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Retirement Plans Newsletter

July 8, 2022

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

PBGC Institutes Major Changes in Its Special Financial Assistance Final Rule

"Key changes in the final rule include: [1] Phased recognition of SFA for purposes of calculating withdrawal liability ... [2] Separate interest rate for projecting SFA assets ... [3] SFA for plans that suspended benefits under MPRA ... [4] Permissible investments for SFA assets ... [5] Conditions for merger with SFA recipient ... [6] Contribution rate increases after July 9, 2021, not considered 'plan resources' in determining amount of SFA ... [7] Lock-in applications."  MORE >>


[Guidance Overview]

PBGC's Final Rule Implements the Special Financial Assistance Program for Financially Troubled Multiemployer Plans

"Among its other changes, the final rule allows for retroactive and prospective benefits increases, if certain requirements are met, for plans that have received special financial assistance.... [T]he final rule also requires plans that receive special financial assistance to reinstate benefits that had previously been suspended under the MPRA."  MORE >>

Thomson Reuters Practical Law

[Guidance Overview]

PBGC Releases Special Financial Assistance Final Rule

"The final rule goes into effect August 8, 2022. Plans that have already been approved for and received SFA may submit a supplemental application under the final rule.... Because of the changes included in the final rule, some plans may be entitled to a larger amount of SFA. Plans that have applications currently under review have two choices: [1] withdraw the application and resubmit under the final rule or [2] proceed with the current application under the interim final rule and submit a supplemented application when the final rules goes into effect."  MORE >>

International Foundation of Employee Benefit Plans [IFEBP]

[Guidance Overview]

How Advisors Can Avoid Problems with Rollovers Under New DOL PTE

"[1] Understand the exemption's requirements and scope.... [2] Tighten up your best-interest process.... [3] Collect the data.... [4] Get specific in writing"  MORE >>


Hughes v. Northwestern University: A Message to Retirement Plan Fiduciaries from the Supreme Court (PDF)

12 pages. "For most plan fiduciaries, Hughes is one of two extremely different things: (i) not a big deal at all; or (ii) a really big deal. This White Paper will help plan sponsors and their responsible plan fiduciaries to assess whether it's the former or the latter. In either scenario, this White Paper provides a set of best practices for identifying, understanding, and mitigating related risks."  MORE >>

Qualified Plan Advisors

Review of Key Bipartisan Retirement Policy Reform Proposals

"On March 29, 2022, the House of Representatives ... approved the Securing a Strong Retirement Act of 2022 (SECURE 2.0) ... On June 14, 2022, the Senate [HELP] Committee ... passed the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act (the RISE & SHINE Act). And, on June 22, 2022, the Senate Finance Committee unanimously approved the Enhancing American Retirement Now (EARN) Act.... [This article provides] a brief summary of certain key provisions of these three bills."  MORE >>

October Three Consulting

U.S. Pension Briefing, June 2022

"Discount rates picked back up in June ending the month generally up around 0.25%. Equities markets had a terrible month with most indices posting negative returns in excess of 8%. Funded status for most pension plans saw a deterioration in June with market declines overpowering liability gains."  MORE >>

River and Mercantile

Pension Indicator, June 2022

"With June 30 being the second most popular fiscal year end, plan sponsors will likely see discount rates in the 4.25%-4.75% range. This is an increase of 160-185 basis points from twelve months ago.... [M]ost plans will probably be around the same funded percentage as they were a year ago. Most sponsors will take that as a win, especially in the current environment."  MORE >>


What to Know If Your Company Changes 401(k) Providers

"24% of employers, sponsoring a 401(k) or similar workplace plan report they are somewhat or very likely to conduct a search for a new plan administrator in 2022 ... [W]orkers should take a few steps to ensure the transfer was smooth and all their funds are accounted for[.]"  MORE >>



The CommonSpirit Health Decision: Fiduciary Risk Management Lessons for Plan Sponsors

"[1] SCOTUS needs to expressly resolve this ongoing 'apples and oranges' debate once and for all, to expressly rule on the propriety of using index funds for benchmarking purposes.... [2] The whole 'fiduciary disclaimer clause' issue needs to be addressed. More specifically, the question of whether a plan sponsor breaches his fiduciary duties of prudence and loyalty to the plan participants by agreeing to an advisory contract that contains a fiduciary disclaimer clause." [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022)]  MORE >>

The Prudent Investment Fiduciary Rules

Employee Benefits Jobs

View job as Client Transition Manager
          for Pentegra Client Transition Manager


Remote / West Harrison NY

View job as Client Transition Manager
          for Pentegra

View job as Retirement Center Senior Analyst
          for Cambridge Investment Research, Inc. Retirement Center Senior Analyst

Cambridge Investment Research, Inc.


View job as Retirement Center Senior Analyst
          for Cambridge Investment Research, Inc.

View job as ESOP Administrator
          for Blue Ridge ESOP Associates ESOP Administrator

Blue Ridge ESOP Associates


View job as ESOP Administrator
          for Blue Ridge ESOP Associates

View job as Senior Analyst, Benefits (Retirement Plans)
          for General Dynamics Senior Analyst, Benefits (Retirement Plans)

General Dynamics

Reston VA

View job as Senior Analyst, Benefits (Retirement Plans)
          for General Dynamics

Selected New Discussions

With a Transfer of a Plan's Assets and Liabilities, Does the Transferor Employer Risk Anything?

"A labor union wants an employer to transfer assets and liabilities of the employer's individual account retirement plan, for the collectively-bargained employees, to the labor union's multiemployer individual-account retirement plan. Would this involve risks to the employer?"

BenefitsLink Message Boards

Press Releases

Segal Marco Advisors Acquires Milliman’s San Francisco Investment Consulting Practice

Segal Marco Advisors

BakerHostetler Introduces Post-Roe Counseling Resource Center for Employers


Empower Achieves $62 Billion in Organic Retirement Plan Sales During First Half of 2022

Empower Retirement

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ERISA Basics National Institute 2022

November 1, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

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

Stephen Rosenberg, The Wagner Law Group

Retroactive Adoption for New Qualified Plans Under the SECURE Act


Retirement Asset Management: Regulatory Update

Groom Law Group

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

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