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Retirement Plans Newsletter

June 13, 2022

5 New Job Opportunities 5 New Job Opportunities


Sixth Circuit: For Multiemployer Benefit Suspension on Rehire, Job Responsibilities Matter, Not Job Titles

"The retiree argued that his post retirement work was not performed in the 'same industry,' nor the same 'trade or craft.' However, the court upheld both rulings as the retiree was [1] performing work for an employer who was required to make contributions to the fund on behalf of its employees, and [2] operating under a similar job classification as he was prior to retirement." [Helgemo v. Operating Engineers Local 324 Pension Fund, No. 21-2951 (6th Cir. Mar. 7, 2022; unpub.)]  MORE >>


Which Participants Can Sue?

"A number of recent cases have addressed the issue of which participants have 'standing' to bring an ERISA fiduciary action against plan fiduciaries. The cases generally focus on the issue of whether the participant-plaintiffs have a 'concrete stake' in the dispute. [This article discusses] two recent cases involving participant-plaintiffs in defined contribution plans that did not invest in all the funds with respect to which they are suing." [Boley v. Universal Health Serv. Inc., No. 21-2014 (3d Cir. Jun. 1, 2022); Brown v. The Mitre Corp., No. 21-11605 (D. Mass. Apr. 28, 2022)]  MORE >>

October Three Consulting

More Pushback Against DOL's Crypto Guidance: ForUsAll's Lawsuit Challenges CAR 2022-01

"While the ForUsAll complaint does not address the vagueness of [the Compliance Assistance Release 2022-01 (CAR)] statements that it applies to cryptocurrency-related investments, derivatives, and investments whose value is determined by reference to cryptocurrency, that could also be a basis for challenging the CAR.... [T]he CAR does not distinguish at all between direct investment by participants and investment through funds managed by investment professionals and even traded on the New York Stock Exchange or NASDAQ." [ForUsAll v. DOL, No. 22-1551 (D.D.C. complaint filed Jun. 2, 2022)]  MORE >>

Cohen & Buckmann, P.C.

The Democratization of Alternative Investments in 401(k) Plans

"Historically reserved for institutional or high net worth investors, offering alternative investment vehicles may help democratize a plan by providing plan participants with more choice. · Alternatives can help mitigate lower-return expectations of traditional asset classes, but they involve complexities that hinder their implementation. · Today's plan sponsors deserve a modernized ecosystem that facilitates the adoption of alternative investments."  MORE >>

Lord Abbett

Common 403(b) Participant Errors

"This post describes fifteen common 403(b) mistakes (in no particular order) and, more importantly, workarounds, action steps, and resources to address each one. It concludes with three “need-to-knows” and six take-away action steps."  MORE >>


As Latest CalSavers Deadline Approaches, Some Thoughts on Its Possible Effect

"Imagine ... the IRS audits the plan and determines that the corporation's total disregard for the law means it will disqualify the plan ... [S]ince the employer didn't maintain a qualified plan, it was required to register for CalSavers and failed to do so, now it is subject to penalties.... Another nightmare scenario involves misclassified workers.... These situations demonstrate how noncompliance with one law can trigger a prior obligation to comply with CalSavers."  MORE >>

Murphy Austin

Providence Voters Approve of $515 Million in Pension Obligation Bonds

"The city of Providence's pension fund, which is among the most underfunded in the country, just got one step closer to approving $515 million in pension obligation bonds. A majority of voters cast ballots in favor of the mayor's proposal to issue $515 million in bonds in a non-binding referendum.... [T]urnout was low: Only 4% of city residents voted."  MORE >>

Chief Investment Officer [CIO]

Employee Benefits Jobs

View job as Defined Benefit Pension Consultant
          for The Ryding Company Defined Benefit Pension Consultant

The Ryding Company

Remote / Westlake Village CA

View job as Defined Benefit Pension Consultant
          for The Ryding Company

View job as Senior Actuarial Analyst/ Project Manager
          for Van Iwaarden Associates Senior Actuarial Analyst/ Project Manager

Van Iwaarden Associates

Remote / Minneapolis MN

View job as Senior Actuarial Analyst/ Project Manager
          for Van Iwaarden Associates

View job as Senior Actuarial Analyst - Cash Balance
          for Definiti LLC Senior Actuarial Analyst - Cash Balance

Definiti LLC


View job as Senior Actuarial Analyst - Cash Balance
          for Definiti LLC

View job as Retirement Client Services Manager
          for Newport Retirement Client Services Manager


Remote / Folsom CA / Chicago IL / Saint Petersburg FL / Lake Mary FL / La Crosse WI / Charlotte NC / Mobile AL / Overland Park KS / Dallas TX / West Des Moines IA / Los Angeles CA / Pittsburgh PA

View job as Retirement Client Services Manager
          for Newport

View job as Retirement Relationship Manager - 401(k), 403(b)
          for Newport Retirement Relationship Manager - 401(k), 403(b)


Remote / Folsom CA / Saint Petersburg FL / Lake Mary FL / Chicago IL / West Des Moines IA / Overland Park KS / Minneapolis MN / Lake Mary FL / Charlotte NC / Greensboro NC / De Pere WI / La Crosse WI / AZ / CO / GA / MA / MD / MI / MO / NJ / NY / OH / SC / TX / VA

View job as Retirement Relationship Manager - 401(k), 403(b)
          for Newport

Selected New Discussions

Employer Made 'Elective' Contribution with Cash Bonus Option

"So, unbeknownst to me, the ER wanted to give everyone $1,000 in their 401(k) plan. However, if they didn't have an account, it was paid as a bonus. If they had an account, but chose otherwise, it was paid as a bonus. I know this is a no-no. The contributions will be considered deferrals for 402(g) purposes. (I think it pushed one person over the threshold) But what other correction needs to be done? Could they give all the missing people the $1,000 and just call it a PS? (I'm not sure if they filed their 2021 taxes yet.) I've heard of situations like these, but never encountered one first hand."

BenefitsLink Message Boards

Elapsed Time Eligibility

"Partcipant hired February 1, 2021 and worked 2 months before quitting. They are rehired today, which is more than 12 months after their termination date so they had a break in service. Plan uses elapsed time. When would this participant satisfy a 6 month eligibility? Does their 2 months pre-break count is really the question? My Basic Plan Document only says 'If any Eligible Employee who had not satisfied the Plan's eligibility requirements is rehired after severance from employment, then such Eligible Employee shall become a Participant in the Plan in accordance with the eligibility requirements set forth in the Adoption Agreement and the Plan.' I'm inclined to say the 2 months pre-break counts but I cannot find anything straight on point, including the EOB...."

BenefitsLink Message Boards

Press Releases

ICARE Co-founder, Cheryl Brown Merriwether, Wins SUCCESS Magazine’s Women of Influence Award

ICARE [International Center for Addiction and Recovery Education]

MDsave and Wixcorp Form Partnership to Help Patients Understand and Afford Care


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

New Lifetime Income Illustrations Required Soon

June 13, 2022 WEBCAST

Williams Mullen

CalSavers and Other Mandated Retirement Plans

June 28, 2022 WEBCAST

Boutwell Fay LLP

Last Issue's Most Popular Items

Cybersecurity and Retirement Plans (PDF)

Broadridge Fi360 Solutions

Ready for Sale? Part 3: Retirement Plans

Morgan Lewis

401(k)ology: Know Your Participant Notices


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

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