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Retirement Plans Newsletter

August 30, 2022

4 New Job Opportunities 4 New Job Opportunities

 

[Guidance Overview]

CalSavers: Threshold Number of Employees Required for Coverage Will Drop to One

"Under the new law, the threshold drops from five or more employees to one or more employees [on December 31, 2025].... All California employers ... should consider whether a private plan can be designed to better meet their goals than the state run CalSavers. Those with under 5 employees, in particular, have time ... to discuss private plan designs that may be a better option before being subject to CalSavers."  MORE >>

Murphy Austin

Exceptional Usefulness and Quality icon Comparing Defined Contribution Plan Designs

"Here is an example showing the results of comparing seven plans for a small business. The owner was willing to spend on staff an amount equal to 5.0% of their total combined payroll.... The results show the differences that can be obtained from various plan designs. The best design for any given situation will vary depending on employee ages and salaries, as well as company objectives."  MORE >>

Retirement Management Services, LLC

Solutions for Top Plan Sponsor Issues with Payroll Processors

"[It] can be argued that lack of systems sophistication is the root of all other evils emanating from the payroll processor. For example, the movement towards effortless participation has employees no longer needing to opt-in. This can cause delays in transferring contributions if the payroll processor doesn't possess the software to manage this."  MORE >>

Fiduciary News; free registration required

Should You Use the Roth Retirement Savings Option?

"The math tells you the Roth should be the preferred retirement savings alternative. There are, however, very good reasons why fewer people than you'd expect are using Roths.The most obvious reason is they can't."  MORE >>

Forbes; subscription may be required

Self-Directed 401(k) Investors' Balances Declined with the Market in the Second Quarter

"According to Charles Schwab's SDBA Indicators Report ... the average account balance across all participant accounts finished at $283,485 for the second quarter ending June 30, an 18.58% decrease year-over-year and a 14.62% decrease from the first quarter of 2022."  MORE >>

Charles Schwab

Public Pension Funds Overwhelmingly Support ESG

"[A] sample of U.S. state and local municipal defined-benefit public pension funds, which invest on behalf of almost 14 million of their working and retired participants across $3.4 trillion in assets, showed a higher rate of support for almost all of these 72 resolutions compared with support from general shareholders as well as ESG-focused funds."  MORE >>

Morningstar; free registration required

GAO Report on Retirement Security: Recent Efforts by Other Countries to Expand Plan Coverage and Facilitate Savings

"This report describes the views of international retirement representatives on policy options and trade-offs from account-based retirement savings reforms in other countries, intended to improve retirement security. These include [1] automatic enrollment of employees in retirement savings plans; [2] financial incentives for employees to contribute; [3] default plan options; and [4] plan flexibilities."  MORE >>

U.S. Government Accountability Office [GAO]

Executive Compensation and Nonqualified Plans

[Guidance Overview]

Final Pay-Versus-Performance Disclosure Rules: Compliance Q&A

11 pages, 27 Q&As. "On August 25, 2022, the [SEC] adopted final rules implementing the 'pay versus performance' provisions of the Dodd-Frank Act. New Item 402(v) requires the disclosure of information that shows the relationship between executive compensation actually paid and the financial performance of the issuer ...[T]his set of Q&As [is intended to assist public company clients] in complying with these new disclosure requirements."  MORE >>

Debevoise & Plimpton LLP

Employee Benefits Jobs

View job as Retirement Plan Administrative Specialist
          for Mueller Financial Services Retirement Plan Administrative Specialist

Mueller Financial Services

Elgin IL / Chicago IL / Orland Park IL

View job as Retirement Plan Administrative Specialist
          for Mueller Financial Services

View job as Plan Consultant
          for Sentinel Benefits & Financial Group Plan Consultant

Sentinel Benefits & Financial Group

Remote / Wakefield MA

View job as Plan Consultant
          for Sentinel Benefits & Financial Group

View job as Senior Plan Consultant
          for Sentinel Benefits & Financial Group Senior Plan Consultant

Sentinel Benefits & Financial Group

Remote / Wakefield MA

View job as Senior Plan Consultant
          for Sentinel Benefits & Financial Group

View job as Defined Benefit Plan Consultant/ Actuarial Analyst
          for Sentinel Benefits & Financial Group Defined Benefit Plan Consultant/ Actuarial Analyst

Sentinel Benefits & Financial Group

Remote / Wakefield MA / Melville NY / Bingham Farms MI

View job as Defined Benefit Plan Consultant/ Actuarial Analyst
          for Sentinel Benefits & Financial Group

Selected New Discussions

Participant Moves from One Location to Another That Has Separate Plan

"Client has 2 locations with separate plans to avoid being a large plan filer. One participant has moved from one location to another. Should her account balance be moved to the new location as well? If so, would this be treated as a regular rollover distribution where the employee has to complete distribution paperwork and a 1099R is generated? Or can it just automatically be moved? The amount in question is over $100K."

BenefitsLink Message Boards

Employer Discontinues Participating in Pooled Employer Plan and Wants to Treat as Plan Termination

"When a employer decides to discontinue participation in a pooled employer plan (PEP) and allows distributions, will the participants need to be 100% vested? Can someone share the IRS/DOL rule on vesting under a PEP at termination of an employer's participation?"

BenefitsLink Message Boards

Husband's Firm Provides Services to Wife's Firm; Are These Related Entities?

"Husband owns a business that is predominantly non-service (warehouse, sales, capital intensive inventory) but does provide some related services such as installation of products. The business has over 200 employees. Wife has been on payroll but will be terminated in 2022. Wife owns a service business with no employees. Husband’s business enters into a contract with wife’s business starting in 2023 which generates the majority of wife’s business income. Wife intends to set up a pension plan for her business starting in 2023 with her as the only participant. I believe there is no controlled group or affiliated service group. Agree?"

BenefitsLink Message Boards

Press Releases

NationsBenefits to Acquire DeliverLean, a Premium Prepared Meals Company, to Advance its Food as Medicine Platform

NationsBenefits

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

2022 Academic Forum

November 15, 2022 WEBCAST

Defined Contribution Institutional Investment Association [DCIIA]

Last Issue's Most Popular Items

How Long $500k Will Last in Retirement in Each State

GOBankingRates, via Yahoo News

Here's What a $2 Million Retirement Looks Like in America

The Wall Street Journal; subscription may be required

You Can't Always Get What You Want: IRS Issues Notice 2022-33

Jackson Lewis P.C.

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

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