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Retirement Plans Newsletter

September 13, 2022

2 New Job Opportunities 2 New Job Opportunities


Massachusetts Secure Choice Moves Closer to Implementation

"Legislation that would create Massachusetts Secure Choice, a state-run retirement program that would provide coverage for private-sector employees whose employers do not offer a retirement plan, is now before the Rules Committees of both chambers of the Bay State's legislature. The legislation was introduced in the state Senate and House of Representatives early in 2021."  MORE >>

American Retirement Association [ARA]

New York State and City Employers Should Prepare to Provide Retirement Plan Options for Their Employees

"The [New York State Secure Choice Savings Program] is a state-run, payroll deduction based individual retirement account ('Secure Choice IRA') administered by the Secure Choice Savings Program Board (the 'Board'), which is responsible for designing and implementing the Program.... The NYC Retirement Program creates a retirement saving program with mandatory auto-enrollment, payroll deduction individual retirement accounts for employees of private sector employers who do not offer a retirement plan."  MORE >>

Bryan Cave Leighton Paisner LLP

Top Issues (and Their Solutions) 401(k) Plan Sponsors Have with Investment Providers

"[T]he most visible service provider [is] the investment adviser.... Are we talking about an SEC-registered investment adviser or an advisor who is hired to opine on the plan investment menu? ... The bottom line is this: To be a fiduciary or not to be a fiduciary? Plan sponsors [may] fail to fully grasp the significance of this ... This conflict between conflicting priorities can put a chokehold on the typical small company plan sponsor."  MORE >>

Fiduciary News; free registration required

We Could See More RMD Changes This Year

"Lawmakers in Washington are currently considering two separate bills that would make substantial changes to how Americans save for and are taxed in retirement. And one of the major areas of focus in these bills is reforming RMDs (i.e., required minimum distributions)."  MORE >>


Exceptional Usefulness and Quality icon The 2022 Pension Risk Transfer Market Is Breaking Records. What's Going On?

"Historically, 65 to 75% of PRT transactions occur in the second half of the year, but so far in 2022, Q1 and Q2 have both broken records for PRT activity, with $5.3 billion and $12.5 billion in sales, respectively. This is already 47% of the record $38.1 billion total in 2021. And it does not look like the momentum is expected to slow down. This article will explore the continued surge in the PRT market."  MORE >>


Time to Take a Closer Look at Managed Accounts (PDF)

"Managed accounts offer a variety of potential benefits, including greater personalization of retirement accounts, the ability to address individual needs, create more appropriate asset allocation, increase overall diversification, and boost plan participation and contribution rates. On the other hand, concerns and drawbacks must be addressed, including higher costs, a lack of relevant benchmarks, and questions as to how best to present managed accounts."  MORE >>

Retirement Advisor Council

After 50 Years of Progress, How Prepared Are Women for Retirement?

"In the 50 years since Title IX's passage, women have made major economic progress in education, earnings, and wealth. They have also become more independent, with late baby boomers spending less than half their adult lives married. Moving away from marriage, by reducing support from a spouse, could have put women more at risk for retirement. However, the results show that women who spend most of their lives single are as well prepared for retirement as married couples."  MORE >>

Center for Retirement Research at Boston College


Some School Districts Are Improving Their 403(b) Plans

"We recently heard from two school districts asking us to change their grade based on plan changes they have made. This is exactly what we hoped the grading system would do: Drive change."  MORE >>


Benefits in General

[Guidance Overview]

Cybersecurity Leading Practices: Navigating the DOL Guidance (PDF)

"For each of the guidance documents, the organization should understand if the organization is performing the leading practices, how well they are performing them, and note any gaps, both in design and degree of available documentation.... Consider whether [1] fiduciary liability insurance covers cyber theft, [2] organizational cybersecurity insurance covers pension breaches and [3] service provider management program address cyber risk."  MORE >>


Some Nonfiduciary Liability Issues After Harris Trust (PDF)

"Since the Supreme Court in Harris Trust looked to common law remedies under trust law in determining that an action could be maintained against a nonfiduciary under ERISA, and ERISA is rooted in the common law of trusts, it is useful as a starting point to consider the treatment of nonfiduciary liability at common law."  MORE >>

The Wagner Law Group

Employee Benefits Jobs

View job as Retirement Plan Specialist
          for ADP Retirement Plan Specialist


Florham Park NJ / Louisville KY / El Paso TX / Salem NH / MA

View job as Retirement Plan Specialist
          for ADP

View job as Executive Director
          for New Jersey Secure Choice Savings Board Executive Director

New Jersey Secure Choice Savings Board

Trenton NJ

View job as Executive Director
          for New Jersey Secure Choice Savings Board

Selected New Discussions

Add Profit Sharing to Existing 401(k) Plan via a SECURE Act Retroactive Amendment?

"I have a client that would like to make a profit sharing contribution by her 2021 extended tax filing deadline of 9/15/22 for the 2021 plan year. We can get the calculation done, but the existing 401(k) plan does not currently offer profit sharing. Is it permitted under the SECURE Act to retroactively add a profit sharing feature to an existing 401(k) plan for a prior year? This is not starting a brand-new qualified plan (such as profit sharing or cash balance) retroactively (which is pretty clear in the SECURE Act as acceptable) but instead adding the profit sharing feature to an existing 401(k) plan. As a side note, if it matters for context, this is a solo plan (husband and wife)."

BenefitsLink Message Boards

How Does a 401(k) In-Plan Roth Rollover (IRR) Differ from an In-Plan Roth Transfer (IRT)?

"Can someone shed light on the difference between IRR and IRT? Our BPD Cycle 3 says IRR involves an amount 'permitted to be distributed in an eligible rollover distribution' and IRT involves an amount 'not otherwise distributable.' An IRR I believe allows in-plan conversion of pretax deferrals at any age. Beyond that, I'm not 100% clear, and I can't seem to find sources that explain this well. We were to amend a plan to allow in-plan conversion -- presumably both IRR and IRT. American Funds RKD says on its website that they do not support IRTs."

BenefitsLink Message Boards

Can Have a 200% Match in a 6% Safe Harbor Plan?

"Nothing wrong with a 200% match in a 6% Safe Harbor plan, right? ADP and ACP Safe Harbors still apply? Yes I know about the 415 limits and will caveat about that."

BenefitsLink Message Boards

Press Releases

The Cerrado Group Holds Annual Meeting – Focuses on Future Initiatives

The Cerrado Group

Nationwide Enhances Retirement Readiness Tool with NewRetirement Financial Planning Platform


Franklin Templeton Transitions 403(b) Business to PCS Retirement’s Aspire Platform

Franklin Templeton

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Defusing the Retirement 'Tax Bomb'



A Roadmap to Retirement Readiness: Removing Roadblocks & Expanding Literacy

September 28, 2022 WEBCAST

WISER [Women's Institute for a Secure Retirement]

A Roadmap to Retirement Readiness: Removing Roadblocks & Expanding Literacy

September 28, 2022 in DC

WISER [Women's Institute for a Secure Retirement]

Taking Plan Design to New Heights

October 26, 2022 WEBCAST


Last Issue's Most Popular Items

Retirement Plan RMD Updates Bring New Challenges for Employers

Kaufman & Canoles, P.C.

DOL (Somewhat) Unshackles Auditors from Stringent Independence Requirements

Groom Law Group

How Much Can You Spend in Retirement? Small Adjustments Can Make a Big Difference

The Wall Street Journal; subscription may be required

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

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