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Retirement Plans Newsletter

July 22, 2022

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[Official Guidance]

Text of PBGC Final Regs: Examination and Copying of Records

"This final rule: [1] Clarifies that PBGC's disclosable records are generally available in an electronic, rather than paper, format. [2] Describes the procedure to seek expedited treatment for record requests. [3] Clarifies the acceptable methods for submitting record requests. [4] Updates the time limit to respond to record requests. [5] Clarifies the procedures available to a requester when PBGC extends the time to respond to a disclosure request or an appeal. [6] Clarifies the procedure for responding to requests that are of concern to a Federal agency other than PBGC. [7] Updates the fees for search and review time. [8] Modifies the definitions of certain categories of requesters."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Guidance Overview]

PBGC Issues Final Rule Implementing ARPA Special Financial Assistance Program

"This Alert addresses what's the same under the final rule, what's changed, and transition considerations for multiemployer plans that have already applied to receive SFA funding.... The changes implemented by the Final Rule, including the new rules relating to expanded investment options and the use of the bifurcated investment return assumptions, are available to plan sponsors that have already applied for SFA if they submit a revised or supplemental application."  MORE >>


[Guidance Overview]

Multiemployer Plan Developments: PBGC Final Rule on Special Financial Assistance and Withdrawal Liability Actuarial Assumptions Litigation

"[The authors] anticipate that employers will challenge the withdrawal liability provisions of the Final Rule in arbitration or before the courts. In response, the PBGC will likely argue that SFA is meant to preserve plan benefits until 2051, not to subsidize employers, and that Congress gave PBGC an express delegation of rulemaking authority to set conditions on SFA in addition to PBGC's general delegation of rulemaking authority."  MORE >>

The Wagner Law Group

Sixth Circuit Upholds Dismissal of Some Investment Fee and Performance Claims But Allows Mutual Fund Share Class Claim to Proceed to Discovery

"[T]he Court held that [plaintiffs' excessive fee] claims failed because plaintiffs failed to plead that these fees were high relative to the services provided or that the fees could not be justified by the plan's strategic goals.... But the Sixth Circuit reversed as to the share class claim, holding that plaintiffs stated a plausible claim of imprudence related to TriHealth's failure to offer the cheapest share class for certain mutual funds." [Forman v. TriHealth, Inc., No. 21-3977 (6th Cir. Jul. 13, 2022)]  MORE >>


Inflation and Retirement: How Plan Sponsors Can Respond

"Don't overreact to inflation and retirement ... Time for portfolio review ... Review the plan line-up and modify it as needed ... Work with providers: plan advisor, recordkeeper."  MORE >>

HUB International

Older Workers, Retirement, and Macroeconomic Shocks

"[T]ransitions to either full or partial retirement increase during economic contractions.... Flows into retirement were especially high at the start of the COVID-19 pandemic, with an excess flow into retirement of five percent of older workers.... [F]lows into retirement are generally more cyclically sensitive than returns to the labor market, suggesting many excess retirements are permanent."  MORE >>

Pension Research Council, The Wharton School of The University of Pennsylvania

How to Find an Old 401(k) Account

"[1] Contact your former employer. [2] Review 401(k) plan documents. [3] Find the current location of retirement funds. [4] Search unclaimed property databases. [5] Look for forced transfer IRAs. [6] Take steps to prevent a lost 401(k) plan."  MORE >>

U.S. News & World Report

Estimate of the Financial Effects on Social Security of the 'Protecting and Preserving Social Security Act' (PDF)

25 pages. "[The Protecting and Preserving Social Security Act (HR 8467, S 4583) includes] five provisions with direct effects on the Social Security trust funds.... [T]hese provisions would extend the ability of the OASDI program to pay scheduled benefits in full and on time for an additional 17 years. That is, the date of projected depletion of the combined OASI and DI Trust Fund reserves would be moved from 2035 under current law to 2052 assuming enactment of the proposal[.]"  MORE >>

Office of the Chief Actuary, U.S. Social Security Administration [SSA]

Employee Benefits Jobs

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Selected New Discussions

Would USERRA Make-Up Contributions Require an Amended Form 5500?

"Would a participant who had the opportunity to make up deferrals due to military service under USERRA result in a prior year 5500 being amended to record the deferral in that plan year?"

BenefitsLink Message Boards

Church Plan Claims Survivor Benefit Reduction Under a QDRO

"I've written thousands of QDROs,  but I've never run into this issue before, so anyone who might wade in here is welcome. DB church plan participant elected a 100% J&S. This elderly couple then divorced years after benefit commencement. My client is the former spouse joint annuitant for the benefit currently in pay status. Submitted a QDRO to the plan assigning my client (the AP) 50% of the benefit in pay status and confirming her 100% SB benefit already in place. The plan refused to qualify the order because they claim that per the plan document, as an AP, my client is only entitled to a 50% survivor annuity. The language in the plan document does not directly address an in-pay status survivor benefit for a former spouse who is already a joint annuitant."

BenefitsLink Message Boards

New DB Plan -- Identifying the First Year for Filing Form 5500

"One-person DB plan, adopted in 2022 for 2021. First contribution deposited in 2022. Say contribution is > $250,000. File 5500 for 2021? Say it's less. No 2021 filing needed? Let's move to 2022: 2022 contribution deposited in 2023, taking net balance over $250,000. File for 2022, or ultimately file first 5500 for 2023?"

BenefitsLink Message Boards

2021 Termination, Assets Keep Coming Back

"A single member plan that invests through Merrill Lynch made every effort to liquidate before 12/31/2021 so that the plan can be terminated. The process started in August of 2021 and everything was rolled into IRAs. For some reason 14 shares of an investment kept being returned to the account. $1,900 dollars. It left and came back and left and came back. The advisor is saying its a ML back office problem. He has a documented paper trail. I am of the mind to say the plan is terminated as of 12/31/2021. If an issue arises later then deal with it then. Sound good? Anyone ever have this problem?"

BenefitsLink Message Boards

Form 5500-EZ Needed After Assets Have Dipped Below $250,000?

"A client is telling me that the form 5500-EZ does not need to be filed this year because their assets have dipped below $250,000 (as of 12/31/2021). Makes me nervous to not file. Do people skip a year if the plan's assets don't exceed $250,000? Or is it recommended/you recommend to the client to keep filing?"

BenefitsLink Message Boards

Press Releases

LeafHouse is Recognized by DALBAR for Providing Exceptional Investment Management Services to Retirement Plans


Last Issue's Most Popular Items

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


Rethinking Paternalism in Retirement Plans

American Retirement Association [ARA]

PBGC Finalizes Rule on Multiemployer Plan Special Financial Assistance


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

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