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Retirement Plans Newsletter

March 7, 2022

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Text of EBSA Amendments to Class Prohibited Transaction Exemptions to Remove Credit Ratings Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act

71 pages. "This document amends six class exemptions from prohibited transaction rules ... The amended exemptions are [PTEs] 75-1, 80-83, 81-8, 95-60, 97-41 and 2006-16. The amendments relate to the use of credit ratings as conditions in these class exemptions. Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Department to remove any references to or requirements of reliance on credit ratings from its class exemptions and to substitute standards of creditworthiness as the Department determines to be appropriate."  MORE >>

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

[Guidance Overview]

Proposed Regs Greatly Expand Guidance on Required Minimum Distributions

"Plan documents, Summary Plan Descriptions and administrative practice should be reviewed and updated where needed to comply with the Proposed Regulations, which are generally to be effective on and after Jan. 1, 2022."  MORE >>

Holland & Knight

[Guidance Overview]

IRS Provides Additional Clarity on RMD Calculations

"[T]he Proposed Regulations confirm that non-governmental and church plan sponsors must provide actuarial benefit increases beginning at age 70-1/2 regardless of the plan's definition of required beginning date. For defined contribution plan sponsors, the Proposed Regulations also provide needed clarifications on the calculation of death benefits."  MORE >>

Reinhart Boerner Van Deuren s.c.

Second Circuit: Reinterpretation of Special Early Retirement Benefit Terms Did Not Violate ERISA's Anti-Cutback Rule

"The Second Circuit rejected Plaintiffs' argument that Defendants' reinterpretation of the Plan violated ERISA's anti-cutback rule ... Even though 'retire' was not defined prior to a 2012 amendment, it was reasonable for Defendants to interpret the Plan as not ever allowing for distributions in the manner that Defendants had previously practiced. The reinterpretation is not an amendment because the plan terms did not change, and Plaintiffs were not entitled to the accrued benefit they claim to have lost due to their continued employment." [Metzgar v. U.A. Plumbers and Steamfitters Local No. 22 Pension Fund, No. 20-3791 (2d Cir. Mar. 2, 2022)]  MORE >>

Roberts Disability Law

Exceptional Usefulness and Quality icon Alternative Investments in Participant Directed Individual Account Plans: The Treatment of Private Equity Sleeves (PDF)

"Investment in private equity funds has long been a concern of practitioners, but generally with respect to the issue of whether it was holding plan assets, or could avoid that status as a venture capital operating company or a fund in which equity participation in the entity by benefit plan investors is not significant.... [R]ecently the focus has been upon offering private equity funds as a component part of an asset allocation fund, an issue that had been addressed both by the [DOL] and a California federal district court on multiple occasions[.]"  MORE >>

The Wagner Law Group, via Tax Management Compensation Planning Journal

How Fast Do Financial Service Apps Change?

"The retirement industry showed increased interest in improving their mobile offerings but few trends emerged as dominant.... Navigation and design, profile management, transactions and account information all saw similar numbers of changes ... Retirement firms made fewer changes than those in mobile finance or insurance, although when firms made changes, they tended to be more significant than those in other verticals."  MORE >>

Corporate Insight

Understanding Pension Risk Transfer: A Look at Solutions and Costs

"Managing pension risk encompasses a variety of solutions -- from asset allocation strategies to group annuity transactions ... These options are placed along a 'de-risking spectrum,' of solutions for plan sponsors[.]"  MORE >>

PLANSPONSOR; free registration may be required

Pension Indicator, February 2022

"[T]he higher yields implicit from lower prices act as a great counterbalance on the pension plan balance sheet. Just in the first two months of this year, we are seeing lower liabilities from 6%-11% depending on duration thanks to a rising yield curve.... Only long-duration, open and accruing plans are seeing any meaningful gains thus far in 2022."  MORE >>


Pension Monitor, February 2022

"Total-return plans with higher duration liabilities and lower fixed-income allocations may have experienced an increase in funded status compared to LDI-focused peers holding more long-dated bonds."  MORE >>


Another Multiemployer Plan Refiles Under PBGC Special Financial Assistance Program

"The [latest update from the] PBGC Special Financial Assistance program ... showed one of the plans that previously filed and withdrew [has reapplied] -- Local Union No. 466 Painters, Decorators and Paperhangers Pension Plan out of Menands, NY which also recently filed a new 5500."  MORE >>


Public Pensions Want to Divest from Russia, But Can They?

"After a week of rushing to enumerate their exposure to Russian assets, public pension funds have started to share their plans to divest from the country. But ongoing closures of the Moscow Stock Exchange, as well as the illiquidity of certain private assets, have made it difficult, if not impossible, for these major funds to divest immediately."  MORE >>

Institutional Investor


Will Guarantee the 4% Rule?

"In this post, [the authors] discuss a recent post defending the 4% Rule, and ... compare this widely-used rule of thumb with the Actuarial Financial Planner (AFP) approach for a hypothetical single retiree.... [T]he example illustrates that many retirees can better meet their spending goals and better manage their investment risk by using the AFP approach rather than the 4% Rule."  MORE >>

Ken Steiner, FSA Retired

Benefits in General

Alert (High Risk Issue) icon How to Shoot Yourself in the Foot with Your SPD

"Two recent cases illustrate how an organization can end up in serious and costly litigation based on statements that did not have to be made in SPDs that did not have to be issued."  MORE >>

Verrill Dana LLP

Employee Benefits Jobs

View job as Group Benefits Program Implementation Analyst
for National Rural Electric Cooperative Association (NRECA) Group Benefits Program Implementation Analyst

National Rural Electric Cooperative Association (NRECA)

Arlington VA

View job as Group Benefits Program Implementation Analyst
for National Rural Electric Cooperative Association (NRECA)

View job as Tax Exempt DC Account Manager
for Nova 401(k) Associates Tax Exempt DC Account Manager

Nova 401(k) Associates

Remote / Houston TX / Dallas TX / Scottsdale AZ

View job as Tax Exempt DC Account Manager
for Nova 401(k) Associates

View job as Retirement Plan Specialist
for The Angell Pension Group, Inc. Retirement Plan Specialist

The Angell Pension Group, Inc.


View job as Healthcare Actuary
for Nyhart, part of FuturePlan by Ascensus Healthcare Actuary

Nyhart, part of FuturePlan by Ascensus

Remote / IN

View job as Retirement Distribution Processor
for Alerus Retirement Distribution Processor



Selected New Discussions

Distribution from DB Plan -- Rollover to Roth Account in Governmental 457(b) Plan?

"Distribution from a defined benefit plan. Participant wants to roll into a Roth account in a governmental 457(b) plan. I'm thinking it must be rolled into the 457(b) plan as non-Roth, then converted as an on-plan Roth rollover. But that seems stupid. Can it just be rolled directly to the Roth account in the 457(b) (and of course reported as taxable)?"

BenefitsLink Message Boards

Husband and Wife Each Has a Company; Affiliated Service Group?

"Company A - Husband owns. Company B - Wife owns; currently all work is done for Company A. The next step for Company B is to expand, providing legal services for additional clients. What's the fallout for setting up separate plans for Company A and Company B? Can they do it, or do we have an affiliated service group issue?"

BenefitsLink Message Boards

Handling an ADP Refund When HCE Has Both Roth and Pre-Tax Deferrals

"Plan is failing ADP test. One HCE getting a refund had both Roth and pre-tax deferrals during the year. What's the protocol for doing the refund? From which source(s) do you start using amounts? Is it a plan document issue? Administrative procedure? Does the participant have to make the final call? (Is that even feasible if we are coming up on processing deadlines?)"

BenefitsLink Message Boards

Press Releases

Flume Health Raises $30M Series A to Redefine Health Plan Administration

Flume Health

AIG Life & Retirement and Annexus Launch X5 Accelerator Annuity, Powerful New Opportunity to Increase Income in Retirement

AIG Retirement Services

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Retirement Plan Alternatives for Small Plan Sponsors: CalSavers and PEPs

March 17, 2022 in CA

Western Pension & Benefits Council - Orange County Chapter

Last Issue's Most Popular Items

ERISA Advisory Council Pulls Back the Curtain on Brokerage Windows


Getting Around the Stretch IRA Block: Another Plus for Roth Conversions


How to Prepare Business Owners for the Approaching CalSavers Deadline

E is for ERISA

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

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