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Retirement Plans Newsletter

April 7, 2022

9 New Job Opportunities 9 New Job Opportunities

 

The Potential Impact of 401(k) Loan Default Protection

"EBRI's data suggests that 401(k)s could collectively preserve a whopping $1.9 trillion in participant retirement savings by enrolling participants who take out loans from their 401(k) into 401(k) loan protection, which protects employees from defaulting. According to the analysis, a typical 401(k) loan default will cost, over the course of a career, more than $150,000 for average borrowers ages 25 to 34, more than $184,000 for borrowers ages 35 to 44, more than $194,000 for borrowers ages 45 to 54 and more than $195,000 for borrowers ages 55 to 64."  MORE >>

planadviser

[Sponsor]

Imagine a Less Stressful Testing Season!

ASC’s Single Step Processing (SSP) allows you to maximize staff resources by leveraging technology and automating certain tasks & compliance tests on a single plan or groups of plans. SSP can even be scheduled to run overnight! Learn more!

Sponsored by ASC

The Dream 401(k) Plan Recordkeeper

"[1] Recordkeeping technology that offers a seamless user experience, regardless of plan size.... [2] Exceptional recordkeeping service and expertise.... [3] A commitment to the needs of the plan sponsor and plan participants."  MORE >>

ThinkAdvisor

Pension Finance Watch, March 2022

"Modest positive investment returns were combined with the reduction in liabilities due to a significant increase in discount rates. As a result, the end-of-March index level of 95.9 reflects an increase of 5.0% for the month."  MORE >>

Willis Towers Watson

U.S. Pension Briefing, March 2022

"Discount rates continued to push higher during March largely due to increases in Treasury yields. Even with the war in Eastern Europe, equity markets, while volatile, ended the month in positive territory. The significant rise in discount rates so far in 2022, increases which are pushing close to 1% year-to-date, have fueled funded status increases for almost every pension plan sponsor."  MORE >>

River and Mercantile

House Committee Advances Retirement Bill in Party-Line Vote

"[The Protecting America's Retirement Security Act of 2022 (HR 7310)] would [1] require the [DOL] to examine fee disclosure regulations for defined contribution plans and explore ways to enhance participants' understanding of fees; [2] expand existing spousal protections for defined benefit and defined contributions plans ... and [3] modify safe harbors in [ERISA] and the Internal Revenue Code to urge plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts out each time."  MORE >>

Pensions & Investments

Retirements Are Picking Up Again, Putting More Pressure on the Labor Market

"Retirements accounted for the greatest drop in labor force participation in March, further aggravating an already tight labor market ... That reverses a trend that saw retired workers coming back into the workforce during the latter part of 2021, following a mass exodus of those older workers during the first stages of the coronavirus pandemic."  MORE >>

U.S. News & World Report

[Opinion]

ARA Expresses Opposition to the Protecting America's Retirement Security Act

"With tens of millions of individual participants in 401(k) plans, this law would require an in-person notarized consent for most distributions, putting an immense burden on the recordkeeping system ... If an individual needs to take a hardship distribution due to a medical emergency, repair their home following a disaster, or some other immediate financial need, this law would delay access to needed funds by days or even weeks due to the onerous consent requirements.... [An] employee may be unwilling to disclose a marital issue, preventing access to needed funds."  MORE >>

American Retirement Association [ARA]

[Opinion]

Humana 'Excessive' Fee Case Allowed to Proceed Despite Low Recordkeeping Fees Negotiated in Competitive RFPs

"The Humana plan fiduciaries did everything possible to ensure that the recordkeeping costs for their large plan were reasonable. They did two requests-for-proposal, which is two more than most plans. But they nevertheless have to spend millions of dollars to defend their sound fiduciary process based on the second-guessing of a plaintiff law firm whose business is to sue benefit plans and claim fiduciary malpractice. Having lost the motion to dismiss, Humana will now face pressure to settle for millions of dollars because the damage model, however counterfeit, is huge." [Moore v. Humana, Inc., No. 21-0232 (W.D. Ky. Mar. 31, 2022)]  MORE >>

Euclid Specialty Managers

Benefits in General

[Guidance Overview]

DOL Issues 2022 Adjusted Penalty Amounts

"These penalties cover a wide range of benefit plan compliance failures. The DOL has discretion to impose lower penalties in some instances -- such as pursuant to programs designed to encourage Form 5500 filing -- so not all violations will result in the maximum permitted penalty. And while relief granted in connection with the COVID-19 public health emergency allows more time to provide certain disclosures, penalties could potentially be triggered if the terms of that relief are not met."  MORE >>

Sapers & Wallack

Employee Benefits Jobs

View job as Retirement Plan Analyst
          for Preferred Pension Planning Corporation Retirement Plan Analyst

Preferred Pension Planning Corporation

Remote / Bridgewater NJ

View job as Retirement Plan Analyst
          for Preferred Pension Planning Corporation

View job as Client Service Consultant - Retirement
          for CBIZ Client Service Consultant - Retirement

CBIZ

Remote / Phoenix AZ / Kansas City MO / Independence OH / Philadelphia PA

View job as Client Service Consultant - Retirement
          for CBIZ

View job as Retirement Savings Plan Analyst
          for NWPS Retirement Savings Plan Analyst

NWPS

Seattle WA

View job as Retirement Savings Plan Analyst
          for NWPS

View job as Retirement Plan Customer Consultant
          for PAi Retirement Services Retirement Plan Customer Consultant

PAi Retirement Services

Remote / De Pere WI / Sioux Falls SD

View job as Retirement Plan Customer Consultant
          for PAi Retirement Services

View job as Retirement Plan Administrator
          for Pension and Retirement Services, LLC Retirement Plan Administrator

Pension and Retirement Services, LLC

Remote

View job as Retirement Plan Administrator
          for Pension and Retirement Services, LLC

View job as Relationship Manager
          for Benefit Plans Plus Relationship Manager

Benefit Plans Plus

Remote / Saint Louis MO

View job as Relationship Manager
          for Benefit Plans Plus

View job as Retirement Plan Specialist
          for Benefit Plans Plus Retirement Plan Specialist

Benefit Plans Plus

Remote / Saint Louis MO / Edwardsville IL

View job as Retirement Plan Specialist
          for Benefit Plans Plus

View job as Employee Benefits Investigator (Senior Advisor, Health Investigations)
          for Employee Benefits Security Administration [EBSA] Employee Benefits Investigator (Senior Advisor, Health Investigations)

Employee Benefits Security Administration [EBSA]

Remote / Pasadena CA

View job as Employee Benefits Investigator (Senior Advisor, Health Investigations)
          for Employee Benefits Security Administration [EBSA]

View job as Actuarial Consultant
          for USI Insurance Services Actuarial Consultant

USI Insurance Services

Cleveland OH / Pittsburgh PA

View job as Actuarial Consultant
          for USI Insurance Services

Selected New Discussions

Complying with Section 415 When Variable Annuities Are Distribution Option

"A good number of DB plan customers want to offer variable annuities as a distribution option to retiring plan participants but they are raising 415 limit concerns with me because the annuity payout is based primarily on a stock index and a rising stock market could cause a 415 limit violation in any given year. Does anyone have experience determining how such a variable annuity meets the 415 annual payout requirements?"

BenefitsLink Message Boards

Treatment of Qualified Replacement Plan When Plan Sponsor Is Sold During 7-Year Allocation Period

"Terminated DB plan transferred overfunded assets to QRP. Currently they are still in the 7 year period to allocate. If the sponsor is looking to sell the company, can the new sponsor keep and allocate the suspense assets, or does the excess have to revert back to the original sponsor?"

BenefitsLink Message Boards

Offer a Joint and Survivor Annuity with Child (or Other Non-Spouse) Named as the Survivor?

"Pension plans typically offer JSA options (50% through 100%) that name the spouse as beneficiary and which satisfy the QJSA rules. Could a pension plan offer a JSA option for a non-spouse beneficiary, such as a child? Of course, spousal consent would be required, but I've never seen a plan offer a JSA option for a non-spouse beneficiary, such as a child. Any issues or concerns here?"

BenefitsLink Message Boards

Press Releases

RPA Develops Custom Investment Solutions for Alameda County DC Plans

Retirement Plan Advisors, LLC

OneDigital Retirement + Wealth Wins the 2021 NAPA Top DC Advisor Multi-Office Firms Award

OneDigital

peppermint's Retirement Savings Plan Makes 401k Plans Easier and More Affordable Than Ever

peppermint

Announcing Target Date Plus from Capital Group/American Funds, Powered by Morningstar Investment Management LLC

Capital Group

Pontera and Mutual Group Announce Partnership to Enable Advisors to Manage Client Held Away Retirement Accounts

Pontera

Millennium Trust to Acquire PayFlex from CVS Health

Millennium Trust Company, LLC

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRA Issues: Top 10 Wrap-up (2022 Edition)

May 5, 2022 WEBCAST

Ascensus

RMDs - Answers to Your Questions

May 19, 2022 WEBCAST

ERISApedia.com

Last Issue's Most Popular Items

SECURE 2.0: What Employers Need to Know

Jackson Lewis P.C.

IRS Issues Proposed Required Minimum Distribution Regs

Hodgson Russ LLP

Unpacking SECURE Act 2.0

Qualified Plan Advisors [QPA]

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

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