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Retirement Plans Newsletter

March 11, 2022

8 New Job Opportunities 8 New Job Opportunities


[Guidance Overview]

DOL Removes Credit Ratings from Class Prohibited Transaction Exemptions as Required by Dodd-Frank

"The DOL is finalizing the amendments largely as proposed, but with minor changes. Instead of referencing or relying on credit ratings, parties relying on these class PTEs must determine whether certain credit standards are satisfied."  MORE >>

Thomson Reuters Practical Law

[Guidance Overview]

DOL Proposes Changes to Application Procedures for Prohibited Transaction Exemptions

"The proposed rules would update the scope of the application procedures.... The proposed rules would also revise several definitions in the existing procedures and add new definitions.... The proposed rules would also expand the types of exemption applications the DOL will not consider.... Under the proposed rules, the DOL would still consider applications for retroactive exemptions but only if [two] conditions were met ... The proposed rules also identify factors the DOL would consider when reviewing an application for a retroactive exemption."  MORE >>

Thomson Reuters Practical Law

[Guidance Overview]

DOL Makes No Secret of Its Concerns About Crypto

"DOL's position on brokerage windows seems to run counter to the view often taken by plan fiduciaries, that the plan fiduciary has a duty to prudently select and monitor the provider of the brokerage window but not the investment options chosen by participants through that window (particularly when those investments are publicly traded mutual funds or exchange traded funds)."  MORE >>

Eversheds Sutherland

Mortality Table Pension Plan Litigation: Reasonableness Not Required

"The court rejected the argument that there was any reasonableness standard required by the statute, noting first that such omission is generally assumed to be deliberate. The court noted that Congress had placed reasonableness standards for actuarial assumptions in other parts of ERISA such as the determination of withdrawal liability." [Belknap v. Partners Healthcare System, Inc., No. 19-11437 (D. Mass. Mar. 4, 2022)]  MORE >>

Faegre Drinker

Do Employers Need a CISO for ERISA Compliance?

"As DOL investigators grapple with applying the Guidance along with their internal resources, it remains unclear whether they will be fixated on requiring in all cases an express designation of a [Chief Information Security Officer (CISO)] by all retirement plan sponsors and plan service providers.... Organizations should have a qualified member of its senior leadership assigned and accountable for the management, implementation, and evaluation of its cybersecurity program."  MORE >>

Jackson Lewis P.C.

Measuring the Impact of Financial Wellbeing Initiatives on 401(k) Plan Utilization

"The estimated increase in 401(k) contribution levels after attending any financial wellbeing webinar was between $649 and $988, depending on age and initial contribution level. Attending a budgeting webinar was positively related to increased employee 401(k) contributions for all cohorts examined."  MORE >>

Employee Benefit Research Institute [EBRI]

EBSA and IRS Get Funding Boosts, But What About SECURE 2.0?

"The $1.5 trillion budget bill passed by Congress this week includes budget boosts for [EBSA] and the IRS -- but bipartisan retirement legislation apparently will have to wait for another day.... While there was some speculation that Congress would add the SECURE Act 2.0 to the consolidated spending bill, that did not happen. A separate push to include a package of expired tax breaks also did not materialize either. "  MORE >>

American Retirement Association [ARA]

Total U.S. Annuity Sales Highest Since the Great Recession

"Total annuity sales were $254.6 billion in 2021, up 16% from 2020. In the fourth quarter, annuity sales were $62.8 billion, 7% higher than fourth quarter 2020."  MORE >>

LIMRA Secure Retirement Institute:

Lawmakers Want to Extend Pension Plan J&S Rules to 401(k) and Profit Sharing Plans

"[T]he draft bill would require a married participant's permission to withdraw assets in the form of a lump sum of cash, or to roll assets into an arrangement beyond the reach of the other spouse. A married participant would not have to get consent from the spouse to receive plan benefits in the form of a joint and survivor spousal annuity, or to roll the assets into another employer-sponsored retirement plan or individual retirement arrangement that provided protection for the spouse[.]"  MORE >>


Benefits in General

Benefits: A Boon for Employers

"80 percent of job seekers believe their companies need to reevaluate the benefits they offer. Sixty-seven percent of job seekers surveyed indicated benefits are more important to them now than before the pandemic, and 54 percent would consider taking a lower-paying job with a better benefits package."  MORE >>


Executive Compensation and Nonqualified Plans

Tax Season 2022: Key Guidance to Help Prevent Costly Mistakes

"The fully updated myStockOptions Tax Center provides expert yet easily readable guidance on the filing and reporting of tax returns that involve stock options, restricted stock, restricted stock units (RSUs), performance shares, stock appreciation rights, and employee stock purchase plans (ESPPs)."  MORE >>

Employee Benefits Jobs

View job as Retirement Services Analyst
for Jordan & Associates Retirement Services Retirement Services Analyst

Jordan & Associates Retirement Services

Santa Rosa CA

View job as Retirement Services Analyst
for Jordan & Associates Retirement Services

View job as Defined Benefit Plan Consultant
for FuturePlan, by Ascensus Defined Benefit Plan Consultant

FuturePlan, by Ascensus


View job as Defined Benefit Plan Consultant
for FuturePlan, by Ascensus

View job as Enrolled Actuary
for FuturePlan, by Ascensus Enrolled Actuary

FuturePlan, by Ascensus

Remote / Chicago IL

View job as Compliance Analyst
for FuturePlan, by Ascensus Compliance Analyst

FuturePlan, by Ascensus


View job as Defined Contribution Plan Consultant
for FuturePlan, by Ascensus Defined Contribution Plan Consultant

FuturePlan, by Ascensus


View job as Client Relationship Manager
for FuturePlan, by Ascensus Client Relationship Manager

FuturePlan, by Ascensus


View job as Benefits Advisor
for Employee Benefits Security Administration [EBSA] Benefits Advisor

Employee Benefits Security Administration [EBSA]

Remote / Washington DC

View job as Retirement Plan Compliance Analyst
for Sunwest Pensions Retirement Plan Compliance Analyst

Sunwest Pensions


Selected New Discussions

Cash Balance/Profit Sharing Testing When Some PS Participants Are Not in CB Plan

"Have a new client where they have both a Cash Balance and Profit Sharing Plan. Profit Sharing is immediate entry. Cash Balance is 21 & 1 (1/1 & 7/1 entry dates). So we have people eligible for the Profit Sharing and not the Cash Balance. When we do the testing for both plans (like the Rate Groups), do we include the people who are in just the Profit Sharing Plan?"

BenefitsLink Message Boards

Maximum Pay Credit Per Year under a Cash Balance Plan?

"Can someone please direct me to the regulations that state what the maximum pay credit per year can be in a Cash Balance/Profit Sharing combo plan? Taking over another case where they added the owner's spouse onto the plan, and the 401(k) + Profit Sharing + Cash Balance credit exceeds the salary they are giving her. Just wanting to make sure what they were doing is OK (they're the only two participants, so there aren't as many testing issues)."

BenefitsLink Message Boards

PBGC-Covered, or Not?

"I own Company A 100%. No employees. I'm not on the payroll. Company A owns Company B 100%. Company B employs me and my spouse. We both get salaries. Company B sets up a DB plan sponsored by Company B only. Is the DB plan covered by PBGC? None of the companies are professional entities."

BenefitsLink Message Boards

Contribution Conundrum -- Minimum Greater Than Maximum?

  • Total Normal Cost (which is the minimum contribution) - $120,000
  • Maximum Deductible Contribution - $25,000 (due to positive asset performance)

So, does this mean that they can't deduct the entire contribution or can they still take just the required minimum contribution and nothing more?

BenefitsLink Message Boards

Press Releases

IRI Names Two New Members to Board of Directors

Insured Retirement Institute [IRI]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Help Business Owners Benefit from the California Retirement Mandate

March 24, 2022 WEBCAST

The Retirement Advantage [TRA]

Institutional Certified 401(k) Professional Program

May 4, 2022 in CA

Defined Contribution Institutional Investment Association [DCIIA]

Last Issue's Most Popular Items

Text of DOL Compliance Assistance Release No. 2022-01: Cryptocurrencies as 401(k) Investment Option

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

IRS General Instructions Provide Needed Guidance for Filing 2022 Forms 1099-R and 5498

Thomson Reuters / EBIA

Why Account Consolidation Is Vital in Reducing 401(k) Cybersecurity Risk

401(k) Specialist

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

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