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Retirement Plans Newsletter

March 31, 2022

5 New Job Opportunities 5 New Job Opportunities


House Passes Retirement Reform Proposal

"The bill now includes provisions from the Retirement Improvement and Savings Enhancement (RISE) Act that came out of the House Education and Labor Committee last November. Several key provisions are [listed in this article]."  MORE >>


Exceptional Usefulness and Quality icon Broad 'SECURE 2.0' Retirement Bill Gets Overwhelming House Approval

"The wide-ranging bill contains provisions aimed at expanding plan coverage, boosting savings, increasing lifetime income options and streamlining plan administration. Several revenue-raising proposals would direct more workplace savings into after-tax Roth accounts. In addition, the [DOL] would have to review its fiduciary guidance for defined benefit (DB) pension risk transfers."  MORE >>


Plan Recordkeeping to Become More Expensive

"The fastest-growing trend ... is a push by recordkeepers to add a managed account service to the plan features.... The service comes with an ongoing fee that ranges from 20 to 50 basis points (0.20%-0.50%). This fee is applied to the entire account balance ... At first glance, this fee may not appear meaningful, but remember, this fee is in addition to embedded investment manager fees (fund expense ratios), the base annual recordkeeping fee and participant transaction fees."  MORE >>

Francis Investment Counsel LLC

Legislation Establishing 'Starter 401(k)' Plans Introduced

"The Starter-K Act of 2022 was introduced by Sens. John Barrasso (R-WY) and Tom Carper (D-DE) ... The bill would create starter retirement plans that streamline regulations and lower costs for small businesses and start-ups, resulting in more access to easy retirement savings."  MORE >>

American Retirement Association [ARA]

Forthcoming Developments in Employee Benefits (PDF)

22 presentation slides. Topics: [1] PTCE 84-24; [2] Unsolicited rollover recommendations; [3] Consideration of cashouts under defined benefit plans; [4] Treatment of cryptocurrency in 401(k) plans and IRAs; [5] Tax law changes affecting investors in tax-qualified plans and IRAs; and [6] A new government agency: the Cybersecurity Guaranty Corporation.  MORE >>

The Wagner Law Group

DOL Lawsuit Over Investment in DST Systems' 401(k) Will Proceed

"The DOL alleges that the defendants violated their fiduciary duties of diversification, loyalty and prudence under [ERISA] by employing Ruane, Cunniff's non-diversification strategy for the plan's assets. It also claims that the DST defendants failed to follow the plan document by not establishing a written investment policy for the plan and that they failed to monitor the investment manager." [Walsh v. Ruane, Cunniff & Goldfarb, Inc., No. 19-9302 (S.D.N.Y. Mar. 28, 2022)]  MORE >>

PLANSPONSOR; free registration may be required

Alert (High Risk Issue) icon Selling Shareholders May Be Held Liable If ESOP Overpays Them for Shares

"Vinoskey highlights the importance of a thorough and deliberate (and well-documented) due diligence review by an ESOP trustee and its valuation firm, as well as the importance of being able to produce evidence or a record of meaningful negotiations between the ESOP trustee and a seller over the ESOP purchase price."  MORE >>

Morgan Lewis

Self-Directed Older Investors More Likely to Veer Off Financial Course

"Participants who were self-directing their accounts were much more likely to trade than those in a professionally managed investment, an effect that was especially pronounced among older participants.... [O]lder participants who traded made larger allocations changes, and overwhelmingly moved to more conservative allocations. These participants effectively locked in a negative return that will likely permanently reduce their expected income during retirement."  MORE >>



Public Pensions Take on Private Equity's Opaque Fees?

"Private equity titans are raking in record assets and getting rewarded record windfall gains, which is fine as long as they're delivering the long-term performance.... So [the question for] US public pensions is this: if you're not doing enough co-investments to reduce fee drag and maintain a healthy allocation to PE, then why are you investing in private equity? To make billionaires a lot wealthier?"  MORE >>

Pension Pulse


Exceptional Usefulness and Quality icon Debunking Recordkeeping Fee Theories in 'Excessive' Fee Cases (PDF)

18 pages. "[This whitepaper] is a guide to the common tactics used by plaintiff law firms to stack the deck with misleading claims.... The simple fact remains that most large defined contribution retirement plans in this country have low recordkeeping fees ... But given the rampant misrepresentations of actual fee levels in the excess fee lawsuit claims, federal courts have not been given the proper perspective or context to make informed decisions on threshold pleading motions."  MORE >>

Euclid Specialty Managers


Less Is More: Plan Sponsors and the Art of Fiduciary Thinking

"[P]lans are being advised to unilaterally insert defensive clauses into their plans in an effort to reduce 401(k) and 403(k) litigation. Given the fact that such clauses would obviously only benefit the plan, it would seem that such strategies would blatantly violate the plan sponsor's fiduciary duty ... to act exclusively in the best interests of the plan participants and their beneficiaries. As for SECURE 2.0, forcing employees to contribute to a non-compliant ERISA plan raises obvious legal liability questions. As for allowing annuities, in any form, in 401(k) plans, [this] is indefensible[.]"  MORE >>

The Prudent Investment Fiduciary Rules

Employee Benefits Jobs

View job as Retirement Plan Administrator
          for Carpenter Morse Group Inc. Retirement Plan Administrator

Carpenter Morse Group Inc.


View job as Retirement Plan Administrator
          for Carpenter Morse Group Inc.

View job as Financial Processor (Distributions Specialist)
          for Retirement Solutions Specialists, LLC Financial Processor (Distributions Specialist)

Retirement Solutions Specialists, LLC

Remote / Jacksonville FL

View job as Financial Processor (Distributions Specialist)
          for Retirement Solutions Specialists, LLC

View job as Senior Compliance Associate, IRA
          for Guideline, Inc. Senior Compliance Associate, IRA

Guideline, Inc.

Remote / CA / CO / FL / GA / IN / MA / ME / MI / NC / NY / OH / OR / PA / SC / TX / WA

View job as Senior Compliance Associate, IRA
          for Guideline, Inc.

View job as Relationship Manager II
          for The Standard Relationship Manager II

The Standard

Remote / CO

View job as Relationship Manager II
          for The Standard

View job as Retirement Plans Account Manager
          for The Standard Retirement Plans Account Manager

The Standard


View job as Retirement Plans Account Manager
          for The Standard

Selected New Discussions

Language for a Multiemployer QDRO That Might Be Affected by Supplemental Benefits Under the Butch Lewis Act

"I'm curious to know if anyone has any language for use in a multi-employer plan QDRO that addresses how the alternate payee's share will be affected in the event that the participant receives either a lump sum or installment payments as a result of the plan's qualifying for funds under the recent Butch Lewis Act?"

BenefitsLink Message Boards

Press Releases

MCCA Names Groom Law Group Scholar in Its LMJ Scholarship Program

Groom Law Group

Vitality Expands Gateway Flex Health and Wellness Marketplace with HealthFitness Personal Training, Health and Ergonomics Coaching


OneDigital Names Peter Sims As Vice President Of Corporate Development, Retirement & Wealth


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Kicking out the Bad Apple: The New Proposed MEP Regulations

April 20, 2022 WEBCAST

Last Issue's Most Popular Items

House Passes SECURE 2.0 Bill

Pensions & Investments

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


Massachusetts, Pennsylvania and New Jersey Taxpayers: Beware of State Tax Rules for Retirement Account Distributions

The Wagner Law Group

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

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