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Retirement Plans Newsletter

May 25, 2022

6 New Job Opportunities 6 New Job Opportunities


[Guidance Overview]

IRS Employee Plans News: Form 5300 Electronic Submission (PDF)

May 25, 2022. "Beginning June 1, 2022, you'll be able to submit a Form 5300 determination application electronically at The IRS will continue to accept paper versions of Form 5300 through June 30, 2022.... will accept one additional PDF document (less than 15MB) as part of your submission.... The user fee for a Form 5300 submitted on or after January 3, 2022, is $2,700 (or $4,000 for multiple employer plans) if the plan does not qualify for the zero-dollar user fee in Notice 2017-1."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Inherited IRAs and Retirement Plans Under the SECURE Act

"What should you to do if you inherited an IRA or other retirement plan after 2019 and did not take a distribution in 2021 required under the ten-year payout rule as interpreted by the proposed regulations? The proposed regulations, effective for the year 2022, state that any reasonable interpretation of the rules as modified by SECURE will be deemed compliant.... [Be] prepared to take both 2021 and 2022 required minimum distributions by the end of this year."  MORE >>


[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 92: Consideration of Costs in the Evaluation of Rollovers

"[B]roker-dealers and investment advisers should consider documenting plan costs and the comparison to the IRA costs. In addition, it would be good risk management to have internal processes to ensure that the rollover IRA is invested in a manner consistent with the written specific reasons given to the participant."  MORE >>

New York Attorney General Files Lawsuit Against Catholic Diocese for Retirement Benefits Under Terminated PBGC-Exempt Church Plan

"The New York attorney general [has] filed a lawsuit to help more than 1,100 former employees of St. Clare's Hospital in Schenectady, New York, recover lost retirement benefits because of alleged 'negligent and intentional actions' by the Roman Catholic Diocese of Albany.... Of those 1,100+ who lost their retirement benefits, 650 retirees lost all their pension rights and nearly 450 retirees received a single payment equal to 70% of their pension's value."  MORE >>

HealthLeaders Media

2022 Investment Company Fact Book (PDF)

262 pages. "This year's Fact Book offers a wealth of information on our industry, with nearly 70 data tables providing a long history of the number and types of mutual funds, ETFs, closed‑end funds, and unit investment trusts; their assets and flows; and a wide array of other statistics, many of which are broken down by the fund's investment objective and other fund categories.... You will also find detailed discussions of recent industry trends ... as well as in‑depth analyses of current developments in investor behavior and retirement savings.... [T]he underlying data for all charts and tables are available on ICI's website."  MORE >>

Investment Company Institute [ICI]

More Concerns at the Doorstep of Retirement

"Last year, the percentage of working Americans nearing retirement age (defined here as 60 to 67 years old) who said they have enough money to retire was 26%. This year, that number has declined to just 22%."  MORE >>

PLANSPONSOR; free registration may be required

The Benefits of Being an ESOP in the Food Industry

"ESOP food companies laid off fewer workers than comparable non-ESOP companies in 2020, the year the pandemic struck: 2% vs. 5% ... and had fewer workers quit in 2020, with a median 6% quit rate for ESOP companies versus 20% for non-ESOP companies.... 89% of ESOP food companies offer an employer-paid health insurance plan, compared to 71% of non-ESOPs companies ... 86% of ESOP companies offer paid sick leave compared to 69% among the non-ESOP companies."  MORE >>

National Center for Employee Ownership [NCEO]

Planning Your Retirement Discretionary Spending in a Volatile Market

"[This post discusses an] alternative to reducing current discretionary spending -- keeping current year recurring discretionary spending unchanged but effectively reducing future planned recurring discretionary spending by assuming smaller annual future rates of increases in such expenses. While this approach technically still involves reducing discretionary spending, it may be more palatable to retirees who believe their discretionary spending will probably decrease as they age."  MORE >>

Ken Steiner, FSA Retired


Lifetime Income Statements: Too Much Legalese?

"Even though accompanying the annuity illustration will be an explanation of how to read and use the estimate, the average participant may not understand or take the time to read two pages of legal language. While it appears that the new requirement is not the best way to present information to participants, it may encourage participants to ask more questions and really start to think about their retirement income."  MORE >>

Retirement Management Services, LLC

Executive Compensation and Nonqualified Plans

Change in Control Provisions and Treatment of Outstanding Equity Compensation

"[This article] is aimed at getting the human resources, benefits, and executive compensation functions of your organization ready for a potential sale or similar corporate transaction.... [K]ey considerations in the process that often arise early: [1] identifying, assembling, and analyzing documents that will be automatically triggered or impacted by the potential sale, and [2] determining the expected impact of the transaction on any outstanding equity compensation."  MORE >>

Morgan Lewis

Employee Benefits Jobs

View job as Chief Pension Actuary
          for Loren D. Stark Company Chief Pension Actuary

Loren D. Stark Company


View job as Chief Pension Actuary
          for Loren D. Stark Company

View job as Pension Administrator
          for Actuaries Unlimited, Inc. Pension Administrator

Actuaries Unlimited, Inc.

Remote / Los Angeles CA

View job as Pension Administrator
          for Actuaries Unlimited, Inc.

View job as Regional Sales Consultant
          for Definiti LLC Regional Sales Consultant

Definiti LLC


View job as Regional Sales Consultant
          for Definiti LLC

View job as Actuarial Analyst
          for Definiti LLC Actuarial Analyst

Definiti LLC


View job as Actuarial Analyst
          for Definiti LLC

View job as Implementation Specialist
          for Definiti LLC Implementation Specialist

Definiti LLC


View job as Implementation Specialist
          for Definiti LLC

View job as Defined Contribution (DC) Counsel
          for LGIM America Defined Contribution (DC) Counsel

LGIM America

Chicago IL

View job as Defined Contribution (DC) Counsel
          for LGIM America

Selected New Discussions

Benefit Increases After 70-1/2 for Current Employee Already in Pay Status?

"A participant was working while they attained age 70-1/2 back in 1998. They continued to work through 2008. Each year, through 2004, the benefit was increased to reflect additional accruals. After 2004, there were no increases. We're trying to figure out if the benefit should have been increased after 2004 through termination. I seem to recall a test or rules of some sort for people working past 70-1/2 and receiving their benefit, something like comparing the present value of the benefit as if it was always being made to the accumulated value of benefits already paid, and if the difference was greater than you increase, otherwise you don't. But, I can't seem to find this anywhere. Does anyone recall this?"

BenefitsLink Message Boards

QDRO While Still Married?

"A DC participant submitted a 'Domestic Relations Order' in which a six figure sum of his DC account will be transferred to his spouse. Participant and spouse are married, and are not seeking a dissolution of marriage. Further (as far as we know), it's not intended for spousal support.

A quick Google search shows there are some practitioners promoting while-married QDROs as a means of gaining access to pension or DC funds (likely without those pesky plan terms getting in the way).

I'm just scratching the surface of my review, but it's hard for me to imagine that this has never been tried before, during the past 30 some years. I seem to recall that there might have been cases of fake divorces just so people could access their pension accounts -- so why bother going through a fake divorce if you could simply claim a marital property transfer?

Have you seen one of these?"

BenefitsLink Message Boards

Press Releases

Milliman Adds Emergency Savings Program, SecureSave, to Financial Wellness Offering for Retirement Plan Clients


Stradley Ronon Welcomes Seasoned ERISA Lawyer to Washington, DC

Stradley Ronon

Health Professionals Alliance and Merit Wealth Management, LLC Launch The Doctor’s Retirement Plan

Health Professionals Alliance

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Proposed DOL Rule Change on ESG Investing: What Does It Mean for Fiduciaries?

May 25, 2022 WEBCAST

Wilshire Associates

Form 5500 in 2022, 2023 and Beyond!

June 22, 2022 WEBCAST


September 19, 2022 in CO


Last Issue's Most Popular Items

IRS Employee Plans News: Impact of Missed Deadline for Restatement of Pre-Approved Plans (PDF)

Internal Revenue Service [IRS]

Private Equity in 401(k) Plans (PDF)

Groom Law Group, via The Investment Lawyer

Text of FRTIB Final Regs: Transition to a New Recordkeeping System, Including Elimination of Notarization Requirement for Spousal Consent to Distributions

Federal Retirement Thrift Investment Board [FRTIB]

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

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