BenefitsLink.com logo
EmployeeBenefitsJobs.com logo

Retirement Plans Newsletter

May 26, 2022

7 New Job Opportunities 7 New Job Opportunities

 

[Official Guidance]

Text of SEC Proposed Rule: Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices (PDF)

362 pages. "The [SEC] is proposing ... to require registered investment advisers, certain advisers that are exempt from registration, registered investment companies, and business development companies, to provide additional information regarding their environmental, social, and governance (ESG) investment practices.... The proposed rules and form amendments are designed to create a consistent, comparable, and decision-useful regulatory framework for ESG advisory services and investment companies to inform and protect investors while facilitating further innovation in this evolving area of the asset management industry."  MORE >>

U.S. Securities and Exchange Commission [SEC]

[Guidance Overview]

SEC Statement on Proposed Rule Requiring Enhanced Disclosure by Certain Investment Advisers and Investment Companies on ESG Investment Practices

"[This proposed rule] would require meaningful specific disclosure regarding ESG strategies in registration statements, the management discussion of fund performance in annual reports, and in adviser brochures ... The level of detail required of any given fund or adviser will depend on the extent to which such manager considers ESG factors in its decision-making."  MORE >>

U.S. Securities and Exchange Commission [SEC]

[Guidance Overview]

Agencies Finalize Form 5500 Revisions for Multiple Employer Plan Reporting

"While many changes finalized in this action affect only defined benefit plans, a few -- primarily relating to multiple employer plans (MEPs) -- affect defined contribution plans (including 401(k) plans).... The next round of Form 5500 changes will likely have much broader impacts."  MORE >>

Thomson Reuters / EBIA

Alert (High Risk Issue) icon Sixth Circuit: Participants Don't Have to Arbitrate Excessive Fee Claims

"A defined contribution plan sponsor can't require participants to resolve their ERISA excessive fee claims through binding arbitration, despite arbitration provisions in the participants' employment agreements ... The court found that the participants brought these fiduciary breach claims not as individuals but as representatives of the plan, which didn't include an arbitration provision and hadn't otherwise agreed to arbitrate." [Hawkins v. Cintas Corp., No. 21-3156 (6th Cir. Apr. 27, 2022)]  MORE >>

Mercer

How 401(k) Loan Protection Helps Address Leakage

"A B2B commercial P&C insurance policy is purchased, covering the losses the plan would incur should a participant's loan default, under clearly specified circumstances described in the policy (such as involuntary unemployment).... Any insurance recovery received by the plan from the insurer will then ... be allocated to the participant's account as a payment on the loan.... [A] dramatic change to 'leakage' can be provided by the market, without the need for legislative or regulatory change."  MORE >>

Business of Benefits

How Tax Incentives for Retirement Savings Leave Middle-Class Families Behind (PDF)

28 pages. "[T]he level of income replacement from Social Security falls off far more quickly than private savings function to provide adequate retirement income for middle class workers.... The value of tax incentives for saving is much greater for those at higher income levels, who face higher marginal tax rates. These incentives are quite weak for much of the middle class.... Solutions to these inequities should focus on increasing participation in the retirement savings system and ensuring working families also receive adequate incentives to save for retirement."  MORE >>

National Institute on Retirement Security [NIRS]

[Opinion]

American Benefits Council Comment Letter to IRS on Proposed Required Minimum Distribution Regs

"[The proposal] includes provisions that are contrary to a plain reading of the legislative changes included in the [SECURE Act], fails to provide enough time for plans and participants to implement its surprising interpretations, and adds unnecessary complexity to RMD issues that are unrelated to the SECURE Act's changes. Thus, in addition to requesting clarification on many of the issues covered by the proposal, the Council is requesting that Treasury and IRS significantly rewrite critical portions of the proposed regulations."  MORE >>

American Benefits Council

[Opinion]

SPARK Institute Comment Letter to IRS on Proposed Required Minimum Distribution Regs (PDF)

17 pages. "The final regulations should not be effective until, at the earliest, calendar years beginning at least 9 months after the final regulations are released.... The Service should not modify the rules for 403(b) plans, or if it does, only through a separate regulatory proposal. The final regulations should modify the Service's interpretation of the 10-year rule, or if not, provide relief for prior years. The Service should reconsider whether the Proposal's rules for withholding on distributions to non-spouse beneficiaries correctly reflect the Code.... The Proposal's rule regarding a 'hypothetical' RMD should be removed. The final regulations should retain age 21 as the age of majority."  MORE >>

The SPARK Institute

Employee Benefits Jobs

View job as Plan Compliance Analyst (Administrator)
          for RPA Plan Compliance Analyst (Administrator)

RPA

Remote

View job as Plan Compliance Analyst (Administrator)
          for RPA

View job as 3(16) Account Manager
          for Pentegra 3(16) Account Manager

Pentegra

Remote

View job as 3(16) Account Manager
          for Pentegra

View job as Participant Solutions Specialist - Level 1
          for Wespath Benefits and Investments Participant Solutions Specialist - Level 1

Wespath Benefits and Investments

Remote / Glenview IL

View job as Participant Solutions Specialist - Level 1
          for Wespath Benefits and Investments

View job as Sr. Benefit Plans Coordinator – Welfare Plans
          for Wespath Benefits and Investments Sr. Benefit Plans Coordinator – Welfare Plans

Wespath Benefits and Investments

Remote / Glenview IL

View job as Sr. Benefit Plans Coordinator – Welfare Plans
          for Wespath Benefits and Investments

View job as Pension Administrator
          for MGKS Pension Administrator

MGKS

Remote / Phoenix AZ

View job as Pension Administrator
          for MGKS

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

Employee Benefits Security Administration [EBSA]

Remote / Seattle WA

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

View job as Benefits Specialist (Recent Graduate)
          for Pension Benefit Guaranty Corporation [PBGC] Benefits Specialist (Recent Graduate)

Pension Benefit Guaranty Corporation [PBGC]

Remote / Washington DC

View job as Benefits Specialist (Recent Graduate)
          for Pension Benefit Guaranty Corporation [PBGC]

Selected New Discussions

OK for School Principal to Get Top 403(b) Contribution Pursuant to Employment Contract?

"A Non-ERISA 403(b) for a private high school provides a 'Profit Sharing' contribution based on the following: 0-9 years of service -- 6% of gross salary; 10-14 years of service -- 7% of gross salary; 15+ years of service -- 8% of gross salary. However, the principal of the school, no matter how many years of service that they have, receives an 8% of gross salary contribution; this is written into the contract of the principal. The principal by definition is an HCE, and at this point, the principal has less than 9 years of service, and, per the document, should be receiving a 6% allocation, save for the provision in the contract. Our firm, which is the auditor of this plan, is concerned that the higher percentage given to the HCE principal is a discriminatory allocation."

BenefitsLink Message Boards

Top Heavy vs. Gateway in a Combo Plan

"Testing 2 plans together for all. DB and 401k/NESH/PS plans. Top heavy provided under DC plan only. All participants benefit under both plans. Key employee is getting 0.5% accrual in the DB and 3% allocation of NESH (plus full deferral), no additional PS for the key. Combined gateway minimum is 4% (including 3% NESH). What must I provide to all non-HCE's as additional PS allocation -- 1%, or 2%? My vote is 2% but just wanting to check."

BenefitsLink Message Boards

Press Releases

Principal® Rated No. 1 for Online Group Benefits Administration

Principal Financial Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SAS 136: Preparing for Changes to Your Employee Benefit Plan Audit

May 26, 2022 WEBCAST

WithumSmith+Brown

Understanding Cryptocurrency: The Basics of Blockchain, Bitcoin and Other Digital Assets and What the DOL Says About Them

June 16, 2022 WEBCAST

Worldwide Employee Benefits Network [WEB] - New York Chapter

IRAs: Handling Complex Death Claims

July 12, 2022 WEBCAST

Ascensus

Advanced Pension Conference

September 13, 2022 WEBCAST

FIS Retirement Education

401(k) Plans: Beyond the Basics Workshop

October 11, 2022 WEBCAST

FIS Retirement Education

Last Issue's Most Popular Items

Inherited IRAs and Retirement Plans Under the SECURE Act

EisnerAmper

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

HealthLeaders Media

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

Internal Revenue Service [IRS]

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2021 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers. We are not involved in their production and are not responsible for their content.