BenefitsLink.com logo
EmployeeBenefitsJobs.com logo

Retirement Plans Newsletter

July 27, 2022

4 New Job Opportunities 4 New Job Opportunities

 

[Guidance Overview]

Impact of Missed Restatement Deadline for Pre-Approved Plans (PDF)

"Although some at the IRS gave favorable verbal assurance that self-correction under SCP was a viable option, others at the IRS were less certain given the specific conditions (in particular, the 'favorable letter' requirement) for self-correction under the published EPCRS procedures. Fortunately, the IRS listened to practitioner concerns and agreed to clarify its position on the impact of a missed restatement deadline for pre-approved plans."  MORE >>

The ASC Institute

[Guidance Overview]

Broker-Dealer Compliance with PTE 2020-02: Mitigating Conflicts of Interest

"While there are a variety of mitigation techniques that can be used for different types of conflicts, the following two elements need to be part of mitigating every type of conflict: [1] an appropriate best interest process for developing the recommendation; and [2] supervision of the proper implementation of that process."  MORE >>

Faegre Drinker

TriHealth, the CommonSpirit Sequel: How and When Are Retail-Fee Share Classes Justified in Large Institutional Plans?

"[A recent decision by the Sixth Circuit] addresses this critical issue that was missing in the CommonSpirit case, concluding affirmatively that it does state a plausible claim under ERISA to allege that plan fiduciaries invested in more expensive mutual fund shares when shares with the same investment strategy were available at lower costs. This is a common issue for many plans, and remains the single most important priority for fiduciaries of large defined contribution plans as long as investment providers keep pushing higher-fee share classes on unsuspecting institutional plans." [Forman v. TriHealth, Inc., No. 21-3977 (6th Cir. Jul. 13, 2022)]  MORE >>

Euclid Specialty Managers

U.S. House Set to Vote on Bill to Restore Pensions for Delphi Salaried Retirees

"The U.S. House of the Representatives is scheduled to vote on a bill restoring pensions for Delphi salaried retirees [HR 6929], most likely [on July 27] ... [T]his would be a milestone vote for hundreds of Dayton-area Delphi retired managers and engineers who fought for well over a decade to restore pensions lost or reduced in the bankruptcy of Delphi."  MORE >>

Dayton Daily News

Couples Planning in Retirement: How Much Will Household Expenses Decrease After the First Death?

"From a retirement planning perspective for couples, it is important to quantify the financial impacts of the first death.... [O]verstatement of future expenses after the first death and/or understatement of future income streams can reduce current spending budgets (and vice versa)."  MORE >>

Ken Steiner, FSA Retired

Don't Name Your Estate as Your IRA Beneficiary

"[E]states cannot use the 10-year rule. They are required to distribute the funds out under a five-year rule. This can have several unwanted consequences including: [1] Higher taxes.... [2] [H]igher Medicare charges (IRMMA).... [3] [M]aking Social Security payments subject to more tax.... [4] Creditor invasion.... [5] Higher estate administration costs.... [6] Increased potential for a 'challenge' from a disgruntled heir."  MORE >>

Kiplinger

[Opinion]

ESG Investing in Your 401(k) Plan: The Problem Is Choice

"ESG is not a fund category within the risk/return spectrum. It is not specific to equities or bonds or large/mid/small cap stocks or growth or value stocks. Rather, ESG attributes can exist broadly across all investments along the spectrum. There are many more questions here than answers."  MORE >>

Dorsey ERISA

Benefits in General

[Official Guidance]

Text of EBSA Meeting Notice for ERISA Advisory Council

"[T]he 212th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be held via a teleconference on Thursday, September 8 and Friday, September 9, 2022.... The Advisory Council is studying the following topics: [1] Cybersecurity Issues Affecting Health Benefit Plans, and [2] Cybersecurity Insurance and Employee Benefit Plans.... The agenda and instructions for public access to the teleconference meeting will be available on the ERISA Advisory Council's web page ... approximately one week prior to the meeting."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Employee Benefits Jobs

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

Heritage Pension Advisors, Inc.

Commack NY

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

View job as Retirement Plan Relationship Consultant
          for Capital Group Retirement Plan Relationship Consultant

Capital Group

Carmel IN / Irvine CA / San Antonio TX

View job as Retirement Plan Relationship Consultant
          for Capital Group

View job as Retirement Plan Services Specialist - PlanPremier
          for Capital Group Retirement Plan Services Specialist - PlanPremier

Capital Group

Carmel IN / Irvine CA / San Antonio TX

View job as Retirement Plan Services Specialist - PlanPremier
          for Capital Group

View job as Employee Benefits and Executive Compensation Attorney (Counsel or Attorney)
          for Thompson Hine LLP Employee Benefits and Executive Compensation Attorney (Counsel or Attorney)

Thompson Hine LLP

Cleveland OH / Atlanta GA / Chicago IL / Cincinnati OH / Columbus OH / Miamisburg OH / Washington DC

View job as Employee Benefits and Executive Compensation Attorney (Counsel or Attorney)
          for Thompson Hine LLP

Selected New Discussions

Who Sponsors a Plan After the Sole Proprietor's Death?

"We have a profit sharing plan that was sponsored by a sole proprietor. The business he owned has employees who are participants in the plan. He recently died. His will leaves his assets to a revocable trust. Does the revocable trust become the plan sponsor?"

BenefitsLink Message Boards

Press Releases

WTW Appoints Kevin House to Lead Via Benefits

WTW

New Prospect Drip Content Kit Available for 401k Advisors

401kbestpractices.com

Centivo Names Jim Foreman Chairman of the Board of Directors

Centivo

TRA Hires Drew Graser as New Business Development Consultant

The Retirement Advantage [TRA]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

U.S. Supreme Court Ruling: Fiduciary Duties in Defined Contribution Retirement Plan Investments

RECORDED

Employment Law Alliance

Fully Invested: Fund of Funds

RECORDED

Ropes & Gray

Elements to Help Participants Prepare for Retirement

RECORDED

PLANSPONSOR

DOL’s Proposed QPAM Changes

July 28, 2022 WEBCAST

Groom Law Group

Last Issue's Most Popular Items

Text of DOL Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (QPAM Exemption)

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Expected Retirement Law Changes May Spark ERISA Suits (PDF)

King & Spalding, via Law360

2022 401(k) Participant Study (PDF)

Charles Schwab

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2021 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers. We are not involved in their production and are not responsible for their content.