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Retirement Plans Newsletter

March 16, 2022

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Text of Correction to IRS Proposed Regs: User Fees Relating to Enrolled Agents and Enrolled Retirement Plan Agents

"[The hearing date and comment deadline in the proposed regulations are hereby] corrected to read 'Electronic or written comments must be received by May 2, 2022. The public hearing is being held by teleconference on May 11, 2022 at 10 a.m. EST.' " [See full text of proposed regs as originally published in Federal Register.]  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

IRS Temporarily Halts Prototype IRA Opinion Letter Program

"This temporary suspension comes as no surprise as the [SECURE Act] made significant changes to IRAs, and questions regarding some of the SECURE Act's more complex changes still remain.... The IRS intends to issue updated model forms and LRMs as well as a new revenue procedure for requesting an IRS opinion letter on prototype IRAs."  MORE >>

Morgan Lewis

[Guidance Overview]

Cryptocurrency and 401(k) Plans: DOL Implores Fiduciaries to Exercise Extreme Care

"[Compliance Assistance Release 2022-01] focuses on the use of cryptocurrencies in 401(k) plans -- how exactly the agency's position will apply to the defined benefit plan space is unclear.... [T]he guidance appears to home in on a 401(k) plan fiduciary's decision to expose participants to direct investments in cryptocurrencies. Whether some of the agencies' concerns can be mitigated by indirect investments in funds that have cryptocurrency exposure ... is also unclear at this time."  MORE >>

Ropes & Gray LLP

How to Prepare Benefit Plan Audit Investment Certifications

"The type of audit plan management can elect depends on if the investments are held at a qualified institution that can provide a proper certification stating that the investment information is complete and accurate.... A plan administrator that receives a proper certification is eligible to elect an ERISA Section 103(a)(3)(C) audit ... [which] reduces the time and resources that would otherwise be required to audit the investments of the plan."  MORE >>


Analysis of 22,000 Comments on DOL Stance on ESG Shows the Majority Support Reversing 2020 Rule

"Commenters argued that most asset managers already recognize that climate and other ESG factors belong in their financial analysis alongside other relevant information. Many applauded the proposed rule's acknowledgment that ESG factors 'are no different than other "traditional" material risk-return factors' and welcomed a reversal of the 2020 rules' framing."  MORE >>

BenefitsPro; free registration required

CRS In Focus: Social Security Retirement Benefit Claiming Age

"[T]he age distribution of Social Security benefit claims has shifted to later ages in the past two decades. Several factors are likely to have contributed to the change ... including changes in the FRA, the retirement earnings test, the [delayed retirement credit], the economic environment, and the population age distribution." [IF11115, Mar. 15, 2022]  MORE >>

Congressional Research Service [CRS]


Why Hidden 401(k) Fees Should Be Illegal

"401(k) providers typically charge hidden fees based on a percentage of assets.... [But] a 401(k) provider's level of service generally scales with employee headcount, not assets.... [Many] small business clients pay 100% of our 401(k) administration fees from a corporate bank account, not plan assets ... Hidden 401(k) fees don't give employers this opportunity because they are baked into the operating expenses of plan investments."  MORE >>

Employee Fiduciary

Benefits in General

Exceptional Usefulness and Quality icon ERISA's Cops: DOL Enforcement Overview and Current Priorities (PDF)

9 pages. "[1] Overview of ERISA's fiduciary duties and prohibited transaction rules ... [2] DOL's organization and enforcement resources ... [3] DOL enforcement has remained robust ... [4] Current enforcement priorities ... [5] National enforcement projects ... [6] Additional (unofficial) DOL enforcement priorities ... [7] Possible future DOL enforcement priorities."  MORE >>

Morgan Lewis, via LexisNexis Practical Guidance

A Primer for Employees on Employee Benefits Litigation under ERISA

"It is crucial you understand the laws that apply to your benefits and the damages available, ... especially as they pertain to ERISA benefits litigation.... [1] What laws apply to employer-sponsored benefits? ... [2] What damages are available if benefits are denied? ... [3] Who has the burden of proof in establishing an entitlement to benefits? ... [4] Do you need an attorney to seek benefits?"  MORE >>

DeBofsky Sherman Casciari Reynolds P.C.

Employee Benefits Jobs

View job as Retirement Plan Administrator
for Prime Pensions Northwest, LLC Retirement Plan Administrator

Prime Pensions Northwest, LLC


View job as Retirement Plan Administrator
for Prime Pensions Northwest, LLC

View job as Distribution Specialist
for Carpenter Morse Group Inc. Distribution Specialist

Carpenter Morse Group Inc.


View job as Distribution Specialist
for Carpenter Morse Group Inc.

View job as Defined Contribution Account Manager
for Nova 401(k) Associates Defined Contribution Account Manager

Nova 401(k) Associates

Remote / Houston TX / Scottsdale AZ

View job as Defined Contribution Account Manager
for Nova 401(k) Associates

View job as 401(k) Consultant/Account Manager
for TPS Group 401(k) Consultant/Account Manager

TPS Group


View job as 401(k) Consultant/Account Manager
for TPS Group

View job as Implementation Manager - Retirement Plans
for The Standard Implementation Manager - Retirement Plans

The Standard

Remote / Howell MI

View job as Implementation Manager - Retirement Plans
for The Standard

Selected New Discussions

Coverage Testing When No Wages Paid During Plan Year

"Plan has 450 employees that are only paid when called to a job site. During 2021 these employees were not paid W-2 wages because there was no job site work. The plan has 90 day service requirement. The recordkeeper is assuming these employees are all non-excludable for 410(b) testing. If an employee has no wages, why are they included in the coverage test?"

BenefitsLink Message Boards

Press Releases

Milliman Named 'Best in Class' Defined Contribution Recordkeeper


Megan Lynch Appointed Senior Vice President, Premier Broker Partnerships of Chubb Workplace Benefits.


RPS Retirement Plan Advisors Announces Creation of New Pooled Employer Plan

RPS Retirement Plan Advisors

Nearly 75% of Employees Will Swap Health Insurance Plan Features for Significant Savings, Centivo Survey Reveals


Carbon Collective Launches Climate-focused Employer 401(k)

Carbon Collective

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

PENtalkā„¢ - Where's That Easy Button?

March 16, 2022 WEBCAST

Pentegra Retirement Services

State Mandated Retirement Programs

March 24, 2022 WEBCAST

Broadridge fi360 Solutions

Employee Benefits Law Ethics Update

March 30, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Multiemployer Plan Issues

March 30, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Keeping Participant PII Safe in 2022

April 14, 2022 WEBCAST

PBI Research Services

Last Issue's Most Popular Items

403(b) Agents Dish on How They Hook Teachers


Tipped Employee Sues for Right to Defer More

American Retirement Association [ARA]

Text of IRS Announcement 2022-06: Temporary Suspension of IRS Prototype IRA Opinion Letter Program (PDF)

Internal Revenue Service [IRS]

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

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