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Retirement Plans Newsletter

August 22, 2022

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

The IRS Extended the Deadline to Adopt Amendments: Do We Need to Tell Participants?

"The DOL regulation is clear that the SMM deadline is based on the actual adoption of the plan amendment and not the date that a provision applied to the plan in operation.... There are a number of reasons as to why this might not be correct.... [T]here is an overriding ERISA fiduciary requirement to communicate current plan provisions regardless of the specific deadlines for distributing SPDs and SMMs."  MORE >>

American Retirement Association [ARA]

[Guidance Overview]

Notice 2022-23 Does Not Extend Deadline for Adopting Amendments to Plans for All CARES Act Provisions

"Notice 2022-33 does not extend the deadline under the CARES Act for adopting plan amendments reflecting special COVID-related relief for qualified individuals involving loans and in-service withdrawals.... The CARES Act provision permitting the waiver of RMDs for defined contribution plans for 2020 is eligible for the extended adoption date."  MORE >>

Murphy Austin

[Guidance Overview]

DOL Issues Proposed Changes to the Qualified Professional Asset Manager Exemption

"The proposed changes to the QPAM Exemption include three very substantive new hurdles ... It is likely that each one of the new requirements will have new monetary costs associated with compliance for any investment manager as well as administrative burdens.... [H]as the DOL overshot the intended purpose of protecting ERISA plans, so that ... the additional administrative burdens actually make it harder or more expensive for ERISA plans to use outside investment managers to invest plan assets for participants and beneficiaries of the plans?"  MORE >>

Linklaters, via Nasdaq

Excessive Fee Suit Treads Familiar, New Ground(s)

"The fiduciaries of yet another multi-billion dollar 401(k) have been sued for an alleged breach of its fiduciary duty—ostensibly for causing the plan to pay “unreasonable and excessive fees for recordkeeping and other administrative services”—including a new type of allegation." [McDonald v. Laboratory Corp. of Am. Holdings, No. 22-0680 (M.D. N.C. complaint filed Aug. 18, 2022)]  MORE >>

American Retirement Association [ARA]

DOL Likely Inching Close to a Full Fiduciary Rule, Analysts Say

"Virtually the only thing left for the [DOL] to do with its fiduciary definition rewrite is to essentially make all first-time advice fiduciary.... If it happens, that change would be significant and basically return the DOL to its initial 2016 fiduciary rule ... As it stands, the DOL's package known as the investment advice rule makes rollover advice fiduciary."  MORE >>


Register for the Conference of Consulting Actuaries Annual Meeting

The meeting includes 20 retirement sessions on topics like: Liability-driven investment strategies, the current state of market-base cash balance plans & accumulation strategies for defined contribution plans. 18.5 CPD & 15.5 EA credits available.

Sponsored by Conference of Consulting Actuaries [CCA]

Public Pension Plans and Inflation in the United States and Other Selected Jurisdictions

"[F]or developed countries experiencing increased inflationary pressures for the first time in decades, ... it will be important to study the adverse impacts on the purchasing power of salaries and pension benefits and how public retirement schemes can adjust to such circumstances."  MORE >>

Alex Brown, M. Nicolas J. Firzli, and Joshua M. Franzel via SSRN

Americans Are Back to Retiring Later

"In 1991, the average retirement age was 57, and in 2022 it is 61. In addition, the age at which people expected to retire was 60 in 1995, and in the latest survey was 66. It peaked at 67 in 2012 in the wake of the financial crisis but has held steady between 65 and 66 since, except for a drop to 64 in 2021."  MORE >>

Forbes; subscription may be required


Trade Association Coalition Comment Letter to DOL on Proposed Amendment to QPAM PTE

"If the Proposed Amendment is adopted as currently proposed, virtually all ERISA plan and IRA investment managers relying on the QPAM Exemption would need to draft and send out amendments to their current agreements, which would require plans to have consultations with each manager, along with costs for consultant and legal review. Larger plans could have to interface with hundreds of managers of separate accounts and pooled funds."  MORE >>

U.s. Chamber of Commerce and seven more organizations

Employee Benefits Jobs

View job as ERISA Attorney
          for Definiti LLC ERISA Attorney

Definiti LLC


View job as ERISA Attorney
          for Definiti LLC

View job as Benefits Specialist
          for Air Line Pilots Association Benefits Specialist

Air Line Pilots Association

Remote / Seattle WA

View job as Benefits Specialist
          for Air Line Pilots Association

Selected New Discussions

401(k) Plan Testing and Design for Controlled Group

"Company A and Company B are related employers (part of a controlled group). Company A sponsors non-safe harbor 401(k) plan. Company B is a participating employer under Company A plan. Company A and Company B can pass 410(b) coverage, separately. Can Company A and Company B be disaggregated for purposes of ADP/ACP testing? Can Company B adopt safe harbor 401(k) plan provisions with respect to Company B employees only? I think this is permissible if Company A and Company B sponsor separate plans. Can we get to the same conclusion if there's only one plan?"

BenefitsLink Message Boards

If a Company Had Only One Owner-Operator, Who Administers Its Retirement Plan After Her Death?

"A recent BenefitsLink discussion points out a potential difficulty when a retirement plan's named fiduciary is the plan sponsor's sole proprietor and her death leaves doubt about who has power to administer the plan. (The inquirer described an investment custodian's unwillingness to accept, absent a court order, instructions from a person many would treat as the sole proprietor's successor.) Imagine another business similarly controlled and managed by its only owner. It is organized as a corporation or limited-liability company, but no one beyond the sole shareholder or sole member had been named as a director or officer, or as a manager. Is a difficulty about who has authority to administer the retirement plan avoided if the employer/administrator is a corporation or a limited-liability company? Does State law -- whether about a corporation or company, or for decedents' estates -- provide enough authority for someone to manage the corporation or company, and its retirement plan? What are your experiences about whether investment custodians and recordkeepers will accept instructions from someone who shows some reasonable explanation about the source of her authority? What evidence or information is enough to persuade a custodian or recordkeeper to take instructions?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Practical and Tactical Actions for Small Business Owners

August 24, 2022 WEBCAST


The Retirement Plan Industry Outlook: Beyond 2022

August 31, 2022 WEBCAST


Virtual IRA Advanced Institute: Fall 2022

September 12, 2022 WEBCAST

Retirement Industry Trust Association [RITA]

Benefits Forum 2022: Retirement Plans - Risks, Rewards & What's Ahead

September 22, 2022 WEBCAST

Williams Mullen

ASOP Update for Retirement Actuaries

December 7, 2022 WEBCAST

Conference of Consulting Actuaries

Last Issue's Most Popular Items

IRS 2021-2022 Priority Guidance Plan: 4th Quarter Update (PDF)

Internal Revenue Service [IRS]

What Employment Lawyers Should Know About ERISA

DeBofsky Sherman Casciari Reynolds P.C.

IRS PLR Addresses Transfer of Excess Pension Plan Assets to Multiple DC Plans

Grant Thornton

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

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