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Retirement Plans Newsletter

August 16, 2022

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

IRS Extends Deadlines to Adopt Plan Amendments for CARES Act, SECURE Act and More

"[A]ny amendment must apply retroactively to the effective date of the applicable provision. (In the case of an optional amendment, the effective date is the date as of which the provision was implemented.) Furthermore, during the period after the effective date but prior to the adoption of any amendment, plans must be operated in good-faith compliance with the law and applicable IRS guidance."  MORE >>

Holland & Knight


SPARK Forum - November 6-8, 2022 -- The Breakers, Palm Beach, FL

3 days packed with actionable insights for advisors, recordkeepers and plan providers. Explore latest trends, strategies and ideas to lead through disruption. Join the retirement event with the most senior audience and network with purpose. Register Now.

Sponsored by SPARK

Uncommon 401(k) Plan Sponsor Mistakes That Should Never Happen

"[1] Ignoring The Roth option ... [2] Forgetting the interns ... [3] Loan repayment oops! ... [4] Limiting investment options to 'safe' only ... [5] Limiting investment options to growth only."  MORE >>

Fiduciary News; free registration required

Projected 2023 IRA and Saver's Credit Limits

"The unprecedented level of inflation (7.1% for the 11 months ending July 2022), on the heels of last year's unusually large 3.1% increase, will raise all indexed traditional and Roth IRA limits for 2023. The catch-up contribution limit isn't annually adjusted."  MORE >>


Why Lawsuits Against RPAs, Smaller DC Plans Are Inevitable

"As RPAs accumulate more assets or are part of larger groups, they become attractive targets for DC lawsuits as do smaller plans especially those are part of pooled plans like MEPS, PEPs and GOPs. Local, less well-heeled law firms will file copycat lawsuits against smaller plans hoping for a quick settlement. And as RPAs search for additional revenue as fees, funds and fiduciary have become a commodity with declining fees, that quest comes with legal risk."  MORE >>

More TDF Underperformance ERISA Lawsuits Filed

"The lawsuits all include nearly identical ERISA fiduciary breach allegations against the defendants, but these allegations stand in sharp contrast to the broader landscape of ERISA litigation. In most cases filed previously, the defendants are accused of permitting participants to pay excessive fees and of failing to utilize their bargaining power to secure cheaper share classes and lower recordkeeping expenses. The new suits, on the other hand, focus on alleged underperformance of the plans' target-date funds."  MORE >>


Senators Aim to Reverse DOL Positions on ESG, Crypto Investing

"While unlikely to advance this year with Democrats in charge of Congress, these GOP bills may foreshadow a major effort next year if Republicans take control of either chamber after this fall's midterm elections.... [The Maximize Americans' Retirement Security Act (S 4613)] would amend ERISA to require that plan fiduciaries select investments based 'solely on pecuniary factors,' which are factors expected to have a material effect on an investment's risk and return."  MORE >>


Public Pensions Contend with Falling Markets and Rising Inflation

"The aggregate funded ratio fell from 78 percent to 74 percent, negating much of the gains from the previous year. The impact of rising inflation on pension finances, though, has been muted by limits to plans' cost-of-living adjustments (COLAs). However, the flip side of limited COLAs is less inflation protection for retirees, especially those not covered by Social Security."  MORE >>

Center for Retirement Research at Boston College

Employee Benefits Jobs

View job as Plan Administration Manager
          for FranFund Plan Administration Manager


Fort Worth TX

View job as Plan Administration Manager
          for FranFund

View job as DB/DC Administrator
          for Primark Benefits DB/DC Administrator

Primark Benefits

Remote / San Mateo CA

View job as DB/DC Administrator
          for Primark Benefits

View job as TPA Conversion Specialist
          for Third Party Administrators, Inc. TPA Conversion Specialist

Third Party Administrators, Inc.


View job as TPA Conversion Specialist
          for Third Party Administrators, Inc.

View job as Plan Document Specialist
          for Vestwell Plan Document Specialist


Remote / New York NY

View job as Plan Document Specialist
          for Vestwell

View job as Executive Director
          for North Atlantic States Carpenters Benefit Funds Executive Director

North Atlantic States Carpenters Benefit Funds

Wilmington MA

Selected New Discussions

Is the Cost of Payroll Setup Considered a Settlor Expense?

"We have a client converting from one recordkeeper to another. Their payroll vendor is charging them to set up the new payroll files. Would this be considered a qualified plan expense that can be paid from plan assets or is considered a settlor expense? We have received varying opinions."

BenefitsLink Message Boards

SEP IRA with Multiple Businesses

"Client has operated as a sole proprietor and contributes to his SEP based on the net earnings from the business every year. Client and his spouse open a new business in which they materially participate (husband /wife partnership filed 1065). This business will also have employees separate from the husband/wife. In year 1, the new business reports a loss for self-employment purposes. Would the client be able to exclude the net earnings from the partnership and determine his SEP contribution based on his sole proprietor business or would the net earnings from both businesses have to be aggregated for purposes of determining net earnings from SE for contribution purposes? Would this SEP now be subject to controlled group rules as well and potentially make the employees eligible in future years?"

BenefitsLink Message Boards

RMD Calculation for DC Plan That Is Terminating

"Hi DC plan terminating and will do distributions in 2022. Pooled account. Owner has been taking RMD's for sometime. There are a few other participants. I am thinking of allocating the RMD based on the distribution amount for 2022 e.g. if the total distribution is 100k, take 10k RMD (assume correct amount) and rollover 90k Is this ok or I have to provide RMD first to the owner based on prior year balance and then allocate the distribution based on the balance?"

BenefitsLink Message Boards

Press Releases

Inc. Magazine Names Vestwell One of America's Fastest-Growing Private Companies


Prime Pensions Completes Carve-Out of Aldrich Retirement Solutions

Prime Pensions

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Introduction to 401(k) Plans for Plan Sponsors

September 15, 2022 WEBCAST

Nova 401(k) Associates

IRAs and Employer Plans: Recognizing Prohibited Transactions

September 20, 2022 WEBCAST


Bias in Actuarial Work: A Primer

October 26, 2022 WEBCAST

Conference of Consulting Actuaries

Last Issue's Most Popular Items

Seventh Circuit: Alight Solutions Must Respond to DOL Subpoena in Investigation of Cybersecurity Breaches

Roberts Disability Law

GAO Will Investigate the Troubled TSP Recordkeeper Transition

Government Executive

Using a Pension Plan to Improve Workforce Retention


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

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