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Retirement Plans Newsletter

July 7, 2022

2 New Job Opportunities 2 New Job Opportunities


[Official Guidance]

Text of IRS Rev. Rul. 2022-13: Applicability of Section 432(b)(7) Following a Merger Involving a Multiemployer Defined Benefit Plan That Has Received Special Financial Assistance (PDF)

"After a merger of a multiemployer defined benefit pension plan that has received SFA from PBGC with a second multiemployer defined benefit pension plan that has not received SFA, with the second plan designated as the ongoing plan after the merger, the ongoing plan is not deemed to be in critical status under section 432(b)(7) of the Code solely as a result of the merger."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

PBGC Issues Final Rule on Special Financial Assistance

"The final rule makes various changes that address the public comments received: [1] Allows plans to invest up to 33% of their SFA funds in return-seeking investments ... with the remaining 67% restricted to high-quality fixed income investments. [2] Modifies the SFA calculation method to use separate interest rates for plans' SFA and non-SFA assets; and aligns the interest rates used to calculate SFA with reasonable expectations of investment returns on plans' SFA assets. [3] Provides a different methodology for the calculation of SFA for plans that implemented benefit suspensions under [MPRA]."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

Retirement Asset Management: Regulatory Update

"The [SEC] has several initiatives underway related to [ESG] investing, and they are pursuing fundamental changes to the relationship between investors and private fund advisors. The [DOL] ... is preparing to amend [PTE 1984-14], which provides prohibited transaction relief for asset managers that qualify as qualified professional asset managers (QPAMs)."  MORE >>

Groom Law Group

[Guidance Overview]

Retroactive Adoption for New Qualified Plans Under the SECURE Act

"[T]his new deadline is only for qualified plans that are employer-funded ... This does not include 401(k) deferral elections, since elective deferrals may not be implemented retroactively.... In August of 2021, the IRS ... [stated] that retirement plans that are retroactively adopted can skip the first year's Form 5500 filing requirement."  MORE >>


Pension Finance Update, June 2022

"Stocks tumbled again in June, driving the worst month of the year for pension finance. Both model plans ... lost ground last month: Plan A lost more than 3% but remains up 2% for the year, while the more conservative Plan B lost 1%, ending the first half of 2022 down 1%."  MORE >>

October Three Consulting

How Well Do Retirees Assess the Risks They Face in Retirement?

"The analysis finds a big disconnect between how actual and perceived risks are ranked: Actual: [1] longevity; [2] health; and [3] market. Perceived: [1] market; [2] longevity; and [3] health. In short, retirees overestimate market volatility and underestimate how long they will live and their health costs."  MORE >>

Center for Retirement Research at Boston College

Executive Compensation and Nonqualified Plans

What Does Bobby Bonilla Day Teach Us About Deferred Compensation Agreements?

"Bonilla's deferred comp deal and its history highlight a dark side of deferred compensation programs. Despite changes in ownership and management at the Mets, the deferred comp agreement continues to live on and, at least to an outsider, it does not appear that new management has ever tried to get out from under the deal, even though the interest rate environment shifted in ways that made the original deal a poor one for ownership."  MORE >>

Stephen Rosenberg, The Wagner Law Group

Employee Benefits Jobs

View job as Cash Balance Retirement Account Administrator
          for Alerus Cash Balance Retirement Account Administrator


Remote / MI / MN / ND / NH

View job as Cash Balance Retirement Account Administrator
          for Alerus

View job as Pension Compliance Administrator
          for Associated Pension Consultants Pension Compliance Administrator

Associated Pension Consultants


View job as Pension Compliance Administrator
          for Associated Pension Consultants

Selected New Discussions

Deductible Year of Late Safe Harbor Contributions

"Small business has discovered that it did not contribute enough in the past 4 years. They are making the correction and will make a contribution to make whole the contributions for the previous years. Can they deduct everything this year (the year the contribution is made for correction), or do they have to go back and amend the previous 3 years returns to show the deduction for the year it should have been made?"

BenefitsLink Message Boards

Safe Harbor Match Not Deposited for 2020

"Small SH 401(k) plan (one M.D., six NHCEs) had balance due for 2020 Safe Harbor match. As of mid-2022, the 2020 SH match had not been deposited to plan (pooled accounts). What options does the plan sponsor have to correct this?"

BenefitsLink Message Boards

Can the Cycle 3 Plan Restatement Fee Be Paid from Plan Assets?

"Is a mandatory plan restatement (for example, a Cycle 3 restatement) considered a settlor function by the DOL? Or can the fee be paid from plan assets?"

BenefitsLink Message Boards

Running a Section 414(m)(5) Management Group Analysis

"Question regarding the management group analysis under 414(m)(5). I have four entities none of which qualify as parent/sub or brother/sister controlled group members. One of the entities definitely provides management functions for the other three, but none of the three recipient organizations provides more than 50% of the gross receipts to the potential management organization. I know that organizations related to the recipient organization are included as part of the entire group, but is the analysis scrutinized after the determination of whether a management group even exists?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Millennials, Boomers and Retirement Planning


Williams Mullen

Breaking Benefits: Financial Literacy

July 7, 2022 WEBCAST

NFP Corp.

Best Practices Awards Conference

September 22, 2022 WEBCAST

New England Employee Benefits Council [NEEBC]

Last Issue's Most Popular Items

Employee Stock Ownership Plans: Whatcha Gonna Do When the DOL Comes After You? (PDF)

Fox Rothschild LLP, via Bloomberg Tax Management Compensation Planning Journal

ERISA Litigation Roundup: The End of Firestone?

Faegre Drinker

Cross-Testing in Qualified Profit Sharing Plans: Brief Overview

Retirement Management Services, LLC

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

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