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Retirement Plans Newsletter

September 7, 2022

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

New York State and Local Retirement System Announces Employers' Retirement System Contribution Rates for 2023-2024

"Employers' average contribution rates for the State Fiscal Year 2023-24 will increase from 11.6% to 13.1% of payroll for the Employees' Retirement System (ERS) and from 27.0% to 27.8% of payroll for the Police and Fire Retirement System (PFRS)."  MORE >>

Office of the New York State Comptroller


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[Official Guidance]

Draft of IRS Form 5330: Return of Excise Taxes Related to Employee Benefit Plans (PDF)

Draft as of September 6, 2022; form revision date December 2022.  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Best Interest Standard of Care for Advisors, Part 100: Liabilities and Opportunities

"The greatest threat is for plan-to-IRA rollover recommendations that do not satisfy the conditions of the PTE. That is due to, for example, ERISA's private of action for fiduciary breach, the large amounts involved in some rollovers, and the requirement that participants be given the specific reasons why a rollover recommendation is in their best interest. However, the PTE also create opportunities to recommend proprietary investments to plans and IRAs and to recommend additional services such as investment management services for participants."  MORE >>

[Guidance Overview]

Roth IRA Distribution Ordering Rules

"There is no such thing as FIFO ('first in, first out') with a Roth IRA. LIFO ('last in, first out') and pro rata also have zero bearing on Roth IRA withdrawals. In fact, there is a simple ordering procedure for Roth IRA distributions: Contributions come out first. When they are depleted… Converted dollars come next. When they are depleted… Earnings come out last. That's it. Those are the ordering rules, and it does not matter from which Roth IRA you take a distribution."  MORE >>

Slott Report

DOL Extends Comment Period, Sets Hearing on Proposed Amendment to QPAM Exemption

"[EBSA announced] that it will hold an online public hearing on the proposed amendment to its Class Prohibited Transaction Exemption 84-14, commonly known as the qualified professional asset manager exemption. EBSA is also extending the public comment period for the proposed amendment for an additional 15 days, through October 11. This period will be supplemented by a subsequent comment period beginning after the hearing in mid-November."  MORE >>



Register for the Conference of Consulting Actuaries Annual Meeting

The meeting includes 20 retirement sessions on topics like: Liability-driven investment strategies, the current state of market-base cash balance plans & accumulation strategies for defined contribution plans. 18.5 CPD & 15.5 EA credits available.

Sponsored by Conference of Consulting Actuaries [CCA]

Two Losses for Pension Plan Participants Challenging Investment Fees

"401(k) plan fiduciaries defeated claims by participants that they breached their duties under ERISA with respect to investment fees.... At a minimum, [these two cases provide] vivid illustrations of the difficulties of bringing successful suits challenging the fees and investment returns for ERISA pension plans." [Albert v. Oshkosh Corp., No. 21-2789 (7th Cir. Aug. 29, 2022); Rozo v. Principal Life Ins. Co., No. 21-2026 (8th Cir. Sep. 2, 2022)]  MORE >>

Kantor & Kantor LLC

Inflation Reduction Act Means Employers Should Review Benefits Plans Now for Compliance

"[B]usinesses and employers should be aware of the upcoming increase in enforcement and ... should perform self-audits to see if there are document or operational failures that might be self-corrected or corrected under EPCRS or the Voluntary Closing Agreement program.... [T]here is significant reason to believe that there may be an enforcement initiative for nonqualified deferred compensation plans."  MORE >>

Murphy Austin

Top Issues (and Their Solutions) Plan Sponsors Have with Recordkeepers

"In cases where services aren't bundled, the recordkeeper represents the hub for all other service providers. The potential for a breakdown in integration can lead to frustration for plan sponsors. When they begin to blame everyone else, that's when the real problems start."  MORE >>

Fiduciary News; free registration required

Exceptional Usefulness and Quality icon Understanding the 'Five-Year Clock' to Avoid Roth Distribution Penalties

"The five-year clock does not restart for each Roth contribution or new account owned. Instead, all an individual's Roth IRAs are aggregated, allowing for an owner to roll over or transfer their Roth IRA to a new IRA custodian without restarting the five-year requirement. The only exception to this rule applies to inherited Roth IRAs or Roth 401(k)s."  MORE >>

Lord Abbott

World's Largest Pension Funds Reach New $23.6 Trillion Record

"While total AuM has reached record highs, growth has slowed from 11.5% in 2020 to 8.9% in 2021.... [T]he latest performance is enough to take five-year cumulative growth to 50.2% in the period between 2016 and 2021."  MORE >>

Willis Towers Watson

How to Know If Your Retirement Savings Are on Track

"For people in their younger years, starting a retirement savings plan can be the biggest challenge, but also the most important step toward ensuring financial security and well-being in the future ... Those already saving may still want to take a couple of steps to make sure they are on course to meet their retirement goals. First and foremost, make sure you are on track. You can do that using this retirement calculator, which will help you gauge how your savings are stacking up against your likely needs."  MORE >>


Benefits in General

JBEA Advisory Committee Seeks Applicants (PDF)

"In addition to preparing the examinations, the Advisory Committee reviews statistical results of the examinations and recommends appropriate pass marks to the Joint Board. It also assists in developing the syllabi and addressing other issues related to the enrollment examination process. Members are appointed for two-year terms.... The Joint Board is now seeking applications from enrolled actuaries[.]"  MORE >>

Internal Revenue Service [IRS]

Inflation Has Altered Plan Sponsors' Benefits Spend

"Despite myriad spiking costs, many plan sponsors with a robust retirement plan and matching contribution are not cutting back retirement benefits ... Plan sponsors have increased mental health benefits and added high-deductible health plans as an avenue for navigating the effects of increased inflation ... Employers are bolstering and adding voluntary benefits such as supplemental insurance for critical illness and personal accident and hospital indemnity coverage ... Employers are also incorporating child and elder care benefits[.]"  MORE >>

PLANSPONSOR; free registration may be required

Executive Compensation and Nonqualified Plans

Executive Compensation and Private Company M&A Transactions (PDF)

"Identifying and appropriately dealing with executive compensation matters are critical to the overall success of a private company transaction. Such matters are a source of potential liabilities to consider in determining the price that an acquirer will pay for the target company. Ensuring that key employees of the target are appropriately incentivized through the closing of the transaction and any post-closing integration period is crucial."  MORE >>

Skadden, via Bloomberg Law

Employee Benefits Jobs

View job as Senior Compliance Administrator
          for AIG Life & Retirement Senior Compliance Administrator

AIG Life & Retirement

Houston TX

View job as Pension Compliance Administrator
          for Associated Pension Consultants Pension Compliance Administrator

Associated Pension Consultants


View job as Pension Compliance Administrator
          for Associated Pension Consultants

View job as Plan Services Consultant II
          for CUNA Mutual Plan Services Consultant II

CUNA Mutual


View job as Plan Services Consultant II
          for CUNA Mutual

View job as Senior Retirement Plan Education Consultant
          for Newport, an Ascensus Company Senior Retirement Plan Education Consultant

Newport, an Ascensus Company

Remote / AZ / CA / ID / NV / OR / WA

View job as Senior Retirement Plan Education Consultant
          for Newport, an Ascensus Company

View job as Senior RFP Writer
          for Newport, an Ascensus Company Senior RFP Writer

Newport, an Ascensus Company


View job as Senior RFP Writer
          for Newport, an Ascensus Company

Selected New Discussions

Setting Up Practical Electronic Distributions from a Qualified Plan

"I am a trustee of my company's ESOP. Historically we have issued distributions from the plan in the form of a check. But every year or two we will have a check get lost either in the mail, or by the participant, or by an investment brokerage. When this happens, we have put a stop payment on the check and renewed the stop payment one or two times while efforts are made to locate the check. Eventually, if the check isn't found, we end up closing the checking account, which is a hassle. We'd like to move to an electronic form of payment so we don't have this problem. Is there a good way to make distributions electronically?"

BenefitsLink Message Boards

Does Professional Corporation's DB Plan Become Covered by PBGC If Plan Covers Non-Professional Controlled Group Members?

"All-M.D. office, fewer than 10 employees. Owner also owns 2 pizza restaurants with a few employees. If a DB plan is set up just for the M.D. office, is it covered by PBGC? If a DB plan is set up with the pizza restaurants as participating employers under a plan for which the M.D. office acts as the plan sponsor, would the DB plan be covered by PBGC?"

BenefitsLink Message Boards

Sample Language to Use When Firing a Client?

"I have never dismissed a client, so I'm lost as to how to commit this to writing. I took over a DB plan I never should have. I should have known from my conversations with, and then an in-person meeting, this guy who was totally clueless as to what plans he had. But he always expected someone else to do the job. I'm sure a few TPAs have fired clients. Could you share any 'sample' wording? The only thing I can think of would be totally unprofessional, but this has been a total waste of my time."

BenefitsLink Message Boards

Press Releases

Centivo Ebook Provides Checkup for Employer-Sponsored Health Plans


HUB International Enhances Retirement Advisory Services with Acquisition of the Assets of Direct Advisors, LLC in New York

HUB International

Groom Leaders Accepted Into Harvard Law Leadership in Law Firms Program

Groom Law Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Making the Move A Plan Sponsor’s Guide to a Pension Risk Transfer


PBI Research Services

2022 Form 5500 Filing Considerations and Retirement Plan Updates



10b5-1 Trading Plans and Other SEC Rules Advisors Need to Know

September 15, 2022 WEBCAST

How Embedded Is ESG in Your Compensation and Benefits Strategy?

September 20, 2022 WEBCAST

Eversheds Sutherland

Steps to Improve Women’s Retirement Security

September 20, 2022 WEBCAST

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

IRA Excess Contributions and Recharacterizations

October 6, 2022 WEBCAST


Retirement Plan Roundup, Session 2: Litigation Update

October 12, 2022 WEBCAST

Thompson Hine LLP

Last Issue's Most Popular Items

DOL Updates Guidance on Employee Benefit Plan Auditor Independence

American Retirement Association [ARA]

Fiduciary Lessons from Recent Litigation

Qualified Plan Advisors

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

Roberts Disability Law

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

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