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Retirement Plans Newsletter

February 4, 2022

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

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

Fillable PDF; may not open correctly in some browsers (i.e., Adobe Acrobat Reader might be needed). Also see Instructions for 2021 Form 8955-SSA, issued January 4, 2022.  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Private Equity Investments in 401(k) Plans

"The key takeaways regarding adding or maintaining an asset allocation fund including PE investments are: [1] Ensure adequate disclosure of the fund's investment objectives and risks to plan participants and beneficiaries. [2] Review and analyze, with respect to any PE investments, the investment valuations, the extent of investment illiquidity and fees, conflicts of interest, and other SEC-raised concerns. [3] Enlist the assistance of a registered investment advisor to evaluate the PE investments and the fund as a whole. [4] Carefully consider whether members of the committee have experience in evaluating PE investments in a defined benefit pension plan, which appears to be a de facto requirement of the Supplemental Statement."  MORE >>

Jackson Lewis P.C.

Q&A on Cryptocurrency and Retirement Plans (PDF)

"Is cryptocurrency legally permitted as a 401(k) plan investment option under ERISA and the Code? ... What are the risks for plan fiduciaries that permit cryptocurrency as a 401(k) plan investment option? ... If a plan sponsor wants to offer cryptocurrency as an investment option, what steps should it take? ... Are there any additional considerations for plan sponsors that offer cryptocurrency as a 401(k) plan investment option?"  MORE >>

Groom Law Group, via Thomson Reuters Practical Law

Exceptional Usefulness and Quality icon Cryptocurrency for Employee Benefits Lawyers: What You Need to Know

43 presentation slides covering cryptocurrency, IRS taxation guidance of convertible virtual currencies and other cryptocurrency-related compensation issues.  MORE >>

McDermott Will & Emery

Review of the PBGC's Implementation of the Federal Information Security Modernization Act of 2014 for Fiscal Year 2021 (PDF)

44 pages. "PBGC should work to integrate their information security architecture with its systems development lifecycle. PBGC should implement updated policies and procedures surrounding the sourcing of hardware and software in accordance with new Supply Chain Risk Management (SCRM) standards.... PBGC should continue to implement improvement throughout segregation of duties to minimize risk throughout PBGC."  MORE >>

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

Once More Unto the (Fiduciary) Breach

"[T]he plaintiffs assert that DOL has sought to expand the scope of who is an ERISA fiduciary beyond those who have a 'relationship of trust and confidence' with an ERISA plan or IRA holder, thereby sweeping back in functions like regular sales activities.... While a victory for FACC in the case would not invalidate PTE 2020-02, it would likely mean the exemption wouldn't be necessary for many transactions, including rollovers." [Federation of Americans for Consumer Choice Inc. v. DOL, No. 22-00243 (N.D. Tex. complaint filed Feb. 2, 2022)]  MORE >>

Groom Law Group

District Court Enforces 403(b) Plan Arbitration Clause with Class Action Waiver But Allows for Plan-Wide Non-Monetary Relief

"Although the ruling ... limits defendants' monetary exposure, it allows for broader and potentially impactful non-monetary relief, such as the removal of a plan fiduciary or a particular plan investment option.... [An] appeal of the district court ruling could give rise to a split between the Eleventh and Seventh Circuits regarding the application of the effective vindication exception." [Holmes v. Baptist Health South Florida Inc., No. 21-22986 (S.D. Fla. Jan. 20, 2022)]  MORE >>


Supreme Court Remands Excessive Fee Case to Seventh Circuit to Determine Pleading Standard

"At minimum, the language of the Hughes decision gives plan fiduciaries additional arguments to support their motion to dismiss. However, because the parameters of the pleading standard remain unsettled, litigants remain adrift." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

DLA Piper


Bad Facts Make Bad Law: Lessons from the Northwestern Decision

"The decision underscores that defense lawyers can no longer categorically argue that all excessive fee cases are unfair. The tactic of filing motions to dismiss in all cases -- even in cases like Northwestern with problematic fact patterns -- has not worked.... [T]he defense of excessive fee cases must now distinguish legitimate from illegitimate excessive fee cases based on actual plan expenses." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>

Euclid Specialty Managers

Executive Compensation and Nonqualified Plans

[Guidance Overview]

SEC Reopens Comment Period on Dodd-Frank Pay-for-Performance Rule

"In conjunction with the reopening, the SEC has proposed several additional disclosure requirements in an effort to provide heightened transparency for investors. The new disclosure requirements, however, require registrants to generate more detailed reports, which raises concerns as to increased reporting costs and decreased efficiency."  MORE >>


Employee Benefits Jobs

View job as Quality Assurance Specialist
for 1199SEIU Benefit & Pension Funds Quality Assurance Specialist

1199SEIU Benefit & Pension Funds

New York NY

View job as Sr DB Plan Administrator
for Nyhart, part of FuturePlan by Ascensus Sr DB Plan Administrator

Nyhart, part of FuturePlan by Ascensus

San Diego CA

View job as Financial Management Specialist
for Pension Benefit Guaranty Corporation [PBGC] Financial Management Specialist

Pension Benefit Guaranty Corporation [PBGC]

Remote / Washington DC

View job as Senior Qualified Plans Specialist
for Equity Trust Company Senior Qualified Plans Specialist

Equity Trust Company

Remote / Westlake OH

View job as Account Manager
for MAP Retirement USA, LLC Account Manager

MAP Retirement USA, LLC

Remote / Appleton WI

Selected New Discussions

In-Service Distribution of P.S. 58 Cost?

"A participant in a 401(k) plan with life insurance has cumulative P.S. 58 costs. He's age 75 and wants to take out his nontaxable P.S. 58 cost as an in-service distribution. Can that be done? The life insurance is still effective and the P.S. 58 cost is being calculated and taxed annually. Taxable RMD is being taken as required."

BenefitsLink Message Boards

Cash Balance Plan-- Pay Credit Must Be Deposited for a Terminated Participant?

"Brand new CB plan, effective 1/1/2021. Participant enters the plan on 1/1/2021 with pay credit of $1,000 but terminates during the year and is 0% vested. Does the plan sponsor need to make a deposit of $1,000 on this person's behalf?"

BenefitsLink Message Boards

Press Releases

Principal Financial GroupĀ® Announces New Head of U.S. Retirement Business

Principal Financial Group

DCALTA Partners with PivotalPath to Launch Hedge Fund Benchmarks for 401(k) Plan Sponsors

DCALTA [Defined Contribution Alternatives Association]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

How California K-14 403(b) Plans Can Go Single Vendor



Annual Funding & Other Retirement Plan Notices

February 4, 2022 WEBCAST

PBI Research Services

Last Issue's Most Popular Items

DOL 'Clarifies' Guidance on Private Equity Investments in Defined Contribution Plans

The Wagner Law Group

Industry Trade Group Sues DOL Over Encroaching Fiduciary Standard

Supreme Court Holds ERISA Requires Plaintiffs to Allege Context-Specific Breaches of Fiduciary Duty to Monitor Investments

Greenberg Traurig

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

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