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Retirement Plans Newsletter

September 6, 2022

7 New Job Opportunities 7 New Job Opportunities

 

[Official Guidance]

DOL Schedules Hearing on Proposed Amendment to the QPAM Exemption

"[EBSA] will hold an online public hearing on the proposed amendment to its Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager Exemption. The department is also extending the public comment period for the proposed amendment for an additional 15 days, through Oct. 11, 2022, which will be supplemented by a subsequent comment period beginning in mid-November."  MORE >>

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

[Sponsor]

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]

IRS Offers a Narrow Break to U.S. Participants of Foreign Pensions

"This article provides a brief summary of the US tax classification and reporting obligations with which US persons must comply in connection with their interest in a foreign pension, retirement account, and in some cases, Social Security programs, as well as the practical guidance on how to use IRS Notice 2022-36 to minimize the reporting penalty burden for 2019 and 2020."  MORE >>

Bloomberg Law

Eighth Circuit: Principal Life Insurance Company Did Not Breach ERISA Fiduciary Duties with Its Stable Value Contract for 401(k) Plans

"Principal is ... compensated for any positive spread between what it promises to credit participants and what its investments actually yield. The higher the 'deducts' to the Guaranteed Interest Rate (GIR), the lower the rate paid to participants. The court found that this tension does not inevitably result in a type of conflict that establishes a breach of the duty of loyalty." [Rozo v. Principal Life Ins. Co., No. 21-2026 (8th Cir. Sep. 2, 2022)]  MORE >>

Roberts Disability Law

Fiduciary Lessons from Recent Litigation

"The Supreme Court's Hughes v. Northwestern University holding has already revealed its expected impacts: [1] retirement plan fee lawsuits are more likely to survive a motion to dismiss; and, as a result [2] retirement litigation continues to accelerate. A recent collection of litigation activity provides another opportunity for plan fiduciaries to identify helpful protective steps and best practices."  MORE >>

Qualified Plan Advisors

Delaware Enacts Auto-IRA Program for Private Sector Workers

"Delaware EARNS -- or Expanding Access for Retirement and Necessary Savings -- seeks to extend retirement benefits to the almost 150,000 private sector workers who currently have no access to a retirement plan though an employer ... The new law applies to all employers that employ five or more employees during the previous calendar year, have been in business for at least six months and do not offer a qualified retirement plan."  MORE >>

PLANSPONSOR; free registration may be required

The Two Basic Equations Underlying the Actuarial Financial Planner

"The [actuarial financial planner (AFP)] uses two relatively straightforward equations ... to help you balance your needs in retirement to grow your assets, protect your assets and prudently spend your assets.... While generation of an actuarial balance sheet, annual spending budget and liability-driven investment strategy is a relatively simple matter using these equations, the plan produced by the AFP (with annual adjustments and periodic stress testing) is quite robust[.]"  MORE >>

Ken Steiner, FSA Retired

[Opinion]

Defined Benefit Pensions Aren't the Answer to Retirement Readiness Anxiety

"The future of retirement should be individual retirement accounts. We should phase out pensions in public sector jobs and make retirement accounts accessible to more people rather than enlarging Social Security."  MORE >>

Allison Schrager via the The Washington Post; subscription may be required

Benefits in General

[Guidance Overview]

DOL Updates Guidance on Employee Benefit Plan Auditor Independence

"Subject to certain limitations, the DOL is revising its independence guidelines to provide an exception for new audit engagements from the condition on holding disqualifying financial interests during the period covered by the financial statements being audited."  MORE >>

American Retirement Association [ARA]

Executive Compensation and Nonqualified Plans

Pay for Performance 2022: From Disclosure to Execution ... to Retention

"Retention and performance incentives ... are possible to implement in an efficient, effective manner, but that takes care. There is no doubt that P4P may motivate when done well. Likewise, retention incentives can secure talent and protect employers from costly defections. For private and public employers, [this article lists] some simple self-audits for identifying best, and riskiest, practices."  MORE >>

The Wagner Law Group

Employee Benefits Jobs

View job as Distribution \ Loan Clerk
          for Retirement, LLC Distribution \ Loan Clerk

Retirement, LLC

Remote / Oklahoma City OK

View job as Distribution \ Loan Clerk
          for Retirement, LLC

View job as Senior Defined Contribution Account Manager
          for Nova 401(k) Associates Senior Defined Contribution Account Manager

Nova 401(k) Associates

Remote / Houston TX / Scottsdale AZ

View job as Senior Defined Contribution Account Manager
          for Nova 401(k) Associates

View job as Senior Plan Document & Compliance Specialist
          for PCS Retirement, LLC Senior Plan Document & Compliance Specialist

PCS Retirement, LLC

Remote / Lafayette Hill PA

View job as Senior Plan Document & Compliance Specialist
          for PCS Retirement, LLC

View job as Business Initiative for Climate Friendly Finance: Retirement Savings Lead
          for Impact Experience Business Initiative for Climate Friendly Finance: Retirement Savings Lead

Impact Experience

Remote / Oakland CA

View job as Business Initiative for Climate Friendly Finance: Retirement Savings Lead
          for Impact Experience

View job as Organizational Development Specialist
          for The Retirement Advantage Organizational Development Specialist

The Retirement Advantage

Remote

View job as Organizational Development Specialist
          for The Retirement Advantage

View job as Senior Retirement Analyst
          for Dunbar, Bender & Zapf, Inc. Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Senior Retirement Analyst
          for Dunbar, Bender & Zapf, Inc.

View job as Retirement Plan Administrator
          for Retirement Solutions Specialists, LLC Retirement Plan Administrator

Retirement Solutions Specialists, LLC

Remote / Jacksonville FL

View job as Retirement Plan Administrator
          for Retirement Solutions Specialists, LLC

Selected New Discussions

Exceptional Usefulness and Quality icon Permit a Hardship Withdrawal Despite Resulting Reduction in Portion of Account That's Securing an Outstanding Loan?

"A participant meets all the requirements for a hardship withdrawal and the plan allows hardship withdrawals in the amount of the participant's elective deferral account. However, there is an outstanding loan on the participants account and the hardship withdrawal will wipe out the amount in the account securing half of the loan. The plan does not have a provision prohibiting hardship withdrawals given outstanding loans but my conclusion is to deny the hardship withdrawal given loan security issues unless the participant can prove the loan is secured by other than plan assets. Any comments?"

BenefitsLink Message Boards

Press Releases

DOL Sues Former Hospital CEO Who Failed to Forward Plan Contributions, Caused Cancellation of Employees' Health Insurance

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

Alera Group Retirement Plan Services Names Christian Mango National Practice Leader

Alera Group

Benefits Science Technologies Launches Network Price Transparency Software

Benefits Science Technologies

CVS Health to Acquire Signify Health

CVS Health

Last Issue's Most Popular Items

BlackRock 401(k) Lawsuits Pressure DOL to Act

Bloomberg Law

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

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

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

Faegre Drinker

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

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