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Retirement Plans Newsletter

April 14, 2022

6 New Job Opportunities 6 New Job Opportunities

 

[Guidance Overview]

IRS Issues Proposed Regs for Required Minimum Distributions Under the SECURE Act

"A variety of issues arise in determining whether an individual is an eligible designated beneficiary, particularly where the nominal beneficiary is a trust. Without special 'see-through' trust provisions, a retirement asset with a trust as beneficiary may need to be distributed by the end of the 5th year following the year the participant dies. The proposed regulations provide numerous examples, and the preamble to the proposed regulations discusses this issue in detail."  MORE >>

The Wagner Law Group

[Guidance Overview]

Exceptional Usefulness and Quality icon IRS Plan Document Restatement Cycles Clarified

Three infographics reflect actual or expected timeline dates for Defined Contribution, Defined Benefit and Cash Balance, and 403(b) plan restatement cycles.  MORE >>

ASC

U.S. House Passes Significant Retirement Bill

"Many of the SSRA's effective dates are slated to take effect at the beginning of 2023. If the SSRA is enacted at the end of this year, a 2023 effective date could make it difficult to quickly adopt operational and compliance measures. In addition, the House version of SSRA not only establishes a December 31, 2024, amendment deadline for calendar-year plans, but it also applies the same amendment deadline to the SECURE Act, [CARES] Act of 2020, and the Taxpayer Certainty and Disaster Tax Relief Act of 2020."  MORE >>

Ascensus

Using Higher Rates to 'Lift-Out' Pension Obligations

"Lump sum offerings to terminated vested participants have long been the first course of action in risk transfer strategies. However, 2022 may be the year where lift-out annuity purchases are actually more attractive."  MORE >>

Principal Financial Group

[Opinion]

Exceptional Usefulness and Quality icon Latest Victim of 'Excessive' Investment Fee Case Has Low-Cost Vanguard Target Date Funds

"[T]he complaint fails to inform the court that the plan is filled with low-cost index funds in which the majority of the plan is invested ... Perspective has been lost in these cases as to whether a plan has low-fee investments versus a plan that offers high-fee investments, and what could be a plausible excessive fee claim.... [W]ith perspective and a detailed analysis of actual plan fees, it is easier to judge prudence.... This is not taking place in most excessive fee cases, and it is leading to inconsistent decisions that make little sense in the broader scheme." [Kruzell v. Clean Harbors Environmental Serv., Inc., No. 22-10524 (D. Mass. complaint filed Apr. 10, 2022)]  MORE >>

Euclid Specialty Managers

[Sponsor]

2022 CCA Enrolled Actuaries Conference

Choose from 39 sessions covering topics in single-employer, multiemployer, public, and small plans and other topics relevant to pension professionals. Earn up to 18.5 hours of continuing education credits, which includes 2.0 EA Ethics credits.

Sponsored by Conference of Consulting Actuaries [CCA]

Benefits in General

Creating a Retiree Medical Trust: How Employers and Employees Can Use Pre-Tax Dollars to Fund Their Retiree Medical Expenses (PDF)

24 pages. "State and local government pension systems, many of which offer retiree health care as a cornerstone benefit, continue to wrestle with [managing costs]. Rapidly rising healthcare costs could compromise the pension benefits of current and future retirees and destabilize the very retirement security that pensions strive to provide.... One existing solution, retiree medical trusts (RMTs), has already proved attractive to many public sector employers and unions ... Like pensions, RMTs harness the power of collective investing to provide income in retirement -- in this case, for the specific purpose of defraying medical expenses"  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]

Employee Benefits Jobs

View job as Retirement Client Services Manager
          for Newport Retirement Client Services Manager

Newport

Remote / Folsom CA / Chicago IL / Saint Petersburg FL / Lake Mary FL / La Crosse WI / Charlotte NC / Mobile AL / Overland Park KS / Dallas TX / West Des Moines IA / Los Angeles CA / Pittsburgh PA

View job as Retirement Client Services Manager
          for Newport

View job as Retirement Relationship Manager - 401(k), 403(b)
          for Newport Retirement Relationship Manager - 401(k), 403(b)

Newport

Remote / Folsom CA / Saint Petersburg FL / Lake Mary FL / Chicago IL / West Des Moines IA / Overland Park KS / Minneapolis MN / Lake Mary FL / Charlotte NC / Greensboro NC / De Pere WI / La Crosse WI / AZ / CO / GA / MA / MD / MI / MO / NJ / NY / OH / SC / TX / VA

View job as Retirement Relationship Manager - 401(k), 403(b)
          for Newport

View job as Communications and Program Associate
          for Pension Rights Center Communications and Program Associate

Pension Rights Center

Remote / Washington DC

View job as Communications and Program Associate
          for Pension Rights Center

View job as Defined Benefits (DB) Plan Administrator
          for NPPG (National Professional Planning Group, Inc.) Defined Benefits (DB) Plan Administrator

NPPG (National Professional Planning Group, Inc.)

Remote / Owings Mills MD

View job as Defined Benefits (DB) Plan Administrator
          for NPPG (National Professional Planning Group, Inc.)

View job as Supervisory Employee Benefits Investigator
          for Employee Benefits Security Administration [EBSA] Supervisory Employee Benefits Investigator

Employee Benefits Security Administration [EBSA]

Remote / Boston MA

View job as Supervisory Employee Benefits Investigator
          for Employee Benefits Security Administration [EBSA]

View job as Management and Program Assistant (Pathways Intern)
          for Pension Benefit Guaranty Corporation [PBGC] Management and Program Assistant (Pathways Intern)

Pension Benefit Guaranty Corporation [PBGC]

Remote / Washington DC

View job as Management and Program Assistant (Pathways Intern)
          for Pension Benefit Guaranty Corporation [PBGC]

Selected New Discussions

Handling Lost Interest on Late Safe Harbor Contributions

"Have a client that missed making their Safe Harbor Contribution. Going to make the payment now, plus lost interest. The question is, what interest rate should be used? Where the money is invested calculates the actual rate of return, and from the due date to today most of the participants have actually lost money (even though the Plan lost during this time, I don't believe we can't avoid making interest). Therefore is it best to use the VFCP calculator to calculate interest?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Fiduciary Compliance for Church Plans: What Fiduciaries Should Know and Be Doing Now!

May 24, 2022 WEBCAST

Faegre Drinker

ERISA 2022: The Evolving World

August 2, 2022 WEBCAST

PLI [Practising Law Institute]

Last Issue's Most Popular Items

How Many Participants Is Too Many for a Top Hat Plan?

Verrill Dana LLP

Don't Be Fooled by These 401(k) Conflicts of Interest!

Employee Fiduciary

401(k) Plan Investments: ESG, Private Equity and Cryptocurrency

Kilpatrick Townsend

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

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