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Retirement Plans Newsletter

July 12, 2022

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

PBGC Issues Final Rule on Special Financial Assistance Program for Troubled Multiemployer Pension Plans

"The assumptions provided in the final rule are more likely to match a plan's actual experience, making eligible plans more likely to maintain their solvency through 2051.... By allowing a limited amount of additional diversification in the investment of SFA, the final rule attempts to balance the security of the taxpayer-funded SFA and the need to achieve investment returns to maintain solvency."  MORE >>



Advanced Pension Conference on Sept 13-15, 2022

Earn up to 13 CE credits at the timely Virtual Advanced Pension Conference on Sept. 13-15. The Virtual 401(k) Plans: Beyond the Basics on Oct. 11-13 offers up to 16 CE credits. See complete agendas and register here.

Sponsored by FIS Retirement Education

D.C. Circuit: Withdrawal Liability Interest Rate Must Reflect Projected Investment Return

"The D.C. Circuit joins the [Sixth Circuit] in arriving at this conclusion.... At the time of withdrawal, the applicable PBGC Rate was 2.71%, and the Funding Interest Rate was 7.5%.... The Court held that the Fund actuary's use of the risk-free PBGC Rates ... violated the statutory command to use assumptions that are the 'best estimate of anticipated experience under the plan'." [United Mine Workers of America 1974 Pension Plan v. Energy West Mining Co., No. 20-7054 (D.C. Cir. July 8, 2022)]  MORE >>

Jackson Lewis P.C.

ERISA Complaint Alleges $751k Retirement Account Theft

"The entire retirement account balance of a Colgate-Palmolive retirement plan participant who lives in South Africa was distributed to a bank account in Las Vegas.... The lawsuit ... alleges that plan providers missed several red flags." [Disberry v. Employee Relations Committee of the Colgate-Palmolive Company, Alight Solutions, LLC, and the Bank of New York Mellon Corporation, No. 22-5778 (S.D.N.Y. complaint filed Jul. 7, 2022)]  MORE >>


July Deadlines for Retirement Plans

"Employers using pre-approved plan documents for their defined contribution retirement plans, such as 401(k) plans, must adopt restated adoption agreements by July 31, 2022.... If a retirement plan was amended in 2021, the plan sponsor may need to issue a summary of material modifications (SMM) or update the [SPD] to reflect the change.... [For] a plan year that ended December 31, 2021, the SMM must be distributed no later than July 29, 2022."  MORE >>

Williams Mullen

Alert (High Risk Issue) icon Maintaining Retirement Plan and Participant Records: Who's Responsible and for How Long?

"Retirement plan documents must be kept throughout the life of the plan as they are needed to determine the calculation of a participant's benefit. This means all retirement plan documents, amendments, interim amendments, restatements, loan policies, QDRO policies, etc., must be retained, starting with the inception of the retirement plan, even after they have been superseded.... Maintaining the retirement plan's complete records rests with the plan sponsor, not your third-party administrator."  MORE >>

Watkins Ross


Webinar: Making the Move: A Plan Sponsor’s Guide to a Pension Risk Transfer

Join a panel of experts from Aon, Bolton, BCG Pension Risk Consultants, and PBI Research on July 26th from 12:00-1:00 CDT to receive answers to your most frequently asked questions around pension risk transfer. Register Now.

Sponsored by PBI Research Services

Pension Funding Index, July 2022

"The funded status of the 100 largest corporate defined benefit pension plans decreased by $13 billion during June ... breaking a six-month streak of gradual improvements.... As of June 30, the funded ratio dropped to 106.3%, down from 107.1% at the end of May. The current funded ratio at mid-year is still well ahead of the 97.9% funded ratio seen at the start of 2022."  MORE >>


Half of U.S. Employees Face Retirement Risks: How Employers Can Help

Infographic. "With half of employees facing risks to their retirement security, they look to their employers for help. Explore actions you can take."  MORE >>

Willis Towers Watson

How 401(k) Plan Sponsors Can Best Help Employees Think About and Define What a 'Comfortable' Retirement Means

"[A] comfortable retirement is more than just about money. This is where a financial coach comes in. Someone experienced with the types of questions pre-retirees ask will inspire confidence. And confidence is the number one priority when the desire is retirement readiness."  MORE >>

Fiduciary News; free registration required

Benefits in General

July Filing Deadlines for Employee Benefit Plans

"By July 31, employers that sponsor self-funded medical plans must report and pay their PCORI fee. By July 31, employers that sponsor calendar-year employee benefit plans that are subject to ERISA must file a Form 5500 ... or request an extension by filing a Form 5558."  MORE >>

Venable LLP

HSAs Are a Smart Choice to Help Employees Optimize Benefits

"[1] HSAs are a great retirement savings opportunity ... [2] HSAs go beyond Health Flexible Spending Account (FSA) qualified expenses ... [3] Matching contributions drive HSA balances ... [4] HSAs cover medical costs now -- and later ... [5] HSAs can be paired with decision-support tools ... [6] Health FSAs complement HSAs ... [7] Employers can provide extra support through HSA plan design ... [8] It's easy to invest HSA balances ... [9] HSAs go hand in hand with voluntary benefits."  MORE >>


Employee Benefits Jobs

View job as DB/DC Administrator
          for Heritage Pension Advisors, Inc. DB/DC Administrator

Heritage Pension Advisors, Inc.

Remote / Commack NY

View job as DB/DC Administrator
          for Heritage Pension Advisors, Inc.

View job as Retirement Plan Administrator
          for Southern Pension Services Retirement Plan Administrator

Southern Pension Services

Remote / Tampa FL

View job as Retirement Plan Administrator
          for Southern Pension Services

View job as Retirement Plan Administrator
          for Prime Pensions Northwest, LLC Retirement Plan Administrator

Prime Pensions Northwest, LLC

Remote / OR

View job as Retirement Plan Administrator
          for Prime Pensions Northwest, LLC

View job as Relationship Manager - Retirement Plans
          for Sikich LLP Relationship Manager - Retirement Plans

Sikich LLP

Remote / Maple Grove MN

View job as Relationship Manager - Retirement Plans
          for Sikich LLP

View job as Chief Economist and Director, Office of Research & Analysis
          for Employee Benefits Security Administration [EBSA] Chief Economist and Director, Office of Research & Analysis

Employee Benefits Security Administration [EBSA]

Remote / Washington DC

View job as Chief Economist and Director, Office of Research & Analysis
          for Employee Benefits Security Administration [EBSA]

Selected New Discussions

Mid-Year Safe Harbor Match True-Up?

"We have a client that allows for the true-up of the safe harbor match. There are a few participants who have maxed out their deferral contributions early and the match stopped. The payroll provider is calculating what the match should be based on the deferrals and YTD compensation and funding it through the year. Does anyone see an issue with this because the document allows for true-up? Or should the funding be done only at year end?"

BenefitsLink Message Boards

How Much of Your Work Involves a Formal Appearance Before the IRS?

"[1] What percentage of your work time is used in a proceeding that requires you to file a Form 2848 or other notice of an appearance before the IRS? [2] What is your estimate of the percentage of people who regularly provide advice about retirement plans who have never filed a Form 2848 or other notice of an appearance before the IRS?"

BenefitsLink Message Boards

Removing a Trustee As Part of Document Restatement

"I've done this before but it was not during a restatement year. A small plan (husband, wife, 1 employee). Husband and wife are divorcing. Can I simply prepare the Cycle 3 restatement docs and take her off as a trustee? Or does she need to formally acknowledge and agree to no longer be a trustee in amendment form in addition to the restatement?"

BenefitsLink Message Boards

Press Releases

Vitality Group Appoints Health Solutions and Technology Expert Maia Surmava as New CEO


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRA Beneficiary Distributions: Part 2

August 18, 2022 WEBCAST


Common 401(K) Plan Errors

August 25, 2022 WEBCAST

Nova 401(k) Associates

Executive Compensation National Institute 2022

November 9, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

Key Areas of DOL Retirement Plan Investigations (PDF)

Morgan Lewis, via benefits Magazine, published by the International Foundation of Employee Benefit Plans [IFEBP]

IRS Proposed Regs Upset Assumptions About Inherited IRAs Following SECURE Act

Hall Benefits Law

Have Vesting Schedules Become Controversial?

PLANSPONSOR; free registration may be required

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

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