logo logo

Retirement Plans Newsletter

September 2, 2022

New Job Opportunity Today New Job Opportunity Today


[Guidance Overview]

IRS Relaxes Plan Amendment Deadlines for Changes Under the SECURE Act and Other Laws

"Sponsors of qualified plans and non-governmental Section 403(b) plans now have until December 31, 2025, to adopt certain plan amendments required by these recent changes in law ... Special rules apply to government plans.... And for sponsors with pre-approved plans, the IRS states that it anticipates the changes ... will be covered in the next required amendments list[.]"  MORE >>

Faegre Drinker

District Court Rejects Cross-Selling Claims in Mixed ERISA Ruling

"Much of the ruling sides with plaintiffs and permits the case to move to discovery, but the defendants successfully defeat claims related to cross-selling and data-sharing among providers." [Berkelhammer v. ADP TotalSource Group Inc., No. 20-5696 (D.N.J. Aug. 23, 2022; unpub.)]  MORE >>


BlackRock 401(k) Lawsuits Pressure DOL to Act

"Target-date funds are the most common investment vehicle marketed to participants at work, but the one-stop-shop darlings of the retirement investment industry are confronting an unexpected set of challenges this year that cast a shadow over more than $1.8 trillion in savings. The litigation, new research suggesting most employers don't use TDFs effectively, and lawmakers' calls to investigate the way they're managed are putting pressure on regulators to weigh in."  MORE >>

Bloomberg Law

M&A Could Be the Next Challenge for Plan Sponsors

"[C]ompanies took advantage of low-interest rates to create an unprecedented increase in mergers and acquisition (M&A) activity in 2021. Company retirement plans and their participants are typically an afterthought when M&A activity is happening at such a rapid pace. It is important to focus on a few areas that plan sponsors often miss in diligence or are surprised to learn about when acquiring a company or being acquired themselves."  MORE >>


FAS87 ASC715 Discount Rates and Moody's Rates, August 31, 2022

An unofficial monthly report of the Moody"s Daily Long-term Corporate Bond Yield Averages and Moody"s Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

BenefitsLink Message Boards

Benefits in General

[Official Guidance]

Text of EBSA Interpretive Bulletin 2509.2022-01: Independence of Employee Benefit Plan Accountants

20 pages. "[This Interpretive Bulletin (IB) sets] forth guidelines for determining when a qualified public accountant is independent for purposes of auditing and rendering an opinion on the financial statements required to be included in the annual report filed with the [DOL] under [ERISA].... The purpose of this document is to revise and restate an IB the Department issued in 1975 on accountant independence ... In addition to making the adjustments described in more detail [in this preamble], the Department has reorganized the interpretive bulletin for clarity.... [1] Time period during which accountants are prohibited from holding financial interests in the plan or plan sponsor ... [2] Definition of 'office' for purpose of determining who is a 'member' of the firm."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Employee Benefits Jobs

View job as Chief Economist and Director, Office of Research & Analysis
          for Employee Benefits Security Administration [EBSA] Chief Economist and Director, Office of Research & Analysis

Employee Benefits Security Administration [EBSA]

Remote / Washington DC

View job as Chief Economist and Director, Office of Research & Analysis
          for Employee Benefits Security Administration [EBSA]

Selected New Discussions

5500-EZ Marked 'Hurricane Ida Extension' But Still Received Late Penalty

"We have two separate DB plans that filed Form 5500-EZ for their 2020 calendar year, which were extended due to Ida to January 3 and then further extended to February 15. The plans have received late filer penalty notices of $16,500 and $17,000 respectively. They both filed in mid-December 2021, well before the January 3 extended due date. In addition, on top of each form it was written in bold, 'New York -- Hurricane IDA -- FEMA IDR 4615.' Has anyone else heard about this?"

BenefitsLink Message Boards

Extending 5500 Deadline by Means of Automatic Extension

"2 questions, unrelated to each other, but related to use of Automatic Extension:

  1. I understand the plan year has to match employer's tax year. How about just the plan year end? e.g., a short plan year was declared from 7/1-12/31 and the employer's tax year is 12/31.
  2. Plan sponsor insists they never use Form 5558 but always rely on their own Automatic Extension of their business tax returns. Do other TPAs have plans that rely on this? We have always taken the approach to file 5558 no matter what, if it needs to be extended.'

BenefitsLink Message Boards

Contingent Beneficiary Question

"Participant indicates spouse is primary beneficiary and the contingent beneficiary is his nephew. participant then gets divorced so spouse is no longer primary beneficiary. Does the nephew now become the primary beneficiary until he (the participant) remarries? The beneficiary form says the spouse is primary and if not living at the time of participants death, the the named contingent beneficiaries will get the benefit. But the ex-spouse is still living.... Does the whole thing get blown up due to divorce, and new paperwork would need to be filled out or the plan's hierarchy will take over?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Inflation: Effects, Forecasts, and Role in Pension Valuations

September 7, 2022 WEBCAST

Society of Actuaries

Last Issue's Most Popular Items

IRS Launches 90-Day Pre-Examination Compliance Pilot (PDF)

Roberts & Holland LLP

Low-Cost Index Funds in the Crosshairs of New 401(k) Lawsuits

Holland & Knight

Social Security Reform: Taxation Options (PDF)

American Academy of Actuaries

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2021, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than and are offered as a service to our readers. We are not involved in their production and are not responsible for their content.