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Retirement Plans Newsletter

March 28, 2022

10 New Job Opportunities 10 New Job Opportunities

 

[Guidance Overview]

IRS Issues Proposed MEP Rule Providing for Exception to 'Unified Plan Rule'

"Under the proposal, a MEP plan administrator may be required to provide up to three notices to an unresponsive participating employer regarding a failure -- with the final notice also being provided to affected participants and the [DOL]. The unresponsive participating employer can either take appropriate remedial action or initiate a spinoff. The proposal delineates notice requirements for both 'a failure to provide information' and a 'failure to take action', and in situations where a failure by a participating employer is initially a failure to provide information, but becomes a failure to take action, more than three notices may be necessary."  MORE >>

Ascensus

[Guidance Overview]

IRS Reminder: April 1 Is Last Day for Many Retirees to Start Taking Money Out of IRAs and 401(k)s

"[For] retirees who turned 72 during the last half of 2021 ... Friday, April 1, 2022, is the last day to begin receiving payments from [IRAs], 401(k)s and similar workplace retirement plans.... [RMDs] are normally made by the end of the year. But anyone who reached age 72 after June 30, 2021, is covered by a special rule that allows IRA account owners and participants in workplace retirement plans to wait until as late as April 1, 2022, to take their first RMD.... [T]he special April 1 rule applies to IRA owners and other participants in these plans who were born after June 30, 1949."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Correcting Retirement Plan Eligibility Errors: Improper Exclusion Leads to Corrective Contributions

"Since the arguably unfair windfall to improperly excluded participants can be costly, it is important for employers to avoid the mistake. Establishing procedures to ensure notification of plan eligibility to employees, as well as keeping a record of both, the notification and the employee's election is important."  MORE >>

Belfint Lyons Shuman

[Guidance Overview]

The Long and Winding Road: The DOL's Proposed Rule on ESG Factors and the Exercise of Shareholder Rights

"The Proposed Rule reconfigures how ERISA's core fiduciary duties of prudence and loyalty apply to the use of environmental, social, and corporate governance (ESG) factors in connection with investment decision-making and the exercise of shareholder rights appurtenant to investments in shares of stock held by ERISA plans. The changes are intended to address what DOL viewed as the 'chilling' effects of the 2020 changes in the Current Rule."  MORE >>

Frost Brown Todd LLC

Exceptional Usefulness and Quality icon Notes from Meeting of Actuaries 'Intersector Group' with PBGC, February, 2022 (PDF)

5 pages. Topics include: [1] Reportable events; [2] Standard termination: [a] Establishment of plan termination final distribution date due to stop payment/reissue process. [b] Conditioning of lump sum timing on securing an annuity provider in connection with a request to extend final asset distribution date in plan termination. [c] Effect of [ARPA] on ERISA Section 4010 Reporting [3] Other PBGC topics: New standard termination audit participant count threshold.  MORE >>

American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]

Defined Benefit Plan Terminations: Is Your Plan Document Ready?

"This article discusses reviewing your plan document for plan termination readiness. Key opportunities include simplifying the benefits, rights, and features offered by a defined benefit plan. Simplifying these provisions reduces plan complexity, which in turn may make your plan more favorable to insurers and thus reduce annuity placement costs."  MORE >>

Milliman

Host of Retirement Bills May Hitch Ride on Final SECURE 2.0 Package

"Potential additions to 'SECURE 2.0' legislation would encourage defined contribution (DC) plans to include annuity contracts as a default investment option and effectively require automatic re-enrollment of eligible employees in certain situations. Other proposals in the mix would help DC plan participants save for short-term emergency needs and would require spousal consent for many DC plan distributions. While none of these ideas are in the SECURE 2.0 bill headed for a House vote next week, they will be in play as the Senate ramps up work on counterpart legislation."  MORE >>

Mercer

Dear Actuary: Governmental Pension Plan Interest Rate Assumptions

"This report ... is organized as a response to a question posed by a hypothetical [governmental DB] plan sponsor who asks why their town uses a lower interest-rate assumption compared with that of a municipality nearby. The explanation covers the factors affecting the interest rate assumption, and discusses the following: [1] Public pension funding sources; [2] Impact of investment returns; [3] Hypothetical asset allocation; [4] Distribution of expected returns over time."  MORE >>

Milliman

How Do Private Equity Fees Vary Across Public Pensions?

"Some investors consistently pay lower fees relative to others within their funds. Investor size, experience, and past performance explain some but not all of this effect, suggesting that unobserved traits like negotiation skill or bargaining power materially impact the fees that investors pay to access private markets."  MORE >>

National Bureau of Economic Research [NBER]; purchase required for full document

$1,512,350 Is the New $1,362,800

"Under the federal bankruptcy law, IRA assets up to a certain dollar limit cannot be reached by creditors. That dollar limit is indexed every three years based on the cost-of-living. The current dollar limit is currently $1,362,800, but on April 1 it goes up to $1,512,350 until March 31, 2025. That limit is especially generous because it doesn't take into account rollovers from employer plans like 401(k) plans."  MORE >>

Slott Report

Can I Afford to Retire Early?

"Because of the pandemic and other factors, we have seen a significant increase in the number of individuals who have left employment. Some of these older workers are now considering whether they can or should fully retire. We believe the Actuarial Financial Planner provided in this website can provide useful quantitative information to these individuals (or their financial advisors) that can help them make the important decisions described in this post."  MORE >>

Ken Steiner, FSA Retired

Benefits in General

Reimagining Work, Pay and Benefits During Major Crises

"[L]eaders of high-performing organizations think expansively and incorporate company stock or other long-term incentive programs, career growth initiatives, retirement and wealth-building benefits, flexible work, voluntary benefits, skill building, caregiving support, and other programs into their core offering as appropriate, supported by a strong employee experience."  MORE >>

Willis Towers Watson

ERISA Rulings Call for Seal of Sensitive Records

"Courts that have sealed claim files in ERISA cases have done so thoughtfully and with good reason....  The most meticulous effort to scrub such information from claim records is beyond a herculean task and is close to impossible ...  Identity theft is rampant nowadays, and the ease with which court records can be downloaded heightens such risks."  MORE >>

DeBofsky Sherman Casciari Reynolds P.C.

Employee Benefits Jobs

View job as Assistant Director of Pension Administration
          for Primark Benefits Assistant Director of Pension Administration

Primark Benefits

Remote / San Mateo CA

View job as Assistant Director of Pension Administration
          for Primark Benefits

View job as Sales Consultant
          for Spectrum Pension Consultants, Inc. Sales Consultant

Spectrum Pension Consultants, Inc.

Remote / Tacoma WA

View job as Sales Consultant
          for Spectrum Pension Consultants, Inc.

View job as Retirement Plan Distribution Specialist
          for Karel-Gordon & Associates Retirement Plan Distribution Specialist

Karel-Gordon & Associates

Remote / Deerfield IL

View job as Retirement Plan Distribution Specialist
          for Karel-Gordon & Associates

View job as Retirement Implementation Consultant
          for CUNA Mutual Group Retirement Implementation Consultant

CUNA Mutual Group

Remote

View job as Retirement Implementation Consultant
          for CUNA Mutual Group

View job as Retirement Plan Officer
          for Midland States Bank Retirement Plan Officer

Midland States Bank

Rockford IL

View job as Retirement Plan Officer
          for Midland States Bank

View job as Plan Implementation Specialist
          for The Retirement Advantage, Inc. (TRA, Inc) Plan Implementation Specialist

The Retirement Advantage, Inc. (TRA, Inc)

Remote

View job as Plan Implementation Specialist
          for The Retirement Advantage, Inc. (TRA, Inc)

View job as MEP/PEP Relationship Manager
          for Nova 401(k) Associates MEP/PEP Relationship Manager

Nova 401(k) Associates

Remote / Houston TX / Scottsdale AZ

View job as MEP/PEP Relationship Manager
          for Nova 401(k) Associates

View job as 401k Compliance Manager
          for Betterment 401k Compliance Manager

Betterment

Remote

View job as 401k Compliance Manager
          for Betterment

View job as 401(k) Recordkeeping Manager
          for July Business Services 401(k) Recordkeeping Manager

July Business Services

Remote / Woodway TX

View job as 401(k) Recordkeeping Manager
          for July Business Services

View job as Assistant General Counsel, Employee Benefit Plans
          for National Rural Electric Cooperative Association (NRECA) Assistant General Counsel, Employee Benefit Plans

National Rural Electric Cooperative Association (NRECA)

Remote / Arlington VA

View job as Assistant General Counsel, Employee Benefit Plans
          for National Rural Electric Cooperative Association (NRECA)

Selected New Discussions

Can a Child Be an HCE Through Attribution If the Child Is Not an Employee?

"Section 318 attribution applies for determining ownership for ASG and HCE purposes. Can a child be an HCE through attribution if the child is not an employee? Example: Company A is owned 95% by father, 5% by unrelated individual. Company B is owned 100% by adult son. Company A and Company B are both service organizations. Company B receives 80% of revenue from Company A. Child is not an employee of Company A. Under the B-org definition of ASG, child is deemed a more-than-10% owner of Company A (the FSO) but is he deemed an HCE of Company A? He is deemed a 5% owner for HCE purposes but he's not an employee. All other requirements of B-org are met. Is there an ASG?"

BenefitsLink Message Boards

Spousal Consent Required to Process an RMD?

"Is spousal consent required to process an RMD? I have one being held up by the custodian, due to needing spousal consent. Thanks in advance, and if you could let me know where in the regs I can pull the info from, I'd appreciate it!"

BenefitsLink Message Boards

Press Releases

OneDigital Reveals Updated Brand Identity with Redesigned Logo and Video

OneDigital

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Retention Bonuses and Top Hat Plans

January 26, 2022 WEBCAST

Boutwell Fay LLP

PTE 2020-02 Obituaries: Mistakes and Misunderstandings (Part 1: Rollovers)

April 27, 2022 WEBCAST

Faegre Drinker

Last Issue's Most Popular Items

Attorney Work Product in the ERISA Context (PDF)

The Wagner Law Group, via Benefits Law Journal

IRS Defined Contribution Document Restatement Cycles

ASC

Text of IRS Proposed Regs: Multiple Employer Plans

Internal Revenue Service [IRS]

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

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