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Retirement Plans Newsletter

April 12, 2022

9 New Job Opportunities 9 New Job Opportunities

 

[Guidance Overview]

DOL Signals Doubt About Prudence of Cryptocurrency-Based Investment Options

"There remains a problem of interpretation: what is a 'cryptocurrency option'? The Release provides two clues indicating that DOL will define it broadly and view the presence of any cryptocurrency as too much cryptocurrency.... Given both the tone of the Release and the expansive language used by DOL, caution suggests plan sponsors should avoid any cryptocurrency making its way into their investment menus -- in any form and at any level."  MORE >>

Morris, Manning & Martin, LLP

[Guidance Overview]

New Jersey Legislation Requires Businesses to Offer State Mandated Retirement Plans

"Careful consideration surrounding existing qualified retirement plans or the New Jersey Secure Choice Savings Program should be evaluated in tandem with the federal Securing a Strong Retirement Act that is currently being debated in Congress.... The New Jersey Secure Choice Savings Program Act's expected implementation date was March 28, 2021; however, the program was allowed a one-year extension to March 28, 2022, due to COVID-19. However, as of today the program is not operational."  MORE >>

Withum Smith+Brown, PC

[Guidance Overview]

Proposed IRS RMD Regs Present Challenges, Risks for 403(b) Plans

"Though the proposed rule presents the opportunity to simplify and align the treatment of Section 403(b) plans and Section 401(a) qualified plans, it poses administrative difficulties and potential conflicts with state law.... Employers are not a party to individual contracts between plan participants and investment firms, which would limit the ability of employers to compel RMDs.... To the extent any changes need to be made to these contracts, state-level approval may be required as insurance companies are governed by state law requirements."  MORE >>

McDermott Will & Emery

Retirement Plan Landscape Report: An In-Depth Look at the Trends and Forces Reshaping U.S. Retirement Plans

"This report explores four aspects of the U.S. retirement system. First [the authors] examine major trends in the U.S. system in terms of coverage, assets, and the number of plans.Second, [they] take a deep dive on the costs to workers and retirees of these plans and their investments. Third, [they] look at the kind of investments these plans hold. Although this report is mostly focused on defined-contribution, or DC, plans, [it concludes] by examining defined-benefit ... plans, which continue to contribute to millions of Americans' retirement security."  MORE >>

Morningstar

Just Get Them to Participate: 'Inside the Box' Thinking on 401(k) Education

"Whether it's new employees or long-time veterans, there's one important hurdle the company must continually overcome: trust. Many workers are not familiar with financial processes in general, let alone the monetary machine that is the 401k plan.... Once employees buy into the concept of the 401k, it opens up avenues for greater money matters that, while seemingly very different from the retirement plan, are nonetheless fundamental to a happy life (not just a happy retirement). Some feel companies should be more aggressive in making this connection."  MORE >>

Fiduciary News; free registration required

Ninth Circuit Revives Fee Challenge to Salesforce.com 401(k) Plan

"While the decision is unpublished, the Ninth Circuit ruling furthers the increasing concern among plan sponsors and fiduciaries that even the most bare-bones claims challenging the fees and investment offerings of 401(k) plans will withstand motions to dismiss. Of particular concern is the courts' increasing tendency to allow claims challenging the use of higher-cost share classes to proceed, even where the complaint makes no effort to consider the likelihood that these share classes generate revenue sharing payments that offset any higher fees to plan participants." [Davis v. Salesforce.com, Inc., No. 21-15867 (9th Cir. Apr. 8, 2022; unpub.)]  MORE >>

Proskauer

Prudent Use of Cryptocurrency as a 401(k) Diversifier

"When done prudently, a diversified portfolio can help employees improve expected returns while lowering overall portfolio volatility. Because of their low correlation to traditional assets and relatively high risk-adjusted returns, many institutional and retirement investors are looking to alternative asset classes, such as cryptocurrency, to diversify."  MORE >>

ForUsAll

Benefits in General

Administration Budget Proposals Tighten Rules for 409A Violations, VEBA Funding and Indemnity Health Plans

"While the Green Book would not change the 409A rules themselves, the proposal would require employers to withhold the 20 percent additional income tax and additional interest tax on the NQDC included in an employee's income as a result of a 409A violation.... The Green Book includes a proposal that generally would limit pre-funding of retiree [health] benefits to the longer of [1] the working lives of the covered employees or [2] 10 years, unless the employer commits to maintaining the same level of benefits for 10 years."  MORE >>

Groom Law Group

Employee Benefits Jobs

View job as Plan Consultant
          for Sentinel Benefits & Financial Group Plan Consultant

Sentinel Benefits & Financial Group

Remote / Wakefield MA

View job as Plan Consultant
          for Sentinel Benefits & Financial Group

View job as Operational and Vendor Liaison
          for Vestwell Operational and Vendor Liaison

Vestwell

Remote / New York NY

View job as Operational and Vendor Liaison
          for Vestwell

View job as Retirement Plan Implementation Specialist
          for Nationwide Financial Retirement Plan Implementation Specialist

Nationwide Financial

Remote

View job as Retirement Plan Implementation Specialist
          for Nationwide Financial

View job as Business Advisor
          for Vestwell Business Advisor

Vestwell

Remote / NY

View job as Business Advisor
          for Vestwell

View job as Senior Compliance Analyst
          for Empower Senior Compliance Analyst

Empower

Remote

View job as Senior Compliance Analyst
          for Empower

View job as Employee Benefits/ERISA Attorney
          for Arnall Golden Gregory LLP Employee Benefits/ERISA Attorney

Arnall Golden Gregory LLP

Atlanta GA

View job as Retirement Plan Administrator
          for QPA, Inc. Retirement Plan Administrator

QPA, Inc.

Remote / Greensboro NC

View job as Retirement Plan Administrator
          for QPA, Inc.

View job as Retirement Plan Consultant
          for QPA, Inc. Retirement Plan Consultant

QPA, Inc.

Remote / Greensboro NC

View job as Retirement Plan Consultant
          for QPA, Inc.

View job as Plan Auditor
          for Employee Benefits Security Administration [EBSA] Plan Auditor

Employee Benefits Security Administration [EBSA]

Remote / Silver Spring MD

View job as Plan Auditor
          for Employee Benefits Security Administration [EBSA]

Selected New Discussions

Employer Failed to Set Up Loan Repayments from Participant's Paychecks

"What are acceptable methods of self-correction if an employer missed setting up loan repayments? A participant was supposed to start getting loan deductions taken in September 2021 but the employer's payroll area missed setting it up. The participant can't pay a lump sum to catch up. Is the only option to amortize over the remaining period? Can they chalk it up to an administrative error and change the start date?"

BenefitsLink Message Boards

Does a Specific State Law/Statute Need to Be Identified in a QDRO?

"A proposed QDRO I just received states, 'This Order *** is made pursuant to the domestic relations laws of the State of [redacted].' Does this phrasing satisfy the requirement of Section 1056(d)(3)(B)(ii)(II) that the domestic relations order 'is made pursuant to a State domestic relations law' or does the specific state law/statute need to be identified in the order in order to be qualified by the Plan Administrator?"

BenefitsLink Message Boards

Form 5500-EZ Filed for Many Years But Not Eligible to Do So

"A PSP covering only a 100% owner has been filing the 5500-EZ for years. It was recently revealed that his son was employed several years ago and met the plan's eligibility requirements but the owner kept filing the EZ. The son is still employed but he's not owed any allocations since there haven't been any contributions since he was 'hired'. What would be the recommended course of action - amend the returns to 5500-SFs? DFVC? Ignore and just have the owner file the correct form going forward?"

BenefitsLink Message Boards

Press Releases

NAPA Announces New Leadership for 2022-23

National Association of Plan Advisors [NAPA]

Retirement Technology Provider Smart Adds Experienced ERISA Counsel to its US Legal Team

Smart

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Plan Terminations: A Consultative Approach

April 20, 2022 WEBCAST

American Society of Enrolled Actuaries [ASEA]

I Failed My 2021 ADP Test. What Can I Do for 2022?

April 21, 2022 WEBCAST

Nova 401(k) Associates

Consulting Skills: Enhancing Your Effectiveness

July 13, 2022 WEBCAST

Conference of Consulting Actuaries

Plan Design Features to Consider for 2023!

August 11, 2022 WEBCAST

Nova 401(k) Associates

The FAQs about Distributions

November 9, 2022 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

ASOP Update for Retirement Actuaries Webinar

December 7, 2022 WEBCAST

Conference of Consulting Actuaries

Last Issue's Most Popular Items

Takeaways from the New SECURE Act RMD Regs

Slott Report

The Employee Stock Ownership Plan, Part 1: Introduction to ESOPs and Their Uses

McDonald Hopkins

Best Interest Standard of Care for Advisors, Part 86: Information Needed for Rollover Recommendations

FredReish.com

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

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