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Retirement Plans Newsletter

August 8, 2022

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

Time Is on My Side: Some Retirement Plan Amendment Deadlines Pushed Back

"[Notice 2022-33] apparently did not extend the deadline to amend plans for changes to loans and in-service withdrawals due to coronavirus (CARES Act) ... Assuming this omission was intentional and the IRS doesn't issue a revised Notice extending that deadline, plan amendments for all CARES Act provisions other than the suspension [of required minimum distributions] still need to be adopted by the previous deadlines."  MORE >>

Holland & Hart LLP


THIS THURSDAY! Eligibility & Plan Design CE Webcast

Join ASC’s John Griffin, J.D., LL.M. as he discusses basic and advanced eligibility rules, using actual hours of service, equivalencies, and elapsed time, the eligibility break-in service rules and much more. Register Now!

Sponsored by ASC

Third Circuit OKs ERISA Class Action Over Broad Fiduciary Investment Claims

"The plaintiffs in this case made broad allegations that plan fiduciaries failed to implement a prudent process for selecting and monitoring investment options, resulting in excessively expensive funds across the entire lineup. The plaintiffs also alleged fiduciaries imprudently selected actively managed target-date funds instead of lower-cost index options. The three plaintiffs had collectively invested in only seven of the plan's 37 investment options, and each plaintiff invested in just one of the 13 funds in the plan's target-date series." [Boley v. Universal Health Services, Inc., No. 21-2014 (3rd Cir. Jun. 1, 2022)]  MORE >>


Seventh Circuit Affirms Dismissal of ERISA Stock-Drop Case

"The Seventh Circuit recently ... [affirmed] the dismissal of claims brought by participants in the Boeing 401(k) plan, ... on grounds that [1] the fiduciary responsibilities associated with the company stock fund had been delegated to an independent fiduciary, and [2] the insider fiduciaries had no duty to disclose corporate inside information to the plan participants or the independent fiduciary.... [T]he Seventh Circuit's opinion provides helpful guidance to plan sponsors and fiduciaries that go beyond the specific circumstances presented in the case." [Burke v. The Boeing Company, No. 19-2203 (7th Cir. Aug. 1, 2022)]  MORE >>


Two More Plans Sued Over Offering of BlackRock Index Target Date Funds

"The lawsuits bring to eight the number of ERISA lawsuits in recent days ... against sponsors and fiduciaries alleging that they should not have retained the BlackRock Lifepath Index Funds. Plaintiffs contend that the BlackRock series had a poorer overall performance than four other popular target-date series, some of which were passive and some of which were actively managed."  MORE >>

Pensions & Investments

U.S. Chamber of Commerce Urges Court to Nix 'Multi-Plan' Benefits Class Action

"Plan Benefit Services and its parent, Fringe Benefit Group, are appealing the certification of a class in a 2017 lawsuit accusing the company of charging excessive administration fees. The class members are employed by more than 2,000 companies, but the three named plaintiffs all work for the same Texas construction company and are participants in a single benefit plan. The Chamber said that under [ERISA], plaintiffs only have standing to sue over fees charged by plans in which they participate." [Chavez v. Plan Benefit Services, Inc., No. 22-50368 (5th Cir. amicus brief filed Aug. 2, 2022)]  MORE >>

Reuters; free registration may be required

How Do You Stack Up to Other Retirement Savers Your Age?

"A recent survey by financial services firm BlackRock broke down the average retirement balance by age and by whether or not participants had access to a workplace retirement account.... If you're nowhere near the averages for your age right now, that doesn't mean you should panic. And if you're ahead of these numbers, that doesn't mean you can relax and take it easy."  MORE >>

Motley Fool

Should You Take Your Required Minimum Distributions 'In Kind'?

"[A]ssuming you don't need the RMD for living expenses ... a transfer in-kind of securities from your IRA to a taxable brokerage account may make sense. Not only can it help you maintain the same market exposure, just in a different part of your portfolio, but the transfer may also reduce the taxes due on future appreciation when you eventually do sell."  MORE >>



Brotherston v. Commonspirit Health: An Opportunity, and a Need, to Shift the 401(k) Litigation Paradigm

"[T]he CommonSpirit decision has revived the meritless 'apples and oranges' argument regarding fiduciary prudence, even though both the Brotherston decision and SCOTUS' denial of cert discredited such an argument. As a result, the Sixth Circuit has arguably created an unnecessary divide within the circuits.... [However,] the Sixth Circuit may have actually provided a valuable opportunity to provide more certainty for plan sponsors and to clarify the guidelines going forward for 401(k)/403(b) administration and litigation." [Smith v. CommonSpirit Health, No. 22-5964 (6th Cir. Jun. 21, 2022)]  MORE >>

The Prudent Investment Fiduciary Rules

Employee Benefits Jobs

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Burleigh Consulting Group

Memphis TN

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          for Burleigh Consulting Group

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          for Associated Pension Consultants Pension Compliance Administrator

Associated Pension Consultants


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Press Releases

PBGC's Karen Morris Named General Counsel

PBGC [Pension Benefit Guaranty Corporation]

401k Best Practices Publishes a Free Training Series for 401k Advisors

Blue Cross Blue Shield Association Names Vice President of National Employee Benefits Administration and Blue Venture Fund

Blue Cross and Blue Shield Association

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Top 10 Compliance Issues for DC Plans: Cycle 3 and a Look Ahead

August 17, 2022 WEBCAST

Western Pension & Benefits Council

Status of Social Security and Medicare Programs

August 17, 2022 WEBCAST


Distributions and Forfeitures

September 15, 2022 WEBCAST


Review of the PBGC’s Final Rule on the Special Financial Assistance Program

October 6, 2022 WEBCAST

PLI [Practising Law Institute]

Last Issue's Most Popular Items

IRS Grants Three-Year SECURE/CARES Extension

Ferenczy Benefits Law Center

IRS Provides Three-Year Extension for SECURE Act Amendments and Additional Limited Relief

Groom Law Group

The Impact of Missing the July 31, 2022, Deadline for Restating Pre-Approved 401(k) Plans

Jackson Lewis P.C.

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

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