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Retirement Plans Newsletter

July 29, 2022

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

DOL Issues Proposed Amendment to the QPAM Exemption

"For the first time, the DOL would require notice to it of investment managers relying upon the QPAM Exemption. Presumably the intent of this notice is to enhance the ability of the DOL to audit managers regarding ERISA compliance. In the preamble to the proposed amendment, the DOL stated its intention to compile a list of investment managers relying upon the QPAM Exemption on its publicly available website."  MORE >>

Akin Gump

[Guidance Overview]

DOL Issues Proposed Amendments to the QPAM Exemption

"The proposed amendments expand the types of serious misconduct that disqualify plan asset managers from using the exemption, and explicitly include foreign crimes that are substantially equivalent to the crimes listed in the QPAM Exemption."  MORE >>

Thomson Reuters Practical Law

Alert (High Risk Issue) icon Sixth Circuit: Retail vs. Institutional Share Class Claim Cannot Be Dismissed on Motion

"It appears, in the Sixth Circuit at least, that plan fiduciaries will be open to litigation, which they will not be able to dispense with on a motion to dismiss if they select (for the plan's fund menu) retail share classes, where institutional share classes would be available to them in that plan." [Forman v. TriHealth, Inc., No. 21-3977 (6th Cir. Jul. 13, 2022)]  MORE >>

October Three Consulting

Who Should Be Trustee of Your 401(k) Plan?

"The first consideration is whether or not to choose an institutional or third-party trustee such as a bank or trust company.... Start-up and smaller plans often select an individual who is an executive or owner of the company sponsoring the plan to serve as plan trustee.... Whether an individual or board committee carries out plan trustee functions, the individual(s) serving in this role should commit to introductory and ongoing fiduciary training."  MORE >>

E is for ERISA

401(k) Plans and Crypto (PDF)

"Plan fiduciaries are in a precarious position -- stuck between the demand of participants and the ESBA guidance.... Employers that include crypto in their 401(k) menu should ensure they have a robust monitoring process in place because they may end up being audited by EBSA."  MORE >>

Fisher Phillips, via Employee Benefit Plan Review

State Auto-IRAs Continue to Complement Private Market for Retirement Plans

"In all three states with auto-IRAs, the rate of introduction of new plans, as a share of existing plans, is higher than before these states introduced the savings programs."  MORE >>

The Pew Charitable Trusts

Managing Contribution Volatility in a Well-Funded Pension Plan

"This article explores the sources of contribution volatility and provides some approaches to managing it, specifically in the context of a well-funded plan.... This article focuses on plans that base funding on an actuarially determined contribution rate. It also provides sponsors of fixed contribution rate plans with alternatives if they wish to move to a more responsive funding model using actuarially based funding concepts."  MORE >>


Public Pension Funding Index, July 2022

"Public pension plan assets continued their slide downward during June 2022, with the estimated funded ratio of the 100 largest U.S. public pension plans falling from 78.4% on May 31, 2022, to 74.0% as of June 30, 2022 ... The deficit between the estimated assets and liabilities widened significantly during June, from $1.259 trillion at the beginning of the month to $1.521 trillion at the end of the month."  MORE >>


Military Retirement: Background and Recent Developments (PDF)

28 pages. "Currently, there are three general categories of military retiree ... [S]ome have viewed military retirement as a place where substantial budgetary savings could be made. Others have argued that past modifications intended to save money have negatively affected military recruiting and retention. " [RL34751, updated Jul. 28, 2022]  MORE >>

Congressional Research Service [CRS]

Employee Benefits Jobs

View job as Institutional Wealth Business Development Officer I
          for BOK Financial Institutional Wealth Business Development Officer I

BOK Financial

Dallas TX

View job as Institutional Wealth Business Development Officer I
          for BOK Financial

View job as Retirement Plan Consultant - Combo Plans
          for Definiti LLC Retirement Plan Consultant - Combo Plans

Definiti LLC


View job as Retirement Plan Consultant - Combo Plans
          for Definiti LLC

Selected New Discussions

Keep Fiduciary Insurance Policy (Because of QRP) After Selling or Closing a Business?

"Should a business owner keep fiduciary insurance policy (because of a Qualified Replacement Plan while business was active) for a few years after closing or selling their business? This could include ERISA bond coverage, employment practices liability, and a fiduciary and crime policy. Any related thoughts?"

BenefitsLink Message Boards

No 401(k) Deferrals So Far This Year

"401(k) plan was adopted January 1, 2020, over two years ago. There have been no deferrals this year, through 6/30/22. How long can a plan continue to be a plan without any actual plan activity?"

BenefitsLink Message Boards

Penalty for Filing Exempt Form 5500-EZ After Deadline

"Plan assets are well below the $250,000 filing requirement, but Form 5500-EZ has always been filed. For the 2020 plan year, a filing was made after the extended due date. The IRS has assessed an extremely large penalty. My colleague, who is helping the plan sponsor, spoke with the IRS. He was told that because the form was filed (even though it was not required), the penalty applies. The IRS representative did offer the option to write a letter asking for the penalty to be waived but gave no guarantee of relief. This makes little sense to me. What do you think?"

BenefitsLink Message Boards

Press Releases

Teamsters and UNITE HERE Alliance Launches Campaign Against Private Equity Pension Takeovers


Pentegra Combines with New Pinnacle Consulting Group to Make Strategic Expansion in the Retirement Plan Market


Benefitfocus Enhances Health Insights Platform to Include Claims Audit and Recovery Services


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

PTE 2020-02 Mistakes and Misunderstandings, Part 4: Navigating Compliance Challenges

August 25, 2022 WEBCAST

Faegre Drinker

401(k) and 403(b) Plan Litigation: Recent Cases, Investment Offerings, Issues for Plan Sponsors and Fiduciaries

September 29, 2022 WEBCAST


Last Issue's Most Popular Items

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


How to Evaluate a Retirement Plan Recordkeeper

HUB International

DOL Proposes Amendments to QPAM Exemption

Verrill Dana LLP

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

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