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Retirement Plans Newsletter

January 19, 2022

8 New Job Opportunities 8 New Job Opportunities

 

[Guidance Overview]

Exceptional Usefulness and Quality icon The Updated EPCRS: Realistic Corrections Methods and Expectations for Plan Sponsors (PDF)

"The current EPCRS has implemented two new correction options for overpayment failures from defined benefit plans that take into account plan funding levels and any increased minimum funding requirements that were the result of the overpayment.... [IRS] also extended the correction period for self-correction by a year [and] extended a special safe harbor correction method for the failure to enroll a participant timely in a plan with an automatic contribution arrangement."  MORE >>

Ferenczy Benefit Law Center, via Journal of Pension Benefits

[Guidance Overview]

Alert (High Risk Issue) icon CalSavers Begins Assessing Penalties; Threshold Number of Employees Drops on June 30

"CalSavers Retirement Savings Board ... will begin levying penalties, this month, on those employers failing to register with CalSavers by their deadline ... Employers with more than 100 employees not offering a retirement program to their employees were required to register by [September 30, 2020].... [T]he threshold number of employees ... dropped from over 100 to over 50 with a deadline to register of June 30, 2021.... [E]mployers with 5 or more employees and no plan must register by June 30, 2022 to avoid penalties."  MORE >>

Murphy Austin

[Guidance Overview]

Puerto Rico Department of the Treasury Announces 2022 Limits on Qualified Retirement Plans

"[T]he IRS' limits for elective deferrals applicable to participants in a dual qualified plan, or to federal government employees, is $20,500 ... However, ... the elective deferral limits applicable to Puerto Rico participants in a dual qualified plan may not exceed $20,000; any amount contributed in excess of [the] limit established by the PR Code will be taxable. Therefore, even if employees participate in a dual-qualified plan, they will not be able to make elective deferrals in excess of $20,000, regardless of the language of the IRS notice of limits."  MORE >>

Littler

Exceptional Usefulness and Quality icon 401(k) Nondiscrimination Testing Study: What Percentage of Plans Fail?

"[A table] summarizes the results of [a study of 3,217 plans].... [S]afe harbor and traditional plans [are reported] by their automatic enrollment status.... It is common for small business plans to fail the ADP/ACP and top heavy tests.... Automatic enrollment doesn't generally help small plans pass the ADP/ACP tests."  MORE >>

Employee Fiduciary

Challenges and Surprises of 401(k) PEPs in 2021

"PEPs can also provide a great alternative to state-mandated retirement plans when compared side-by-side.... Given the all but certainty that clients coming under the [group of plans (GOP)] format are going to be required to have an individual plan audit, ... GOPs will be attractive primarily to employers who have less than 120 or so employees. Larger employers can benefit from significant audit cost relief under the PEP that simply won't exist under a GOP format."  MORE >>

Fiduciary News; free registration required

[Sponsor]

DOL Guidance: Annual Funding Notices & Retirement Plan Communication

Join the experts, Morgan Lewis and PBI Research, to learn about current requirements, 2022 predictions, best practices of sending AFNs and other retirement plan notices, and how to save time and resources with plan communications.

Sponsored by PBI Research Services

PBGC Makes First SFA Payment to Financially Troubled Multiemployer Pension Plan

"[PBGC] announced [January 18] that $112.6 million has been paid in special financial assistance to the Local 138 Pension Plan ... the first plan to receive funds under the Special Financial Assistance (SFA) Program. The plan had been projected to run out of money early this year."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

PBGC Approves Special Financial Assistance Application for Construction Industry Plan

"[PBGC] has approved the plan application for the Bricklayers and Allied Craftworkers Local 5 New York Retirement Fund Pension Plan ... [The plan,] which covers 821 participants in the construction industry, will receive approximately $61.8 million in special financial assistance[.]"  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Supreme Court Declines to Hear Delphi Retirees Case

"The high court's announcement, without comment by the justices, ends a legal campaign by the participants, who have lost every court challenge since they sued the PBGC in 2009 over a plan that covered 20,000 salaried workers." [Black v. PBGC, No. 19-1419 (6th Cir. Sept. 1, 2020; cert. pet. denied Jan. 18, 2022)]   MORE >>

Pensions & Investments

[Opinion]

Why Converting Public Employee Retirement Plans to Defined Contribution Is Wrong for Your State (PDF)

29 pages. "This report explores the potential impact states will face should lawmakers decide to convert new public employees from a defined-benefit pension plan [DB plan] to a defined-contribution 401(k) retirement plan [DC plan][ as a budget-saving measure.... [1] Has the emergence of [DC plans] contributed to the retirement savings crisis in the country? [2] Does converting a [DB plan] to a [DC plan] impact the overall cost to the state? [3] What are the consequences of converting a [DB plan] to a [DC plan]? [4] Does conversion to a [DC plan] impact recruitment and retention of public employees?"  MORE >>

National Public Pension Coalition [NPPC]

Employee Benefits Jobs

View job as Retirement Operations Specialist
for Fringe Benefit Group Retirement Operations Specialist

Fringe Benefit Group

Remote

View job as Retirement Operations Specialist
for Fringe Benefit Group

View job as Mathematician or Benefit Analyst (Part-time)
for American Pension, LLC Mathematician or Benefit Analyst (Part-time)

American Pension, LLC

Berkeley Heights NJ

View job as Mathematician or Benefit Analyst (Part-time)
for American Pension, LLC

View job as Retirement Plan Administrator
for Retirement Solutions Specialists, LLC Retirement Plan Administrator

Retirement Solutions Specialists, LLC

Remote

View job as Retirement Plan Administrator
for Retirement Solutions Specialists, LLC

View job as Plan Administration Manager
for Southern Pension Services Plan Administration Manager

Southern Pension Services

Remote / Tampa FL

View job as Plan Administration Manager
for Southern Pension Services

View job as Trust Accounting/5500 Specialist
for Sentinel Benefits & Financial Group Trust Accounting/5500 Specialist

Sentinel Benefits & Financial Group

Remote / Wakefield MA

View job as Trust Accounting/5500 Specialist
for Sentinel Benefits & Financial Group

View job as Documents Specialist
for Newport Documents Specialist

Newport

Mobile AL / Minneapolis MN / Pittsburgh PA

View job as Sr. Actuarial Analyst
for Newport Sr. Actuarial Analyst

Newport

Chicago IL / Dallas TX

View job as Defined Contribution Consultant
for AON Defined Contribution Consultant

AON

Remote / CT / FL / GA / MO / NY / PA

Press Releases

New Plan Governance Platform Vynntana™ is the Next Step in the 403(b) and 457(b) Non-ERISA Industry

Verity Asset Management

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

How Would an ESG-Friendly DOL Final Rule Change the Investment Marketplace for ERISA Plans?

RECORDED

Ropes & Gray

Washington Update Briefing

January 20, 2022 WEBCAST

Mercer

Congressional Legislative Update with Craig Hoffman

March 2, 2022 WEBCAST

Western Pension & Benefits Council - Seattle Chapter

Last Issue's Most Popular Items

Text of IRS Notice 2022-06: Determination of Substantially Equal Periodic Payments (PDF)

Internal Revenue Service [IRS]

Retirement Account Changes Targeted by Lawmakers in 2022

Motley Fool

The Ideal Glidepath for Target Date Funds Actually Protects Those Near Retirement (PDF)

Ronald J. Surz, via Journal of Compensation and Benefits

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

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