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Retirement Plans Newsletter

April 1, 2022

5 New Job Opportunities 5 New Job Opportunities


SECURE 2.0 Approved by House in 414-5 Vote

"The Senate is currently working on its own version of comprehensive bipartisan retirement policy reform. Some believe there is a possibility that some combination of SECURE 2.0 and whatever the Senate produces could pass in a post-election lame duck session."  MORE >>

October Three Consulting

What Employers Should Know About the House's New 401(k) Legislation

"Newly covered employers would be entering a thicket of ERISA and tax rules the likes of which they never could have anticipated. In addition, this provision doesn't mention anything about employer matching contributions. Employers could, however, take a large bite out of regulatory compliance by buying off-the-shelf safe-harbor plans from vendors."  MORE >>

Business Management Daily; free registration required

Alert (High Risk Issue) icon Outdated Mortality Table Lawsuits Reveal Little Legal Certainty

"At least 14 ERISA lawsuits have been filed since December 2018 in cases affecting defined benefit plan participants who retired before the traditional retirement age, usually 65. Seven cases have been settled. Some settlements took place after a federal court judge denied a sponsor's motion to dismiss; some took place after a judge granted a motion to dismiss. Plaintiffs' lawyers say the sponsors could address the issue by using more current mortality tables when calculating benefits for early retirees."  MORE >>

Pensions & Investments

New Fiduciary Best Practices for Insurance and Annuities

"The Center for Board Certified Fiduciaries (CBC) has published fiduciary best practices for a specific segment of the industry -- insurance and annuities.... Though this initial attempt to define a fiduciary standard for insurance was met by resistance, recent legislation, such as the Secure Act and the SEC's Reg B, has put insurance back on the fiduciary track."  MORE >>

401(k) Specialist

Court Strikes Down Massachusetts' Fiduciary Rule for Broker-Dealers and Agents

"The Bay State's fiduciary rule encountered a major setback when a Massachusetts judge on March 30 invalidated the March 2020 rule that imposed a heightened fiduciary conduct standard on broker dealers and agents." [Robinhood Financial, LLC v. Galvin, No. 2184CV00884 (Sup. Ct. Mass. Mar. 30, 2022)]  MORE >>

American Retirement Association [ARA]

Survey Finds Need for Improved 'Retirement IQ'

"IRI's 'Retirement Readiness Among Older Workers' report found only 26 percent of respondents correctly estimated how much annual income would be required in 10 years to maintain their standard of living when the annual inflation rate is three percent.... [N]early seven in 10 respondents did not understand sequence of returns risk ... Forty-two percent of respondents answered correctly with $1,500 per month. However, four in 10 respondents overestimated the average monthly Social Security benefit."  MORE >>

Insured Retirement Institute [IRI]

PBGC Approves Special Financial Assistance Application Submitted by Teamsters Local 641 Pension Plan

"The plan, based in Union, New Jersey, covers 3,610 participants in the transportation industry. The Local 641 Plan became insolvent in March 2021.... [and] reduced participants' benefits to the PBGC guarantee levels, which was roughly 55 percent below the benefits payable under the terms of the plan. PBGC's approval of the SFA application enables the plan to restore all benefit reductions caused by the plan's insolvency and to make payments to retirees to cover prior benefit reductions.... The plan will receive $503.9 million in SFA[.]"  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Benefits in General

[Official Guidance]

IRS Disaster Relief Announcement PR-2022-02, for Victims of Puerto Rico Severe Storms, Flooding and Landslides

"Victims of severe storms, flooding and landslides beginning February 4, 2022 now have until June 15, 2022, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms, flooding, and landslides that reside or have a business in municipalities of CataƱo, Dorado, Toa Baja, Vega Alta, and Vega Baja qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Employee Benefits Jobs

View job as Employee Benefits Assistant
          for Employee Benefits Security Administration [EBSA] Employee Benefits Assistant

Employee Benefits Security Administration [EBSA]

Remote / Pasadena CA

View job as Employee Benefits Assistant
          for Employee Benefits Security Administration [EBSA]

View job as Director, TPA Partnerships
          for Vestwell Director, TPA Partnerships


Remote / New York NY

View job as Director, TPA Partnerships
          for Vestwell

View job as Client Relationship Manager (Retirement)
          for Ascensus Client Relationship Manager (Retirement)



View job as Client Relationship Manager (Retirement)
          for Ascensus

View job as Senior Analyst, Retirement Benefits Compliance
          for TriNet Senior Analyst, Retirement Benefits Compliance



View job as Senior Analyst, Retirement Benefits Compliance
          for TriNet

View job as Employee Benefits Associate
          for Shipman & Goodwin LLP Employee Benefits Associate

Shipman & Goodwin LLP

Remote / Hartford CT

View job as Employee Benefits Associate
          for Shipman & Goodwin LLP

Selected New Discussions

Avoid New York's Mandated Retirement Plan If No Deferrals Allowed under Existing Profit Sharing Plan?

"Is anyone familiar with the mandated retirement plan being instituted in New York? The question is, if a company has an existing Profit Sharing Plan, but doesn't allow for 401(k) contributions, are they exempt from participating in the mandated plan?"

BenefitsLink Message Boards

Client Wants TPA's Records at Termination of Services

"I have released a client from my servicing contract and he is asking me to return my files. I know this has come up before, my files consist of paperwork the client has submitted to me (W-2s, K-1, etc), my calculations, my copies of the investment reports I access online. Aside from the client having all this information already, is there any basis for me to send him my file or is this just 'sour grapes'?"

BenefitsLink Message Boards

Automatic 'Forfeiture' of Small Balances by Recordkeeper

"A 401(k) plan has many participants making very small contributions-- $4-$5 a week in some cases. The plan sponsor records participant termination dates with the recordkeeper after each pay period. The recordkeeper has taken it upon themselves to forfeit small balances for former employees after the plan sponsor enters their termination date with no apparent reason other than it's their 'policy' not to cut a check for less than $25. Has anyone out here come across this practice and is there anything I'm missing that would allow it?"

BenefitsLink Message Boards

Press Releases

Partner Marc Schechter Featured in Super Lawyer Magazine Article and Celebrates Ten Years Named on Super Lawyers List; Partners Robert K. Butterfield, Corey F. Schechter and Paul D. Woodard Named on 2022 Super Lawyers List

Butterfield Schechter LLP

HUB International Launches HUB Care Concierge in Canada

HUB International

Illinois Mutual Releases 2021 Annual Report

Illinois Mutual

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What Constitutes Plan Assets Under ERISA?


Williams Mullen

Hot Topics within Executive Compensation

April 14, 2022 WEBCAST

Hunton Andrews Kurth

Last Issue's Most Popular Items

House Passes Retirement Reform Proposal


Broad 'SECURE 2.0' Retirement Bill Gets Overwhelming House Approval


Plan Recordkeeping to Become More Expensive

Francis Investment Counsel LLC

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

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