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Retirement Plans Newsletter

January 14, 2022

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of Draft IRS Publication 15-A: Employer's Supplemental Tax Guide, for Use in 2022 (PDF)

29 pages; Jan. 13, 2022. "What's New: ... Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments (previously titled Withholding Certificate for Pension or Annuity Payments), has been redesigned for 2022. The new Form W-4P is now used only to request withholding on periodic pension or annuity payments. Previously, Form W-4P was also used to request additional withholding on nonperiodic payments and eligible rollover distributions. Starting in 2022, additional withholding on nonperiodic payments and eligible rollover distributions is requested on new Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. Although the final redesigned Form W-4P and new Form W-4R are available for use in 2022, the IRS is postponing the requirement to begin using the forms until January 1, 2023. Payers should update their system programming for these forms and are encouraged to begin using them in 2022 as soon as programming is in place but may otherwise continue to use the 2021 Form W-4P in 2022."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

IRS Issues 2022 Procedures for Letter Rulings, Determination Letters, and Other Guidance

"The move to electronic filing of Form 5300 submissions is not surprising, given the similar action taken last year for Form 5310. The short (one month) transition period, however, is unusual and illustrates why submitters must carefully review the relevant parts of these updated procedures when preparing requests for letter rulings, determination letters, or other covered submissions."  MORE >>

Thomson Reuters / EBIA

[Guidance Overview]

DOL Statement on Private Equity Investment Emphasizes Fiduciary Responsibility

"Ultimately, the Supplemental Statement does not change the bottom line from the 2020 Letter. Limited private equity allocations within a defined contribution plan investment are still permitted. The Supplemental Statement simply highlights the importance of rigorous analysis when evaluating the prudence of an investment, and it stresses the particular complexity of private equity."  MORE >>


Exceptional Usefulness and Quality icon Surviving a DOL Cybersecurity Audit: A Preparedness Checklist for Plan Fiduciaries

"Whatever a particular fiduciary's degree of involvement with cybersecurity may be, the DOL's enforcement initiative should prompt the fiduciary to get ready for scrutiny of their own cybersecurity preparedness and oversight of the preparedness of their defined contribution retirement plan (DC Plan) service providers, for example, 401(k) plan recordkeeper and institutional trustee." [Also available: a Cybersecurity Checklist.]  MORE >>

McDonald Hopkins, via Bloomberg Tax's Tax Management Compensation Planning Journal

Alert (High Risk Issue) icon CalSavers to Begin Imposing Penalties on Noncompliant Employers

"Employers that do not offer a private retirement plan and who have more than 100 employees have been urged to immediately comply with state law and register for the CalSavers Retirement Savings Program before penalties are imposed this month. Those penalties -- $250 per employee, according to a press release -- will be levied on employers by the CalSavers Retirement Savings Board in partnership with the Franchise Tax Board."  MORE >>

American Retirement Association [ARA]

Can You Afford to Retire Early?

"Whether due to downsizing, objections to vaccine mandates, concerns about exposure risks, other health issues, or the desire for more leisure time, the retired population grew by 3.5 million over the past two years -- compared to an annual average of 1 million between 2008 and 2019 ... At the same time, a survey ... revealed that more than half of Americans are concerned that the COVID-19 pandemic has impacted their ability to achieve a secure retirement."  MORE >>

Charles Schwab

Wall Street Journal Columnist Takes Aim at Target Date Funds

"Author Mark Hulbert's gripe is that glidepaths consider too few variables, something reflected in the research.... While not perfect, some critics countered target-date funds are adequate for most savers and better than the do-it-yourself allocation and rebalancing alternative. Others claimed the criticism stems from a desire on the part of advisors to use more expensive managed accounts."  MORE >>

401(k) Specialist

Benefits in General

[Guidance Overview]

DOL Increases Civil Money Penalties for 2022

"[A] table reflects the DOL's 2022 annual inflation adjustments to the civil money penalties for violations of certain requirements under ERISA, effective January 15, 2022."  MORE >>

Thomson Reuters Practical Law

Alert (High Risk Issue) icon Terms of SPD Created Enforceable Promises Under State Law Despite At-Will Employment Status

"According to a three-judge Pennsylvania Superior Court panel, providing written descriptions to employees regarding various benefits, incentives and rewards may form a binding, unilateral contract creating rights and obligations separate from an employee's at-will relationship with the employer." [Evans v. Capital Blue Cross, No. 410 MDA 2021 (Penn. Jan. 5, 2022)]  MORE >>

Faegre Drinker

EBSA Secretary Nominee Advanced by Senate HELP Committee

"The United States Senate Committee on Health, Education, Labor and Pensions (HELP) on [January 13] advanced the nomination of Lisa Gomez to serve as assistant secretary for [EBSA], setting the stage for a full Senate vote. The nomination advanced by a partisan committee vote of 12 to nine."  MORE >>


Employee Benefits Jobs

View job as DB/DC Administrator
for Primark Benefits DB/DC Administrator

Primark Benefits

Remote / San Mateo CA

View job as DB/DC Administrator
for Primark Benefits

View job as Manager, Document Team
for Definiti Manager, Document Team


Remote / Louisville KY

View job as Director of Actuarial Services
for July Business Services Director of Actuarial Services

July Business Services

Remote / Woodway TX

Selected New Discussions

Calculating Maximum Contribution for a No-Frills 401(k)

"When calculating a maximum contribution, the total deferral plus employer contribution a participant can receive cannot exceed their W-2 wages, correct?"

BenefitsLink Message Boards

Any Plan Document Vendor Selling a Puerto Rico Hacienda-Preapproved Retirement Plan?

"Does any vendor of IRS-preapproved plan documents offer a version that is similarly Hacienda-preapproved to meet Puerto Rico's tax-qualification conditions? If any, is it available with IRC Section 401(a)? with IRC Section 403(b)? If not available as a dual-qualified document, does any vendor offer a document on which Hacienda issued a preapproval letter so a user may rely without submitting its own application?"

BenefitsLink Message Boards

Press Releases

DOL Investigation Leads Former Owner to Repay Unpaid Health Plan Claims of Uninsured Employees of Somerset Healthcare Agency

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

international Center for Addiction and Education Cofounder Selected as Fellow for Rally's Social Enterprise Accelerator 2022 Winter Program

International Center for Addiction and Recovery Education [ICARE]

CAPTRUST Announces Addition of New Jersey-Based Portfolio Evaluations, Inc.

CAPTRUST Financial Advisors

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Financial Wellness and COVID-19


Corporate Insight

Cybersecurity Best Practices for Plan Sponsors


CAPTRUST Financial Advisors

Top HR & Employment Law Issues for the Coming Year

January 26, 2022 WEBCAST

Wagner Law Group P.C.

A Look at 2022: Legislative and Regulatory Updates for Qualified Plan and Health and Welfare Plans

January 27, 2022 WEBCAST

Hunton Andrews Kurth

Last Issue's Most Popular Items

ESOP Internal Trustee Fiduciary Liability: Swords and Shields

McDermott Will & Emery

District Court Weighs In on Private Equity and Hedge Funds in 401(k) Plans

Debevoise & Plimpton LLP

The Role of IRAs in U.S. Households' Saving for Retirement, 2021 (PDF)

Investment Company Institute [ICI]

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

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