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Retirement Plans Newsletter

August 4, 2022

14 New Job Opportunities 14 New Job Opportunities

 

[Guidance Overview]

Amendment Deadlines Extended for SECURE Act and 2020 Required Minimum Distribution Relief

"[Notice 2022-33 extends] plan amendment deadlines to comply with the [SECURE Act] and the relief for 2020 required minimum distributions (RMDs) under the [CARES Act]. Without this relief, plan amendments reflecting changes by these laws would have been required by the last day of the first plan year ending on or after January 1, 2022."  MORE >>

Kilpatrick Townsend

[Guidance Overview]

IRS Guidance Extends Deadline for SECURE and CARES Act Amendments

"The IRS noted in Notice 2022-33 that it expects SECURE Act guidance to be issued with the 2023 Required Amendment list, so all changes under the SECURE, Miners, and CARES Acts can be adopted by plan sponsors at the same time."  MORE >>

Proskauer

[Guidance Overview]

Three Cheers for Three Years: IRS Extends Deadlines for SECURE and CARES Amendments

"The deadline for adopting optional CARES Act relief for expanded distributions and loans is apparently not extended and generally remains December 31, 2022 for calendar year plans."  MORE >>

Eversheds Sutherland

[Guidance Overview]

DOL Proposes Significant Changes to QPAM Exemption

"The proposal would generally: [1] Substantially expand disqualification events.... [2] Impose a one-year winding-down period for the QPAM -- triggered on covered conviction or prohibited misconduct.... [3] Require written assurances and indemnities to plan clients.... [4] Mandate QPAM registration with the DOL for national database.... [5] Impose recordkeeping requirements on QPAM exemption compliance and compel access by regulators, plans and participants and beneficiaries.... [6] Offer new color on QPAM as required decision-maker.... [7] Increase client assets under management and shareholder equity thresholds."  MORE >>

Dechert LLP

When is Self-Correction of a Qualification Failure Not Enough? (PDF)

"If a failure, or a series of failures, is not insignificant, SCP is only available if the correction is made within a limited time period.... [A] plan sponsor is basically limited to the failures addressed in the Revenue Procedure ... [A] plan sponsor will never know for certain whether the IRS will accept the correction in an audit situation.... If the plan sponsor is a publicly-traded company where the company is answerable to its shareholders and public disclosures must be made, a VCP may be the only option."  MORE >>

KLB Benefits Law Group

DOL Investigations: The Whys and Hows (PDF)

"An investigation by the DOL is a demanding and unwelcome surprise for most plan sponsors. The blueprint for navigating the ordeal may be found in the compliance questions [described in this article]. If you minimize investigation triggers and chart your way to compliance in advance, using the best practices [described], you are much more likely to weather an investigation unscathed."  MORE >>

KLB Benefits Law Group

Key Moments That Can Strengthen or Weaken Advisor Relationships with Employers

"There are five critical moments in the year that offer advisors the chance to opportunistically sell and provide support, expertise and attention to existing and prospective client relationships.... In early August, retirement plan sponsors will have the Form 5500 preparation and filing fresh on their minds. This is an opportunity to ask current and prospective clients about their experience."  MORE >>

ThinkAdvisor

Boeing Machinists Approve Contract That Keeps 401(k) Match Same, Includes Lump-Sum Payment

"The workers had previously voted to strike after rejecting an offer from Boeing that included an increase in the matching contribution of its 401(k) plan to 100% of the first 10% in eligible participant contributions from 75% of the first 8% contributed ... Boeing's new offer ... eliminated all changes to the 401(k) plan automatic and matching contribution formulas and instead offered workers a one-time lump sum of $8,000, 100% of which they could defer to the 401(k) plan."  MORE >>

Pensions & Investments

DOJ Ends Investigation of Public Retirement System in Pennsylvania

"The pension fund had been under investigation by the Justice Department since at least May of last year, when subpoenas indicated that the FBI and prosecutors were seeking evidence of kickbacks and bribes at [the Pennsylvania Public School Employees' Retirement System (PSERS)]."  MORE >>

Chief Investment Officer

[Opinion]

Pension Rights Center Comment Letter to IRS on Proposed Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits (PDF)

"[T]he 8955-SSA is indeed absolutely 'necessary for the proper performance' by the Treasury/IRS and SSA to ensure this critically important information makes its way to participants at two critical times -- upon separation (while everything is still fresh in everyone's memories and records), and again upon retirement.... SSA appears to be properly performing its job.... [M]isguidance from the IRS allows plan administrators to evade their statutory responsibility to provide these critical individual statements to former employees upon their separation from the employer."  MORE >>

Pension Rights Center

Employee Benefits Jobs

View job as Client Relationship Manager
          for FuturePlan, by Ascensus Client Relationship Manager

FuturePlan, by Ascensus

Remote / Chicago IL

View job as Client Relationship Manager
          for FuturePlan, by Ascensus

View job as Defined Contribution Plan Consultant
          for FuturePlan, by Ascensus Defined Contribution Plan Consultant

FuturePlan, by Ascensus

Remote / Newark NJ

View job as Defined Contribution Plan Consultant
          for FuturePlan, by Ascensus

View job as Client Relationship Consultant
          for FuturePlan, by Ascensus Client Relationship Consultant

FuturePlan, by Ascensus

Remote / Dallas TX

View job as Client Relationship Consultant
          for FuturePlan, by Ascensus

View job as Compliance Specialist
          for Nyhart, part of FuturePlan by Ascensus Compliance Specialist

Nyhart, part of FuturePlan by Ascensus

Remote / Newark NJ

View job as Compliance Specialist
          for Nyhart, part of FuturePlan by Ascensus

View job as Strategic Account Management – Leader
          for Ascensus Strategic Account Management – Leader

Ascensus

Remote

View job as Strategic Account Management – Leader
          for Ascensus

View job as Retirement Client Service Manager
          for Ascensus Retirement Client Service Manager

Ascensus

Remote

View job as Retirement Client Service Manager
          for Ascensus

View job as ESOP Consultant
          for FuturePlan, by Ascensus ESOP Consultant

FuturePlan, by Ascensus

Remote

View job as ESOP Consultant
          for FuturePlan, by Ascensus

View job as Retirement Plan Consultant
          for FuturePlan, by Ascensus Retirement Plan Consultant

FuturePlan, by Ascensus

Remote / Los Angeles CA

View job as Retirement Plan Consultant
          for FuturePlan, by Ascensus

View job as Defined Benefit Consultant
          for Intac Actuarial Services, Inc., part of FuturePlan by Ascensus Defined Benefit Consultant

Intac Actuarial Services, Inc., part of FuturePlan by Ascensus

Remote

View job as Defined Benefit Consultant
          for Intac Actuarial Services, Inc., part of FuturePlan by Ascensus

View job as Senior Corporate Counsel (ERISA)
          for Ascensus Senior Corporate Counsel (ERISA)

Ascensus

Remote / Washington DC

View job as Senior Corporate Counsel (ERISA)
          for Ascensus

View job as Conversions Analyst
          for Ascensus Conversions Analyst

Ascensus

Remote / Folsom CA

View job as Conversions Analyst
          for Ascensus

View job as ERISA Consultant
          for Ascensus ERISA Consultant

Ascensus

Remote / Minneapolis MN

View job as ERISA Consultant
          for Ascensus

View job as Senior Retirement Analyst
          for Dunbar, Bender & Zapf, Inc. Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Senior Retirement Analyst
          for Dunbar, Bender & Zapf, Inc.

View job as Pension Administrative Assistant
          for Hilb Group Pension Administrative Assistant

Hilb Group

Remote

View job as Pension Administrative Assistant
          for Hilb Group

Selected New Discussions

Missed Deferral Correction For Terminated Participant

"We have a client who needs to correct a missed deferral opportunity. The error occurred last year over the course of three payrolls. The plan has auto-enrollment and therefore qualifies for the safe harbor correction method. This issue is that the participant is terminated and will not receive compensation any longer. Because the regulations state that: The plan will correct the deferrals by the first payment of compensation on or after the earlier of:

  • 9 ½ months after end of Plan Year when failure first occurred
  • Last day of month following employee notification of error

Can the plan use the safe harbor method and not make the QNEC even though the participant will not receive compensation?"

BenefitsLink Message Boards

Ineligible Participants Allowed To Defer

"I have a potential client who is having issues with 2021/2022 contributions. It appears that the prior TPA allowed ineligible participants to defer into the Plan. What is the normal procedure in this case? If the money is returned, does the employer have to make the employees whole if the investments are down?"

BenefitsLink Message Boards

Is My Salary Included for Deduction Limit?

"I am the owner of Company X Company X sponsors 401k/SH/PS plan As owner, I am eligible to defer, excluded from SH (as HCE) and do not want any PS (no top heavy issues) Is my salary included for determining deduction limit? How about, if I only get SH (assume non-elective 3%) Thank you"

BenefitsLink Message Boards

Press Releases

Teresah Woolridge Joins the Fiduciary Group as 401(k) Financial Advisor

The Fiduciary Group

Huntington National Bank, PAi Partner to Offer 401(k) Solution for Small Businesses, Employees

Huntington National Bank

Milliman and Turquoise Health Form Strategic Alliance to Extract Actionable Insights from Newly Released Price Transparency Data

Milliman

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Cybersecurity Practices for Employee Benefit Plans

August 4, 2022 WEBCAST

Seyfarth Shaw LLP

2022 Retirement Income Symposium

September 22, 2022 in GA

Pension Education Council of Atlanta [PECA]

Managing Missing Plan Participants: Avoiding the Pitfalls of RMDs for 401(k), 403(b), and Other Qualified Plans

October 4, 2022 WEBCAST

Strafford

Last Issue's Most Popular Items

Text of IRS Notice 2022-33: Extension of Retirement Plan Amendment Deadlines (PDF)

Internal Revenue Service [IRS]

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

Ogletree Deakins

Rolling a 401(k) to an IRA Can Be a Costly Mistake

Employee Fiduciary

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

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