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Retirement Plans Newsletter

August 25, 2022

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

New York Department of Financial Services Proposes New Cybersecurity Rules

"The Draft Amendments include new minimum requirements for the cybersecurity policies and governing bodies of covered entities.... Covered entities may need to invest significant time and resources to implement the final Part 500 amendments and, if adopted, most of these changes would take effect only 180 days following their adoption."  MORE >>

King & Spalding


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

[Guidance Overview]

SEC Staff Bulletin Provides Further Guidance on Standards of Conduct for Broker-Dealers and Investment Advisers Conflict of Interest

"The [Staff Bulletin] defines conflict of interest ... as an interest that might incline a broker-dealer or investment adviser -- consciously or unconsciously -- to make a recommendation or render advice that is not disinterested. The Staff further states that firms need to take a proactive approach that is not only robust and ongoing but is tailored to each conflict and not merely a 'check the box' exercise."  MORE >>

The Wagner Law Group

Seventh Circuit Upholds DOL Cybersecurity Subpoena of Alight Data That Would Disclose Client/Plan Name

"[C]onsider the following from the court's decision, requiring production of that client identifying information: 'If Alight were to redact the names of its clients and the corresponding plan names, as the company advocates, the Department could not identify which employers may have violated ERISA.' ... Clearly, the target of this subpoena is not (or not just) Alight, it is Alight's sponsor clients." [Walsh v. Alight Solutions LLC, No. 21-3290 (7th Cir. Aug. 12, 2022)]  MORE >>

October Three Consulting

Second Circuit Holds Government Can Garnish ERISA-Protected 401(k) Accounts for Restitution Under MVRA

"The court found that the 401(k) plan documents gives Greebel the right to withdraw funds in his retirement account. To enforce restitution under the MVRA, the Government steps into the shoes of the defendant and acquires the rights the defendant possesses with respect to the balance of the 401(k) accounts. The court remanded to the district court to determine whether the Government's right to the funds is limited by the ten-percent early withdrawal tax, and if so, the amount subject to garnishment." [United States v. Greebel, No. 21-993 (2d Cir. Aug. 24, 2022)]  MORE >>

Roberts Disability Law

Plaintiffs Claim AME Church Plan Is Subject to ERISA

"Members of the African Methodist Episcopal Church have filed a consolidated class action complaint alleging retirement plan fiduciary breaches under [ERISA].... The complaint follows a proposed class action lawsuit against named plan fiduciaries that was filed earlier this year.... Plaintiffs allege that the church plan is an ERISA plan because the summary plan document clearly states that it is." [In Re: AME Church Employee Retirement Fund Litigation, No. 22-3035 (W.D. Tenn. complaint filed Aug. 19, 2022)]  MORE >>

PLANSPONSOR; free registration may be required

Resources for Tracking State and City Retirement Initiatives

"This article summarizes state and city retirement initiatives for private-sector workers and rounds up relevant ... resources. This listing will be updated periodically and may not always reflect the latest developments in every state."  MORE >>


Texas Blacklists Ten Financial Companies, Claiming Energy Boycotts

"Texas Comptroller Glenn Hegar on [August 24] included BlackRock on a list of 10 financial companies he has determined 'boycott energy companies' ... [A 2021 state law] restricts the state's pension funds and other state entities from investing in companies that divest from fossil fuels."  MORE >>

Pensions & Investments

When It Comes to Your RMDs, Be Very, Very Afraid!

"Most people assume their taxable income in retirement will be very low because they're not working, and will be receiving only Social Security benefits and perhaps some interest and dividend income. But clearly, if you've saved a lot in tax-deferred accounts, your RMD income can be frighteningly large. Meet your retirement tax bomb."  MORE >>


How Gloomy Is the Retirement Outlook for Millennials?

"[The authors] use a dynamic microsimulation model to project how various forces might play out over the next 30 years to shape the retirement security of US residents born in the 1980s. [Their] projections show that median age-70 income will be higher for Millennials than previous generations, but this cohort faces a higher risk of seeing falling living standards in retirement."  MORE >>

Pension Research Council, The Wharton School of The University of Pennsylvania

Benefits in General

Improving Benefits Engagement Through Personalization

"Competitive pay and benefits will continue to play a major role in attracting and retaining key talent, but a one-size-fits-all approach is no longer effective. The time has come for HR to embrace the personalization of benefits, driven by technology that connects employees to relevant content in the moments that matter, making it easy for them to focus on what's important."  MORE >>

Alight Solutions

Congress Considers Major Changes to Adjudication of ERISA Claims

"[The Employee and Retiree Access to Justice Act (HR 7740 and S 4219)] would upend the Firestone exception that grants deference to a fiduciary's benefits determination. Instead, the Act would prevent a court from extending deference to a fiduciary's benefits determination and require a de novo review of all benefit claim lawsuits. The only exception to this standard would be for multi-employer plans[.]"  MORE >>

Hall Benefits Law

Employee Benefits Jobs

View job as Defined Contribution Consultant
          for Aimpoint Pension Defined Contribution Consultant

Aimpoint Pension


View job as Defined Contribution Consultant
          for Aimpoint Pension

View job as Documents and Operations Coordinator
          for Jordan & Associates Retirement Services Documents and Operations Coordinator

Jordan & Associates Retirement Services

Remote / Santa Rosa CA

View job as Documents and Operations Coordinator
          for Jordan & Associates Retirement Services

View job as Actuary
          for The Angell Pension Group, Inc. Actuary

The Angell Pension Group, Inc.

Remote / East Providence RI

View job as Actuary
          for The Angell Pension Group, Inc.

Selected New Discussions

Amendment to Limit Loan Amount and Repayment Period -- 72(p) Violation?

"Client has requested an amendment to reduce the maximum allowable loan amount to 50% of vested balance, but not to exceed $25,000. Client also wants to reduce loan repayment period to 3 years. Can these elections be made and the loan still satisfy 72(p)?"

BenefitsLink Message Boards

Hardship Distributions -- Rely on Employee Certification?

"If a plan has elected the safe harbor rules for hardship distributions, can the plan sponsor rely on employee certifications with respect to the amount to satisfy the financial hardship and the employee's need for the hardship distribution? I want to make sure we're OK to just have them sign a certification statement without having to also request documentation proving the hardship."

BenefitsLink Message Boards

Elective Deferrals: Can Be Subject to a 409A Substantial Risk of Forfeiture, or Must Be Fully Vested at All Times?

"Under a nonqualified 409A plan, must elective deferrals be 100% vested at all times, and only nonelective contributions may be subject to a vesting schedule? Or may elective deferrals also be made subject to a substantial risk of forfeiture?"

BenefitsLink Message Boards

Press Releases

Marcia S. Wagner Appointed to The New England Legal Foundation Massachusetts Advisory Council

The Wagner Law Group P.C.

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRA Fundamentals

September 27, 2022 WEBCAST


Last Issue's Most Popular Items

Second Circuit: ERISA Anti-Alienation Provision Does Not Protect 401(k) of Shkreli Co-Conspirator Lawyer

Bloomberg Law

Avoiding Improper Retirement Plan Distributions: The DOL and the Good, the Bad and the Ugly


An ERISA Potboiler for Your End of Summer Reading Pleasure

Kantor & Kantor LLC

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

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