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Retirement Plans Newsletter

March 9, 2022

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

Text of DOL Proposed Regs and Comment Request: New Procedures for the Filing and Processing of Prohibited Transaction Exemption Applications (PDF)

121 pages. "This document gives notice of a proposed rule that, if adopted, would supersede the [DOL's] existing procedure governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of [ERISA], the Internal Revenue Code of 1986, and the Federal Employees' Retirement System Act of 1986 (FERSA).'

Detailed description of the changes starts at page 11. The following summary appears in the DOL press release:

'The Proposed Exemption Procedure Regulation would promote the department's prompt and efficient consideration of all exemption applications by, among other things:

  • Clarifying the types of information and documentation required to complete an application.
  • Revising the definitions of a qualified independent fiduciary and qualified independent appraiser to ensure their independence.
  • Clarifying the content of specific reports and documents applicants must submit to ensure that the department receives sufficient information to make the requisite findings under ERISA Section 408(a) to issue an exemption.
  • Updating various timing requirements to ensure clarity in the application review process.
  • Specifying items that are included in the administrative record for an application and when the administrative record is available for public inspection.
  • Expanding opportunities for applicants to submit information to the department electronically.'


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

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[Guidance Overview]

Exceptional Usefulness and Quality icon 2022 Compliance Considerations for ERISA Single Employer Defined Contribution Plan Operations

"This [article] provides an overview of key issues for plan sponsors to consider in 2022 and a calendar outlining important deadlines for qualified plans.... [I]ssues that are new for 2022 ... [1] SECURE Act and other COVID-related changes ... [2] Lifetime income illustrations for defined contribution plans ... [3] Missing participants guidance ... [4] Cybersecurity guidance ... [5] Adoption of preapproved defined contribution plans ... [6] IRS updates the employee plans compliance resolution system ... [7] ESG investments, proxy voting, and other fiduciary investing issues."  MORE >>


[Guidance Overview]

DOL Requests Information on Protection of Retirement Plans from Climate Risks

"The RFI and other recent proposed regulations indicate that the DOL is actively creating a framework for the government and retirement plan sponsors' roles in the protection of pensions and retirement savings from climate-related financial risk."  MORE >>

Holland & Knight

[Guidance Overview]

IRS Releases Proposed Required Minimum Distribution Regs

"Many of the new IRA and retirement plan rules contained in the SECURE Act seemed fairly straightforward. But like any new statute, these rules also created questions, such as those relating to the new post-SECURE beneficiary options. Fortunately, many of these questions have been addressed in the proposed regulations. But the new regulations also pose some challenges."  MORE >>


[Guidance Overview]

IRS Proposes New Regs on Minimum Required Distributions to Implement the SECURE Act

"It appears that the proposed regulations do not allow a defined benefit plan to provide a single uniform required beginning date of April 1, following the calendar year of attainment of age 70½. That means that a plan amendment would be required to change the required beginning date for those born on or after July 1, 1949."  MORE >>


Single-Premium Pension Buy-Out Sales Jump 37% in 2021

"PRT sales were $12.8 billion in the fourth quarter, down 16% from prior year. In 2021, overall PRT sales were $38.1 billion in 2021, 42% higher than sales in 2020.... There were 172 buy-out contracts sold in the fourth quarter, resulting in a total of 420 buy-out contracts for 2021. This represents a 3% year-over-year decline for the quarter and year. These contracts covered more than 440,000 pension participants."  MORE >>

Most Common Mistakes with Roth IRAs and Estate Planning

"[1] Failing to name a beneficiary ... [2] Choosing the wrong beneficiary ... [3] Establishing a trust incorrectly ... [4] Neglecting to take required minimum distributions (RMDs)."  MORE >>


Retirement Policy: Aligning Plan Design with Effective Employee Engagement (PDF)

10 pages. "Some plan participants of defined contribution plans may lack the resources and/or knowledge needed to make informed choices during the retirement savings accumulation and decumulation phases.... This issue brief addresses how retirement program design can impact decisions that participants make with the goal of improving retirement security."  MORE >>

American Academy of Actuaries


It's High Time We Fix The Gender Gap in Pensions

"Pension poverty is a major policy issue, ... [and] strikes more women than men for a whole host of reasons: [1] Women are not earning as much as men (and thus contribute less to their retirement). [2] Women have less linear career paths because of the nature of their work (part-time vs full-time), child-raising and elderly care. [3] Women live longer than men ... [4] Lack of flexible workplaces disadvantaging women. [5] Lack of government support (i.e. paid parental leave). [6] Most women work in jobs with no defined-benefit or any retirement plan."  MORE >>

Pension Pulse

Employee Benefits Jobs

View job as Client Service Manager
for July Business Services Client Service Manager

July Business Services


View job as Client Service Manager
for July Business Services

View job as Defined Benefit Plan Consultant
for Sentinel Benefits & Financial Group Defined Benefit Plan Consultant

Sentinel Benefits & Financial Group

Remote / Wakefield MA / Melville NY / Bingham Farms MI

View job as Defined Benefit Plan Consultant
for Sentinel Benefits & Financial Group

View job as Cash Balance Retirement Account Administrator
for Alerus Cash Balance Retirement Account Administrator


Remote / MI / MN / ND / NH

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



Selected New Discussions

Summer Counselors Excluded as a Job Class

"A school with 300 FTEs hires 90 summer counselors each year. The plan for the 300 FTEs does not require a waiting period, or minimum hours, or last day of the year employment. Fully vested contributions are made with each payroll period. Counselors are excluded as a job class. They work no more than 400 hours a year and are terminated at the end of each season. Am I correct the counselors are excludible employees simply because they are terminated in the year with less than 500 hours?"

BenefitsLink Message Boards

Owner of LLC Is Non-Resident of U.S. But Wants a Qualified Plan

"Accountant has a client who is not a resident of the U.S. but has income paid to her LLC. She's in this country more than 90 days each year. Can she set up a qualified plan for the LLC income?"

BenefitsLink Message Boards

Press Releases

Hub International Builds Institutional Asset Management and Financial Consulting Services with Acquisition of Taylor Advisors, Inc. in Kentucky

HUB International

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Long-Term Part-Time Employees – Are You Ready?

March 22, 2022 WEBCAST

Nova 401(k) Associates

Breaking Down Recordkeeping Vendor Searches: The Basics, Benefits and Best Practices

March 24, 2022 WEBCAST

Multnomah Group

PTE 2020-02 and Rollover Documentation

March 29, 2022 WEBCAST

Eversheds Sutherland

Last Issue's Most Popular Items

Options When Fiduciary Insurance Is Too Expensive

Groom Law Group, via PLANSPONSOR; free registration may be required

Beyond the 4% Rule: How Much Can You Spend in Retirement?

Charles Schwab

Partners Healthcare Defeats ERISA Actuarial Equivalence Lawsuit


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

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