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Retirement Plans Newsletter

March 29, 2022

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

The Special MEP Unified Plan Rule: Kicking Out the Rotten Apple After SECURE

"The Proposal is procedural in nature, outlining that the Plan Administrator of the MEP is required to provide a series of up to three notices to the noncompliant employer (called the 'Unresponsive Participating Employer' or 'UPE'), leading to the ultimate expulsion of the UPE from the MEP.... MEPs sponsored by service providers that are not PEPs and which lack that commonality, commonly referred to as 'Open MEPs,' are not eligible to use these special rules, and remain vulnerable to the Unified Plan Rule."  MORE >>

Ferenczy Benefits Law Center

[Guidance Overview]

New Mexico Becomes the 20th State to Adopt an NAIC Best Interest Model

"The rule will require insurance producers to act in the best interest of a consumer when making a sale or recommendation of an annuity in New Mexico or to a resident of New Mexico and will obligate the insurer to establish and maintain a system to supervise recommendations to ensure compliance."  MORE >>

Faegre Drinker

Cybersecurity 2.0: Practical Guidance for Advisors and Plan Sponsors, Part 2

"Even with a five-point focus, it will take time for plan sponsors to go through all the necessary steps to be sure they've managed cybersecurity-related fiduciary risk appropriately. Advisors and service providers who can help plan sponsors manage this undertaking will be in a great position to win new business and retain their current clients."  MORE >>

American Retirement Association [ARA]

Participant Trading Activity During 2020 (PDF)

"[P]articipants using any type of professionally managed portfolio solution were significantly less likely to trade in 2020 than those who were self-directing. Among participants who were self-directing their accounts who traded in 2020, older participants made the most significant changes."  MORE >>

, PGIM DC Solutions

To-Do List for an Unplanned Early Retirement

"[T]hose who retire early need to consider the following potential financial risks: [1] Longevity risk; [2] Health insurance coverage; [3] Inflation; [4] Sequence of returns risk. Taking steps to manage these risks as early as possible is a must."  MORE >>



2022 CCA Enrolled Actuaries Conference

Choose from 39 sessions covering topics in single-employer, multiemployer, public, and small plans and other topics relevant to pension professionals. Earn up to 18.5 hours of continuing education credits, which includes 2.0 EA Ethics credits.

Sponsored by Conference of Consulting Actuaries [CCA]

Boomers Lament Disappearance of Pensions

"Nearly two-thirds of U.S. workers born in the 1920s through the 1940s -- many of them parents of boomers -- had pensions. But a measly 6 percent of boomers from the tail end of the wave have them. Millennials and members of Generation Z usually wouldn't even consider pensions in their retirement plans. But boomers at one time might've hoped or even expected to enjoy a retirement similar to their pensioned parents."  MORE >>

Squared Away Blog, by the Center for Retirement Research at Boston College

Public Pension Plan Investment Return Assumptions (PDF)

"As with other actuarial assumptions, projecting public pension fund investment returns requires a focus on the long-term. This brief discusses how investment return assumptions are established and evaluated, compares these assumptions with public funds’ actual investment experience, and the challenging investment environment public retirement systems currently face." [Updated Mar. 2022]  MORE >>

National Association of State Retirement Administrators [NASRA]

The Effect of Employer Matching and Defaults on Workers' TSP Savings Behavior

"The effects of an employer match, automatic enrollment, and other defaults on employees' savings behavior have been studied extensively. However, most of the previous literature has examined such changes in defined contribution plans in the private sector -- an approach that makes extrapolating findings to public-sector workers difficult.... The study described here uses two sources of exogenous variation stemming from policy changes to the retirement benefits of federal workers to estimate the effects of matching and defaults on their savings behavior."  MORE >>

Congressional Budget Office [CBO]


A Chance to Enter a New Era of Financial Transparency and Awareness for Public Pension Plans

"Actuaries will soon have to calculate and disclose a liability measure much closer to a decision-useful market liability than anything currently required or commonly shown. This liability could, and should, raise awareness of the extent to which reported liabilities for both funding and [GASB] financial statements understate what economists and finance professionals would consider economically meaningful measurements ... The new requirement applies to all pension plans, but it was targeted at public plans."  MORE >>

Reason Foundation

Benefits in General

[Official Guidance]

IRS Suspends Issuance of Certain Delinquent Return Notices for Tax-Exempt or Governmental Entities (PDF)

"The IRS is suspending the issuance of several notices generally mailed to tax-exempt or governmental entities in case of a delinquent return. Due to the historic pandemic, the IRS hasn't yet processed several million returns filed by individuals and entities. The suspension of the notices will help avoid confusion when a filing is still in process.... The suspended notices [include]: ... CP214, Reminder Notice About Your Form 5500-EZ or 5500-SF Filing Requirement ... CP259A, First Taxpayer Delinquency Investigation Notice -- Form 990/990EZ/990N ... CP259H. First Taxpayer Delinquency Investigation Notice -- Form 990/990EZ ... CP403, First Delinquency Notice -- Form 5500 or 5500-SF; CP406, Second Delinquency Notice -- Form 5500."  MORE >>

Internal Revenue Service [IRS]

How Employee Benefits Help Growing Businesses

"[E]mployee turnover has hit record levels, with more than one-fourth of businesses reporting increased turnover -- up from 20% in 2021 or as little as 11% in 2015. As a solution, more than 70% of owners now see employee benefits as critical to help improve retention. This research also helps pinpoint business planning opportunities, especially the gaps between owners' priorities and their plans."  MORE >>

Principal Financial Group

Executive Compensation and Nonqualified Plans

Restricted Stock: A Key Element in Incentive Compensation for Bank Executives

"For banks seeking to attract and retain the best talent, restricted stock has become a popular alternative for providing incentive compensation to bank executives. Restricted stock may take the form of either a restricted stock award (RSA) or a restricted stock unit (RSU). Both have significant retentive value, but they have important differences that affect the interest of the executive."  MORE >>

Jones Walker

How Universities Use Split-Dollar Life Insurance Policies to Retain Winning Coaches

"Split-dollar life insurance agreements have been used in the corporate world for 60-plus years, but they didn't make headlines until they became part of the multimillion-dollar contracts of many top-performing college basketball and football coaches."  MORE >>


Employee Benefits Jobs

View job as Actuary
          for Pension Benefit Guaranty Corporation [PBGC] Actuary

Pension Benefit Guaranty Corporation [PBGC]

Remote / Washington DC

View job as Actuary
          for Pension Benefit Guaranty Corporation [PBGC]

View job as Retirement Plan Consultant
          for Uniglobal Pension Planning Retirement Plan Consultant

Uniglobal Pension Planning


View job as Retirement Plan Consultant
          for Uniglobal Pension Planning

View job as Plan Termination Specialist
          for Economic Group Pension Services (EGPS) Plan Termination Specialist

Economic Group Pension Services (EGPS)


View job as Plan Termination Specialist
          for Economic Group Pension Services (EGPS)

Selected New Discussions

Schedule SB, Line 6 B -- What Are Plan-Related Expenses?

"What do you consider a plan-related expense?"

BenefitsLink Message Boards

Multiple Schedule C's

"I know this has been discussed before, but cannot find the message thread. A sole-prop has multiple businesses and files multiple schedule C's. Let's call them X, Y and Z. No employees. Pension plan is sponsored by X only. X net amount is $200k -- only sponsor of the plan. Y net amount is $50k Z, net amount is negative $75k. If I recall correctly, net C for pension purposes is the sum of all 3, i.e., $175k, and that this is the amount on which SE tax needs to be calculated. Correct?"

BenefitsLink Message Boards

Press Releases

AIG Announces Plan to Rebrand its Life & Retirement Business as Corebridge Financial

AIG Retirement Services

Marc Backon Joins Centivo as Chief Operating Officer


OneAmerica® Promotes Sales, Business Veteran to Key Regional Leadership Spot


Fulcrum Health Welcomes New Board Members

Fulcrum Health

Goldman Sachs to Acquire NextCapital Group

Goldman Sachs Asset Management

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

2022 Group and Worksite Benefits Conference: The Future of Work

May 3, 2022 in MA


Last Issue's Most Popular Items

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


Can I Afford to Retire Early?

Ken Steiner, FSA Retired

Notes from Meeting of Actuaries 'Intersector Group' with PBGC, February, 2022 (PDF)

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

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

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