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Retirement Plans Newsletter

September 15, 2022

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Text of EBSA Initial Regulatory Flexibility Analysis for Proposed Amendment to PTE Class Exemption 84-14 (QPAM Exemption)

25 pages. "After consulting with the Small Business Administration's Office of Advocacy, [DOL] has decided to publish this Initial Regulatory Flexibility Analysis (IRFA) explaining its possible impact on small entities. The Department requests comments by October 11, 2022, the same deadline as the extended comment period for the Proposed QPAM amendment.... [DOL] will provide additional time for public input on all aspects of the Proposed QPAM Amendment (including the supplemental IRFA) when the comment period reopens on the hearing date."  MORE >>

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

[Guidance Overview]

DOL Updates Guidance on Independence of Qualified Plan Accountants

"The updated Interpretive Bulletin is focused on three areas: [1] The time period during which accountants and firms are prohibited from financial interests in the plan or plan sponsor.... [2] Other services an accountant or firm may provide to a plan or plan sponsor.... [3] Definition of office for purposes of determining who is a member of a firm for an 'independence' analysis."  MORE >>

The Wagner Law Group

[Guidance Overview]

Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts

"Notice 2022-33 extended the plan amendment deadline for non-governmental qualified retirement plans and 403(b) plans and for IRAs to December 31, 2025, for the SECURE Act, Miners Act and CARES Act changes.... Plan sponsors that elected to offer COVID-related distributions and COVID-related loan relief need to amend their plans by the end of the 2022 plan year. Similarly, plan sponsors that took advantage of Disaster Act relief need to amend their plans by the end of the 2022 plan year."  MORE >>

McDermott Will & Emery

Seventh Circuit Affirms Dismissal of Excessive Fee Case Against Oshkosh

"This appellate decision adds momentum to the trend of courts taking a hard look at excessive fee claims at the motion to dismiss stage. The Seventh Circuit has reiterated that it is a circuit which will apply such scrutiny at the early stages (as is the case in the Sixth Circuit).... In light of substantial precedent in favor of enforcing choice of venue in plans, plan sponsors with relevant connections to the 7 states in the Sixth and Seventh Circuits may want to consider adopting such provisions if they have not already." [Albert v. Oshkosh Corp., No. 21-2789 (7th Cir. Aug. 29, 2022)]  MORE >>

Willis Towers Watson

Excessive Fee Cases: Pendulum May Be Swinging Back in Favor of Plan Sponsors

"The 7th Circuit reads Hughes as to just reject the assumption that offering an array of high- and low-cost investment options insulates fiduciaries from liability.... [P]laintiff's claim that defendant paid excessive fees based on the fees paid by similarly sized plans is without merit since the comparison does not consider the quality or type of services provided by Fidelity.... From the 6th and 7th Circuit, it appears that allegations have to compare the fees being charged with the quality and/or type of services being provided." [Albert v. Oshkosh Corp., No. 21-2789 (7th Cir. Aug. 29, 2022)]  MORE >>

Fox Rothschild LLP

DOL Seeks Dismissal of Lawsuit Challenging Cryptocurrency Guidance

"[DOL] said the case should be dismissed for several reasons, including ForUsAll lacking standing to challenge the guidance because it hasn't alleged the guidance has caused it harm or that vacating the guidance 'would remedy this alleged injury.' Also, the department said its guidance 'does not constitute final agency action' on the crypto issue, nor is it required to submit interpretative rules and general agency policy statements to public notice and comment under the Administrative Procedure Act." [ForUsAll v. DOL, No. 22-1551 (D.D.C. motion to dismiss filed Sep. 12, 2022)]  MORE >>

Pensions & Investments

Crypto 401(k) Plans: What You Need to Know in 2022

"[1] Can I invest in cryptocurrency in my 401(k)? ... [2] How does 401(k) crypto investing work? ... [3] Which cryptocurrencies are, or will be, available for 401(k) plans? ... [4] How can I add cryptocurrency to my 401(k) plan? ... [5] Which 401(k) providers offer (or plan to offer) crypto access? ... [6] How can employers mitigate the risks of offering crypto in the 401(k)?"  MORE >>


Critical Components of a Cybersecurity Compliance Review

"[1] Vendor questionnaire and evaluation ... [2] Service contract review ... [3] Cybersecurity policies and procedures ... [4] Participant communication ... [5] Security risk assessment ... [6] After the review ... document."  MORE >>

International Foundation of Employee Benefit Plans [IFEBP]

Retirement Plan Correction Solution: Lassoing TPA Fee Changes

"If you are thinking of raising your fees, ... make sure to do the new client and participant fee disclosures. Failure to do so can subject you to penalties, including the potential that your service agreement with your clients becomes a prohibited transaction.... And if you don't have any agreement in place, use this as an opportunity to do so. Not having a service agreement can mean not only that you are engaging in a prohibited transaction, but it can also void or increase the costs of your insurance coverage."  MORE >>

Ferenczy Benefits Law Center

Retirement Plan Providers Are Missing the Digital Mark

"[D]uring the past year, the percentage of retirement investors classified as financially healthy has dropped to 47% from 60%.... At the same time, overall satisfaction with their retirement plan's digital experience declined.... Just over a third of investors say they can manage their accounts digitally without contacting customer service. And only 22% say retirement plan websites and apps offer proactive guidance and help[.]"  MORE >>


Baseline Education for Plan Fiduciaries

"When planning, designing and conducting a quarterly review meeting, every retirement plan advisor shifts from being an advisor. They become a teacher, or an instructor, as they prepare and deliver for 60 to 120 minutes. The key to engagement at these regular meetings is for the retirement plan advisor to have something for everyone."  MORE >>

American Retirement Association [ARA]

School Districts Spend Up to a Third of Their Payroll on Pensions: What That Means for Budgets

"The gradually increasing burden of retirement costs on districts isn't a new phenomenon. But the latest analysis is a good reminder of how pensions act as the third rail of district and state school finance -- even if the average educator, parent, and principal doesn't know a ton about their complexities."  MORE >>

Education Week

Executive Compensation and Nonqualified Plans


Executive Compensation and Corporate Governance: The $1M Deduction Gap Is Misguided

"Penalty taxes have been largely ineffective in changing executive-compensation practices in the ways that legislators intend; in many instances, they actually exacerbate the features of executive pay that concern Congress in the first place. Most recently, the 2017 expansion of the $1 million deduction cap is a particularly misguided effort that likely will do little more than increase the economic burden of the corporate income tax borne by investors and rank-and-file workers."  MORE >>

Michael Doran, via SSRN

Employee Benefits Jobs

View job as DB Pension Administrator
            for Primark Benefits

DB Pension Administrator

Primark Benefits

Remote / San Mateo CA

View job as DB Pension Administrator for Primark Benefits

View job as Retirement Plan Relationship Manager – DB or DC Focus
            for Trinity Pension Consultants

Retirement Plan Relationship Manager – DB or DC Focus

Trinity Pension Consultants

Remote / Akron OH / AL / KY / MO / TN

View job as Retirement Plan Relationship Manager – DB or DC Focus for Trinity Pension Consultants

View job as Distribution Specialist
            for Trinity Pension Consultants

Distribution Specialist

Trinity Pension Consultants

Akron OH

View job as Distribution Specialist for Trinity Pension Consultants

View job as Compliance Analyst
            for Empower

Compliance Analyst



View job as Compliance Analyst for Empower

View job as Third-Party Plan Administrator
            for Saltmarsh, Cleaveland & Gund

Third-Party Plan Administrator

Saltmarsh, Cleaveland & Gund

Remote / Tampa FL

Selected New Discussions

Designated Beneficiary Can Be a Non-U.S.-Citizen?

"Is it permitted to name a non-US citizen as a beneficiary for a US 401(k) plan? The intended beneficiary is not a US citizen, does not live in the US and does not have a US social secuity number."

BenefitsLink Message Boards

Filing Requirements for a One-Participant (and Spouse) Plan

"For plans that file Form 5500-EZ and have 2 participants (typically the owner and spouse), which have one 'pooled' trust, I believe the following items are not needed -- right?

  • List of investments
  • 8955-SSA (for retired spouse) - This was previously an attachment to regular 5500 and is filed with the IRS, so doesn't seem like it would be filed."

BenefitsLink Message Boards

Assets Transferred to a QRP at Termination of Overfunded DB Plan Must Be Reported as 'Transfer' on Final 5500?

"XYZ DB plan is terminated with overfunded assets ($100k). All participants elected to rollover their distributions to XYZ PS Plan. Total was $1 million. The overfunded portion was deposited into the XYZ PS plan (under qualified replacement plan rules - QRP) as excess DB assets to be allocated in the future. In preparing the final Form 5500 (2021 plan year) for the DB plan, I'm confused by 2 lines: 8j and 13c. Are any of the above assets considered as transfers?"

BenefitsLink Message Boards

Press Releases

2022 SOA Elections Results: Announcing New 2022–2023 Board Members and President-Elect and Vice-Chair

Society of Actuaries

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Sham Terminations: Gone But Not Forgotten


Seyfarth Shaw LLP

Measuring Public Pension Health: New Metrics, New Approaches

September 20, 2022 WEBCAST

National Institute on Retirement Security [NIRS]

Preparing Retirement Plans to Manage a Cybersecurity Incident

October 5, 2022 WEBCAST

National Institute on Retirement Security [NIRS]

Last Issue's Most Popular Items

IRS Makes Changes to Determination Letter Application Program and Electronic Filing in General (PDF)

Groom Law Group, via Bloomberg Tax Management Compensation Planning Journal

The 415(c) Limit for 401(k) Plans: FAQs for Employers

Employee Fiduciary

Social Security COLA on Track to Be Highest in 40 Years

American Retirement Association [ARA]

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

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