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Retirement Plans Newsletter

August 9, 2022

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

DOL Proposes 'Update' to QPAM Exemption

"Many provisions go beyond just addressing bad actors, foreign convictions and exemption ineligibility ... These higher thresholds, and the burden of annual required updates, will be difficult to achieve for smaller QPAMs. New recordkeeping requirements add significantly to the burden of compliance, without any significant justification.... Clarification is needed on the exemption when it is used by a QPAM for hiring service providers[.]"  MORE >>

The Wagner Law Group


Advanced Pension Conference on Sept 13-15, 2022

Earn up to 13 CE credits at the timely Virtual Advanced Pension Conference on Sept. 13-15. The Virtual 401(k) Plans: Beyond the Basics on Oct. 11-13 offers up to 16 CE credits. See complete agendas and register here.

Sponsored by FIS Retirement Education

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 99: The PTE 2020-02 Requirement for an Annual Retrospective Review

"[T]he fourth condition -- the annual retrospective review -- can't be satisfied until next year, since it involves a review of the covered recommendations in 2022.... [If] the review isn't performed and the report certified as required, the financial institution (e.g., broker-dealer or RIA firm) didn't satisfy the requirements of the PTE and the relief provided by the PTE isn't available. As a result, all the covered recommendations for the year, including any rollover recommendations, would be prohibited transactions[.]"  MORE >>

[Guidance Overview]

SEC Publishes Bulletin on Conflicts of Interest for Broker-Dealers and Investment Advisers

"Although formally the Bulletin cannot and does not articulate legal rules beyond the existing requirements of Reg BI and investment advisers’ fiduciary duty with respect to conflicts of interest, its interpretation of these requirements is broad, and the Staff appears to treat the two standards as identical."  MORE >>

Sidley Austin LLP

Guidelines for 401(k) Fiduciaries on Mutual Fund Selection

"Although the courts are divided, there are some guidelines that plan fiduciaries need to consider when reviewing their plan's mix of mutual funds offered for participant investment: [1] Include index funds in your plan's investment choices.... [2] Be careful in selecting and monitoring actively managed funds.... [3] Plan fiduciaries should always select the lowest cost class of a selected mutual fund that is available."  MORE >>

Golan Christie Taglia

Keeping the Legacy Going: Maintaining an Independent TPA Firm (PDF)

"[This article] examines the mindset of someone who seeks business continuity, rather than consolidation, both in her purchase of her practice, and in her planning for her own exit strategy. To prevent your independent firm from taking a direction other than the one you envisioned, it is necessary to have an exit strategy integrated into your vision, goals, and planning."  MORE >>

Julie A. Altig, Atlantic Pension Services, Inc., via Journal of Pension Benefits

Can an Alternate Payee Designate a Beneficiary?

"The right to name a beneficiary is one such participant right that can be granted to an alternate payee, and indeed many plans grant an alternate payee the right to name a beneficiary. However, that right is limited to an assignment under a separate interest QDRO, as the payment of benefits under a shared payment QDRO is subject to the participant's elections."  MORE >>

PLANSPONSOR; free registration may be required

Inflation Reduction Act Does Not Include Proposed Retirement Account Limits for High-Income Taxpayers

"Proposals to eliminate back door Roth conversions with after-tax contributions ... and to eliminate Roth conversions in general ... for high-income taxpayers were not included as revenue raisers to offset the cost of the broader bill.... Earlier iterations of the BBB had also included proposals to impose contribution limits ... and mandatory RMDs for high-income taxpayers with large retirement balances, but those did not resurface either. "  MORE >>

American Retirement Association [ARA]

Retirement Plan Provider Technology Investments Show Success

"[F]or 86% of respondents, the savings tools and calculators offered by their provider's 401(k) website are very or somewhat helpful, compared with 77% in 2020.... Online tools and resources can be particularly helpful for engaging with Generation Z, and plan providers with robust resources can accrue an advantage[.]"  MORE >>

PLANSPONSOR; free registration may be required

Exceptional Usefulness and Quality icon State Regulation of ESG Investment Decision-Making by Public Retirement Plans (PDF)

19 pages. "While many state pension divestment bills expressly exclude managed investment funds and private equity funds, some do not. Some initiatives further require that the pension fund board request that investment fund managers create similar funds without the targeted holdings. Beyond legislation on divestment and state contracts, states are deploying task forces, investigations and report committees to encourage or discourage ESG investing, while some pension funds are adopting their own investment and proxy voting policies that incorporate ESG."  MORE >>

Ropes & Gray LLP

When 'Public' Does Not Refer to 'Governmental'

"[If] you are trying to determine whether a particular plan is exempt from ERISA, you need to ask if the 'plan' is a 'governmental plan,' not if the sponsor is a 'public' employer.... [It] might be possible for certain entities to be both public charities and governmental organizations. We discussed this in an earlier post where we referred to such entities as 'bitaxual.' And, while there are some distinct retirement plan advantages to being bitaxual, there are also some potential retirement plan pitfalls."  MORE >>

Best Best & Krieger LLP

Employee Benefits Jobs

View job as Senior Consultant
          for Pentegra Senior Consultant


Remote / Putnam Valley NY

View job as Senior Consultant
          for Pentegra

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

Hicks Pension Services


View job as Retirement Plan Administrator
          for Hicks Pension Services

Selected New Discussions

Permissively Aggregate a 403(b) Plan with a 401(a) Plan for Top Heavy Testing?

"Another TPA has asserted that it's possible to aggregate a 403(b) plan with a 401(a) plan for purposes of top heavy testing on the 401(a) plan. I am unable to find any support for such a position."

BenefitsLink Message Boards

Press Releases

Agilis Completes Spin-Off from River and Mercantile


CareerSource Central Florida Unites with Local Businesses Offering Workforce Solutions to Help Individuals During Opioid Recovery

CareerSource Central Florida

Nava Benefits Acquires Innovative Boutique Benefits Firm to Further Strengthen Its Tri-State Presence

Nava Benefits

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Surprises and Obstacles SECURE 2.0 Could Present for Plan Sponsors and HR Professionals



Retirement Plan Compliance Assistance Seminar for Small Business

August 24, 2022 in TX

Employee Benefits Security Administration [EBSA], U.S. Department of Labor

SECURE/CARES Extension: Hot Dog!

August 30, 2022 WEBCAST

Safe Harbor 401(k) Plans

September 8, 2022 WEBCAST

Nova 401(k) Associates

What’s Next with SECURE Act 2.0?

October 26, 2022 WEBCAST

TRA [The Retirement Advantage]

2022 SPARK Forum

November 6, 2022 in FL

SPARK Institute

Last Issue's Most Popular Items

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

Motley Fool

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

Holland & Hart LLP

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

Pensions & Investments

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

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