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Retirement Plans Newsletter

July 5, 2022

4 New Job Opportunities 4 New Job Opportunities


Keeping Retirees' Assets in Your Plan: Considerations for Your Retirement Plan Committee

"[A]reas that should be considered relative to a committee's preference of retaining assets in plan at retirement. [1] Evaluating the lineup, including consideration of retirement income ... [2] Suitably assessing and selecting provider partners ... [3] Effectively engaging with participants."  MORE >>


How Blockchain Could Change 401(k)s

"Having everything stored in one easy-to-access place would give people a clearer picture of their retirement assets and perhaps incentivize them to invest more.... Blockchain doesn't require a third-party intermediary to validate transactions, resulting in speedier turnaround times and potentially lower costs. The technology, thanks to its decentralized structure, is more difficult to hack."  MORE >>


In Groundbreaker, DOL Opposes Arbitration in ERISA Suit by ESOP Participant

"In its first-ever amicus brief about arbitration clauses in an ERISA plan, the [DOL] supports a plaintiff suing his employer and fiduciaries over the value of an ESOP. The defendants argue that the complaint should be addressed by arbitration rather than in the courts." [Cedeno v. Argent Trust Co., No. 20-9987 (S.D.N.Y. Nov. 2, 2021; on appeal to 2d Cir. No. 21-2891)]  MORE >>

Pensions & Investments

Kellogg Is Latest to Face Excessive Fee Allegations

"The main allegation leveled in the complaint is that the defendants breached their fiduciary duty of prudence by requiring the plan to pay excessive recordkeeping fees and managed account fees, and by failing to timely remove their allegedly high-cost recordkeepers." [Fleming v. Kellogg Co., No. 22-0593 (W.D. Mich. complaint filed Jun. 28, 2022)]  MORE >>


CRS In Focus: Cryptocurrency in 401(k) Retirement Plans

"While some contend that cryptocurrency in retirement accounts could benefit participants, others have expressed concern about its appropriateness as an investment option."  MORE >>

Congressional Research Service [CRS]

The Rise of RILA

"RILAs are deferred variable annuities that tie their performance to an index ... [T]hese products limit the downside risk of loss ... and consequently the upside gains ... in various ways and over various terms ... Since 2017, sales of RILAs (also known as index-linked variable annuities, buffered annuities or structured annuities) have more than tripled[.]"  MORE >>

Willis Towers Watson


How Retirement Plan Advisor RFPs Could Change the 401(k) Landscape

"[P]lan sponsors are just starting to understand the various roles of their providers and there is no national resource to help them find the right [retirement plan advisor (RPA)] or conduct due diligence. But the problem has become even worse as RPAs start selling ancillary services like managed accounts and financial wellness for which they get paid an additional fee."  MORE >>

Employee Benefits Jobs

View job as Retirement Plan Administrator
          for CMC Pension Professionals Retirement Plan Administrator

CMC Pension Professionals


View job as Retirement Plan Administrator
          for CMC Pension Professionals

View job as DB/DC Administrator
          for Primark Benefits DB/DC Administrator

Primark Benefits

Remote / San Mateo CA

View job as DB/DC Administrator
          for Primark Benefits

View job as Director of Pension Administration
          for Primark Benefits Director of Pension Administration

Primark Benefits

Remote / San Mateo CA

View job as Director of Pension Administration
          for Primark Benefits

View job as Senior Retirement Analyst
          for Dunbar, Bender & Zapf, Inc. Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Senior Retirement Analyst
          for Dunbar, Bender & Zapf, Inc.

Selected New Discussions

Which Account Balance to Use in Making RMD to Owner under Non-Calendar Year Plan?

"Have an owner who just reached age 72 on 6/14/22. Plan Year is 4/1/21- 3/31/22. Under SECURE 2.0 he has to take his RMD by either 12/31/22 or 3/31/23 (if he takes 2 RMD's in 2023). Must I use his Account Balance at 12/31/21? Or instead use the Account Balance at 3/31/21 or 3/31/22? If I am required to use 12/31/21, an interim valuation would be needed."

BenefitsLink Message Boards

What to Choose as the Plan's Restatement Date?

"An IRS-preapproved plan's adoption agreement has a fill-in for the effective date of the Cycle 3 restatement. (But that date does not apply to a provision for which the basic plan document, the adoption agreement, an 'addendum,' or something else in the IRS-preapproved documents specifies a special effective date.) Imagine the user's plan has for decades used the calendar year for the plan year, limitation year, and other provisions. If, in July 2022, a user specifies a date on the fill-in for the general restatement date, what would you choose: July 31, 2022? July 1, 2022? January 1, 2022? Something else? What is your reasoning for the restatement date you choose?"

BenefitsLink Message Boards

Can a Qualified Replacement Plan Be Used to Replace a Qualified Replacement Plan?

"DB plan terminated in 2018. The two participants received max lump sum, and the excess went into a QRP. The two original DB employees are no longer on payroll, so no 95% issue. Now there are new employees, including a new owner. Remaining unallocated assets are over $1 million. Can we set up a new DB qualified replacement plan using the remaining unallocated assets?"

BenefitsLink Message Boards

Divorce Turns Out to Have Become Final as of the Annuity Starting Date

"Our client has an interesting situation: A participant whose divorce became final ON her annuity starting date. The plan administrator was aware of the pending divorce, but could not suspend payments (as it normally would under QDRO procedures) because the participant had also reached her required beginning date under the RMD rules. starting date. My thought is that the participant should be permitted to retroactively elect a life annuity. Agree?"

BenefitsLink Message Boards

Press Releases

With Its Acquisition of California-Based Bartel Associates, Foster & Foster Continues to Expand Its National Footprint as a Premier Actuarial Firm

Foster & Foster Consulting Actuaries, Inc.

Wolters Kluwer's Wins GlobeeĀ® in the 7th Annual 2022 American Best in Business Awards

Wolters Kluwer

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

The Fiduciary Fallout from Hughes v. Northwestern

July 12, 2022 WEBCAST

Qualified Plan Advisors [QPA]

Self-Directed IRAs and Unusual Investments: Prohibited Transactions, RMDs, Valuation Issues, and Correcting Errors

July 21, 2022 WEBCAST


24th Annual SSA Research Consortium

August 4, 2022 WEBCAST

NBER [Natonal Bureau of Economic Research]

Defending ERISA Class Actions Amid an Evolving Litigation Landscape: Best Practices for Counsel and Fiduciaries

August 24, 2022 WEBCAST


Last Issue's Most Popular Items

How Retirement Plans Can Correct Required Minimum Distribution Errors


Supreme Court's EPA Decision Could Put DOL Rule-Making in Crosshairs

Pensions & Investments

Pension Rights Center Supports Domestic Partner's Claim for Survivor Benefits

Pension Rights Center

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

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