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Retirement Plans Newsletter

July 13, 2022

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

More Bad News for Employers in the PBGC Final Rule for Special Financial Assistance

"Under the interim rule, the entire amount of SFA was included as a plan asset for all recipients. The final rule changes this by including a 'phase-in' approach for certain SFA recipients. These calculations can be complex[.]"  MORE >>

Jackson Lewis P.C.


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[Guidance Overview]

PBGC Issues Final Rules on Special Financial Assistance

"While the final regulations are a step in the right direction, they may still leave many plans receiving assistance insolvent by 2052. Plans that suspended benefits under the Multiemployer Pension Reform Act of 2014 (MPRA) will be able to restore suspended benefits and remain solvent."  MORE >>


[Guidance Overview]

PBGC Finally Publishes Final Rule on Special Financial Assistance Program

"The Final Rule contains a number of significant developments and amendments from the interim final rule, including for example, expanding investment options for SFA assets, providing for separate interest rate assumptions for SFA versus non-SFA assets, loosening restrictions for benefit increases, and adding a new condition for phased recognition of SFA assets in calculating withdrawal liability. The Final Rule becomes effective on August 8, 2022."  MORE >>

Seyfarth Shaw LLP

[Guidance Overview]

The IRS Proposed Exception to the 'Unified-Plan Rule'

"The new proposed regulations ... allow certain MEPs and PEPs to preserve their tax-qualified status despite the noncompliance of one or more participating 'bad-apple' employers.... To qualify for this exception, the plan administrator must send notices to the noncompliant participating employer (and, if applicable, the participants of the participating employer and the [DOL])."  MORE >>

Hall Benefits Law

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 96: Annuity Recommendations, PTE 84-24, and Fiduciary Misunderstandings

"[M]ost insurance companies have decided that they will not use PTE 2020-02 for relief for themselves and their agents ... But, when agents make rollover recommendations covered by the DOL's expanded fiduciary interpretation, they will engage in prohibited transactions ... The alternative to 2020-02 is PTE 84-24. However, PTE 84-24 has conditions that agents must satisfy, and ... many agents do not know that they can be fiduciaries and do not know about the relief provided by 84-24."  MORE >>

[Guidance Overview]

IRS Updates Guidance on SECURE Act's Community Newspaper DB Relief

"[IRS Notice 2022-31] updates (but doesn't revoke) Notice 2020-60 to reflect [ARPA] ... [S]ome previously ineligible sponsors can now elect the relief, while some sponsors already relying on the relief are now ineligible. Revised election content requirements also may mean some sponsors that made elections on or after March 11, 2021, will need to prepare new elections."  MORE >>


Understanding the Missing Participant Problem

"[T]here are millions of participants whose accounts have been subject to a company merger, a change of recordkeeper, or both. These events can easily contribute to participants losing track of their balances ... The most-effective long-term strategy for reducing the incidence of missing participants is facilitating retirement savings portability."  MORE >>

401(k) Specialist

How Planning for Retirement Has Evolved

"According to [JPMorgan's Guide to Retirement], the best way to mitigate such wide-ranging challenges is to develop a comprehensive retirement plan and to focus on what can be controlled. This includes maximizing savings as early as possible, understanding and managing spending and being well-diversified from an investment and tax perspective."  MORE >>

PLANSPONSOR; free registration may be required

Contributions Under an Eligible 457(b) Plan

"Employee contributions and vested employer contributions (along with applicable earnings on those vested employer contributions), count toward the General 457 Annual Contribution Limit in effect in the taxable year that contributions are vested. This requirement can result in excess contributions in the year vested and can be administratively cumbersome.... An eligible participant seeking to contribute under the Special 457 Catch-up must make a written election ... Determining under contributed amounts in prior years requires a year-by-year analysis."  MORE >>


The Economic Benefit of Public Pension Payments in Small Towns and Rural America (PDF)

250 pages. "This report considers pension benefit dollars as a percentage of both GDP and total personal income at the county level, as well as categorizing counties as metropolitan, small town, or rural.... Public pension benefit dollars represent between one and three percent of GDP on average in the 2,922 counties studied. Rural counties have the highest percentages of their populations receiving public pension benefits."  MORE >>

National Institute on Retirement Security [NIRS]

Benefits in General

Employers Expect to Shift Workplace Benefits Strategies to Lure Top Talent

"A recent LIMRA and EY joint study ... predicts nonmedical and nontraditional workplace benefits will grow 20% by 2026 due to heightened competition for workers and greater employee expectations.... Six in 10 employers believe employees will have greater influence over their company's benefit decisions in the next five years. According to the research, three-quarters of employers plan to modify their benefits packages in response to shifting employee demographics."  MORE >>


Employee Benefits Jobs

View job as Loans & Distribution Specialist
          for AimPoint Pension Loans & Distribution Specialist

AimPoint Pension


View job as Loans & Distribution Specialist
          for AimPoint Pension

View job as Senior Analyst, Benefits
          for General Dynamics Senior Analyst, Benefits

General Dynamics

Reston VA

View job as Senior Analyst, Benefits
          for General Dynamics

View job as Sr. Managing Consultant - Retirement Plans (DC)
          for CBIZ Retirement & Investment Solutions Sr. Managing Consultant - Retirement Plans (DC)

CBIZ Retirement & Investment Solutions

Remote / PA

View job as Sr. Managing Consultant - Retirement Plans (DC)
          for CBIZ Retirement & Investment Solutions

View job as Retirement Plan Officer/Consultant
          for Midland States Bank Retirement Plan Officer/Consultant

Midland States Bank

Remote / Chicago IL

View job as Retirement Plan Officer/Consultant
          for Midland States Bank

Selected New Discussions

Who Signs a Plan Document When Multiple Owners Are Not All Individual Trustees?

"Professional firm, each partner with their own personal service corporation. On prior plan document restatements, all of the partners have signed. For amendments, though, only the two partners who are designated as individual trustees have signed. I'm curious what the standard approach is. Generally the partners want to feel involved, but is it really necessary?"

BenefitsLink Message Boards

OK to Prospectively End Loan Program Mid-Year?

"A client wants to stop allowing loans as of 10/01/2022. Loans already taken can continue to be paid off. Is that a prohibited cutback of a 'benefit, right or feature'?"

BenefitsLink Message Boards

Press Releases

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

Empower Retirement

Benetrends Expands Staff with Key Hires, Promotions, and Acquisitions


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

401(k) Statements May Surprise Investors in July

July 13, 2022 WEBCAST

Morningstar, Inc.

Return to Work Post Pandemic and Hybrid Workforce

July 21, 2022 in GA

Worldwide Employee Benefits Network [WEB] - Atlanta Chapter

Last Issue's Most Popular Items

Maintaining Retirement Plan and Participant Records: Who's Responsible and for How Long?

Watkins Ross

ERISA Complaint Alleges $751k Retirement Account Theft


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


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

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