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Retirement Plans Newsletter

August 10, 2022

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

IRS Extends Deadline for Plan Sponsors to Adopt Amendments Reflecting Recent Law Changes

"Before the IRS released Notice 2022-33, retirement plans with a calendar year plan year and IRAs generally were required to amend their plan documents to reflect those law changes by December 31, 2022 (although governmental plans and collectively bargains plans were subject to a later deadline); now, that deadline generally is December 31, 2025."  MORE >>




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[Guidance Overview]

IRS Extends Amendment Deadlines for SECURE, Miners and CARES Acts

"The extended amendment deadlines apply to both interim and discretionary amendments to preapproved qualified plans. IRS expects to include provisions of the SECURE, Miners and CARES acts in the cumulative list for the fourth remedial amendment cycle for preapproved DC plans ... Changes on the 2023 [required amendment] list will generally have the same amendment deadline as the new deadlines for the SECURE, Miners and CARES acts, allowing employers to adopt all amendments for all three laws at the same time."  MORE >>


Plaintiffs in Seventh Circuit Fail to Meet Dudenhoeffer Pleading Standards in Stock Drop Case

"Boeing delegated to the Investment Committee its authority to: [1] Invest, reinvest, and manage assets of all Boeing employee benefit plans. [2] Select and monitor investment options for the ESOP.... Boeing retained certain responsibilities under applicable securities laws and ERISA with respect to the offering of company stock under the ESOP.... [T]he Seventh Circuit held that the mere exercise of some authority over Boeing employee benefit plans did not mean that Boeing was exercising fiduciary authority over the investment choices and holdings of the ESOP." [Burke v. The Boeing Company, No. 19-2203 (7th Cir. Aug. 1, 2022)]  MORE >>

Thomson Reuters Practical Law

Sixth Circuit: In ERISA Suit for Late Benefit Fund Contributions, Presence of a Live Contract Is Not Necessary for District Court's Jurisdiction

"[The Sixth Circuit held that while] in the end the Funds' claim may fail for the reason the district court gave (no live contract), that goes to the merits, not to the court's jurisdiction to hear the dispute. The court reversed the district court's dismissal of the Funds' claim for lack of subject-matter jurisdiction and remanded for further proceedings." [Operating Engineers' Local 324 Fringe Benefit Funds v. Rieth-Riley Constr. Co., No. 21-1229 (6th Cir. Aug. 8, 2022)]  MORE >>

Roberts Disability Law

Considerations When Acquirers Come Courting (PDF)

"All businesses face succession eventually. The more control the owner has in the succession plan the better for all parties involved. The succession plan needs to include the possibility of a future sale, potential unforeseen events, scenarios directed towards the associates within the firm or family members, and any other potential outcomes. This article includes some questions that need to be answered when putting together a business succession plan."  MORE >>

J.J. McKinney, EGPS, via Journal of Pension Benefits

Public Pensions Suffer Worst Investment Quarter Since 2020

"Public pension assets posted a median return of -8.86% for the second quarter and -7.91% for the year ended June 30, according to a report ... by Wilshire Trust Universe Comparison Service. The pension funds still beat returns for all plan assets tracked by Wilshire, which posted a median return of -9.63% for the second quarter and -10.59% for the year."  MORE >>


State Attorneys General Question BlackRock on ESG, Antitrust Concerns

"A group of 19 Republican state attorneys general have written a letter to BlackRock stating that the asset manager is using state pension fund assets in environmental, social and governance investments that 'force the phase-out of fossil fuels, increase energy prices, drive inflation and weaken the national security of the United States.' "  MORE >>



Why the BlackRock Investment Imprudence Cases Are Implausible and Should Be Dismissed Under the Federal Pleading Standard

"After years of higher-fee plans with actively managed investment options facing imprudence challenges, this next chapter in the long war against large-plan fiduciaries represents a cynical and meritless attack against low-fee plans that must be dismissed as implausible under the federal pleading standard.... These lawsuits are manufactured imprudence claims designed to profit off the high risk and cost of defending high-stakes litigation, but that is exactly why faithful application of the pleading standard is crucial to protect fiduciaries who have done nothing wrong in their service to plan participants."  MORE >>

Euclid Specialty Managers


The Government Pension Reckoning Cometh

"As stock prices fall, public pensions may need taxpayer help.... [G]overnment pension funds suffered their biggest losses since 2009 this year, which will likely mean higher taxes for the citizens of Illinois, New Jersey and California."  MORE >>

The Wall Street Journal; subscription may be required

Executive Compensation and Nonqualified Plans

Using a Nonqualified Plan to Overcome 401(k) Compliance Testing Issues Caused by COVID-19 Workforce Changes (PDF)

"The establishment of an NQDC plan for your HCEs provides an almost unlimited pre-tax deferral opportunity for your HCEs.... The refunds from a 401(k) can be eliminated if you establish a lower deferral percentage for HCEs that will ensure compliance with the ADP and ACP tests. The excess dollars that an HCE would have normally deferred to the 401(k) plan will now be deferred by your HCEs to the NQDC plan."  MORE >>

Fulcrum Partners LLC

Employee Benefits Jobs

View job as 401k Testing Manager
          for Slavic Integrated Administration, Inc. 401k Testing Manager

Slavic Integrated Administration, Inc.

Remote / AL / AR / FL / GA / IA / IL / MA / MD / MI / MO / MS / NC / NJ / OH / OK / TN / TX / VA / WV

View job as 401k Testing Manager
          for Slavic Integrated Administration, Inc.

View job as TPA Success Specialist
          for Ubiquity Retirement + Savings TPA Success Specialist

Ubiquity Retirement + Savings

Remote / San Francisco CA

View job as TPA Success Specialist
          for Ubiquity Retirement + Savings

View job as Transaction Coordinator
          for The Retirement Advantage, Inc. (TRA) Transaction Coordinator

The Retirement Advantage, Inc. (TRA)


View job as Transaction Coordinator
          for The Retirement Advantage, Inc. (TRA)

Selected New Discussions

Short Plan Year Audit Issue -- Schedule H

"Plan (big enough to be subject to audit) terminated. All assets distributed in June, 2022. The auditor said the plan sponsor did not need to attachment a 12/31/21 audit, but instead could include it with the 6/30/22 short year filing (an audit will be prepared for the short year), based on Schedule H, Line 3d(2), which says the plan 'has elected to defer attaching the IQPA's opinion for the first of 2 consecutive plan years, one of which is a short plan year of 7 months or fewer.' The sponsor tried to submit the 2021 Form 5500 without the audit. The software vendor would not accept the return, citing the lack of the auditor's report being attached to the return. Has anyone seen this scenario?"

BenefitsLink Message Boards

Press Releases

EPIC Welcomes Kerry Connor as National Voluntary Benefits Practice Leader


OneAmerica, ProNvest Debut Advisor Portal Feature to Boost Accounts


Employee Benefits Lawyer Finn Pressly Joins Ballard Spahr

Ballard Spahr LLP

Executive Compensation, ERISA Attorney Joins Troutman Pepper as Partner in New York

Troutman Pepper

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Institutional Certified 401(k) Professional (iC(k)P) Program

November 9, 2022 in CA

Defined Contribution Institutional Investment Association [DCIIA]

Last Issue's Most Popular Items

Can an Alternate Payee Designate a Beneficiary?

PLANSPONSOR; free registration may be required

Guidelines for 401(k) Fiduciaries on Mutual Fund Selection

Golan Christie Taglia

DOL Proposes 'Update' to QPAM Exemption

The Wagner Law Group

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

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