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Retirement Plans Newsletter

May 23, 2022

10 New Job Opportunities 10 New Job Opportunities

 

[Guidance Overview]

Agencies Finalize Revisions to Form 5500 Series for 2022 Reporting

"[T]he annual reporting changes for 2022 are revisions to Schedules MB, SB and R and their respective instructions to improve reporting by DB plans subject to Title IV of ERISA. They also include additions to the plan characteristics codes reportable on line 8 of Form 5500 and line 9 of Form 5500-SF that require defined contribution MEPs (including PEPs) to be identified as such."  MORE >>

American Retirement Association [ARA]

[Guidance Overview]

Between a Rock and a Hard Place: ESG Investments as 401(k) Investment Options

"[T]he SEC recently released correspondence related to its denial of the request from two different companies to exclude from its proxy materials a shareholder's proposal concerning the investment options under the company's retirement plan.... [W]hat happens if the requested report concludes that the retirement plan's investment options do not align with the company's climate action goals, with the Board's related assessment reaching the same conclusion?" [SEC No-Action letter to Amazon.com, Inc. (Apr. 8, 2022); No-Action letter to Comcast Corporation (Apr. 13, 2022)]  MORE >>

Seyfarth Shaw LLP

[Guidance Overview]

Small Employers in Illinois, California and New York Prepare for State-Mandated Automatic IRA Programs in 2022 (PDF)

"In Illinois and California, certain employers who do not offer a retirement plan have already been required to start participation. In 2022, the laws will apply to increasingly smaller-sized employers, including those who traditionally have not offered a retirement plan to their employees. In New York, a new law has been implemented requiring participation for the first time from small employers."  MORE >>

Willkie Farr & Gallagher LLP

Exceptional Usefulness and Quality icon Is the Traditional Fiduciary Insurance Model at Risk?

"One legal professional at a fiduciary insurance firm argues that the 'indiscriminate nature' of recent ERISA lawsuit filings could eventually culminate in a crisis for the retirement plan industry's current approach to risk management and fiduciary insurance."  MORE >>

planadviser

Public Pension Funding Index, First Quarter 2022

"Right on the heels of reaching a high-water mark for public pension assets at the end of the fourth quarter of 2021, investment losses in Q1 2022 lowered the estimated funded status of the 100 largest U.S. public pension plans from 85.5% at the end of December 2021 to 82.7% at the end of March 2022[.]"  MORE >>

Milliman

Connecticut Poised to Pay Down $3.6 Billion in Pension Debt

"Connecticut is poised to deposit an extra $3.6 billion in its cash-starved pension funds when the fiscal year closes in June ... Those supplemental payments would be on top of the $2.9 billion in required contributions Connecticut made this fiscal year to pensions for state employees and municipal teachers.... The extra pension payments will come just one year after the state broke new ground with a $1.6 billion supplemental deposit into pensions."  MORE >>

CTMirror

Benefits in General

Ninth Circuit: Remand Order in ERISA Case Constituted Sufficient 'Success on the Merits' for Attorneys' Fee Award

"The Ninth Circuit found that ... the remand order was more than a purely procedural victory, even though the district court did not signal that Woolsey should be eligible for benefits.... Because the record was not fully developed, the district court was in no position to assess the merits of the claim. Lastly, the court found it of 'no consequence' that Woolsey's complaint did not expressly seek a remand because he alleged the relevant ERISA violations in his complaint and sought a remand in the alternative in his summary judgment motion." [Woolsey v. Aetna Life Ins. Co., No. 20-16885 (9th Cir. May 20, 2022; unpub.)]  MORE >>

Roberts Disability Law

Executive Compensation and Nonqualified Plans

Large Majority of Investors Expect Senior Management Pay to Be Linked to ESG

"Three in four investors expect senior management pay to be linked to ESG ... [J]ust 46 percent of boards linking executive pay to ESG metrics. Linking pay to ESG is least common in North America, where just over a quarter of companies do so ... And although comparatively fewer investors in North America expect this link, it is still the expectation of 62 percent of investors in the region."  MORE >>

Corporate Secretary

Employee Benefits Jobs

View job as Sr. Actuarial Analyst
          for Newport Sr. Actuarial Analyst

Newport

Chicago IL / Dallas TX

View job as Sr. Actuarial Analyst
          for Newport

View job as Client Relationship Manager
          for FuturePlan, by Ascensus Client Relationship Manager

FuturePlan, by Ascensus

Remote

View job as Client Relationship Manager
          for FuturePlan, by Ascensus

View job as Defined Contribution Plan Consultant
          for FuturePlan, by Ascensus Defined Contribution Plan Consultant

FuturePlan, by Ascensus

Remote

View job as Defined Contribution Plan Consultant
          for FuturePlan, by Ascensus

View job as Defined Benefit Plan Consultant
          for FuturePlan, by Ascensus Defined Benefit Plan Consultant

FuturePlan, by Ascensus

Remote

View job as Defined Benefit Plan Consultant
          for FuturePlan, by Ascensus

View job as Compliance Analyst
          for FuturePlan, by Ascensus Compliance Analyst

FuturePlan, by Ascensus

Remote

View job as Compliance Analyst
          for FuturePlan, by Ascensus

View job as Healthcare Actuary
          for Nyhart, part of FuturePlan by Ascensus Healthcare Actuary

Nyhart, part of FuturePlan by Ascensus

Remote

View job as Healthcare Actuary
          for Nyhart, part of FuturePlan by Ascensus

View job as VP Sales Consultant (Retirement industry)
          for FuturePlan, by Ascensus VP Sales Consultant (Retirement industry)

FuturePlan, by Ascensus

Remote / Boston MA

View job as VP Sales Consultant (Retirement industry)
          for FuturePlan, by Ascensus

View job as ESOP Consultant
          for FuturePlan, by Ascensus ESOP Consultant

FuturePlan, by Ascensus

Remote

View job as ESOP Consultant
          for FuturePlan, by Ascensus

View job as Retirement Plan Consultant
          for FuturePlan, by Ascensus Retirement Plan Consultant

FuturePlan, by Ascensus

Remote / Los Angeles CA

View job as Retirement Plan Consultant
          for FuturePlan, by Ascensus

View job as Compliance Specialist
          for Nyhart, part of FuturePlan by Ascensus Compliance Specialist

Nyhart, part of FuturePlan by Ascensus

Remote

View job as Compliance Specialist
          for Nyhart, part of FuturePlan by Ascensus

Selected New Discussions

ETFs in 401(k) -- Where to Report on the Form 5500?

"If a 401(k) profit sharing plan holds an exchange-traded fund (ETF) that is registered with the SEC, should those assets be reported on line 1c(13)?"

BenefitsLink Message Boards

What Do You Think About a Requirement to Use an Automatic Contribution Arrangement?

"If enacted as it passed the House of Representatives, the 'SECURE 2.0' bill (HR 2954) would require a new Section 401(k) or Section 403(b) salary-reduction agreement to include an automatic-contribution arrangement. What do BenefitsLink neighbors think about this? Would you like the new requirement? Would you dislike it? And for either view, why?"

BenefitsLink Message Boards

Asset Sale -- Plan Termination

"Client selling the assets of his company, effective 6/5/2022. all employees will be terminated, employee contributions cease as of that date. Employer has yet to make the 3% safe harbor (always made after the end of the plan year), so the plan must stay open to receive those contributions. The buyer maintains a 401(k) to which all participants in seller plan will rollover, but the plan has a 60 day eligibility requirement. Can't the seller's plan remain open for those 60 days?"

BenefitsLink Message Boards

Press Releases

Wellbeats President Jason Von Bank Named Finalist for EY Entrepreneur of the Year® Heartland Award

Wellbeats

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Qualified Plan Errors: Identification and Correction, Recent IRS and DOL Guidance, Avoiding Audits, Correction Methods

July 6, 2022 WEBCAST

Strafford

Employee Compensation and Benefits Involving Cryptocurrency: Trends and Legal Issues

July 15, 2022 WEBCAST

PLI [Practising Law Institute]

Last Issue's Most Popular Items

Text of Final Forms and Instructions for Forms 5500 and 5500-SF for Plan Years Beginning on and After January 1, 2022

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]; Internal Revenue Service [IRS]; and Pension Benefit Guaranty Corporation [PBGC]

Congress Considers Banning Discretionary Clauses in ERISA Plans

Littler

457(b) Deferred Compensation Plans: Fiduciary Duties and How to Mitigate Potential Risks

McDermott Will & Emery

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

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