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Retirement Plans Newsletter

March 30, 2022

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

IRS Reissues Proposed Regs Providing an Exception to the Unified Plan Rule for Multiple Employer Plans (MEPs)

"The new proposed regulations would provide an exception to the unified plan rule for a defined contribution MEP that would allow the MEP to remain tax-qualified even if a participating employer does not meet tax-qualification requirements."  MORE >>

Thomson Reuters Practical Law

[Guidance Overview]

A Primer on Multiple Employer Solutions: MEPs vs. PEPs vs. Defined Contribution Groups

"These multiple employer solutions were introduced through the SECURE Act to expand retirement plan access for all individuals -- and to build onto the foundation that already existed with Multiple Employer Plans (MEPs). However, since their introduction, there has been much confusion surrounding the types of multiple employer solutions available to smaller employers -- MEPs, PEPs, and Defined Contribution Groups (DCG). If you are thinking about joining a multiple employer plan arrangement, there are several considerations that should be made."  MORE >>


[Guidance Overview]

DOL Releases 401(k) Cryptocurrency Guidance

"Most plan participants are not equipped to make fully informed decisions on plan options. The DOL cautions that many may chase crypto options based on promises of high rewards without properly considering those options' risks. As such, the DOL warns that fiduciaries carry significant risks in providing and responsibly monitoring crypto-related options given what the DOL highlights as their potential volatility, security concerns, and nascent regulatory environment."  MORE >>

Nelson Mullins

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 85: Monitoring

"[T]he preamble did not further define the types of investments that would require monitoring services.... [T]hat leaves financial institutions and investment professionals with the difficult task of determining whether a product is of unusual complexity and risk.... Unfortunately, the DOL did not provide any other guidelines or examples to help determine if particular products are unusually complex or risky. But, helpfully, FINRA has."  MORE >>

[Guidance Overview]

If You Reached Age 72 in 2021, You Might (or Might Not) Have Until April 1, 2022 to Take Your 2021 RMD

"The language in IR-2022-69 referred to reaching age 72 after June 30, 2021, which caused some confusion ... because the new rule of age 72 for RMDs made the half-year mark no longer relevant. ... [A]nyone who reached age 72 after June 30, 2021 but before January 1, 2022, [has] until April 1, 2022 to take their 2021 RMD. Those who reached age 72 June 30, 2021 and earlier, should have taken their 2021 RMD by December 31, 2021."  MORE >>

Forbes; subscription may be required

[Guidance Overview]

Alert (High Risk Issue) icon Massachusetts, Pennsylvania and New Jersey Taxpayers: Beware of State Tax Rules for Retirement Account Distributions

"Due to an arcane mismatch in rules, you might inadvertently pay too much tax on distributions from your retirement accounts. Most states follow the federal rules so this may be a problem in only a few states. In those few, however, the mismatch could inadvertently result in you erroneously paying significant additional state income taxes. Massachusetts is an outlier, along with Pennsylvania and New Jersey."  MORE >>

The Wagner Law Group

House Passes SECURE 2.0 Bill

"[The Securing a Strong Retirement Act of 2022 (HR 2954)] includes provisions that would require 401(k) and 403(b) plans to automatically enroll participants upon becoming eligible; allow 403(b) plans to participate in multiple employer plans and invest in collective investment trusts; create a national online database of lost retirement accounts ... and make changes to qualified longevity annuity contracts, or QLACs, by removing the 25% cap[.]"  MORE >>

Pensions & Investments

Senate HELP Committee Hearing: Rise and Shine: Improving Retirement and Enhancing Savings

Video of March 29, 2022, hearing, with testimony by: [1] Petros Koumantaros, Spectrum Pension Consultants, GROUPIRA, and intellicents; [2] Ida Rademacher, The Aspen Institute; [3] Cindy Hounsell, Women's Institute for a Secure Retirement (WISER); and [4] Doug Chittenden, TIAA.  MORE >>

Committee on Health, Education, Labor and Pensions, U.S. Senate

Impact of Various Legislative Proposals on Retirement Income Adequacy

"[T]he combination of Automatic Contribution Plan/Arrangement (ACPA) provisions and enhanced Saver's Credit are projected to have a material impact on reducing retirement savings shortfalls when analyzed for households simulated to have a retirement deficit. For those currently ages 35-39, the reductions in retirement deficits vary from 17 to 26 percent, depending on race.... [T]he addition of employer matches on student loans or using the 'skinny' 401(k) for ACPA can add up to another 4 percent reduction in retirement deficits. Auto portability can add 11 to 14 percent, depending on race."  MORE >>

Jack VanDerhei, via SSRN

Proposed DOL Regs on Exempt Transactions Raise ESOP Community Concerns

"To obtain an exemption, the appraisers and trustees hired by a company seeking an exemption must be independent. The DOL wants to define 'independence' to mean that no more than 2% of an advisor's revenue can come from the client seeking the exemption, an approach that, if applied to ESOPs, would rule out many current advisors in the ESOP field."  MORE >>

National Center for Employee Ownership [NCEO]

Collective Investment Trusts and Good Governance Considerations (PDF)

14 pages. "With increased interest from plan fiduciaries in CITs, the governance practices, and the policies and procedures banks and trust companies ... use to govern their CIT offerings, are emerging as factors that may warrant consideration by plan fiduciaries when making plan investment option decisions.... [This paper examines] the regulatory emphasis on the central role that good CIT governance -- in the form of well-designed and implemented bank-maintained processes and procedures -- plays in the ongoing management and operation of CITs."  MORE >>

Wilmington Trust

District Court Dismisses ERISA Lawsuit Against Principal

"The litigation was originally focused on fiduciary breach allegations leveled against a hospital network -- claims which have since been settled -- but it also included separate accusations against Principal." [Kirk v. Principal Life Ins. Co., No. 21-0134 (S.D. Iowa Mar. 28, 2022)]  MORE >>


Exceptional Usefulness and Quality icon The Ultimate Guide to Safe Harbor 401(k) Plans

"Safe harbor 401(k) plans are subject to employer contribution and participant disclosure requirements that don't apply to [non-safe harbor] 401(k) plans. In exchange, a safe harbor plan can automatically pass the ADP/ACP test and satisfy the minimum contribution requirement when the top heavy test fails.... [T]his guide [answers] the most common [questions]."  MORE >>

Employee Fiduciary

Benefits in General

[Guidance Overview]

SAS 136: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

"In addition to specific audit steps, there are new required management representations and responsibilities (particularly in determining that an entity is a qualifying institution for which an ERISA Section 103(a)(3)(C) audit may be performed)."  MORE >>

Belfint Lyons Shuman

Are Employee Benefit Plan Meeting Minutes Vital?

"Not only are plan amendments and meeting minutes vital for documenting adherence with ERISA and demonstrating meeting fiduciary obligations under ERISA, these documents also provide your auditors with information they will need to properly plan and execute your plan audit. Maintaining these documents and providing them early to your auditors will provide for a smoother and more efficient audit."  MORE >>


Employee Benefits Jobs

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

Pension Plan Specialists


View job as Retirement Plan Consultant
          for Pension Plan Specialists

View job as Plan Administrator
          for BlueStar Retirement Services Inc. Plan Administrator

BlueStar Retirement Services Inc.


View job as Plan Administrator
          for BlueStar Retirement Services Inc.

View job as Retirement Plan Administrator / Actuary
          for Abar Retirement Plan Services LLC Retirement Plan Administrator / Actuary

Abar Retirement Plan Services LLC

Florham Park NJ

View job as Retirement Plan Administrator / Actuary
          for Abar Retirement Plan Services LLC

View job as Retirement Plan Consultant
          for Long Island Employee Benefits Group Ltd. Retirement Plan Consultant

Long Island Employee Benefits Group Ltd.

Remote / Huntington NY

View job as Retirement Plan Consultant
          for Long Island Employee Benefits Group Ltd.

View job as Manager, Document Team
          for Definiti Manager, Document Team


Remote / Louisville KY

View job as Manager, Document Team
          for Definiti

View job as Retirement Plan Analyst - Defined Contribution
          for Compensation Strategies Group, Ltd Retirement Plan Analyst - Defined Contribution

Compensation Strategies Group, Ltd

Remote / Beaumont TX

View job as Retirement Plan Analyst - Defined Contribution
          for Compensation Strategies Group, Ltd

View job as Client Service Manager for Non-Qualified Plans
          for Newport Client Service Manager for Non-Qualified 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 Client Service Manager for Non-Qualified Plans
          for Newport

Selected New Discussions

IRS Auditor Wants Proof That SPD's Were Provided

"The IRS is auditing a plan client and requesting proof that SPD's were distributed to plan participants. This is a small plan and no such proof exists because, in most cases, the SPD's were hand-delivered or sent by regular mail. I don't see any requirements under the tax code requiring specific proof of delivery of SPD's to participants, such as by certified mail. Are there any?"

BenefitsLink Message Boards

U.S.-Based Employer With Employees in Puerto Rico

"If a U.S.-based employer (with existing 401k plan) establishes a wholly owned subsidiary in Puerto Rico, is there a requirement that they set up a PR plan for those employees, and, if they do, is there a requirement to offer same match, PS, etc. provisions?"

BenefitsLink Message Boards

Cycle 3 Restatement Required Before Plan Termination Date?

"Company was acquired and they terminated their 401(k) plan. The termination resolution indicates that the plan termination date was 12/30/2021. Must the Cycle 3 Restatement, with SECURE and CARES Act amendments, have been adopted before the plan termination date? Different rules for a stock sale vs. an asset sale?"

BenefitsLink Message Boards

Press Releases

Multnomah Group Expands Team and Client Service Capabilities

Multnomah Group

The Angell Pension Group Names Sue Collins to Executive Vice President

The Angell Pension Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

International Benefits: Strategies for Financial Optimization

April 14, 2022 WEBCAST

Worldwide Employee Benefits Network [WEB] - Northeast Ohio Chapter

Washington Pulse: Practical and Tactical Actions for Plan Sponsors

May 25, 2022 WEBCAST

The Retirement Advantage [TRA]

Last Issue's Most Popular Items

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


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

Ferenczy Benefits Law Center

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

American Retirement Association [ARA]

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

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