fiduciaries' ability to make proper choices of service providers. Consequently, they expose themselves and their employers to needless risk, as ERISA ignorance is not a legal defense."  MORE >>

Roland Criss

Employee Benefits Jobs

View job as Retirement Plan Administrator
for ForUsAll Retirement Plan Administrator



View job as Retirement Plan Administrator
for ForUsAll

View job as Product Support Specialist - Conversions
for part of Wolters Kluwer Legal & Regulatory Product Support Specialist - Conversions part of Wolters Kluwer Legal & Regulatory


View job as Product Support Specialist - Conversions
for part of Wolters Kluwer Legal & Regulatory

View job as Transaction Coordinator
for The Retirement Advantage, Inc. (TRA, Inc.) Transaction Coordinator

The Retirement Advantage, Inc. (TRA, Inc.)


View job as 401k Plan Administrator
for Northeast Planning Services, Inc. 401k Plan Administrator

Northeast Planning Services, Inc.

Remote / Waltham MA

View job as Administrative Assistant
for E.H. Thomson & Co., Inc. Administrative Assistant

E.H. Thomson & Co., Inc.

Sea Girt NJ

View job as TPA Operations Team
for Retirement Plan Administrators, LLC TPA Operations Team

Retirement Plan Administrators, LLC

Atlanta GA

Selected New Discussions

Plan Terminated Earlier in 2021 But Some Checks Still Uncashed in 2022

"Have a small 401(k) plan that terminated. Checks were issued to all participants in 2021. As of 12/31/2021, several people did not cash their checks, so assets remain in the plan. The trust therefore does have assets remaining as of 12/31/21. Can 2021 be the final Form 5500, or must do an additional 5500 for 2022?"

BenefitsLink Message Boards

IRS Assessing Late 5500 Penalties for Plans That Have the Ida Extension

"Not sure whether others have had the IRS send their clients penalty notices for late filing under the IDA extension but my clients have received them even though their address is in a covered area. Of course the letter states to call the IRS, but trying to reach them by phone is impossible. Has anyone been successful in faxing a response to IRS?"

BenefitsLink Message Boards

Plan Administrator Required to Provide Copy of Plan Document Upon Request?

"Must a plan administrator provide a copy of the plan document (including amendments) if a participant (actively employed or terminated) submits a written request for it? And if so, may they charge a reasonable amount for it?"

BenefitsLink Message Boards

Selling My TPA Business

"We're looking to sell our TPA business and wondering if anyone had a recommendation of a business broker that handles TPA firms, or know of a bulletin board that lists businesses for sale."

BenefitsLink Message Boards

Press Releases

Katie Martin Named New President and Chief Executive Officer of HCCI

Health Care Cost Institute [HCCI]

Everside Health Announces Launch of COVID-19 Surveillance Testing Solution for Large Employers

Everside Health

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ERISA Update for Investment Advisers and Fund Managers

January 19, 2022 WEBCAST

Thompson Hine LLP

Annual Funding and Other Retirement Plan Notices: What You Need to Know

January 26, 2022 WEBCAST

PBI Research Services

Last Issue's Most Popular Items

T. Rowe Price to Pay $7 Million, Add Brokerage Window to 401(k)

Bloomberg Law

Considerations for Plan Sponsors Mulling SDBAs

American Retirement Association [ARA]

Text of DOL Inspector General Report to Congress, Including Findings and Recommendations for EBSA (PDF)

Office of Inspector General [OIG] for the U.S. Department of Labor [DOL]

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

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