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Retirement Plans Newsletter

February 24, 2022

6 New Job Opportunities 6 New Job Opportunities


[Guidance Overview]

Proposed Regs Update RMDs for SECURE Act Changes

"[The proposed regulations] address the SECURE Act RMD starting age of beneficiaries of an employee who died before reaching age 70½ but would have reached that age on or after Jan. 1, 2020.... The proposed regulations retain existing 'see-through' rules for trusts as beneficiaries but provide additional (and extensive) guidance on determining which of a see-through trusts' beneficiaries can be treated as beneficiaries of the employee."  MORE >>

Journal of Accountancy


FIS 2022 Spring educational events now open

Earn up to 6 CE credits at the Virtual Form 5500 Workshop on March 16-17. Presented jointly with the Ferenczy Benefits Law Center, the Virtual Pensions on Peachtree on April 25-26 offers up to 9 CE credits, including 1 Ethics credit. Register here.

Sponsored by FIS Retirement Education

[Guidance Overview]

SEC Proposes Cybersecurity Rule

"[T]he Commission highlights the absence of rules specifically requiring financial institutions to adopt and implement comprehensive cyber security programs and the potential harm this presents to funds and investors.... [The] proposed rule ... would require ... [1] Cybersecurity risk management policies and procedures ... [2] Reporting of significant cybersecurity incidents.... [3] Disclosure of cybersecurity risks and incidents."  MORE >>

Willis Towers Watson

[Guidance Overview]

IRS Issues Form 8915-F for Reporting Qualified Disaster Distributions and Repayments, Provides 2021 Forms for Earlier Disasters

"Form 8915-F is a 'forever form' ... For tax years beginning after 2020, Form 8915-F replaces Form 8915-E, which was used to report coronavirus-related distributions and other qualified 2020 disaster distributions received from retirement plans in 2020 (as well as 2020 repayments of those distributions). Forms 8915-B, 8915-C, and 8915-D (relating to qualified 2017, 2018, and 2019 disasters, respectively) have been updated for 2021.... Form 8915-A (qualified 2016 disasters) has not been updated; the 2020 revision is the last version of that form. Form 8915-F is considerably different from previous forms in the series."  MORE >>

Thomson Reuters / EBIA

Enrolled Actuaries Program Booklet (PDF)

35 pages, Jan. 28, 2022. Includes May 2022 Basic (EA-1) Examination; May 2022 Pension EA-2 (Segment L) Examination; and November 2022 Pension EA-2 (Segment F) Examination.  MORE >>

American Society of Pension Professionals & Actuaries [ASPPA]; Joint Board for the Enrollment of Actuaries [JBEA]; Society of Actuaries

Retirees Say Their Employers Should Have Done More to Help Secure Their Futures

"Sixty-five percent of retirees do not feel financially secure in retirement ... and one quarter say they regret retiring because they feel unprepared for this instability. Fifty-four percent say their former employers didn't contribute enough to their retirement and 31% say they weren't offered a 401(k) or pension plan at all.... 1 in 10 retirees say they have to work part-time, and 73% say they took on this extra work in order to cover basic expenses."  MORE >>


Here's How Much 401(k) Plan Fees Have Dropped

"[A]ll scenarios saw a year-over-year decrease in total investment costs ranging between 0.01%-0.06% from the previous year, with the average representing a decrease of 0.03%.... [T]he smallest plans with $5 million in assets costs 1.19%, while the average cost for plans with $50 million in assets is 0.88%. The data is through Sept. 30, 2021."  MORE >>

American Retirement Association [ARA]

De-Risking in 2022, Part 2: The De-Risking Decision in the Context of Rising Interest Rates

"For [many] plans, the increase in interest rates in 2022 will mean that 2022 lump sums will be valued at an interest rate that is lower than current market rates, generating a lump sum that is greater than the current market value of the associated liability.... [T]his situation, and certain other complicating factors ... may affect the sponsor's 2022 de-risking decision."  MORE >>

October Three Consulting

Can the Drawdown Patterns of Earlier Cohorts Help Predict Boomers' Behavior?

"Having access to a DB plan was associated with slower drawdown of retirement wealth. The larger the share of retirees' resources in an annuity-like form -- either DB plans, Social Security benefits, or commercial annuities -- the slower they drew down their wealth.... Forecasts for the Baby Boomer generation based on the drawdown of past generations likely underestimate their drawdown speed. Baby Boomers reliant on DC plans could run a greater risk of outliving their savings than earlier generations."  MORE >>

Center for Retirement Research at Boston College

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Schlosser, Fleming & Associates, Ltd. Retirement Plan Administrator

Schlosser, Fleming & Associates, Ltd.

Remote / Alexandria VA

View job as Retirement Plan Administrator
for Schlosser, Fleming & Associates, Ltd.

View job as Retirement Plan Proposal & Implementation Rep.
for National Rural Electric Cooperative Association Retirement Plan Proposal & Implementation Rep.

National Rural Electric Cooperative Association

Arlington VA

View job as Retirement Plan Proposal & Implementation Rep.
for National Rural Electric Cooperative Association

View job as Retirement Plan Relationship Manager
for ERISA Services, Inc. Retirement Plan Relationship Manager

ERISA Services, Inc.


View job as Retirement Plan Relationship Manager
for ERISA Services, Inc.

View job as Plan Consultant TPA Services
for BPAS Plan Consultant TPA Services


Remote / Syracuse NY

View job as Plan Consultant TPA Services
for BPAS

View job as Form 5500 Manager
for Guideline, Inc. Form 5500 Manager

Guideline, Inc.

Remote / CA / CO / FL / GA / IN / MA / ME / MI / NC / NY / OH / OR / PA / SC / TX / WA

View job as Specialist, Defined Benefit Administration
for Charles Schwab Specialist, Defined Benefit Administration

Charles Schwab


Selected New Discussions

Retired -- or Terminated -- for Purposes of Match?

"Client sold business in 2021. They have a 401k plan with a discretionary match (calculated after year end). The three owners are over age 65 (NRA per the plan doc). The plan does not allocate the discretionary match to terminated participants. Could we consider them retired instead of terminated at the date of the sale, and allocate them a match for the year? I know at the time of the sale nobody was focusing on the plan."

BenefitsLink Message Boards

Participant Terminated in 2020 But Paid in January 2021: How to Treat under ADP Test?

"Participant terminates December 28, 2020, but the next pay date is January 5, 2021. Is she in the 2021 ADP test even though she did NOT perform services for the employer in 2021?"

BenefitsLink Message Boards

Service Spanning Rules and Entry Date

"Plan specs: age 21, 2 mos service, monthly entry. Participant: DOH 3/7/21; DOT 4/29/21 (not 2 month svc); RH 10/5/21. When is entry date? Rehire date or 11/1/21?"

BenefitsLink Message Boards

Press Releases

PBGC Announces Leadership Appointments

PBGC [Pension Benefit Guaranty Corporation]

Betterment Enters into an Agreement with 529 Company Gradvisor, and Launches Student Loan Management via Spinwheel


Vitality Offers HealthFitness Return to Work Solutions to Help Employers Navigate Evolving COVID-19 Health and Safety Protocols


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Cybersecurity: DOL's Three Points of Lights

March 16, 2022 WEBCAST

The Retirement Advantage [TRA]

Common 401(k) Plan Errors

March 24, 2022 WEBCAST

Nova 401(k) Associates

Panel of PBGC Representatives Will Describe Recent Operations

June 8, 2022 WEBCAST

Conference of Consulting Actuaries

Last Issue's Most Popular Items

Text of IRS Proposed Regs: Required Minimum Distributions

Internal Revenue Service [IRS]

Missing Participants: The Search Continues

Trucker Huss

DOL Reviewing Wells Fargo Bank 401(k) Plan

Charlotte Observer

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

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