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Retirement Plans Newsletter

January 31, 2022

9 New Job Opportunities 9 New Job Opportunities


DOL Cautions DC Plan Fiduciaries About Private Equity Offerings

"Neither the information letter nor the supplemental statement addresses other federal or state laws that may apply to PE investments. The guidance also doesn't address offering PE funds as stand-alone investment options in DC plans, which would present distinct legal and operational issues."  MORE >>


Supreme Court Rules on Retirement Plan Fiduciary Duty in Hughes v. Northwestern University

"This Legal Sidebar provides background on ERISA's requirements for retirement plans and plan fiduciaries; discusses the Court's decision in Hughes; and concludes with select considerations for Congress." [LSB10636, updated Jan. 31, 2022] [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

Congressional Research Service [CRS]

Buyer Beware: All Fiduciary Services Are Not Equal

"The DOL requires the plan sponsor to engage in an objective process designed to elicit information necessary to evaluate candidates considering, but not limited to ... [1] Qualifications of the service provider, [2] Whether it has a consistent track record of service, [3] Its professional 'bench-strength' and tenure of staff, [4] The quality of services provided and [5] Reasonableness of the provider's fees in light of the services provided."  MORE >>

Retirement Learning Center, LLC

Stress-Testing Your Retirement Plan for Rising Interest Rates/Inflation, Part 2

"[T]he assumed relationship between future investment returns and assumed inflation is both an important factor in retirement planning and that inflation is a significant risk. It also shows that since Social Security is indexed to inflation, deferring commencement can significantly mitigate inflation risk (even more so than under the default assumptions)."  MORE >>

Ken Steiner, FSA Retired


Misinformation: The Assertion by NIRS That DB Plans Are Twice as Efficient as DC Plans

"The authors claim that with the longer time horizon, the riskier assets in DB lead to higher returns, which lead to higher income per dollar contributed, which is their definition of greater efficiency. But it's not that simple.... The NIRS study, and general practice within the public DB universe, assumes away the very real cost of DB guarantees. The result is a massive understating of DB plan cost."  MORE >>

Larry Pollack


The Northwestern 403(b) Decision: What's Next for Plan Sponsors?

"[T]here is a one-size-fits-all approach to plan management and fiduciary decisions -- cost-efficiency and the 'commensurate return' guidelines of Section 90, comment h(2), of the Restatement (Third) of Trusts. Both the law and common sense support such a position." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

The Prudent Investment Fiduciary Rules


Unanswered by SCOTUS: Can Too Many Investment Options Be a Fiduciary Breach?

"[The Northwestern] opinion leaves open a lot of questions about ... just how 'paternalistic' an ERISA fiduciary should be.... [T]he more interesting question is whether options should be removed from the menu not because they are, standing alone, completely unsuitable for any beneficiary, but because the menu as a whole is too challenging for the beneficiary to be able to make good choices." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

Prof. Ann Lipton, via Business Law Prof Blog

Benefits in General

Employers Are Enhancing Employee Benefits This Year

"If you're seeking out or evaluating a job offer, here are some benefits that could be of great value to you.... [1] Paid time off ... [2] Subsidized or free health insurance ... [3] Matching dollars for your retirement plan ... [4] Gym or fitness equipment subsidies."  MORE >>


Employee Benefits Jobs

View job as Retirement Plan Administrator
for Prime Benefits Retirement Plan Administrator

Prime Benefits

Remote / Baltimore MD

View job as Retirement Plan Administrator
for Prime Benefits

View job as Defined Contribution Administrator
for Primark Benefits Defined Contribution Administrator

Primark Benefits

Remote / San Mateo CA

View job as Defined Contribution Administrator
for Primark Benefits

View job as Account Representative
for Nolan Financial Account Representative

Nolan Financial

Remote / Bethesda MD

View job as Account Analyst / Sr. Account Analyst
for Nolan Financial Account Analyst / Sr. Account Analyst

Nolan Financial

Remote / Bethesda MD

View job as Director, Plan Services
for Nolan Financial Director, Plan Services

Nolan Financial

Remote / Bethesda MD

View job as Senior Sales Executive
for HANYS Benefit Services Senior Sales Executive

HANYS Benefit Services

Rensselaer NY

View job as ESOP Manager
for Newport ESOP Manager


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

View job as Employee Benefits Attorney
for Lathrop GPM Employee Benefits Attorney

Lathrop GPM

CA / CO / DC / IL / KS / MA / MN / MO / TX

View job as Administrative Manager
for Teamsters Local 436 Welfare and Pension Funds Administrative Manager

Teamsters Local 436 Welfare and Pension Funds

Cleveland OH

Selected New Discussions

Lifetime Income Disclosures -- Calculation Details?

"Can anyone point me in the direction of where the Lifetime Income Disclosure calculations are explained in detail. I have found the DOL calculator but I'm not great at finance and need to see all of the steps."

BenefitsLink Message Boards

Website That Enables a Search of Individual Designed Plans?

"Is there a website that enables a search of individual designed plans -- to check how they designed, for example. Or has a database that stores all the individually designed plan documents."

BenefitsLink Message Boards

Governmental 457(b) Plans -- Why Use Custodial Accounts vs. a Trust?

"I've never had reason to look closely, and the enactment of the 457(b) trust requirement predates my time in practice, but is there a particular reason why many governmental 457(b) plans seem to use custodial accounts (that meet the trust requirements under 457(g)(3) and 401(f)) instead of trusts?"

BenefitsLink Message Boards

Last Issue's Most Popular Items

Text of IRS Notice 2022-08: Cumulative List of Changes for 403(b) Pre-Approved Plans (PDF)

Internal Revenue Service [IRS]

Data Privacy and Security: Key Concerns for Employee Benefit Plans

Groom Law Group

Is Your Plan's Matching Contribution Formula Delivering Results?


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

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