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Retirement Plans Newsletter

February 9, 2022

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

New Developments Pave the Way for Private Equity in Retirement Plan Investments (PDF)

"[T]he DOL has provided guidance on including private equity as a component of an investment option, and the U.S. District Court for the Northern District of California has ruled on fiduciary issues related specifically to including alternative investments as a component of a large defined contribution plan's investment options."  MORE >>

King & Spalding, via Law360


The Basics You Need For Success!

Don’t miss Session 4, where John Griffin, J.D., LL.M. discusses participant loans, QDROs, death benefits, plan termination, fiduciary responsibilities and prohibited transactions. Previous recorded sessions are also available. Register Now!

Sponsored by ASC

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 80: Insurance Distribution Issues

"[T]he DOL is working on a further expanded fiduciary definition and a more demanding PTE 84-24 that will increase the oversight responsibilities for covered recommendations by insurance agents. There may be a role for [independent marketing organizations (IMOs), field marketing organizations (FMOs), and brokerage general agencies (BGAs)] in the anticipated revised 84-24 in terms of the oversight of the recommendations by independent agents."  MORE >>

[Guidance Overview]

A Brief Preview of 2022 Required Changes for Retirement Plans

"[1] Plan amendments for SECURE Act and CARES Act changes.... Part-time eligibility rules.... Required beginning date.... Coronavirus-related distributions and loans.... [2] New disclosure requirements for lifetime income illustrations."  MORE >>

Faegre Drinker

Second Circuit Finds No Successor Liability for ERISA Withdrawal Where Employer Did Not Acquire Unionized Facility or Employees

"[T]he Second Circuit joined the Third, Seventh, and Ninth Circuits in applying the doctrine of successor liability to claims for withdrawal liability under [ERISA]. The court did not ... find successor liability in this case because the acquiring company specifically did not acquire the facility or employees that triggered the liability. The court also held that C&S Grocers was not liable for withdrawal liability under an 'evade and avoid' theory, as an 'employer,' or under a theory of 'common control.' " [New York State Teamsters Conference Pension and Retirement Fund v. C&S Wholesale Grocers, Inc., No. 20-1185 (2d Cir. Jan. 27, 2022)]  MORE >>


Supreme Court Declines to Raise the Bar on Excessive Fee Cases

"[T]he court's opinion provides little practical guidance to the 7th US Circuit Court of Appeals -- which must now reconsider its decision upholding dismissal of the lawsuit -- or the many other federal courts evaluating the viability of similar lawsuits involving both 403(b) and 401(k) plans." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]  MORE >>


Defining 'Pension or Retirement Benefits' for Tax Treaty and Other Purposes (PDF)

"Nearly all bilateral tax treaties contain special rules relating to pension funds or arrangements.... Proposed regulations under Section 897(l) ... define 'pension and retirement benefits' narrowly, but in a way that commentators have criticized as unrealistic.... In the interest of coherence and sound administration, the final regulations should incorporate a presumption that if a pension plan is covered by a treaty, it meets the requirement of Section 897(l)(2)(B)."  MORE >>

Weil Gotshal & Manges LLP, via Tax Management International Journal

Lower-Income Workers Benefit the Most from Auto-Portability

"[F]our out of every 10 people cashed out their balances after termination within a 10-year period.... [T]he group most likely to cash out were those with the smallest balances, such that 80% of people who had an account of less than $1,000 cashed out, while 62% of those with balances between $1,000 and $5,000 cashed out."  MORE >>

PLANSPONSOR; free registration may be required

Corporate Pension Funded Ratio Climbs in January to Highest Level in 13 Years

"Despite investment losses in January, the 100 largest U.S. corporate pensions moved into the black, with a $24 billion funding surplus at the end of the month. An increase in the benchmark corporate bond interest rates used to value pension liabilities led to an $82 billion liability improvement.... [T]he funded ratio for the PFI plans rose from 99.8% at the end of December to 101.4% as of January 31. This is the highest funded ratio for these plans in over 13 years, since August 2008."  MORE >>


U.S. Pension Briefing, January 2022

"Discount rates rose sharply as Treasury yields increased across the entire yield curve and credit spreads widened. Equity returns were negative for the month due to ongoing uncertainty regarding Fed rate hikes, inflation, and political conflicts. While the rise in discount rates will result in a decline in liabilities for the month, plans with equity exposure may see a decline in funded status."  MORE >>

River and Mercantile

Employee Benefits Jobs

View job as Retirement Plan Analyst
for Preferred Pension Planning Corporation Retirement Plan Analyst

Preferred Pension Planning Corporation

Remote / Bridgewater NJ

View job as Retirement Plan Analyst
for Preferred Pension Planning Corporation

View job as Retirement Plan Administrator
for Gammon & Drueck CPAs PLLC Retirement Plan Administrator

Gammon & Drueck CPAs PLLC

Remote / Mount Juliet TN

View job as Retirement Plan Administrator
for Gammon & Drueck CPAs PLLC

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

Employee Benefits Security Administration [EBSA]

Remote / Chicago IL

View job as Retirement Plan Administrator
for Aldrich Retirement Solutions Retirement Plan Administrator

Aldrich Retirement Solutions


View job as Senior Pension Actuarial Consultant
for Nyhart, part of FuturePlan by Ascensus Senior Pension Actuarial Consultant

Nyhart, part of FuturePlan by Ascensus

Remote / Chicago IL

View job as Senior Actuary
for FuturePlan, by Ascensus Senior Actuary

FuturePlan, by Ascensus


View job as Retirement Plan Administrator, Sr.
for Incentive Benefits, Inc. Retirement Plan Administrator, Sr.

Incentive Benefits, Inc.

Pasadena CA

Selected New Discussions

410(b) Testing for a Plan Having Both Safe Harbor Match and a Discretionary Match

"I have a plan with safe harbor match and discretionary match. 1,000 hour and last day requirement on the discretionary match. When running the 410(b) test, software is testing both the SH match and the discretionary match contributions as one component. Because they're actually two different money types, don't they need to be tested separately?"

BenefitsLink Message Boards

$1.68 in Lost Earnings

"A client missed a 401k deposit for 1/5/2021. The total missed deferrals was $330. The lost earnings amount was $11.14. The 15% penalty is $1.68. Does the IRS have a de minimus rule for self-corrections of amount such as this one, or must the client file Form 5330 and pay the $1.68 penalty?"

BenefitsLink Message Boards

RMDs from Retirement Plan Funded Entirely with Roth Money

"I have a single member plan which is funded solely by Roth money. His CPA told him he didn't need to take an RMD because it's Roth money. In the case of an IRA, an RMD is not required as long as the owner is alive, but I've read that, when it comes to a qualified plan, it doesn't matter whether it's Roth money or pre-tax money -- that in either case, an RMD must be taken from the plan. Correct?"

BenefitsLink Message Boards

Does Amount Paid for Stock Option Count Towards Exercise of the Option for Purposes of 409A Exemption?

"Does anyone know whether the price an employee pays for the grant of an option can count toward the price of the exercise of the option for 409A-exemption purposes?"

BenefitsLink Message Boards

Press Releases

NFP Expands Medical Stop Loss and Self-Funded Group Captive Capabilities with Acquisition of East Coast Underwriters, LLC and Blue Ridge Captive Solutions PCC, Inc.

NFP Corp.

Guardian Life Acquires Strategic Minority Stake in HPS Investment Partners


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Fiduciary Education, Recognition & Best Practices: A Panel Discussion

February 23, 2022 WEBCAST

Broadridge fi360 Solutions

Fiduciary Investment Fundamentals

February 24, 2022 WEBCAST

Multnomah Group

Pension and Welfare Plan Overpayments: What Plans and Participants Need to Know

February 24, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Hot Topics of 2021 and Issues on the Horizon for 2022

February 25, 2022 WEBCAST

Ballard Spahr LLP

A View from the Hill: Beyond Build Back Better -- What to Expect from Congress and the Agencies

March 16, 2022 WEBCAST

Worldwide Employee Benefits Network [WEB]

IRA University

April 27, 2022 WEBCAST


Last Issue's Most Popular Items

ERISA Advisory Council Report: Understanding Brokerage Windows in Self-Directed Retirement Plans (PDF)

Advisory Council on Employee Welfare and Pension Benefit Plans

Annual Plan Deadlines for the Plan Year Ending December 31, 2022 (PDF)

VOYA Financial

2022 401(k) Compliance Calendar


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

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