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Retirement Plans Newsletter

June 21, 2022

2 New Job Opportunities 2 New Job Opportunities


[Official Guidance]

Text of IRS Rev. Proc. 2022-28: No Letter Rulings for Certain Transactions Involving Excess Plan Assets (PDF)

"This revenue procedure amplifies Rev. Proc. 2022-3 ... which sets forth areas of the Internal Revenue Code relating to issues on which the [IRS] will not issue letter rulings or determination letters.... The IRS will not issue letter rulings on whether an employer reversion from a qualified plan occurs for purposes of Section 4980(c)(2) in connection with a spin-off/termination transaction that involves excess assets."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Exceptional Usefulness and Quality icon The New IRS Pre-Examination Pilot Program: Key Features and Questions

"This presents a potentially valuable opportunity to correct errors not normally eligible for self-correction during an audit at a reduced price, as Audit CAP fees can be significantly higher than the VCP fees (with VCP fees capped at $3,500)."  MORE >>

Groom Law Group

Why Are 401(k) PEPs Growing at a Slower Than Expected Rate?

"The ability to reduce costs by commingling plan assets from different companies' plans has been by far the largest perceived attraction regarding MEPs in and past and PEPs in the future.... It may be that while Congress fiddled for years, the industry may have found ways to streamline itself, reducing the overall weight of this attraction.... [E]ven with lower fees, there appear to be other reasons why we haven't seen the explosion of PEPs as many expected."  MORE >>

Fiduciary News; free registration required

Why Employers Must Improve Employees' Financial Well-Being

"The growing importance of financial well-being has many employers doubling down on benefits that can promote 'fiscal fitness' in order to appeal to existing workers and new hires alike ... [S]ome workplaces have started taking a variety of steps to improve employees' sense of financial well-being by exceeding baseline salary obligations, i.e., bolstering pension plans, offering better insurance packages and even providing financial coaching."  MORE >>

Forbes; subscription may be required

How Many American Workers Are Benefiting from Employer Retirement Programs?

"For most American workers, retirement savings either come from individual contributions to a retirement account or employer-sponsored programs that encourage saving. But according to economic data, while both options are present, people don't generally save for retirement unless their employer offers a plan at work."  MORE >>

Marketplace, from American Public Media

Changes to Your Next 401(k) Statement Could Be Alarming, But Don't Panic Just Yet

"Starting this quarter, plan holders will see two new estimates on their 401(k) statements. Each assumes that they will use their current account balance to purchase an annuity, a retirement vehicle that allows investors to invest a lump sum that will be converted into fixed, lifetime monthly payments.... The illustrations don't account for Social Security or any outside savings, nor do they include any future investment growth or compounding in the market."  MORE >>

WDJT - Milwaukee

Investing When Bonds Do Not Hedge Stocks

"Balanced-fund investors have three options.... [1] [P]retend that this year never happened, by continuing to do what they have long been doing.... [2] Rather than rely on what essentially are two assets -- stocks to provide high returns, and bonds to function as ballast -- balanced portfolios should invest more broadly.... [3] [B]alanced-fund shareholders might benefit by temporarily adjusting their allocations to favor inflation-resistant assets such as commodities, gold, and liquid alternatives. Then, when the economic climate reverts to the norm, swap those assets for Treasuries, thereby returning to the previous formula."  MORE >>

John Rekenthaler, in Morningstar

Employee Benefits Jobs

View job as Compliance Analyst - 401(k) Administration
          for Ubiquity Retirement + Savings Compliance Analyst - 401(k) Administration

Ubiquity Retirement + Savings

Remote / San Francisco CA

View job as Compliance Analyst - 401(k) Administration
          for Ubiquity Retirement + Savings

View job as Plan Consultant
          for BPAS Plan Consultant


Remote / Syracuse NY

View job as Plan Consultant
          for BPAS

Selected New Discussions

4-Tier Integrated Profit Sharing Plan Calculation in Excel?

"Does anyone have a 4-Tier Integrated PS Calculation in Excel that walks one through the steps to calculation per tier? I am super rusty and want to make sure I do it correctly."

BenefitsLink Message Boards

Moving Assets in Plan Participant's Self-Directed Account to IRA -- Merely Retitle the Account?

"Plan allows for in-kind distributions. Any particular issues out there for self directed brokerage accounts that would like to basically rename their plan as an IRA and treat the value on that date as the direct rollover?"

BenefitsLink Message Boards

Should We Process a Domestic Relations Order That's 2 Years Old?

"We received a DRO from July 2020 back in 2020. The order was clear, but contained some very odd terms, so we reached out to the parties to verify our interpretation. We just heard back from them this week that our interpretation of the order is correct. The DRO could be considered a QDRO, but can we process it now that it's two years old?"

BenefitsLink Message Boards

Press Releases

SageView Advisory Group Agrees to Acquire $321 Million Los Angeles-Based Wealth Management Firm

SageView Advisory Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Ethics: A Practical Approach

July 19, 2022 WEBCAST

Western Pension & Benefits Council

Last Issue's Most Popular Items

Senate Finance Committee Rolls Out Massive SECURE 2.0 Counterpart

American Retirement Association [ARA]

The Pleading Standard for Fiduciary Imprudence Cases: The Sixth and Seventh Circuits Disagree in Oral Arguments on What the Supreme Court Held in Hughes v. Northwestern

Euclid Specialty Managers

Text of Updated PBGC FAQs: American Rescue Plan Act

Pension Benefit Guaranty Corporation [PBGC]

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

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