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Retirement Plans Newsletter

September 9, 2022

4 New Job Opportunities 4 New Job Opportunities

 

[Official Guidance]

Text of EBSA Information Letter 09-07-2022: Bonding Requirements Applicable to Pooled Employer Plans

"This letter responds to your request ... for information regarding the bonding requirements under [ERISA] applicable to a pooled employer plan (PEP).... [T]he pooled plan provider would be required to ensure that an independent contractor administrator or manager who handles plan funds or other property is properly bonded, which could include being covered by the bond of the PEP or by a separate bond obtained by the independent contractor administrator or manager that names the plan as an insured and meets the other requirements for bonds under ERISA section 412."  MORE >>

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

[Guidance Overview]

401(k)ology: Related Employers

"The related employer determination is likely one of the most challenging issues when it comes to retirement plan compliance ... What is a related employer? ... What is a controlled group? ... What is an affiliated service group? ... Why is knowing if another entity is a related employer so important? ... What happens if we were a related employer but now, we are not? ... How do plan documents and adoption agreements typically address related entities?"  MORE >>

Newfront

Senate Finance Leaders Formally Introduce EARN Act

"We now have legislative language for the Enhancing American Retirement Now (EARN) Act -- and a quick review finds a change from the concept draft regarding catch-up contributions."  MORE >>

American Retirement Association [ARA]

Practical Tips for Plan Sponsors and ESG Investments

"Fiduciaries that do choose to consider ESG factors as part of their process ... should be prepared to provide comprehensive documentation demonstrating that they have conducted a review that concludes the inclusion of ESG factors is material to an investment's risk and return profile."  MORE >>

Groom Law Group, via Bloomberg Law

Pension Finance Watch, August 2022

"The WTW Pension Index declined slightly in August 2022, remaining at a level comparable to last month's, and well above June's. This month's change was due to negative investment returns, almost completely offset by decreases in liabilities. The end-of-August index level of 96.9 reflects a decrease of 0.1% for the month."  MORE >>

Willis Towers Watson

Corporate Pension Funded Ratio Improves to 106.4% in August Despite Double-Digit Investment Losses Year-To-Date

"During August, the Milliman 100 PFI funded ratio climbed from 104.8% on July 31, 2022, to 106.4% as of August 31. The funded ratio improvement was driven by a 36-basis point increase in the monthly discount rate. The PFI projected benefit obligation (PBO) lessened by $65 billion as discount rates rose from 4.25% to 4.61% for the month. Meanwhile the market value of assets fell by $46 billion because of August's 2.47% investment loss."  MORE >>

Milliman

Are You Saving Too Much for Retirement? Signs You're Going Overboard

"[1] Your plan lacks clarity ... [2] You need a 401(k) refresher ... [3] You're falling short on other money goals ... [4] Putting it all together: strive for balance."  MORE >>

MoneyWise

Benefits in General

[Official Guidance]

IRS Disaster Relief Announcement AZ-2022-08, for Victims of Arizona Severe Storms

"Victims of Arizona severe storms occurring between July 17 and July 18, 2022, now have until November 15, 2022, to file various individual and business tax returns and make tax payments ... Individuals and households affected by severe storms that reside or have a business in the Salt River Pima-Maricopa Indian Community qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Ways to Help Employees Feel Valued, from a Pat on the Back to ESOP

"[1] Genuine, specific recognition of good work ... [2] Greater job autonomy ... [3] Customized employee benefits ... [4] Profit-sharing plans and other incentive pay ... [5] Nonqualified deferred compensation and other key employee benefits ... [6] ESOP."  MORE >>

Principal Financial Group

Employee Benefits Jobs

View job as Manager - Defined Contribution Plans
          for M2B Retirement Consulting LLC Manager - Defined Contribution Plans

M2B Retirement Consulting LLC

Remote / PA

View job as Manager - Defined Contribution Plans
          for M2B Retirement Consulting LLC

View job as Compliance Analyst - Defined Contribution Plans
          for M2B Retirement Consulting LLC Compliance Analyst - Defined Contribution Plans

M2B Retirement Consulting LLC

Remote / PA

View job as Compliance Analyst - Defined Contribution Plans
          for M2B Retirement Consulting LLC

View job as Employee Benefits Attorney
          for Butterfield Schechter LLP Employee Benefits Attorney

Butterfield Schechter LLP

San Diego CA

View job as Employee Benefits Attorney
          for Butterfield Schechter LLP

View job as ERISA Production Manager
          for July Business Services ERISA Production Manager

July Business Services

Remote

View job as ERISA Production Manager
          for July Business Services

Selected New Discussions

Sole Proprietor Considering a Solo 401(k) Start-Up -- EIN Required, or Is SSN Sufficient?

"An individual, who does significant work for herself, does not have a separate business name/EIN. She wants to start a 401(k) using her Social Security number. Is this permitted?"

BenefitsLink Message Boards

Use Both a 6-Month Service Requirement and a 1,000-Hour Eligibility Requirement?

"Client wants to amend the plan to 6 months and 1,000 hours for eligibility. Currently the plan has 1 year and 1,000 hours. Can this be done? If so, are there any ramifications to having this? I have had 6 month eligibility before but not with an hours requirement."

BenefitsLink Message Boards

Top Heavy Minimum Contribution Required for This Prevailing Wage Plan?

"A 401(k) is TH and has SHMAC and prevailing wage. No discretionary match or discretionary non-elective. Is 3% TH required?"

BenefitsLink Message Boards

Press Releases

AHT Insurance Announces the Addition of Michael Wright as Managing Director, Employee Benefits Group

Armfield, Harrison & Thomas, LLC [AHT Insurance]

Are You the Next 401(k) Champion®?

Jackson, Grant Investment Advisers, Inc.

Morgan Stanley at Work Unveils First-of-Its-Kind Participant Aggregation Platform to Create a Seamless Experience for Plan Advisors

Morgan Stanley

Last Issue's Most Popular Items

DOL Proposed QPAM Amendments May Disrupt Plan Sponsors' Investment Arrangements

Mercer

Seventh Circuit Provides Hope for ERISA Plan Sponsors and Fiduciaries Defending Investment Fee and Performance Litigation

Proskauer

Trying to Make Sense of ERISA Pleading Law After the Seventh Circuit's Oshkosh Decision

Euclid Specialty Managers

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

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