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Retirement Plans Newsletter

September 19, 2022

8 New Job Opportunities 8 New Job Opportunities


Supreme Court Asked to Provide Uniform ERISA Arbitration Guidelines

"Cintas petitioned the Supreme Court because it disputed an April ruling by the 6th U.S. Circuit Court of Appeals ... Appeals court judges rejected the use of arbitration, noting the key factor was the absence of the Cintas 401(k) plan's consent to arbitration.... Arbitration isn't prohibited in ERISA complaints, but the Cintas case is just part of the differing court rulings about arbitration in allegations of fiduciary mismanagement." [Hawkins v. Cintas Corp., No. 21-3156 (6th Cir. Apr. 27, 2022; cert. pet. filed Sep. 8, 2022)]  MORE >>

Pensions & Investments

Target Date Funds and the Ever-Evolving Glidepath

"In 2021 and the first half of 2022, multiple TDF providers announced changes to their strategic target date fund glidepaths.... Many providers increased growth asset exposure to help address shortfall and longevity risk.... [A] number pf providers increase exposure to inflation-sensitive assets, most notably late in the glidepath.... [R]esearching and evolving the glidepath is of the utmost importance to help ensure participant needs are met."  MORE >>


Right-Sizing Private Investments for the Evolving Pension

"[P]rivate investments offer important value in the form of increased expected investment returns, [and] can be instrumental in improving funded status and achieving other plan goals.... [M]any plan sponsors still abruptly cut off PI commitments or do not optimize their usage as the plan matures. This paper explores how plan sponsors should use PI strategies within their toolkit and customize their composition over time to reflect a plan's evolving goals."  MORE >>

Cambridge Associates

Annuity Purchase Update, September 2022

"The average Annuity Purchase Interest rates jumped this past month, with the average duration 7 rate at 4.24% and average duration 15 rate at 4.25%.... Annuity Purchase costs ... dropped significantly this past month, the lowest ... observed year to date. Average annuity purchase rates have increased over 240 basis points in the last twelve months."  MORE >>

October Three Consulting

403(b) Plans Aren't Just for Teachers

"This post describes who is eligible to participate in 403(b) plans, IRS universal availability rules, financial challenges of non-teachers, steps to get started with -- and educated about -- 403(b)s, emergency withdrawal options, and success stories of wealthy 403(b) non-teacher participants. Research results, three 'need to know' facts, and six take-away action steps conclude this discussion."  MORE >>

Dr. Barbara O'Neill, via 403bwise

Quantifying and Explaining the Decline in Public-School Teacher Retirement Benefits

"[In] 2020 the average initial monthly retirement benefit, for teachers retiring with 30 years of service, is 11.2 percent lower than that of teachers retiring in the same plan with the provisions that were in place in 2000, implying a lower annual benefit of over $3,000. [The authors] examine why state plans that cover only teachers, along with plans in which teachers are not included in Social Security, have made smaller reductions in the generosity of their pension benefits in recent decades."  MORE >>

National Bureau of Economic Research [NBER]; purchase may be required for full document

How Your Retirement Income Could Look in 2030

"Getting the most out of Social Security will matter more than ever. Personal savings will play a larger role. Active income can go a lot further than you might imagine."  MORE >>

Motley Fool

How the Fed's Rate Hikes Will Impact Your Retirement Plan

"The stock sell-off will sting for retirees, but there's a major silver lining: higher rates on savings and fixed-income investments. That's a reversal from the rock-bottom rates over the past decade, which created a serious challenge for retirement planning."  MORE >>



Maryland's State-Run IRA Is Different, Better, and Still Less Than Optimal

"Assuming savings rates in Maryland are similar to savings rates experienced in Oregon and California ... half or more of participants will have an average account balance of less than $1,000 during the first year of participation.... [F]ees in that initial year are likely to exceed 250 basis points for many, perhaps most MarylandSaves participants."  MORE >>

401(k) Specialist

Benefits in General

What New Student Loan Relief Means for Employee Benefits

"Employers may want to consider building in flexibility to their education assistance programs and to any matching contributions offered through coordination of such a program and a 401(k) plan benefit.... [If] proposed measures take effect, more individuals will be eligible for $0 monthly income-based payment amounts in the future.... [E]mployers that do not currently offer education assistance programs may want to consider adding one by January 1, 2023, as many borrowers' priorities will be shifting from retirement savings to student loan repayments then."  MORE >>

Ogletree Deakins

Executive Compensation and Nonqualified Plans

Exceptional Usefulness and Quality icon Private Companies: Time to Consider Repricing Underwater Stock Options?

"Given recent market trends, many private companies have seen valuations decline significantly, resulting in an increasing number of service providers holding 'underwater' or 'out of the money' stock options. As a result, companies may be considering repricing their stock options to help retain and appropriately incentivize employees and other service providers by reducing the exercise price of stock options that are above the current fair market value of the underlying stock. This article answers frequently asked questions from private companies that are contemplating a stock option repricing."  MORE >>

Goodwin Procter

Employee Benefits Jobs

View job as Deconversion Coordinator
            for Ascensus

Deconversion Coordinator



View job as Deconversion Coordinator for Ascensus

View job as SVP, Insurance & Nonqualified Retirement Plan Sales
            for Newport, an Ascensus Company

SVP, Insurance & Nonqualified Retirement Plan Sales

Newport, an Ascensus Company


View job as SVP, Insurance & Nonqualified Retirement Plan Sales for Newport, an Ascensus Company

View job as Benefits Specialist
            for Air Line Pilots Association

Benefits Specialist

Air Line Pilots Association

Seattle WA

View job as Benefits Specialist for Air Line Pilots Association

View job as Consulting Actuary - Mid-size Plan Market
            for Definiti LLC

Consulting Actuary - Mid-size Plan Market

Definiti LLC


View job as Consulting Actuary - Mid-size Plan Market for Definiti LLC

View job as Retirement Plan Consultant
            for Definiti LLC

Retirement Plan Consultant

Definiti LLC


View job as Retirement Plan Consultant for Definiti LLC

View job as Regional Sales Consultant
            for Definiti LLC

Regional Sales Consultant

Definiti LLC


View job as Regional Sales Consultant for Definiti LLC

View job as Manager, Recordkeeping Services
            for Definiti LLC

Manager, Recordkeeping Services

Definiti LLC


View job as Manager, Recordkeeping Services for Definiti LLC

View job as Consulting Actuary
            for Definiti LLC

Consulting Actuary

Definiti LLC


View job as Consulting Actuary for Definiti LLC

Selected New Discussions

Switching From Form 5500-SF to Form 5500-EZ

"Taking on a new client where the forms have been filed as a Form 5500-SF. However, it's a one-person plan and really should have been filed as a Form 5500-EZ from inception. Is there any issues with just making the switch for the 2021 Plan Year or should we continue to file it as an SF? Just want to make sure we don't create any issues for the client."

BenefitsLink Message Boards

Designation of Beneficiary of Defined Benefit Plan -- What a Mess

"Read this case (click) from the U.S. District Court in Georgia (Southeastern Carpenters & Millwrights Pension Trust Fund v. Carter) dealing with the naming of a beneficiary of a pension plan. Who is responsible for the chaos described? The participant, who had no idea what he was doing? The plan administrator who obviously was not paying attention to the actions of the participant and his violation of plan requirements? The sponsor who adopted plan rules that clearly were not understood by the participant?"

Benefitslink Message Boards

Seller Can Be a Participating Employer After an Asset Sale?

"Plan is terminating due to asset sale and the sale will happen December 1 2022. Regular payroll ends on November 30 but there will be a retention bonus post-acquisition. The terminating employer will be a participating employer. I believe this might be a controlled group, or lead to a controlled group. Agree?"

BenefitsLink Message Boards

Effect of Filing of Form 5310 on Administration of ESOP Termination

"Sponsor wants to terminate its ESOP plan. It's an individually designed plan. which is terminating due to acquisition. The liquidation and settlement will be completed the week on 9/19/2022. The sponsor intends to inform the participants that they have option to roll over into an IRA, roll over into their 401k plan or the new employer 401k plan, or take a cash distribution. Is there something we will need to consider because they are filing Form 5310, or should we just follow the normal termination process?"

BenefitsLink Message Boards

Press Releases

AHIP Announces Executive Leadership Changes

AHIP [America's Health Insurance Plans]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Annuity Purchases: Fiduciary Responsibilities



Safe Harbor 401(k) Plan Workshop: Plan Design, Troubleshooting, and Correction


ASPPA [American Society of Pension Professionals & Actuaries]

Digital Assets for Pension Plan Sponsors


Cambridge Associates

EPCRS Update

September 28, 2022 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

Last Issue's Most Popular Items

Forecast of 2023 Internal Revenue Code Retirement Plan Limits


Tontines: The Latest Retirement Planning Craze

Aaron Levitt, via

Rising Interest Rates Present Lump Sum Opportunities for DB Plans


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

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