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Retirement Plans Newsletter

July 28, 2022

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

DOL Proposes Amendments to QPAM Exemption

"The primary aim of the amendments is to tighten up the conditions which prevent QPAMs that have engaged in certain bad acts from being able to rely on the exemption and to establish procedures that apply when a QPAM is disqualified. However, several of the proposed amendments are unrelated to this aim and would make substantial changes to other aspects of the exemption. These proposed amendments will affect every QPAM, not just QPAMs that have (or whose affiliates have) engaged in bad acts."  MORE >>

Verrill Dana LLP

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 97: The SEC Requirements for Rollover Recommendations

"While most of the focus of the literature about rollover recommendations has been on the DOL's fiduciary interpretation and PTE 2020-02, the SEC has, for the most part, harmonized its best interest/fiduciary requirements for rollover recommendations with those of the DOL. This article discusses the two-part harmony between the agencies, and the areas of disharmony."  MORE >>

How to Evaluate a Retirement Plan Recordkeeper

"Enlist the help of a fiduciary plan advisor.... Consider both quantifiable and intangible factors.... Use the review to do a plan makeover.... If nothing is broken, at least do a request for information.... Weigh the potential savings with the costs of a recordkeeper switch."  MORE >>

HUB International

U.S. House Passes $1 Billion Bill to Restore Benefits for Delphi Salaried Retirees

"[The legislation [HR 6929] aims to restore retirement benefits to over 20,000 Delphi salaried retirees ... The new legislation aims to [pay benefits not already paid by PBGC] for those affected. The Congress members sponsoring the new bill estimate the 'owed costs' would total more than $1 billion."  MORE >>

Mid-Michigan NOW

Worth Watching: SECURE Act 2.0 and RISE and SHINE Act of 2022

"Although we are still awaiting the final legislation, Definiti expects to see sweeping changes to qualified retirement plans in 2022. These changes include greater incentives for employers to start plans and provisions that improve employees' retirement savings opportunities. Here's an overview of the significant provisions in SECURE 2.0 [along with] what these changes will mean to plan sponsors and the retirement benefits they're responsible for."  MORE >>



Letter from Senators to Fidelity Questioning Bitcoin Investment Policy (PDF)

"While plan sponsors ultimately are responsible for choosing the investments available to participants, it seems ill-advised for one of the leading names in the world of finance to endorse the use of such a volatile, illiquid, and speculative asset in 401(k) plans -- which are supposed to be retirement savings vehicles defined by consistent contributions and steady returns over time."  MORE >>

Senators Dick Durbin [D-IL], Elizabeth Warren [D-MA], and Tina Smith [D-MN]


Private Equity in 401(k) Plans? Why Bother?

"While private equity -- unlike Bitcoin -- passes the threshold test under ERISA of being a generally acceptable asset class to a broad group of investors, ... it is too opaque for most 401(k) fiduciaries to perform appropriate due diligence.... Moreover, it takes years for returns to be realized, and participants who leave early will have paid higher fees for nothing. Private equity simply adds unnecessary risk to retirement saving."  MORE >>

Alicia Munnell, via MarketWatch

Employee Benefits Jobs

View job as Retirement Plan Specialist
          for The Angell Pension Group, Inc. Retirement Plan Specialist

The Angell Pension Group, Inc.

Remote / East Providence RI

View job as Retirement Plan Specialist
          for The Angell Pension Group, Inc.

View job as ESOP Retirement Account Administrator
          for Alerus ESOP Retirement Account Administrator



View job as ESOP Retirement Account Administrator
          for Alerus

View job as 3(16) Retirement Plan Consultant
          for Economic Group Pension Services (EGPS) 3(16) Retirement Plan Consultant

Economic Group Pension Services (EGPS)


View job as 3(16) Retirement Plan Consultant
          for Economic Group Pension Services (EGPS)

Selected New Discussions

Preparation of Lifetime Income Statements by a TPA

"I have been doing this a LONG time, but I think I may have missed an important class somewhere along the way. [1] If a plan offers self-direction, the participants are getting monthly statements from the brokerage firm (ie, Merrill Lynch) or online platform (e.g., Empower). These statements should satisfy the quarterly requirement. I don't prepare quarterly statements because my clients don't pay me to do so. [2] If a plan does not offer an annuity form of payment, what purpose do these silly things serve?"

BenefitsLink Message Boards

Exclusion of Long-Term Part-Time Employees

"Suppose a plan excludes 'truck drivers', even if they've satisfied the plan's 1 YOS/1,000 hour requirement. Plan passes coverage with flying colors. Now skip ahead to 2024 (*or possibly 2023 if SECURE 2.0 further complicates things). Must the LTPT truck drivers be allowed to defer?"

BenefitsLink Message Boards

Press Releases

Ascensus Launches “Get There” Integrated Marketing Campaign


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRA Institute

October 3, 2022 in MN


Last Issue's Most Popular Items

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

The ASC Institute

Don't Name Your Estate as Your IRA Beneficiary


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

Ken Steiner, FSA Retired

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

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