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Retirement Plans Newsletter

March 24, 2022

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

CRS In Focus: Using Retirement Account Features for Short-Term Savings

"Some proposals to increase short-term savings envision new add-on accounts ... Other proposals would use existing features of employer-sponsored DC plans that allow funds to be used for unexpected expenses. This In Focus discusses two of such existing features: deemed Roth Individual Retirement Accounts (IRAs) and after-tax accounts (non-Roth) within qualified retirement plans." [IF 12065, Mar. 23, 2022]  MORE >>

Congressional Research Service [CRS]

[Guidance Overview]

IRA Mandate for Private Sector Employers in New York State and New York City

"As the New York State program will likely cover many of the same employers as the New York City program, it is unclear if the City's program will be implemented.... Participating employers must automatically enroll in the Secure Choice IRA each employee who does not opt out of participation ... or who has made an election to participate with a level of employee contributions other than three percent (3%) of wages in New York State or five percent (5%) in New York City."  MORE >>

Schulte Roth & Zabel LLP

Ninth Circuit Agrees That 'Highest Contribution Rate' for Withdrawal Liability Payment Calculations Excludes PPA Surcharges

"While [MPRA] explicitly excluded surcharges that accrued after 2014 from such calculations, this case concerned surcharges that accrued before 2015. The Ninth Circuit reasoned that the surcharge was not a 'contribution rate' because the PPA surcharge is calculated and paid after the total amount of contributions has been calculated." [Bd. of Trustees of the Western States Office & Professional Employees Pension Fund v. Welfare & Pension Admin. Serv., Inc., No. 20-35545 (9th Cir. Jan. 31, 2022)]  MORE >>


Low- and Moderate-Income Workers' Views on Financial Wellness (PDF)

"Most participants equated financial wellness with having enough money to live day-to-day and having confidence and resources to meet their future financial needs.... Most live paycheck to paycheck and feel severe stress.... Workers were open to utilizing employer-provided financial wellness assistance, administered by a third party (for employee privacy). Some people were hesitant, however, citing lack of trust and a need for employers to be transparent and genuine."  MORE >>

Defined Contribution Institutional Investment Association [DCIIA]

Survey Reveals Retirement Confidence Gap Across Generations

"In a national survey of those with workplace retirement plans held by Principal®, 71% listed 'living comfortably in retirement' as a top life goal along with good health and financial wellness. Unfortunately, less than half (49%) have confidence that their savings will be enough, and a further 55% don't feel secure in their retirement planning."  MORE >>

Principal Financial Group


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Is Restricting 403(b) Vendors Legal in California?

"Recently, some compliance administrators and school districts ... have put in place requirements to restrict new vendors. In some cases, the compliance administrator will place a requirement that a new vendor must first line up a certain number of participants before they will be added to that school district. In other cases, the school employer has simply closed the list to new entrants entirely. These new restrictions make it very difficult for low-cost, high-quality vendors to gain access to these school districts."  MORE >>

The Teacher's Advocate

Benefits in General

Reimagining the Rules of Civil Procedure for ERISA Claims

"Although the term 'civil action' is supposed to have identical meaning under the Federal Rules of Civil Procedure regardless of the type of claim being brought, ERISA claim litigation differs dramatically from ordinary civil procedure. Courts have invented rules that lack any statutory or other support.... For years, no court questioned the quasi-administrative law regime to which ERISA claims have been relegated. However, in a quartet of recent appellate rulings, courts have started to question the status quo."  MORE >>

DeBofsky Sherman Casciari Reynolds P.C.

District Court Reinstates Trump Administration's Independent Contractor Rule

"[T]he Trump rule condensed the analysis to weighing two key factors: [1] the nature and degree of the individual's control over the work; and [2] the individual's opportunity for profit or loss. Under the Trump rule, only when these two factors are insufficient to answer whether the individual is an employee or independent contractor should the remaining four factors be considered." [Coalition for Workforce Innovation v. Walsh, No. 21-0130 (E.D. Tex. Mar. 14, 2022)]  MORE >>


Texas Federal Court Reinstates Trump DOL's Independent Contractor Rule

"Although the ruling purports to vacate the delay and withdrawal rules, there is a long-running legal debate as to whether such vacatur orders from lower courts do or ought to apply nationwide as opposed to only the court jurisdiction or to the plaintiffs involved. So it is possible that the DOL could file a motion for clarification with the court or offer a public statement that competes with what appears to be a nationwide vacatur of the rule." [Coalition for Workforce Innovation v. Walsh, No. 21-0130 (E.D. Tex. Mar. 14, 2022)]  MORE >>

Holland & Knight

Employee Benefits Jobs

View job as Retirement Operations Specialist
          for Fringe Benefit Group Retirement Operations Specialist

Fringe Benefit Group


View job as Retirement Operations Specialist
          for Fringe Benefit Group

View job as ASC Retirement Plan Consultant
          for Pension Plan Specialists ASC Retirement Plan Consultant

Pension Plan Specialists

Remote / Vancouver WA

View job as ASC Retirement Plan Consultant
          for Pension Plan Specialists

View job as Compliance Analyst
          for Pentegra Compliance Analyst


Remote / West Harrison NY

View job as Compliance Analyst
          for Pentegra

View job as Experienced Plan Consultant
          for Randall & Hurley Inc Experienced Plan Consultant

Randall & Hurley Inc

Remote / Liberty Lake WA / MT

View job as Experienced Plan Consultant
          for Randall & Hurley Inc

Selected New Discussions

Participating Employers in a 401(k) SHNEC

"I have a client where the owner earns wages/self-employment income from all 3 companies in a controlled group. This is the first year that all 3 companies have adopted and become participating employers in this SHNEC 401(k) plan. My question is whether the owner will end up with a SHNEC in each company because he has income from each company and is a participant per the document and participating employer agreement for each company."

BenefitsLink Message Boards

Auto-Enrollment Into a Roth Account Rather Than a Pre-Tax Account?

"This post is intended to gather the group's thoughts about auto enrollment to pretax or Roth. Let's assume the document allows for either choice. Among our clients who auto-enroll, 100% auto-enroll with pretax. At the time of making the decision to auto-enroll to pretax, there is no analysis done to determine if it should be pretax or Roth. Does anyone see auto-enrollment to Roth among your clients?"

BenefitsLink Message Boards

Plan Participants Continue to Make Deferrals Despite Asset Acquisition of Plan Sponsor

"I have a plan that is terminating due to asset acquisition. The sale date was 12/31/2021 but they had a transactional service agreement, under which the participants will be contributing until 04/30/2022. Then, on 05/01/2022, they will become part of the acquiring company's plan. Is it allowable to have participants who continue to contribute?"

BenefitsLink Message Boards

Can a Recordkeeper Change a Plan's Fund Without Telling the Plan's Sponsor?

"Following Vanguard's announcements about renaming and reorganizing Vanguard Prime Money Market Fund as Vanguard Cash Reserves Federal Money Market Fund, a recordkeeper and the custodian it works with processed the changes for their retirement plan customers-- without advance notice to those plan sponsors. I recognize the practical needs for a recordkeeper and custodian to follow a fund's change (if the plan's sponsor/administrator has not delivered a different instruction). But is it usual for a recordkeeper to process a fund's change with no advance notice?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Growing Your Business in the SDIRA Industry: RITA Virtual Spring Conference 2022

March 29, 2022 WEBCAST

Retirement Industry Trust Association [RITA]

New SECURE Act Regulations: In Effect Now!

April 7, 2022 WEBCAST


Last Issue's Most Popular Items

Successor Beneficiaries: 'You Have Got to Be Kidding Me'

Slott Report

Key Risks for 401(k) Fiduciaries Investing in Collective Investment Trusts

Fiduciary News; free registration required

DOL Asks Appeals Court to Reverse Northwestern Ruling

Pensions & Investments

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

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