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Retirement Plans Newsletter

June 15, 2022

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

Brokerage Window Fiduciary Duties in Light of DOL Cryptocurrency Guidance

"DOL's Compliance Assistance Release 2022-01 ... specifically stated that [the DOL] was not only concerned about direct cryptocurrency investments but also about other products that allow cryptocurrency investments. This statement implies that fiduciary responsibilities could extend to include investments offered through brokerage windows."  MORE >>

Hall Benefits Law

[Guidance Overview]

Exceptional Usefulness and Quality icon What Advisors Should Know About Giving Rollover Advice

"[This post] outlines the basics of [PTE 2020-02], details the six key conditions [it requires] of financial advisors ... and provides tips for advisory firms to comply with the new rules.... Even though it may seem daunting when viewed in its entirety, compliance with PTE 2020-02 can be more manageable by breaking it down into its individual components and determining where the advisor's existing processes and tools can be used or adapted."  MORE >>

Nerd's Eye View

State of the Participant 2022: Retirement Readiness, Impacts of Plan Design and the Pandemic, and Ideas for Improvement (PDF)

29 pages. "Over half of participants leaving their DC plans chose to move their money directly to an IRA or a new employer's DC plan ... 39% still took a cash distribution ... The percentage of retirement-ready participants in plans using both auto-enrollment and auto-escalation reached 65% in 2022.... While 22% of plan sponsors stop their participants' auto-increases when their total contribution reaches 10% of income, 60% of plan sponsors use limits of 15% or higher."  MORE >>

John Hancock

Have You Recently Checked Your 401(k) Plan's Definition of Compensation for Deferral and Match Purposes?

"401(k) plan sponsors should consider doing the following to maintain compliance with the 401(k) plan's definition of compensation: [1] periodically review or audit their plan's compensation definition to make sure that the correct compensation amounts are being used for 401(k) deferral and match purposes; [2] any periodic compensation review or audit should include a check of any amounts specifically designated as included or excluded under the applicable plan document; [3] random testing of individual participant accounts for compliance should be conducted[.]"  MORE >>

Foley & Lardner LLP

Retirement-Focused RISE & SHINE Act Clears Senate HELP Committee

"As passed by the HELP Committee, [the RISE & SHINE Act (S 4353)] includes ... measures to expand plan coverage for part-time workers and a new rule allowing employers to set up automated payroll deduction emergency savings accounts for their workers.... [T]he HELP Committee also advanced the Increasing Small Business Retirement Choices Act [S 4086] ... [which] would make it easier for small businesses to offer more comprehensive retirement benefits to their workers by reducing administrative expenses."  MORE >>

PLANSPONSOR; free registration may be required

Access to CITs Would Create Opportunity for 403(b) Plans (PDF)

"SECURE 2.0 passed the House in March 2022 and if it passes through the Senate with language that allows institutional 403(b) plans to offer collective investment trusts (CITs), those 403(b) plans would gain access to a new investment vehicle that can potentially introduce pricing and administrative efficiencies, as well as open the door to offer pooled Stable Value funds.... [T]he most important innovations and their potential outcomes ... [are] [1] potentially lower costs and opportunities for greater administrative efficiency, [2] flexibility for more investment innovation, and [3] more choice in short-term investing options."  MORE >>

Defined Contribution Institutional Investment Association [DCIIA]

Factors Influencing the Choice of Pension Distribution at Retirement

"Results show significant differences in distribution choices based on the type of retirement plan, with individuals covered by defined benefit plans significantly more likely to select annuities compared to similar employees covered by defined contribution plans.... [D]ifferences in how higher annual income affects annuity choices based on coverage by DB plans."  MORE >>

National Bureau of Economic Research [NBER]; purchase required for full document

Cost-of-Living Adjustments in State and Local Government Pensions (PDF)

17 pages. "Periodic cost-of-living adjustments (COLAs) in some form are provided on most state and local government pensions.... Considerable variation exists in the way COLAs are designed ... This brief presents a discussion about the purpose of COLAs, the different types of COLAs provided by government pension plans, and an overview of recent state changes to COLA provisions."  MORE >>

National Association of State Retirement Administrators [NASRA]

CRS In Focus: Selected Findings of the 2022 Social Security Annual Report

"[T]he program's finances are in a similar, albeit marginally better, position in 2022 relative to what they were in 2021 ... largely attributed to a stronger-than-expected recovery from the recession experienced in 2020. Under intermediate assumptions, the projected combined trust fund asset depletion date is 2035 (versus 2034 in last year's report), after which the percentage of benefits payable would be 80% (versus 78% in 2021)." [IF 12133 Jun. 14, 2022]  MORE >>

Congressional Research Service [CRS]

Employee Benefits Jobs

View job as Senior Retirement Plan Administrator
          for Enhanced Retirement Solutions Senior Retirement Plan Administrator

Enhanced Retirement Solutions

Rochester NY

View job as Senior Retirement Plan Administrator
          for Enhanced Retirement Solutions

View job as Sr. Retirement Plan Administrator
          for Tycor Benefit Administrators, Inc. Sr. Retirement Plan Administrator

Tycor Benefit Administrators, Inc.

Berwyn PA

View job as Sr. Retirement Plan Administrator
          for Tycor Benefit Administrators, Inc.

View job as Sr. Actuarial Specialist
          for Wespath Benefits and Investments Sr. Actuarial Specialist

Wespath Benefits and Investments

Lombard IL

View job as Sr. Actuarial Specialist
          for Wespath Benefits and Investments

View job as Client Experience Team Member
          for Leading Retirement Solutions LLC Client Experience Team Member

Leading Retirement Solutions LLC

Remote / Seattle WA

View job as Client Experience Team Member
          for Leading Retirement Solutions LLC

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


Chicago IL / Dallas TX

View job as Sr. Actuarial Analyst
          for Newport

View job as ESOP Analyst
          for Newport ESOP Analyst


Remote / MI

View job as ESOP Analyst
          for Newport

View job as Compliance Consultant
          for Blue Chip Retirement Plans, Inc. Compliance Consultant

Blue Chip Retirement Plans, Inc.


View job as Compliance Consultant
          for Blue Chip Retirement Plans, Inc.

Selected New Discussions

How Many Qualified Plans Cover Owners Only?

"Recently, I was asked for advice on State law fiduciary issues about a retirement plan. The plan's sponsor, a for-profit LLC, has no employees, and no intent to hire an employee. Everyone who works in the business is an LLC member. How often does this happen -- that every worker is an owner who is not treated as an employee?"

BenefitsLink Message Boards

Illiquid Employer Stock Held in 401(k) Plan

"Private employer has, for a number of years, permitted employees to elect to invest in employer stock through the 401k. The employer stock is darn-near illiquid. People are starting to request distributions. I think there is a fiduciary responsibility for the trustee or sponsor to act, but I'm not sure. I'm also concerned that we'd be violating distribution rules if we just say 'Sorry, illiquid stock.'"

BenefitsLink Message Boards

Pooled Account Plan During Time of Volatile Investments -- Amend to Allow Accelerated Distributions (Year of Employment Termination)?

"PSP-only pooled account. Client is considering amending plan from distributions as soon as administratively feasible in plan year following termination to as soon as administratively feasible in year of termination. We never do that and have our reasons but just trying to think through if I'm missing anything. Who allows this? What kind of issues do you encounter? Plan has a right to an interim valuation if warranted and will be doing that this year if they make this amendment."

BenefitsLink Message Boards

Press Releases

Hirschler Expands Employee Benefits and Executive Compensation Team with the Addition of Partner Robert Saffelle in Richmond


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRA Beneficiary Distributions: Part 1

August 9, 2022 WEBCAST


Cryptocurrency in Executive Compensation Arrangements: FLSA, Incentive Plans, Key Provisions, Risks, IRS & DOL Issues

August 17, 2022 WEBCAST


Last Issue's Most Popular Items

Required Minimum Distribution Modifications for Defined Benefit Plans

The Wagner Law Group

Would SECURE 2.0 and RISE & SHINE Together Secure More Retirement Equity?

Albert Feuer, via SSRN

Resources for Tracking State and City Retirement Initiatives (PDF)


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

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