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Retirement Plans Newsletter

March 25, 2022

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Text of IRS Proposed Regs: Multiple Employer Plans

64 pages. "This document sets forth proposed regulations relating to certain multiple employer plans (MEPs) ... The proposed regulations provide an exception, if certain requirements are met, to the application of the 'unified plan rule' for MEPs in the event of a failure by one or more employers participating in the plan to take actions required of them to satisfy the applicable requirements of the Code.... This document also withdraws proposed regulations published in the Federal Register on July 3, 2019, amending the application of the unified plan rule to MEPs ... A public hearing on these proposed regulations has been scheduled for Wednesday, June 22, 2022[.]"  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Exceptional Usefulness and Quality icon IRS Defined Contribution Document Restatement Cycles

"This infographic reflects actual or expected timeline dates as of January 2022. The IRS may modify certain Cycle 3 timeline dates in the future."  MORE >>


Competitive Pension Risk Transfer Buyout Rate Hits All-Time Low in February

"During February, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 99.9% of a plan's total liabilities to 98.9% of those liabilities. For these plan sponsors, the estimated retiree PRT cost is now 98.9% of those plans' retiree accumulated benefit obligation (ABO)."  MORE >>


A Practitioner's Guide to the Five Essential Marks of Effective Capital Allocation (PDF)

10 pages. "How will tomorrow's investment professional meet the demands of their clients under these conditions? ... [F]iduciaries will need to work smarter and more creatively to deliver investor outcomes.... [T]he Portfolio for the Future™ will exhibit five distinct marks ... [1] Broadly diversified ... [2] Less liquid ... [3] Rooted in a fiduciary mindset ... [4] Actively engaged ... [5] Dependent on operational alpha."  MORE >>

Chartered Alternative Investment Analyst Association

Letter to GAO from Senators Murray and Burr Asking for Examination of Need for Additional Spousal Protections for 401(k) Retirement Assets (PDF)

"Unlike traditional defined benefit retirement plans and the Federal government's Thrift Savings Plan that have spousal protections, private employer-sponsored defined contribution retirement plans -- which have become the most common retirement savings vehicle -- currently provide no similar safeguards. Under current law, one spouse could take a withdrawal from their account without the other spouse's knowledge or consent. This could have a devastating effect on the unknowing spouse and family members, especially if they are less familiar with the household's finances."  MORE >>

Senate Health, Education, Labor, and Pensions (HELP) Committee Chair, Senator Patty Murray (D-WA), and Ranking Member, Senator Richard Burr (R-NC),

Benefits in General

Exceptional Usefulness and Quality icon Attorney Work Product in the ERISA Context (PDF)

17 pages. "Rooted in the common law of trusts, the fiduciary exception is based upon the rationale that the benefit of any legal advice obtained by a trustee regarding matters of plan administration runs to the beneficiaries. ... Applying the ERISA fiduciary's role to the role of trustees at common law, courts have relied upon one of two related rationales in recognizing the fiduciary exception."  MORE >>

The Wagner Law Group, via Benefits Law Journal

Employee Benefits Jobs

View job as Human Resources Generalist
          for KQED Human Resources Generalist


San Francisco CA

View job as Fiduciary Risk Specialist (ERISA)
          for Northern Trust Fiduciary Risk Specialist (ERISA)

Northern Trust

Remote / Chicago IL

View job as Retirement Specialist, Senior
          for Alerus Retirement Specialist, Senior


Remote / MN / ND

View job as Retirement Specialist, Senior
          for Alerus

View job as Relationship Manager for Non-Qualified Retirement Plans
          for Newport Relationship Manager for Non-Qualified Retirement Plans


Remote / AZ / CA / CO / FL / GA / IA / IL / KS / MA / MD / MI / MN / MO / NC / NJ / NY / OH / SC / TX / VA / WI

View job as Relationship Manager for Non-Qualified Retirement Plans
          for Newport

View job as Senior Relationship Manager for Non-Qualified Retirement Plans
          for Newport Senior Relationship Manager for Non-Qualified Retirement Plans


Remote / AZ / CA / CO / FL / GA / IA / IL / KS / MA / MD / MI / MN / MO / NC / NJ / NY / OH / SC / TX / VA / WI

View job as Senior Relationship Manager for Non-Qualified Retirement Plans
          for Newport

Selected New Discussions

Lifetime Income Disclosures Due by June 30 for Self-Directed Brokerage Accounts?

"There is a rumor going around that those disclosures are due by 6/30/2022. Is that correct, and how is that even possible? For some of those plans, we don't get census data in a timely manner, etc. so we might not be in a position to issue statements until, say, October 14. Thoughts?"

BenefitsLink Message Boards

401(a)(26) Failsafe Removed in PPA Pre-Approved Document

"The EGTRRA volume submitter DB plan had a failsafe provision that covered both 410(b) and 401(a)(26) failures. The PPA document only addressed 410(b). I couldn't find any guidance from the IRS in the Cumulative List that addressed this change. Does anyone have any cites or guidance as to why the reference to 401(a)(26) was eliminated from the VS document?"

BenefitsLink Message Boards

Seller's 401(k) Plan Can Be Party to the Sale Agreement?

"Purchaser wants seller's 401(k) plan to be included as party to an asset purchase agreement. The 401(k) holds a significant amount of seller's stock and purchaser wants the 401(k) plan (or trust I presume) to be party the the agreement as a shareholder. This would include the plan making reps and warranties related to seller's business. Is this allowed? I have significant concerns with this -- first from a fiduciary duty standpoint, but also because the plan cannot make reps and warranties related to the business because the plan has no knowledge. But purchaser's counsel is pushing back. Has anyone seen this before?"

BenefitsLink Message Boards

Press Releases

IPB Welcomes Tom Cryan to Its Benefits & Compensation Practice

Ivins Phillips Barker

NFP Acquires Achilles & Associates to Further Expand its Full-service P&C and Benefits Capabilities Across Business Lines

NFP Corp.

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ERISA Litigation Update: Revisiting Northwestern University and Intel


Ropes & Gray

Trends in 3(38) for Plan Sponsors

April 12, 2022 WEBCAST

CAPTRUST Financial Advisors

Changing Audit Standards for Employee Benefit Plan Audits

April 20, 2022 WEBCAST

Western Pension & Benefits Council


May 22, 2022 in LA

NIPA [National Institute of Pension Administrators]

Last Issue's Most Popular Items

Reimagining the Rules of Civil Procedure for ERISA Claims

DeBofsky Sherman Casciari Reynolds P.C.

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

Schulte Roth & Zabel LLP

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

Congressional Research Service [CRS]

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

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