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Retirement Plans Newsletter

August 3, 2022

7 New Job Opportunities 7 New Job Opportunities

 

[Guidance Overview]

DOL Issues Proposed Amendment to QPAM Exemption

"[T]he proposed rule contains no grandfathering provision for existing QPAMs ... [E]xisting QPAMs that meet the current capital and/or AUM requirement, but which may not meet the amended requirements, may need to consider alternatives to the QPAM Exemption ... The costs, in time and money, to effect these changes, which could conceivably affect millions of discretionary investment management agreements, will be significant."  MORE >>

Goodwin Procter

[Sponsor]

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[Guidance Overview]

DOL Proposes Amending QPAM Exemption

"The Proposed Amendment would place significant new limitations on the availability of the QPAM Exemption and would raise the risks imposed on asset managers who operate as QPAMs. The changes might cause asset managers to migrate to reliance on alternate forms of prohibited transaction relief[.]"  MORE >>

Groom Law Group

What Happens If You Missed the IRS's Preapproved Defined Contribution Plan Restatement Deadline?

"Plan sponsors that missed the July 31, 2022, deadline may regain reliance on the preapproved document's opinion letter. According to the IRS, the plan must first be brought into compliance as an individually designed plan."  MORE >>

Ogletree Deakins

Fiduciary Litigation Update, August 2022 -- Fees, Cybertheft, and Mistakes in Administration

"[T]he Sixth Circuit has affirmed dismissal of a suit alleging overpayment of fees and improper use of actively managed funds.... [C]yberthieves managed another theft of plan assets from a plan administered by Alight.... A lawsuit seeking recovery of the stolen funds followed." [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022); Disberry v. Employee Relations Committee of the Colgate-Palmolive Company, Alight Solutions, LLC, and the Bank of New York Mellon Corporation, No. 22-5778 (S.D.N.Y. complaint filed Jul. 7, 2022)]  MORE >>

CAPTRUST

Pension Finance Update, July 2022

"Pension finance enjoyed a strong month in July due to rising stock markets. Both model plans ... gained ground last month: Plan A improved almost 2% and is now up 4% for the year, while the more conservative Plan B added 1% and is now down less than 1% through the first seven months of 2022."  MORE >>

October Three Consulting

Strategic Uses for Roth IRAs Beyond Retirement

"[By] virtue of favorable tax rules and early-withdrawal exceptions, a Roth IRA can serve as a backup vehicle for pursuing multiple savings goals, when necessary or with strategic planning.... The ideas presented in this article can help ease the inherent conflict among savings priorities for those who don't have enough financial bandwidth to save for multiple goals at once, but who want to set themselves up to have the most flexibility in their future choices."  MORE >>

Journal of Accountancy

Exceptional Usefulness and Quality icon Rolling a 401(k) to an IRA Can Be a Costly Mistake

"A recent brief by The Pew Charitable Trusts calculated the additional cost of retail shares and how much rolling an institutional 401(k) account to a retail IRA can cost investors in retirement. The amount is probably more than you think."  MORE >>

Employee Fiduciary

[Opinion]

Examining the Teachers Retirement System of Texas After the Pension Reforms of 2019

"Senate Bill 12 of 2019 made reforms, but TRS contributions will likely be insufficient because the pension plan is using outdated economic assumptions."  MORE >>

Reason Foundation

[Opinion]

The Fatal Flaw in Your Retirement Plan's Target Date Funds

"TDFs are a good strategy while you are in the saving phase of your life. But they have a crucial weakness that stems from what financial economists call the fallacy of time diversification, or the flawed idea that the longer you invest in markets, the less risky they are."  MORE >>

ThinkAdvisor

Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Notice VI-2022-01, for Island of St. Croix, U.S. Virgin Islands

"Victims of a water shortage and health impact from unprecedented sargassum seagrass influx on the island of St. Croix, U.S. Virgin Islands beginning July 15, 2022, now have until November 15, 2022, to file various individual and business tax returns and make tax payments[.]"  MORE >>

Internal Revenue Service [IRS]

Executive Compensation and Nonqualified Plans

Executive Compensation and Negotiation Essentials for Women Leaders

"There are certain key questions that an employee should consider before determining what benefits are the most beneficial for her.... Is she looking for a long or short-term benefit? Second, what level of risk is she willing to accept? ... It is crucial to do the research on what programs and incentives are out there, to learn what other competitors are offering, to understand the goals of the business, and to gain insight on the employer's financial capabilities and goals."  MORE >>

Foster Swift, via Lexology; free registration required

Employee Benefits Jobs

View job as Director of Member Services, Member/ Employer Experience
          for Orange County Employees Retirement System Director of Member Services, Member/ Employer Experience

Orange County Employees Retirement System

Santa Ana CA

View job as Director of Member Services, Member/ Employer Experience
          for Orange County Employees Retirement System

View job as Sr. Retirement Plan Administrator
          for Tycor Benefit Administrators, Inc. Sr. Retirement Plan Administrator

Tycor Benefit Administrators, Inc.

PA

View job as Sr. Retirement Plan Administrator
          for Tycor Benefit Administrators, Inc.

View job as Retirement Plan Administrator
          for Nicholas Pension Consultants Retirement Plan Administrator

Nicholas Pension Consultants

Remote

View job as Retirement Plan Administrator
          for Nicholas Pension Consultants

View job as TPA Consultant
          for USI Consulting Group TPA Consultant

USI Consulting Group

Remote / Glastonbury CT / Knoxville TN / Charlotte NC / Fort Lauderdale FL / Knoxville TN / Louisville KY / Minneapolis MN / Brentwood TN / Orlando FL / Southfield MI / Tampa FL / IL / IN / WV

View job as TPA Consultant
          for USI Consulting Group

View job as Benefits Analyst
          for Orange County Employees Retirement System Benefits Analyst

Orange County Employees Retirement System

Santa Ana CA

View job as Benefits Analyst
          for Orange County Employees Retirement System

View job as Pension and Annuity Analyst
          for Local 282 Trust Funds Pension and Annuity Analyst

Local 282 Trust Funds

New Hyde Park NY

View job as Pension and Annuity Analyst
          for Local 282 Trust Funds

View job as Client Support Specialist
          for 401k Generation Client Support Specialist

401k Generation

Altamonte Springs FL

View job as Client Support Specialist
          for 401k Generation

Selected New Discussions

Correction of 415 Violation for One Participant in 401(k)/ESOP Combo

"We have a 401(k) and and ESOP. We recently had a 415 violation (one participant) in plan year 2021 that we need to correct. The ESOP provides that, in the event of a 415 violation, allocations under the ESOP should be reduced as necessary. Must we correct it in that way? We'd prefer to give the participant his full ESOP allocation and instead correct the 415 violation by kicking out some elective deferrals under the 401(k) plan."

BenefitsLink Message Boards

Press Releases

Economic Group Pension Services (EGPS) Appoints ESOP Partners to Manage Client ESOP Plan Administration

ESOP Partners

35 Million People on Vanguard and Ascensus Can Now Invest in the First Climate-Friendly Fund Made for 401(k)s

Sphere

Tara Johnson Joins Centivo as General Counsel

Centivo

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Wade Pfau: The Risks of Retirement Today

RECORDED

Morningstar, Inc.

SECURE Act 2.0: What to Expect

August 17, 2022 WEBCAST

Miller Johnson

IRAs: Establishing and Amending

September 15, 2022 WEBCAST

Ascensus

Establishing Tax-Qualified Retirement Plans: Complicated Rules and Challenges for Employers and Plan Participants

September 28, 2022 WEBCAST

Strafford

Last Issue's Most Popular Items

Stay Tuned: The DOL Regulatory Agenda

Faegre Drinker

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

Euclid Specialty Managers

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

U.S. Court of Appeals for the Seventh Circuit

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

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