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Retirement Plans Newsletter

May 3, 2022

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 89: Rollovers and the Information That Is Needed About the Participant

"This article focuses on the information that must be obtained about the participant -- the 'retirement investor' -- as a part of a compliant best interest process.... Unfortunately, the DOL doesn't go into any detail concerning its expectations of the specific information needed ... Fortunately, though, the SEC staff has recently issued fairly detailed guidance on the information needed to recommend an 'account type' -- and a rollover recommendation is considered to be an account-type recommendation."  MORE >>

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[Guidance Overview]

The State of State-Run Retirement Savings Programs (PDF)

"Participation in mandatory programs, called auto-IRA programs. is required for employers who do not sponsor their own 401(k) or 403(b) plans. Some plans, such as California's Secure Choice program, also known as Cal Savers, even allow employees to enroll on their own. However, legal uncertainties and the COVID pandemic have delayed implementation of these and additional state programs. As a result of recent Supreme Court action, that may change, and more states may be implementing state- run savings programs."  MORE >>

Cohen & Buckmann, P.C., via Practical Guidance

Rehearing Requested on Second Circuit Decision That Upheld Plan's 'Reinterpretation' of Retirement Benefit Eligibility

"In their petition for rehearing, plaintiff-petitioners argued that the Second Circuit ruling deviated from established precedent that precluded plan reinterpretations from decreasing previously awarded benefits.... Petitioners also argued that the fund's reinterpretation of the conditions of retirement for participants applied 'discretionary [and] subjective' conditions on a participant's ability to receive benefits, which violated ERISA regulations. " [Metzgar v. U.A. Plumbers and Steamfitters Local No. 22 Pension Fund, No. 20-3791 (2d Cir. Mar. 2, 2022; petition for rehearing filed Apr. 15, 2022)]  MORE >>

Jackson Lewis P.C.

Plaintiffs Refile Lawsuit Challenging Actuarial Equivalence Calculations in UPS Plan

"The new complaint represents the plaintiffs' second try in arguing their case.... The plaintiffs suggest that UPS pension plan fiduciaries committed multiple ERISA breaches while calculating the value of joint and survivor annuity benefits to be paid out of the company's pension plan relative to the value of the plan's standard single life annuity option." [Brown v. United Parcel Service of America, Inc., No. 22-1672 (N.D. Ga. complaint filed Apr. 27, 2022)]  MORE >>


Charting New Waters: What Retirement Plan Sponsors Should Know About Digital Assets

"In addition to providing a general overview of how digital assets investments and blockchain technology work, this paper answers questions on related challenges and developments for plan sponsors to consider. At a minimum, plan sponsors should be learning about the digital assets landscape to understand its potential to disrupt their existing portfolio investments and generate returns for the plan."  MORE >>

Cambridge Associates

401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2019 (PDF)

33 pages. "[A]bout two-thirds of participants in their twenties had more than 80 percent of their 401(k) plan accounts invested in equities at year-end 2019, up from less than half of participants in their twenties at year-end 2007.... At year-end 2019, 18 percent of all 401(k) participants who were eligible for loans had loans outstanding against their 401(k) plan accounts, down slightly from year-end 2018."  MORE >>

Employee Benefit Research Institute [EBRI]

Pension Finance Update, April 2022

"Stock markets tumbled in April, but sharply higher interest rates offset most or all of the impact for pension sponsors. [The] two model plans saw mixed experience on the month, with Plan A treading water, remaining up almost 5% for the year, while the more conservative Plan B lost 1% last month and is now even through the first four months of 2022."  MORE >>

October Three Consulting

FAS87 ASC715 Discount Rates and Moody's Rates, April 29, 2022

An unofficial monthly report of the Moody"s Daily Long-term Corporate Bond Yield Averages and Moody"s Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

BenefitsLink Message Boards

The History of Your Social Security Payments

"Here's how Social Security benefits, taxes and the retirement age have changed over time."  MORE >>

U.S. News & World Report


What Presents the Greatest Retirement Risk: Inflation or Sequence of Returns?

"Right now, those nearing or in retirement must confront the twin troubles of inflation and falling markets. One of these events, however, is worse than the other. But which one? There's no real consensus, but plenty of opinion on the matter. What follows is a series of interviews that volley back and forth between the two."  MORE >>

Fiduciary News; free registration required

Executive Compensation and Nonqualified Plans

Exceptional Usefulness and Quality icon 2022 Compensation Committee Handbook (PDF)

"This year's Handbook reflects updates in applicable law and practices, including the SEC's proposed clawback rule in connection with the Dodd-Frank Act; compensation design considerations in the continuing era of COVID-19 and other uncertainties; the now-widespread focus on gender pay gap and environmental, social and governance considerations; and the evolving role of compensation committees in light of these and other developments.... [T]he Handbook is intended to help compensation committee members understand and comply with the duties imposed upon them and to serve as a useful resource for those who advise compensation committees."  MORE >>


Employee Benefits Jobs

View job as Group Benefits Program Implementation Analyst
          for National Rural Electric Cooperative Association (NRECA) Group Benefits Program Implementation Analyst

National Rural Electric Cooperative Association (NRECA)

Arlington VA

View job as Group Benefits Program Implementation Analyst
          for National Rural Electric Cooperative Association (NRECA)

View job as ESOP Retirement Account Administrator, Senior
          for Alerus ESOP Retirement Account Administrator, Senior



View job as ESOP Retirement Account Administrator, Senior
          for Alerus

View job as Retirement Account Administrator
          for Alerus Retirement Account Administrator



View job as Retirement Account Administrator
          for Alerus

Selected New Discussions

Client Has Not Yet Filed the Pink 1099-R/1096

"Participants were given 1099-Rs by January 31. Form 945 filed with IRS by 1/31/22. Client has not yet filed the pink 1099-R/1096. Excuse my ignorance, but what is the penalty for late filing with IRS? Can the fine be paid with the submission (and on what form, if possible)?"

BenefitsLink Message Boards

Difference Between 401(a)(30) and 402(g) EPCRS Application

"EPCRS gives a correction for "[f]ailure to distribute elective deferrals in excess of the §402(g) limit (in contravention of §401(a)(30))." Section 401(a)30 just points to 402(g). Can there be excess 402(g) deferrals NOT in contravention of 401(a)(30)? And also, the plan MUST remove the 402(g) excess (in contravention of 401(a)(30)), or the plan risks disqualification?"

BenefitsLink Message Boards

Press Releases

Segal Marco Advisors Honored to be Named a Greenwich Quality Leader for the Fourth Consecutive Year

Segal Marco Advisors

Ascensus Launches New Brand Visual Identity


65 Incorporated Rolls Out Medicare Planning Software for Advisors

65 Incorporated

TRA Appoints Brian Flynn As New Regional Sales Consultant

The Retirement Advantage [TRA]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Coffee Talk With Benefits Episode 2: Benefit Plan Beneficiary Designation Issues


Seyfarth Shaw LLP

What Is New with Plan Audits!

May 17, 2022 in GA

Pension Education Council of Atlanta [PECA]

Voluntary Fiduciary Correction Program Workshop

May 24, 2022 WEBCAST

Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Last Issue's Most Popular Items

Brokerage Window Fiduciary Duties in Light of DOL Cryptocurrency Guidance

Kilpatrick Townsend

Is Bitcoin Prudent? Is Art Diversified? Offering Alternative Investments to 401(k) Participants

Prof. Edward A. Zelinsky, via Connecticut Law Review

IRS Issues Proposed Rule for MEPs


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

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