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Retirement Plans Newsletter

February 25, 2022

14 New Job Opportunities 14 New Job Opportunities


[Official Guidance]

Text of IRS Proposed Regs: User Fees for Enrolled Agents and Enrolled Retirement Plan Agents

"This document contains proposed amendments to the regulations relating to user fees for enrolled agents and enrolled retirement plan agents. This document also contains a notice of public hearing on the proposed regulations. The proposed regulations increase the renewal user fee for enrolled retirement plan agents from $67 to $140. In addition, the proposed regulations increase both the enrollment and renewal user fee for enrolled agents from $67 to $140."  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

Text of IRS Final Regs: User Fees for Enrolled Agent Special Enrollment Examination and the Enrolled Retirement Plan Agent Special Enrollment Examination

"[These] final regulations increase the amount of the user fee for each part of the special enrollment examination for enrolled agents (EA SEE). The final regulations also remove the user fee for the special enrollment examination for enrolled retirement plan agents (ERPA SEE) because the IRS no longer offers the ERPA SEE or new enrollment as an enrolled retirement plan agent."  MORE >>

Internal Revenue Service [IRS]

DOL Brief to Seventh Circuit Supporting Broad Authority to Subpoena Documents in ERISA Investigations (PDF)

74 pages. "The Secretary is not required to determine a violation occurred or is about to occur before he subpoenas documents.... The District Court correctly held that there was no legitimate barrier to enforcing the Subpoena simply because it did not state what specific violation was being investigated ... [T]he integrity of plan recordkeeping systems is squarely within the Department's regulatory scope." [Walsh v. Alight Solutions, LLC, No. 20-2138 (N.D. Ill. Oct. 28, 2021; on appeal to 7th Cir.)]  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Fourth Circuit Holds Punitive Damages Are Not Recoverable for Late Multiemployer Plan Contribution Payments

"The court disagreed with the Seventh Circuit and found that the traditional rules of contract construction should apply to CBAs unless they conflict with federal labor law.... ERISA does not speak to tardy contributions. Congress chose not to include them within ERISA Section 502(g)(2)'s gambit. The court also reasoned that there's a difference between a tardy contribution and an unpaid one." [Plumbers & Pipefitters Loc. 625 v. Nitro Constr. Servs., Inc., No. 20-2080 (4th Cir. Feb. 23, 2022)]  MORE >>

Roberts Disability Law

Alert (High Risk Issue) icon Don't Pay Twice: Monitor Payment of Cancelled, Reissued Qualified Plan Distributions

"Cancelled and reissued qualified plan distribution checks, particularly to decedents, should be monitored for payment in light of the [IRS's] repeated refusal to repay withholding to payor plans. If a Form 1099-R is filed reporting a distribution that was never received, employers could end up effectively paying twice the withholding amounts."  MORE >>

Morgan Lewis

Is That 'Missing Form 5500' Email Legit?

"[DOL] recently sent out approximately 22,000 emails to Form 5500 contacts for certain 'stop-filer' plans. Specifically, the emails targeted plans where a Form 5500 or 5500-SF was submitted in 2019 but not in 2020.... [T]he email is not a formal notification of a late submission and there is no obligation to respond to the email.... The email does not mean the applicable 2020 Form 5500 is late. Some plans were entitled to an extension to Feb. 15, 2022, due to Hurricane Ida."  MORE >>

American Retirement Association [ARA]

What's New in 2022 for 401(k)s: Disclosures for Participants About Lifetime Income

"The SECURE Act offers protection from liability to fiduciaries that provide these disclosures in the event that the income illustrations prove to be inaccurate.... To be eligible for the relief ... the illustrations must use the IFR's assumptions and model language (or language substantially similar) in participant benefit statements."  MORE >>


The Investment Policy Audit

"ERISA does not require a retirement plan to have an IPS, but the [DOL's] regular practice of asking to see a plan's IPS in plan audits is a clear best practice indicator.... [T]he tests applied to each evaluation focus on standard criteria in an audit. Those criteria include due diligence concerning the selection of money managers, adherence to the IPS specifications, and documentation of the monitoring activities."  MORE >>

Roland Criss

ESG Investment Options in Public DC Plans

"[U]sing plan-level aggregate values to assess individual participants' ESG investment decisions gives an incomplete picture in assessing participant preferences. While dollar allocations to ESG funds at a plan level may be small (on average, 2.7 percent in [this] sample), [this study finds] an overall ESG adoption rate of 31 percent and an average ESG allocation for ESG-investing participants of 14 percent."  MORE >>

Employee Benefit Research Institute [EBRI]

Unique Traits of Retirement Benefits in the Insurance Industry

"Most large insurance companies have defined benefit plans, but they are not the primary retirement savings vehicle for the workforce ... Automatic enrollment in the 401(k) plan is nearly universal ... Default contribution rates for automatic enrollment tend to be higher ... Insurance companies are ahead of the curve on student loan programs ... Three-quarters of insurance workers save above the match threshold."  MORE >>

Alight Solutions

Employee Benefits Jobs

View job as Defined Benefit Plan Consultant
for QPA, Inc. Defined Benefit Plan Consultant

QPA, Inc.

Remote / Greensboro NC

View job as Client Experience Specialist
for Aimpoint Pension Client Experience Specialist

Aimpoint Pension


View job as Plan Administrator
for Aimpoint Pension Plan Administrator

Aimpoint Pension


View job as Employee Pension Benefits Paralegal or Consultant
for Best Best & Krieger LLP Employee Pension Benefits Paralegal or Consultant

Best Best & Krieger LLP


View job as VP Sales Consultant (Retirement Industry)
for FuturePlan, by Ascensus VP Sales Consultant (Retirement Industry)

FuturePlan, by Ascensus

Remote / Salt Lake City UT

View job as Testing Specialist I
for FuturePlan, by Ascensus Testing Specialist I

FuturePlan, by Ascensus


View job as Associate Relationship Manager - Retirement
for GuideStone Financial Resources Associate Relationship Manager - Retirement

GuideStone Financial Resources

Memphis TN

View job as System Automation Support Specialist - Payroll
for BlueStar Retirement Services Inc. System Automation Support Specialist - Payroll

BlueStar Retirement Services Inc.

Remote / Ponte Vedra Beach FL

View job as Defined Contribution Benefits Analyst
for Occidental Petroleum Defined Contribution Benefits Analyst

Occidental Petroleum

Tulsa OK

View job as Senior Benefits Representative
for Occidental Petroleum Senior Benefits Representative

Occidental Petroleum

Tulsa OK

View job as Relationship Manager for Non-Qualified Retirement Plans
for Newport Relationship Manager for Non-Qualified Retirement Plans


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

View job as Senior Relationship Manager for Non-Qualified Retirement Plans
for Newport Senior Relationship Manager for Non-Qualified Retirement Plans


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

View job as Client Service Manager for Non-Qualified Plans
for Newport Client Service Manager for Non-Qualified Plans


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

View job as Plan Administrator/ Consulting
for Associated Pension Consultants Plan Administrator/ Consulting

Associated Pension Consultants

Chico CA / Sacramento CA

Selected New Discussions

Treatment of Money Paid to Participant in Settlement of Lost Wages Dispute

"Participant terminated in 2018, in 2021 agreed to a settlement, part of which wage income of $6k monetary consideration for disputed lost wages. The wages were paid as W-2. Nothing in the settlement addresses plan contributions. Should this be considered back pay and allocated an allocation based on 2018? I'm seeing Treas Reg. sec. 415(c)-2(g)(8) but I'm wondering whether the 'disputed lost wage' would otherwise have been included (such as underpaid for hours worked)."

BenefitsLink Message Boards

Here's An APR Calculator Workbook

"Here is a spreadsheet that will calculate single life and 100% J&S APRs. This was inspired by comments from @401king and others in another recent thread. You must enter the interest rate and age on the Input tab. You can optionally enter an account balance, if you do it will calculate the annuity amounts in addition to the APRs."

BenefitsLink Message Boards

New Payroll Company Forgot to Withhold 401(k)

"Company switched payroll providers. New payroll company has not withheld 401k from the 5 participants for 2 months. What's the best (and cheapest) way to correct? Can this be self-corrected? Must employer make up lost earnings? Can the DOL calculator be used?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRS Issues New RMD/Beneficiary Distribution Guidance

March 9, 2022 WEBCAST

Convergent Retirement Plan Solutions

Last Issue's Most Popular Items

Proposed Regs Update RMDs for SECURE Act Changes

Journal of Accountancy

Enrolled Actuaries Program Booklet (PDF)

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

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

American Retirement Association [ARA]

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

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