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Retirement Plans Newsletter

March 3, 2022

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

IRS Issues New RMD Proposed Regs... and You Thought the Old Ones Were Confusing!

"The Proposal, if finalized, would explain two of the most important RMD-related provisions of SECURE: the delay in the required beginning date to age 72, and the 10-year limit on RMDs after death.... The Treasury decided to completely rewrite and reformat all the RMD regulations -- to the tune of 275 pages of information. In addition, the Proposal updates rollover regulations, which date back to 1995. While these changes are only proposed ... the planned effective date is January 1, 2022."  MORE >>

Ferenczy Benefits Law Center

[Guidance Overview]

IRS Issues New Pension Withholding Forms; Use Is Optional for 2022 (PDF)

"[T]hese forms are optional for 2022, but are required beginning January 1, 2023. The legacy 2021 Form W-4P is available for 2022 for both periodic and non-periodic payments ... A quick look at the pension-withholding rules and the new forms is set forth in [a table], along with some important questions that these changes raise."  MORE >>

Groom Law Group, via Taxes the Tax Magazine

401(k) Fee Litigation

"Since 2006, the class action ERISA bar has filed nearly 300 class actions alleging that plan fees are excessive, or investment options are imprudent.... Plaintiffs' bar typically research plans on ... Form 5500 databases ... Since the fee disclosure rules were promulgated, plans are required to include some rudimentary fee disclosures in their Form 5500 filings. The complaints typically make detailed allegations, which are usually incomplete and often incorrect, about plan fee levels and service provider arrangements."  MORE >>

Baker Botts L.L.P.

If Crypto Belongs in Retirement Accounts, Where Are the Assets?

"[W]hy haven't we seen more similarly esoteric assets -- like private investments, real estate and collectibles -- placed within a tax-advantaged retirement account? Because it's exceedingly difficult to do so ... With crypto, it's a case of mismatched-time -- consumers wouldn't want an account that took weeks to open and potentially weeks to fund to purchase a high-volatility asset[.]"  MORE >>

Christopher Robbins of Coindesk, via Nasdaq

Upcoming Deadline icon Supreme Court Refuses to Hear ERISA Challenge: CalSavers Is Here to Stay

"[T]he current threshold for employers having to register with CalSavers is employers with 5 or more employees. If such employers do not provide a retirement plan and have not registered by June 30, 2022, they will face penalties." [Howard Jarvis Taxpayers Association v. California Secure Choice Ret. Savings Program, No. 20-15591 (9th Cir. May 6, 2021; cert. denied Feb. 28, 2022)]  MORE >>

Murphy Austin

Upcoming Deadline icon Most New Jersey Employers Must Provide Retirement Savings Programs Starting March 28

"New Jersey employers with 25 or more employees that do not currently sponsor a retirement savings plan will soon be required to facilitate their employees' enrollment in the New Jersey Secure Choice Savings Program Fund to save for retirement through automatic payroll deductions."  MORE >>

Fisher Phillips

Wisconsin Plan to Create Retirement-Like Accounts for Kids Wins Support

"The bill would create an IRA-like investment account for every child born or adopted in Wisconsin. The state would oversee investment and management. The individual account holder would access the savings once they became an adult to roll the funds into an additional retirement plan, pay off medical expenses or school tuition costs."  MORE >>

Lawmakers Unveil Multiemployer Pension Rescue Tracker

"Members of the House Education and Labor Committee unveiled a multiemployer pension rescue tracker highlighting plans that have received special financial assistance.... The tracker spotlights the number of participants who receive benefits from defined benefit plans that have been protected[.]"  MORE >>

PLANSPONSOR; free registration may be required


2022 Federal Retirement Security Blueprint (PDF)

14 pages. "IRI's 2022 Federal Retirement Security Blueprint includes common-sense, bipartisan policies to help our nation's workers and retirees achieve economic equity, strengthen their financial security, and protect their income to sustain them throughout their retirement years."  MORE >>

Insured Retirement Institute [IRI]


The Difference in Impact of Inflation on Public and Corporate Pension Plans

"[As] inflation leads to higher discount rates, the measurement of those liabilities will fall. This will likely result in lower required contributions for most corporate plans.... [P]ublic plans with already high, but fixed, discount rates will not benefit from an increase in interest rates and corresponding decrease in measured liabilities.... There is debate among economists about whether public plans' discount rates should be lower. But there is no dispute that these two inflation-driven challenges -- increased wages and COLAs -- will have a significant impact on the funded status of public plans."  MORE >>

Charles E.F. Millard, Former PBGC Director, via PLANSPONSOR; free registration may be required

Employee Benefits Jobs

View job as Client Success Specialist
for Ubiquity Retirement + Savings Client Success Specialist

Ubiquity Retirement + Savings


View job as Client Success Specialist
for Ubiquity Retirement + Savings

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

FuturePlan, by Ascensus

Remote / CT / MA / ME / NH / RI

View job as Retirement Account Administrator
for Alerus Retirement Account Administrator



View job as ESOP Retirement Account Administrator, Senior
for Alerus ESOP Retirement Account Administrator, Senior



View job as Health Insurance Specialist  (Recent Graduates)
for Centers for Medicare & Medicaid Services [CMS] Health Insurance Specialist (Recent Graduates)

Centers for Medicare & Medicaid Services [CMS]

Remote / Boston MA / Baltimore MD / Atlanta GA / Dallas TX / San Francisco CA / Seattle WA

Selected New Discussions

Employee Included in Profit Sharing Plan by Mistake

"A plan sponsor specified a hire date on an employee census that was actually several months before the employee was hired. Hence the employee was included in the allocation of the year's profit sharing contribution. This is a straight PS plan, not a 401(k). Do we need to leave the allocation as is, or instead to we need to take it away?"

BenefitsLink Message Boards

Highly Compensated Employee Characterization for Purposes of Form 6088

"Column b of the Form 6088 asks that you indicate whether each participant listed is an HCE. For this purpose, is a former HCE considered an HCE?"

BenefitsLink Message Boards

'Otherwise Excludable' When Years of Service Measured by Elapsed Time

"What happens when the plan's method of crediting hours of service is the elapsed time method? Is a Year of Service merely when someone works for 12 months straight (or credited due to spanning rules)? How does that translate to calculating 'Otherwise Excludable'?"

BenefitsLink Message Boards

Press Releases

Dorsey Launches ERISA Insights Blog

Dorsey & Whitney LLP

Fidelity Investments® Launches Innovative Benefits Equity℠ Scorecard to Help Organizations Ensure Employee Benefits Are Equitable and Inclusive for All Workers

Fidelity Investments

Last Issue's Most Popular Items

IRS Revamps Minimum Required Distribution Rules

Groom Law Group

The Impact of New IRS Proposed Regs on RMDs

Nerd's Eye View

401(k) Fiduciary Takeaways from a Jerry Schlichter Interview

Employee Fiduciary

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

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