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Retirement Plans Newsletter

August 23, 2022

6 New Job Opportunities 6 New Job Opportunities

 

[Official Guidance]

Text of IRS Notice 2022-35: Weighted Average Interest Rates, Yield Curves, and Segment Rates for August 2022 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

Internal Revenue Service [IRS]

[Sponsor]

ERISApedia – PLAN CORRECTIONS eSOURCE

Plan problems? Mistakes happen. ERISApedia's Plan Corrections eSource is your map to success. Fully updated with the new EPCRS rules. Contact us: sales@erisapedia.com 612-605-2266

Sponsored by ERISApedia.com

[Official Guidance]

PBGC Announces New My PAA Login Method Now Available

"On August 22, 2022, PBGC modified My PAA to enable users to log in to My PAA via Login.gov.  To do so, you will need to set up a Login.gov account (if you don’t already have one) and use those credentials to log in to My PAA instead of your current My PAA login credentials. "  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Milliman Pension Buyout Index, August 2022

"Estimated competitive retiree buyout cost, as a percentage of accounting liability, decreased by 30 bps from 98.3% to 98.0% during July."  MORE >>

Milliman

Retiree Challenges, Attitudes and Retirement Income Priorities

"While each segment faces its own unique challenges, [DCIIA researchers] found a remarkable consistency of preferences related to retirement income solutions. This implies that such solutions are likely to resonate for the majority of retirees if they are developed with an awareness of retirees' preferences and priorities."  MORE >>

PLANSPONSOR; free registration may be required

Plaintiffs Say Plan Fiduciaries Committed Breaches at Swiss Re

"[T]he plaintiffs suggest their retirement plan's fiduciaries failed to fully disclose the expenses and risk of the plan's investment options to participants and beneficiaries. The lawsuit also alleges that plan fiduciaries allowed unreasonable expenses to be charged to participants and selected, retained or otherwise ratified high-cost and poorly performing investments." [Harris v. Swiss Re American Holding Corp., No. 22-7059 (S.D.N.Y. complaint filed Aug. 18, 2022)]  MORE >>

PLANSPONSOR; free registration may be required

[Opinion]

When Should Sanctions Be Imposed in ERISA Class Actions?

"[T]he Obeslo v. Great-West Capital Management, LLC lawsuit is not an ERISA class action and thus the legal standard to prove excessive fees is codified by statute.... [That standard] is unfortunately higher than how courts treat the same type of case under ERISA. But as copycat plaintiff lawyers push the boundaries of excessive fee and investment underperformance litigation, it is time for sanctions to be considered against lawyer-driven cases involving manufactured claims with no proof of a defective fiduciary process. " [Obeslo v. Great-West Capital Mgmt. LLC, No. 16-230 (D. Colo. Aug. 7, 2020; order granting motion for sanctions Sep. 28, 2020; order specifying sanctions Aug. 16, 2022)]  MORE >>

Euclid Specialty Managers

[Opinion]

'Dean of Financial Planning' Harold Evensky Says Reg BI 'Makes Absolutely No Sense'

"There seems little interest by the regulators and Congress to seriously address the issues of investor investment protection as a result of massive financial lobbying by the financial services industry, a massive lack of understanding of the issues involved (i.e., confusing major fraud with nickel and dime investor investment erosion), and the underlying conservative belief that all regulation is bad."  MORE >>

Fiduciary News; free registration required

Executive Compensation and Nonqualified Plans

Maximizing the Effectiveness of NQDC Plans for Better Retirement Readiness

"From company competitiveness to potential financial benefits for the plan sponsor and the plan participant, NQDC plans may be an attractive part of an executive’s retirement readiness strategy. However, some of the plan’s most important benefits may be left on the table unless there is purposeful education about the plan’s options and potential."  MORE >>

OneDigital

Equity Compensation Considerations for the Private Company

"In developing an equity-based long-term incentive plan, the most significant decision to make initially is whether the plan will be based on real equity or phantom/synthetic equity. This single decision will determine the impact of the plan in many respects."  MORE >>

Alvarez & Marsal

Employee Benefits Jobs

View job as ERISA Partner
          for Hall Benefits Law (HBL) ERISA Partner

Hall Benefits Law (HBL)

Remote / Atlanta GA

View job as ERISA Partner
          for Hall Benefits Law (HBL)

View job as Retirement Plan Department Manager
          for Keating, Inc. Retirement Plan Department Manager

Keating, Inc.

Remote

View job as Retirement Plan Department Manager
          for Keating, Inc.

View job as Retirement Plan Administrator
          for Keating, Inc. Retirement Plan Administrator

Keating, Inc.

Manhattan KS

View job as Retirement Plan Administrator
          for Keating, Inc.

View job as ERISA Technical Consultant
          for Voya Financial ERISA Technical Consultant

Voya Financial

Remote

View job as ERISA Technical Consultant
          for Voya Financial

View job as Regional Director
          for Employee Benefits Security Administration [EBSA] Regional Director

Employee Benefits Security Administration [EBSA]

Remote / Chicago IL

View job as Regional Director
          for Employee Benefits Security Administration [EBSA]

View job as Director, Enforcement
          for Employee Benefits Security Administration [EBSA] Director, Enforcement

Employee Benefits Security Administration [EBSA]

Remote / Washington DC

View job as Director, Enforcement
          for Employee Benefits Security Administration [EBSA]

Selected New Discussions

Missed Deferral Opportunity: How Far Back Do We Go?

"We have a 401k plan that has excluded certain employees when they should not have and as a result, quite a few never were given the opportunity to contribute to the plan. The plan sponsor wants to go through EPCRS, make the participants/plan whole. But how far back do they go on this? The plan was effective back in the 1990s and as far as we know has always excluded a certain group of employees (when they shouldn't have). Do we have to go all the way back? Do we go back 3,4,5,or 6 years, go through EPCRS and wait for the IRS to determine if we need to go back further?"

BenefitsLink Message Boards

Deposit Made Before Document Signed for New Plan

"Sent docs for 2021 plan year 5/31/2022. They were executed on 6/3/2022. I now get word that they made the deposit on 5/23/2022. What's wrong with this picture, if anything? Am I being paranoid that they opened an account without a plan document and also without an executed plan document?"

BenefitsLink Message Boards

Child Support Order Awards 100% of the Participant's Account

"Under our QDRO procedures, under a child support order, the participant is responsible for taxes owed on the QDRO distribution. Normally, we give the participant the option of either (1) paying the tax amount out of pocket or, (2) increasing the distribution in an amount needed to cover the taxes. For example, if the QDRO awards the AP $100, we can either distribute the $100 to the AP and have the participant pay $10 (10%) out of pocket, or we increase the distribution to $110 so that $100 can go to the AP and $10 can cover the taxes.

We recently received a child support order that awards the AP 100% of the participant's account. Clearly we can't increase the distribution to cover the taxes. Do we just send the participant a demand for payment to cover the taxes? What happens if the participant refuses to pay?"

BenefitsLink Message Boards

Press Releases

Stadion Welcomes Jackson Reese and Tom Stephenitch to Capitalize on Growing Interest in Managed Accounts

Stadion Money Management

Paychex Named Largest 401(k) Recordkeeper in the U.S. for 12th Consecutive Year

Paychex

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Mitigating Cybersecurity Risks: Best Practices for Retirement Plan Sponsors and Fiduciaries

RECORDED

Pentegra

Last Issue's Most Popular Items

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

American Retirement Association [ARA]

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

Murphy Austin

Excessive Fee Suit Treads Familiar, New Ground(s)

American Retirement Association [ARA]

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

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