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Retirement Plans Newsletter

June 16, 2022

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

Proposed Regs for Inherited IRAs Bring Unwelcome Surprises

"The U.S. Treasury Department accepted comments on the proposed regs through May 25, 2022 [Non-eligible designated beneficiaries] who missed 2021 RMDs may want to delay action to see whether more definitive guidance comes out before year-end, including, ideally, relief for those who relied on the version of Publication 590-B that indicated RMDs weren't necessary."  MORE >>

Clark Schaefer Hackett

An Updated Forecast of 2023 IRS Limits

"Inflation in the 12 months ending May 31, 2022, was 8.6% as reported by BLS on June 10, 2022. With only four months remaining for federal fiscal year 2022, [the authors forecast] the 2023 IRS limits could set a record one-year increase, both in dollars and percentage, even if inflation transitions to 3.0% annually (0.25% per month) for June through September 2022."  MORE >>


What's Been Learned from ERISA Excessive Fee Lawsuits?

"While the prevalence of settlements in ERISA cases means fewer legal conclusions have been drawn by the courts than one might expect, certain important lessons about fiduciary duties are emerging.... So far, the pace of filings in 2022 has been extremely rapid, with some 25 to 30 cases filed in the first four months of the year."  MORE >>


Design Your Retirement Plan to Drive Distribution Goals

"Plan features such as hardship distributions and loans tend to be popular because they help employees feel more comfortable putting money into the plan knowing they can access their savings in the case of an emergency. It is important to weigh the benefits and considerations of each distribution feature and how they could affect your plan's objectives."  MORE >>

Newport Group

Ways and Means Committee Chair Seeks Insight Into Cryptocurrency and Retirement Saving

"In his letter to [the GAO Comptroller General], [House Ways and Means Committee Chairman Richard E. Neal (D-MA)] noted the importance of DC savings plans for Americans who are planning and managing their retirement, and asked the agency to provide additional information about the available cryptocurrency investment offerings and what oversight of those options exists."  MORE >>

Committee on Ways and Means, U.S. House of Representatives

Market Volatility May Be Impetus for More De-Risking of DB Plans

"Your pension plan's improved funding status is now face-to-face with market volatility, geopolitical uncertainty and hints of a recession. If you've been contemplating de-risking your defined benefit pension plan, the time may be right to develop a successful pension risk transfer strategy."  MORE >>

USI Consulting Group

Navigating the ERISA Risks in ESOP Shareholder Transactions

"[T]he decisions on behalf of the ESOP to enter into the loan and to purchase stock involve the disposition of plan assets and are thus fiduciary decisions.... [It] is not realistic to expect that the company or its Board or designated employees can be isolated from all fiduciary responsibility.... Having the independent fiduciary serve as ESOP Trustee on an ongoing basis demonstrates continued compliance with prudence and loyalty [and] is the most useful approach to risk mitigation."  MORE >>

McDonald Hopkins

Employee Benefits Jobs

View job as DC Plan Administrator
          for Retirement, LLC DC Plan Administrator

Retirement, LLC

Remote / Oklahoma City OK

View job as DC Plan Administrator
          for Retirement, LLC

View job as Senior Plan Consultant
          for Sentinel Benefits & Financial Group Senior Plan Consultant

Sentinel Benefits & Financial Group

Remote / Wakefield MA

View job as Senior Plan Consultant
          for Sentinel Benefits & Financial Group

View job as Defined Benefit Plan Consultant
          for Sentinel Benefits & Financial Group Defined Benefit Plan Consultant

Sentinel Benefits & Financial Group

Remote / Wakefield MA / Melville NY / Bingham Farms MI

View job as Defined Benefit Plan Consultant
          for Sentinel Benefits & Financial Group

View job as Senior Benefit Manager - Pensions
          for CBIZ Senior Benefit Manager - Pensions



View job as Senior Benefit Manager - Pensions
          for CBIZ

View job as Account Manager
          for The Standard Account Manager

The Standard

Remote / MN / PA / TX

View job as Account Manager
          for The Standard

Selected New Discussions

QSub Participating in 401(k) Plan Did Not Execute a Participating Employer Agreement

"A 401(k) plan sponsor is an S Corp, and employees of a QSub of the plan sponsor also participated in the 401(k). A 'participating employer' adoption page was not completed for the QSub, however. A QSub is disregarded for federal tax purposes because its assets, liabilities, and items of income, deduction, and credit are treated as owned by the parent S corporation, so this may make sense. Or is there a problem?"

BenefitsLink Message Boards

Amending a 401(k) Plan to Exclude Part-Time Employees

"Our document software defaulted to add the following when we entered to exclude part-time employees: 'Notwithstanding the foregoing, any Part-Time Employee who is excluded hereunder will nevertheless be considered an Eligible Employee if he or she is credited with at least 1,000 Hours of Service during any Eligibility Computation Period beginning on or after his or her Employment or Reemployment Commencement Date and is an Employee on the last day of such Eligibility Computation Period.' Could we remove that language? The plan sponsor wants to exclude all part-time employees, even if they ultimately work 1,000 hours in a year."

BenefitsLink Message Boards

Doctor with Hospital 403(b) Is Starting 401(k) for New Wholly-Owned Private Practice

"Doctor D is doing the max 403(b) deferrals and getting a match under the hospital's 403(b) plan. He is now about to start a practice of his own (100% owner) and wants to start up a 401(k) plan -- deferrals, 3% safe harbor, class-based profit sharing. Let's assume that he keeps deferring into the 403(b) plan. Must the 403(b) deferrals be included in any testing that I do? Does the matching contribution affect that?"

BenefitsLink Message Boards

Press Releases

The ERISA Industry Committee Promotes James Gelfand to President and Kathleen Carr-Smith to Chief Operating Officer

ERIC [ERISA Industry Committee]

Edelman Financial Engines Launches New 401(k) Plan Retirement Income Solution

Edelman Financial Engines

SEC Charges Firm and Five Brokers with Violations of Reg BI

Securities and Exchange Commission [SEC]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

A Mid-Year Check-In for Retirement Plan Sponsors


CAPTRUST Financial Advisors

In-Plan Retirement Income: Why Now?

June 23, 2022 WEBCAST

Broadridge Financial Solutions, Inc.

Help Business Owners Benefit from the California Retirement Mandate

June 23, 2022 WEBCAST

The Retirement Advantage [TRA]

Last Issue's Most Popular Items

Brokerage Window Fiduciary Duties in Light of DOL Cryptocurrency Guidance

Hall Benefits Law

What Advisors Should Know About Giving Rollover Advice

Nerd's Eye View

Retirement-Focused RISE & SHINE Act Clears Senate HELP Committee

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

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