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Retirement Plans Newsletter

August 2, 2022

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

DOL Proposes Stricter Requirements for All Managers Relying on the QPAM Exemption

"[T]he proposed amendment significantly bolsters the ineligibility provisions of PTE 84-14 due to criminal convictions or other acts of prohibited misconduct. But in seeking to accomplish these objectives, the DOL has proposed various additional conditions that could make the QPAM Exemption ... potentially less appealing or even unavailable in some situations."  MORE >>

Ropes & Gray LLP

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 98: How PTE 2020-02 Impacts Advice to IRAs

"This article discusses both the consequences of a recommendation to transfer an IRA from another firm and the consequences of investment advice to an IRA that involves a conflict of interest."  MORE >>

Text of Seventh Circuit Opinion: Delegation of Investment Decisions to Outside Fiduciary Shields Boeing from Fiduciary Liability in Stock-Drop Case

30 pages. "The central question here is whether the delegation of those investment responsibilities protects the company and company insiders from liability for the plan's continued offering of Boeing stock as an investment option for employees before and during a time when the value of Boeing stock dropped significantly.... We agree with the district court that the delegation ... means that neither Boeing nor the other defendants acted in an ERISA fiduciary capacity in connection with the continued investments in Boeing stock." [Burke v. The Boeing Company, No. 19-2203 (7th Cir. Aug. 1, 2022)]  MORE >>

U.S. Court of Appeals for the Seventh Circuit

Stay Tuned: The DOL Regulatory Agenda

"The [DOL] recently published its Spring 2022 Regulatory Agenda, and here is a summary of several big ticket items: [1] ESG & ERISA ... [2] Fiduciary rule ... [3] Form 5500."  MORE >>

Faegre Drinker

Risk Literacy and Why Plan Committees Should Consider It

"Risk comes in many forms that sponsors have to take into consideration for participants in plan oversight—market volatility, downside risk, shortfall risk in retirement, inflation risk, interest rate risk, and participant behavioral risk, to name the primary risk factors.... Plan sponsors who take the time to understand each risk and the impact on the choices they make on behalf of participants will be in a position to establish a hierarchy of risk prioritization to guide their work, leading to more informed decision-making.... [The authors] have provided a list of considerations [for plan committees]."  MORE >>


Should Each 403(b) Recordkeeper Use Its Own Plan Document?

"No. Even in multiple recordkeeper plans, there is one document per plan. If you have multiple plan documents, you have multiple plans. Though this sort of thing (each vendor using their own document) was common years ago before the most recent 403(b) regulations were finalized, it is much less common now."  MORE >>

PLANSPONSOR; free registration may be required

PBGC Approves $85.2 Million in Special Financial Assistance for GCIU Local 119B Plan

"[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Pension Plan of the Printers League -- Graphic Communications International Union Local 119B (GCIU Local 119B Plan). The plan, based in East Farmingdale, New York, covers 1,213 participants ... [and] became insolvent in August 2021.... The plan will receive $85.2 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

CRS Report: Railroad Retirement Board Trust Fund Investment Practices (PDF)

12 pages. "Congress structured the Trust in an effort to ensure investment independence and limit political interference.... The Trust's assets are invested in a diversified portfolio ... The Trust is a tax-exempt entity independent of the federal government, and it is not subject to the same oversight as federal agencies." [RS22782 Aug. 1, 2022]  MORE >>

Congressional Research Service [CRS]


Citigroup and Stanley Black and Decker Fiduciaries Accused of Fiduciary Malpractice for Choosing Morningstar's Top-Rated BlackRock Target Date Funds

"In both lawsuits, Miller Shaw flips the script of the typical excessive fee lawsuit by alleging that the respective plan fiduciaries 'chased the low fees' charged by the BlackRock index target-date funds and saddled the plans with purportedly inferior returns compared to other target-date funds. The complaints are filled with charts ... implying that Morningstar validates their fiduciary malpractice claims. But they leave out the most important chart in the entire Morningstar survey -- the one that identifies the very same BlackRock target-date funds as the number one rated target-date funds in the 2022 Morningstar survey."  MORE >>

Euclid Specialty Managers

Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Notice 2022-06, for Victims of Kentucky Severe Storms, Flooding, Landslides and Mudslides

"Victims of severe storms, flooding, landslides and mudslides beginning July 26, 2022, now have until November 15, 2022, to file various individual and business tax returns ... Individuals and households ... that reside or have a business in Breathitt, Clay, Floyd, Johnson, Knott, Leslie, Letcher, Magoffin, Martin, Owsley, Perry, Pike, and Wolfe counties qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Cybersecurity and ERISA Plan Management

"[H]uman resources executives must look for ways to engage more deeply with their technology peers and embrace that overlooked resource. Doing so will help enlighten EBP plan managers about the difference between a cybersecurity risk management process and the technology that protects internet-connected systems such as hardware, software, and data from cyber threats."  MORE >>

Roland Criss

How Much Does Health Spending Eat Away at Retirement Income?

"Even with Medicare coverage and ignoring long term care, retirees face sizable out-of-pocket costs for premiums, copays, and uncovered services.... After subtracting these costs, the typical retiree has only 75 percent of Social Security and 88 percent of total income left."  MORE >>

Center for Retirement Research at Boston College

Employee Benefits Jobs

View job as Regional VP of Sales
          for The Retirement Plan Company Regional VP of Sales

The Retirement Plan Company

Remote / AZ / CA / CO / MN / MO / OR / WA

View job as Regional VP of Sales
          for The Retirement Plan Company

View job as Retirement Plan Administrator
          for KB Pension Services Retirement Plan Administrator

KB Pension Services

Remote / Bradenton FL

View job as Retirement Plan Administrator
          for KB Pension Services

View job as Internal Sales Consultant
          for Definiti LLC Internal Sales Consultant

Definiti LLC


View job as Internal Sales Consultant
          for Definiti LLC

View job as Attorney - Qualified Retirement Plans
          for Trucker Huss, A Professional Corporation Attorney - Qualified Retirement Plans

Trucker Huss, A Professional Corporation

Remote / San Francisco CA / Los Angeles CA

View job as Attorney - Qualified Retirement Plans
          for Trucker Huss, A Professional Corporation

Selected New Discussions

Employee Leasing Company Wants to Sponsor a 401(k) for Its 'In-House' Employees Only

"Employee Leasing company wants to sponsor a 401(k) for their in-house employees only. Can they exclude employees leased to other organizations? Are there limitations or testing requirements to consider?"

BenefitsLink Message Boards

Should a Retirement Services Provider Be Its Customers' Super-Fiduciary?

"Senators Durbin, Smith, and Warren implore Fidelity, a non-fiduciary, not to allow retirement plans' fiduciaries even to consider whether to allow an account that invests in bitcoin as a possible investment some participants might choose for a portion (but no more than 20%) of an individual's account. It seems to me that the letter asks that Fidelity act as a super-fiduciary, preventing plans' fiduciaries from making an imprudent decision, by not presenting a choice to them. Should a retirement-services provider sometimes recognize that many customers lack enough expertise to evaluate prudently everything that might be offered, and so limit what the provider offers?"

BenefitsLink Message Boards

Press Releases

Empower Bolsters Its Brand With Legacy Name Alignment


Vitality Research Provides Blueprint for Employers and Health Plans to Engage People in Their Health and Improve Their Well-Being


TRA Hires Carter Gardy as Regional Sales Consultant

TRA [The Retirement Advantage]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Participant Communication Best Practices

August 25, 2022 WEBCAST

CAPTRUST Financial Advisors

New PBGC Final Rule: Significant Changes for Multiemployer Plans Under the Special Financial Assistance Program

September 21, 2022 WEBCAST


Last Issue's Most Popular Items

Record Increases Projected for 2023 Retirement Plan Limits


Summary and Comparison of Provisions in House and Senate Retirement Plan Legislation

Groom Law Group

FICA Tax Withholding and Reporting for Section 457(b) and 457(f) Nonqualified Deferred Compensation Plans

Trucker Huss

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

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