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Retirement Plans Newsletter

May 16, 2022

8 New Job Opportunities 8 New Job Opportunities

 

SECURE 2.0 Means Change May Be Coming for Retirement Plans (PDF)

"[1] Required automatic enrollment and escalation for new retirement plans.... [2] Changes to required minimum distributions.... [3] Changes to catch-up contributions.... [4] Treatment of student loan payments as elective deferrals for purposes of matching contributions.... [5] Small immediate financial incentives for contributing to a plan.... [6] Expanded coverage of long-term, part-time workers.... [7] Recovery of retirement plan overpayments.... [8] Safe harbor for corrections of elective deferral failures."  MORE >>

King & Spalding, via Law360

Complexities Abound with SECURE 2.0

"The House recently approved a bill of proposed changes to U.S. tax-qualified retirement plans, ... commonly known as 'Secure 2.0' [HR 2954] ... [T]he legislation's proposed effective dates are for plan years after December 31, 2022. Plan sponsors could struggle or perhaps even be unable to comply with such an aggressive timetable."  MORE >>

Milliman

Bitcoin's Plunge Shows Why It Shouldn't Be in Your 401(k)

"If individual investors are spooked into selling -- locking in their losses -- during falling stock and bond prices backed by companies they know and understand, what then can we expect from those contemplating adding the more volatile and misunderstood cryptocurrency to their retirement portfolio?"  MORE >>

Michelle Singletary, via The Spokesman-Review

ESG Investing Among ERISA Retirement Plans: The Latest Trends and Outlook

"This article draws on Russell Investments' experience working with some of the world's largest and best-known institutional investors, dedicated manager research resources and ongoing ESG research to draw out some observations on the adoption of ESG by ERISA qualified plans, delve into what may be influencing those decisions and provide guidance on how to move forward on ESG."  MORE >>

Seeking Alpha; free registration required

Public Pensions' New Quandary: Coping with Geopolitical Turmoil

"If autocracy is moving the world toward deglobalization, geopolitical investment principles should complement environmental, social and governance factors. There's a lot for pension boards and investment managers to keep in mind."  MORE >>

Governing

Differences in Financial Perspectives and Retirement Security by Racial and Ethnic Groups (PDF)

15 pages. "Plan sponsors, advisors and employers need to understand the differences in financial perspectives and retirement security by racial and ethnic groups and identify strategies to help reduce disparities and improve benefit programs and their outcomes. Human resources and employee benefit strategies -- as well as bigger picture organizational strategies that support human resource strategies -- can improve retirement security for these Americans, while other solutions can benefit individuals without access to employer-sponsored retirement plans."  MORE >>

Benefits Quarterly, published by the International Society of Certified Employee Benefit Specialists [ISCEBS]

Should You Consider a Roth Conversion While the Market Is Down?

"While a down market may not be a fun time for investors, there are some bright spots and opportunities to be had. Stock market drops like we've seen recently might make a Roth IRA conversion more appealing as a strategy for investors.... There are a few things to consider before pulling the trigger."  MORE >>

Kiplinger

Benefits in General

Ready for a Sale? Prepare Executive Compensation Arrangements and Employee Benefit Plans

"For many private companies, spring can be a time with fewer calendar year-driven HR projects.... Accordingly, this may be the perfect time to take stock of your executive compensation arrangements and employee benefit plans so that you are ahead of any issues that may arise in the context of an ultimate sale or liquidity event.... This post provides general guidelines, suggestions, and considerations for getting started on the deal process and getting organized."  MORE >>

Morgan Lewis

Retiree Health Care Costs Jump After Brief Respite

"Fidelity Investment's 2022 Retiree Health Care Cost Estimate increased 5% from 2021, and the figure has nearly doubled since the initial $160,000 estimate in 2002.... For 2022, Fidelity estimates that a 65-year-old couple retiring this year can expect to spend an average of $315,000 on health care costs throughout retirement. The estimates for single retirees are $150,000 for men and $165,000 for women. For single retirees, the 2021 estimate was $157,000 for women and $143,000 for men."  MORE >>

planadviser

Employee Benefits Jobs

View job as Head of Sales-Retirement Plans
          for The Standard Head of Sales-Retirement Plans

The Standard

Remote / Portland OR

View job as Head of Sales-Retirement Plans
          for The Standard

View job as DB/DC Administrator
          for Primark Benefits DB/DC Administrator

Primark Benefits

Remote / San Mateo CA

View job as DB/DC Administrator
          for Primark Benefits

View job as Assistant Director of Pension Administration
          for Primark Benefits Assistant Director of Pension Administration

Primark Benefits

Remote / San Mateo CA

View job as Assistant Director of Pension Administration
          for Primark Benefits

View job as Retirement Plan Administrator
          for Nicholas Pension Consultants Retirement Plan Administrator

Nicholas Pension Consultants

Remote / Rancho Cordova CA / Corona CA

View job as Retirement Plan Administrator
          for Nicholas Pension Consultants

View job as Distribution Processor
          for Duncan Financial Group, LLC Distribution Processor

Duncan Financial Group, LLC

Remote / Irwin PA

View job as Distribution Processor
          for Duncan Financial Group, LLC

View job as RPS Client Account Manager
          for T. Rowe Price RPS Client Account Manager

T. Rowe Price

Owings Mills MD / Colorado Springs CO

View job as RPS Client Account Manager
          for T. Rowe Price

View job as Director Compensation
          for MTA Headquarters Director Compensation

MTA Headquarters

New York NY

View job as Director Compensation
          for MTA Headquarters

View job as Manager Compensation
          for MTA Headquarters Manager Compensation

MTA Headquarters

New York NY

View job as Manager Compensation
          for MTA Headquarters

Selected New Discussions

Two Employees Mistakenly Not Offered Opportunity to Defer

"I have a client who was reviewing entry and discovered they missed two employees who were eligible 1/1/2022. They are going to provide the enrollment information ASAP. There is no match, so just the missed deferral If the employees return the forms and indicate they do not want to defer, do you still have to provide a QNEC for the MDO? Their NHC ADP average is low, if they return the form and want to defer 10%, can I use that percentage for my correction instead of waiting until next year when I do the ADP test?"

BenefitsLink Message Boards

Where to Get Lifetime Income Numbers?

"So we asked Relius why we could not get our Lifetime income numbers to work and they said, 'Prior to generating any reports or results, the user must download needed tables and updates into Relius.... These rates must be updated monthly and are available from FIS. They are typically available for download by the fifth business day of the following month.' What they don't mention is WHERE we get the rates. Anyone know?"

BenefitsLink Message Boards

Press Releases

NWPS Continues to Add to Its Business Development Team with Another Industry Professional, Kirsten Schmieding AIF, CPFA

NWPS

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Hot Topics in the Multiemployer Benefits World Podcast

RECORDED

WithumSmith+Brown

Deciphering Crypto: Understanding Blockchain Technology and Cryptocurrency Assets

May 18, 2022 WEBCAST

Western Pension & Benefits Council

Last Issue's Most Popular Items

Dealing with Undocumented Workers in ERISA Plans

Jackson Lewis P.C.

PBGC Staff Provide Informal Guidance on Standard Terminations

Mercer

Text of IRS Notice 2022-27: Extension of Temporary Relief from the Physical Presence Requirement for Certain Witnesses Through December 31, 2022 (PDF)

Internal Revenue Service [IRS]

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

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