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Retirement Plans Newsletter

January 20, 2022

9 New Job Opportunities 9 New Job Opportunities


[Official Guidance]

Text of IRS Notice 2022-07: Weighted Average Interest Rates, Yield Curves, and Segment Rates for January 2022 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

New Retirement Payment Withholding Procedure Is (Finally) Final

"[P]ayers and individuals will have a new process for calculating and electing federal income tax withholding on retirement distributions. Although the IRS will not require payers to use the new [Form W-4R] and revised [Form W-4P] until January 1, 2023, payers may start using them in 2022."  MORE >>


[Guidance Overview]

DOL Refines Its Position Regarding Private Equity in 401(k) Plans

"The door is not closed to plan fiduciaries who are considering adding designated investment alternatives with private equity exposure to their 401(k) or other defined contribution plans, but it is less open than it was before issuance of the Supplemental Statement. Only plan fiduciaries ... who also have experience evaluating private equity in a defined benefit context should conclude that they have the necessary expertise to consider such option.... Any decision to offer such a fund should be made through a rigorous and prudent process that should be fully documented."  MORE >>

Frost Brown Todd LLC

401(k) Compliance Check: Who Makes the Decisions for Your 401(k) Plan?

"Your 401(k) plan document is always the starting point to determine who is authorized to make plan decisions.... Most plans allow the decision-maker to delegate its authority to someone else, whether it be an individual, committee or third-party vendor.... [P]roper delegation documentation is also necessary to establish decision-making authority in others.... [I]dentify who is actually making those decisions in practice and look for discrepancies between the two."  MORE >>

Foley & Lardner LLP

Pension Plan Actuarial Assumption Litigation: The End Is Not Yet in Sight

"In many of the cases, the challenge focuses on allegedly outdated mortality tables that do not take improved life expectancy into account. In some situations, the actuarial factors (including mortality table assumption) were established decades ago and have never been updated. In essence, the lawsuits allege that the plan (by not using updated factors and tables) is not paying out the full value of the participant's benefit when the participant has elected payment in an alternate payment form."  MORE >>

Foley & Lardner LLP

Teachers' Knowledge and Preparedness for Retirement: Results from a Nationally Representative Teacher Survey

"[W]hile most teachers are taking steps to prepare for retirement, many teachers lack the basic retirement knowledge necessary to plan effectively. Teachers struggled to identify their plan type, how much they are contributing to their plans, retirement eligibility ages, and who contributes to Social Security. These results suggest that teacher retirement reform may not be disruptive for teachers and that better, simpler, and clearer information about teacher retirement plans would be beneficial."  MORE >>

Dillon Fuchsman, Josh B. McGee, Gema Zamarro, via SSRN

Legislation Stalls, But Regulatory Agencies Will Keep Retirement Industry Busy

"[Analysts] predicted that the focus on diversity, equity and inclusion, and in particular upcoming rules redefining fiduciary and expanding how environmental, social and governance issues may be considered in retirement plans, will keep the retirement and benefits industry busy. The regulatory agencies may be busier than Congress, as members focus on their reelection campaigns"  MORE >>

BenefitsPro; free registration required

PBGC Approves Special Financial Assistance Application

"[PBGC] has approved the [SFA] application submitted by the Road Carriers Local 707 Pension Plan ... [which] covers 3,804 participants in the transportation industry. The Local 707 Plan became insolvent in 2017.... PBGC's approval of the SFA application enables the plan to restore all benefit reductions caused by the plan's insolvency and to make payments to retirees to cover prior benefit reductions.... The plan will receive $725.6 million in SFA[.]"  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Benefits in General

Employee Benefits Due Diligence Should Be at Top of M&A Checklist

"No matter how the buyer seeks to limit its potential liability, ... the days of ignoring employee benefits and other employment-related issues in the diligence process are history. These issues matter in terms of legal liability, deal valuation (and evaluation) and post-acquisition integration of operations/policies/assets."  MORE >>

Fisher Phillips LLP, via Crain's Cleveland Business; free registration required

Pandemic Likely to Have Lasting Effect on Workplace Benefits

"Nearly a third of people don't want to give up the freedom of remote work that was prompted by the pandemic, saying they would quit before returning to traditional office life ... Workers are also eager to retire, with 48% indicating they would hang up their hats sooner than expected if they weren't dependent on employers for health care insurance ... Nearly as many, 44%, said they plan to take Social Security payments as early as possible, even if that meant having less income."  MORE >>

RPA Convergence

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Nicholas Pension Consultants Retirement Plan Administrator

Nicholas Pension Consultants

Remote / Rancho Cordova CA / Corona CA

View job as Retirement Plan Administrator
for Nicholas Pension Consultants

View job as Pension Plan Administrator
for DeMars Pension Consulting Services, Inc. Pension Plan Administrator

DeMars Pension Consulting Services, Inc.

Overland Park KS / MO / NE / OK

View job as Retirement Plan Account Manager
for Aegis Retirement Partners, LLC Retirement Plan Account Manager

Aegis Retirement Partners, LLC

Remote / CT / MA / NH / RI

View job as Retirement Plan Account Manager
for Aegis Retirement Partners, LLC

View job as DB/DC Plan Consultant
for NPPG, Inc. DB/DC Plan Consultant

NPPG, Inc.

Remote / FL / NJ / NY / TX

View job as Distribution Specialist
for ERISA Services, Inc. Distribution Specialist

ERISA Services, Inc.

Knoxville TN

View job as Employee Benefits Investigator (English and/or Spanish)
for Employee Benefits Security Administration [EBSA] Employee Benefits Investigator (English and/or Spanish)

Employee Benefits Security Administration [EBSA]

Remote / Pasadena CA

View job as Employee Benefits Law Specialist
for Pension Benefit Guaranty Corporation [PBGC] Employee Benefits Law Specialist

Pension Benefit Guaranty Corporation [PBGC]

Remote / Washington DC

View job as Legal Assistant
for Pension Benefit Guaranty Corporation [PBGC] Legal Assistant

Pension Benefit Guaranty Corporation [PBGC]

Remote / Washington DC

View job as Actuary
for Pension Benefit Guaranty Corporation [PBGC] Actuary

Pension Benefit Guaranty Corporation [PBGC]

Remote / Washington DC

Selected New Discussions

Calculating RMD for a Spousal Beneficiary After Participant's Death

  • Traditional IRA owner, 82, died in December 2021. He had taken his 2021 RMD prior to his passing
  • Surviving spouse, 81, 100% primary beneficiary
  • Surviving spouse transferred his IRA assets to her traditional IRA. However the transfer of assets occurred in 2022, so his IRA had a 12/31/21 value

[1] Is a 2022 RMD due on the (now deceased husband's) IRA based off the 12/31/2021 account value? [2] Does the wife include the balance in determining her 2022 RMD?"

BenefitsLink Message Boards

How to Make 401(k) Deferrals When a Tipped Employee Has a $0 Paycheck?

"A restaurant client is having an issue with their tipped employees who are deferring into their plan. I've had large restaurant chain clients for who it was never a problem, so I'm trying to see whether anyone else has run into this. If tips are paid in cash, some of the employees, after taxes and deductions, have $0 paychecks. Hence there's nothing to take the deferral from."

BenefitsLink Message Boards

Employer Has Not Yet Funded a Safe Harbor Match for 2020

"What's the penalty for a client that has not yet (January 19, 2022) funded its safe harbor match for 2020?"

BenefitsLink Message Boards

Press Releases

NTSA Names Recipients of Richard Ford Volunteer Service Awards for 2022

National Tax-Deferred Savings Association [NTSA]

TIAA Offers Lifetime Income for Corporate Retirement Market


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Tight Labor Market’s Impact on Retirement Plan Design

February 16, 2022 WEBCAST

CAPTRUST Financial Advisors

ERISA Fiduciary Standards and Compliance Challenges for Plan Sponsors and Administrators

March 16, 2022 WEBCAST


Last Issue's Most Popular Items

The Updated EPCRS: Realistic Corrections Methods and Expectations for Plan Sponsors (PDF)

Ferenczy Benefit Law Center, via Journal of Pension Benefits

401(k) Nondiscrimination Testing Study: What Percentage of Plans Fail?

Employee Fiduciary

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


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

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