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Retirement Plans Newsletter

July 21, 2022

2 New Job Opportunities 2 New Job Opportunities

 

[Guidance Overview]

PBGC Finalizes Rule on Multiemployer Plan Special Financial Assistance

"The rule makes a few notable changes to last year's interim final rule (IFR), but otherwise leaves the SFA program mostly intact. The final rule takes effect Aug. 8, but won't apply to any plan that has already received SFA unless the plan files a supplemented application under the final rule. This article reviews the final rule's provisions of most interest to employers."  MORE >>

Mercer

Using a Qualified Replacement Plan to Reduce Excise Tax on Terminated DB Plan Surplus

"With interest rates rising, some employers might be considering terminating their defined benefit plans to take advantage of reduced plan termination liabilities. However, these sponsors may run the risk of creating trapped surplus, which could result in a reversion subject to a steep excise tax. One potential solution ... is to transfer any DB surplus assets to a qualified replacement plan (QRP)."  MORE >>

Mercer

2022 Global Survey of Accounting Assumptions for Defined Benefit Plans

"The observations in this report reflect data at or near the end of 2021.... Government bond yields rose for 41 of the 43 countries covered.... The year-on-year changes of expected rates of return assumptions vary even within developed countries both in direction and magnitude of change."  MORE >>

Willis Towers Watson

Inflation Fears Cut into Retirement Savings, Confidence

"More Americans (37%) spanning generations and demographics feel unprepared or unsure if they are on track for retirement compared to the previous three years ... Those concerns even took hold among those participating in a workplace retirement plan, down from peak levels (68%) during 2021. Among savers who did not have access to a workplace retirement plan, only 51% feel they are on track for retirement."  MORE >>

American Retirement Association [ARA]

Second Quarter Annuity Sales Shatter Record Set During the Great Recession

"Total U.S. annuity sales increased 22% to $77.5 billion in the second quarter ... This marks the highest quarterly sales ever recorded since LIMRA began tracking annuity sales and nearly $9 billion above the previous record set in fourth quarter 2008 during the Great Recession."  MORE >>

LIMRA

[Opinion]

Rethinking Paternalism in Retirement Plans

"[P]erhaps we need to think of financial wellness programs not just as a way to get individuals to save for retirement, but also in terms of providing the scaffolding needed for long-term financial security. This may look very different from traditional retirement plan education and may include additional benefits geared towards 'teaching them how' to do it themselves."  MORE >>

American Retirement Association [ARA]

Employee Benefits Jobs

View job as Retirement Plan Consultant
          for CPS, inc Retirement Plan Consultant

CPS, inc

Remote / CA / IL / IN / KS / KY / NC / OH / TX

View job as Client Relationship Manager
          for Retirement Plan Provider Client Relationship Manager

Retirement Plan Provider

Remote / Westchester IL

Selected New Discussions

Lifetime Income Illustrations Required for a 457 Plan?

"The requirement to supply lifetime income illustration does not apply to 457 plans, right?"

BenefitsLink Message Boards

During 2022, Plan Sponsor Changes Its Name and Plan's Name -- What to Put on 2021 Form 5500?

"Plan Sponsor changes its name and its plan's name as of 7/1. 5500 for prior 12/31 has not yet been filed. I'm wondering which is the best set of names to file with -- the prior which were in effect as of 12/31, or the current in effect as of signing date?"

BenefitsLink Message Boards

Lifetime Income Disclosure Needed for an Owner-Only Plan?

"Is the Lifetime Income Disclosure needed for an owner-only 401(k) plan? I would think (hope) not. These often involve one broker account and thus the disclosure will not generate from an institutional record keeper."

BenefitsLink Message Boards

Non-ERISA 403(b) Plans Are Subject to QJSA Rules?

"For ERISA plans I know that the spouse has to be the designated primary beneficiary and that the spouse has to acknowledge that he or she is not the primary beneficiary of the plan in order for a non-spouse to be the designated beneficiary. Does such a rule apply to Non-ERISA plans? In particular, are Non-ERISA 403(b) plans subject to the Retirement Equity Act?"

BenefitsLink Message Boards

Press Releases

As the First Variable Annuity Turns 70, TIAA's CREF Proves as Powerful as Ever

TIAA

Retirement Advisors Invited to Participate in the 2022 'Marketing Effectiveness Survey'

401kbestpractices.com

Fiduciary Decisions Announces Reorg to Meet Growing Client Base

Fiduciary Decisions

Amazon and One Medical Sign an Agreement for Amazon to Acquire One Medical

One Medical Group

Last Issue's Most Popular Items

DOL's Rules on Rollover Advice Now Fully in Effect

Willis Towers Watson

Administrative Policies Every 401(k) Plan Needs

Foley & Lardner LLP

Hawaii to Establish Unique Retirement Program

American Retirement Association [ARA]

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

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