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Retirement Plans Newsletter

September 21, 2022

6 New Job Opportunities 6 New Job Opportunities


[Guidance Overview]

Bulletin Describes SEC Staff's Expectations Regarding Investment Advisers' and Broker-Dealers' Conflicts of Interest

"While the SEC staff's guidance acknowledges that the specific measures to be taken or factors to be considered by a firm depend on its particular facts and circumstances ... the bulletin includes important reminders regarding the core obligations of firms that engage retail investors and offers insight on the SEC staff's broad view of potential sources of conflicts."  MORE >>

Vedder Price


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[Guidance Overview]

Alert (High Risk Issue) icon SEC Cautions Advisers About Overstating Performance in Ads

"A new Risk Alert by the [SEC's] Division of Examinations specifies the initial exam initiatives and areas of review that it will conduct as part of the new Marketing Rule.... [T]he staff will review whether investment advisers have a reasonable basis for believing they will be able to substantiate material statements of fact in advertisements.... With a Nov. 4, 2022, compliance date fast approaching, the SEC notes that, as of that date, investment advisers can no longer choose to comply with the previous advertising and cash solicitation rules."  MORE >>

American Retirement Association [ARA]

Goldman Sachs Wins Big on Summary Judgment in Case Challenging 401(k)'s Investments in Goldman Proprietary Funds

"The court saw the fiduciary breach claim as turning primarily on Goldman's lack of an investment policy statement for the plan. Although the plaintiff's experts testified that having an IPS was a common and indeed 'best practice' ... because it was not strictly required under ERISA the court concluded that the lack of such a policy did not establish imprudence.... Nor did the court agree that the plan fiduciaries lacked a deliberative process, despite the sparse minute reports from the investment committee's quarterly and ad hoc meetings." [Falberg v. The Goldman Sachs Group, Inc., No. 19-9910 (S.D.N.Y. Sep. 14, 2022)]  MORE >>

Kantor & Kantor LLC

Alert (High Risk Issue) icon Seventh Circuit Confirms DOL's Broad Subpoena Power

"The Seventh Circuit's opinion is a good reminder of the breadth of the DOL's subpoena authority ... Recipients of DOL subpoenas should object in writing to each request they find objectionable and be able to clearly articulate the burden compliance would impose in terms of 'the number of documents implicated, the cost to produce those documents, the hours production would require, or how compliance would threaten the normal operation of' the recipient's business." [Walsh v. Alight Solutions LLC, No. 21-3290 (7th Cir. Aug. 12, 2022)]  MORE >>

Faegre Drinker

Constructing More Effective Defined Contribution Investment Lineups

"[This article explores] three key areas of consideration DC plan sponsors face: regulatory and fiduciary issues, cultural and employee demographics, and research and industry trends. [It then presents] a road map to help guide decision-makers in evaluating and structuring an effective investment lineup for their plans."  MORE >>

T. Rowe Price

Here's Why the $39 Trillion U.S. Retirement System Gets a C+ Grade

"There are shortcomings in the U.S. approach, such as a lack of 401(k) access, experts say. But improvements have been made in the past 15 or so years.... Where the U.S. largely lags behind [other] countries ... is that its retirement system isn't set up so that everyone has a chance at a financially secure retirement."  MORE >>


Benefits in General

[Guidance Overview]

DOL Eases Independence Rules for Employee Benefit Plan Accountants

"The updated interpretative bulletin [IB 2022-01] lets plan administrators hire a qualified public accountant who held the plan sponsor's publicly traded securities during the plan year covered by the audit if the accountant divests those securities before starting the engagement. The updated guidance ... takes effect immediately."  MORE >>


How the 'Great Resignation' and Other Factors Are Affecting Employee Benefits

"Benefits centered around life insurance, disability insurance, health and retirement aren't taking up the spotlight to the same extent they used to.... [Employees are] now just as focused on those benefits that have an immediate effect on the quality of their lives.... [W]ellness, mental health and the associated well-being applications are now the ideal ... [E]mployees and their families are looking to employers to make sure they're provided for and protected. So, a sound retirement plan that also reflects the values and culture of the company is high on the list of desirables."  MORE >>

Forbes; subscription may be required


Debate: Should the EARN Act Let Savers Tap 401(k)s to Pay for Long Term Care Insurance?

"In its current form, the Enhancing American Retirement Now (EARN) Act would allow retirement savers to withdraw up to $2,500 in retirement plan assets each year to cover the cost of long-term care insurance premiums without paying the otherwise applicable early withdrawal penalties.... [ThinkAdvisor] asked two professors and authors of ALM's Tax Facts with opposing political viewpoints to share their opinions about the narrow provision allowing penalty-free withdrawals to cover long-term care insurance."  MORE >>


Employee Benefits Jobs

View job as Retirement Plan Administrator
            for The Nolan Company

Retirement Plan Administrator

The Nolan Company


View job as Retirement Plan Administrator for The Nolan Company

View job as Retirement Plan Analyst
            for Benetrends, Inc

Retirement Plan Analyst

Benetrends, Inc

Remote / Lansdale PA

View job as Retirement Plan Analyst for Benetrends, Inc

View job as Plan Consultant
            for BPAS

Plan Consultant



View job as Plan Consultant for BPAS

View job as Sr. Actuarial Consultant
            for Ascensus

Sr. Actuarial Consultant



View job as Sr. Actuarial Consultant for Ascensus

View job as Director, Trust Services
            for FuturePlan, by Ascensus

Director, Trust Services

FuturePlan, by Ascensus


View job as Director, Trust Services for FuturePlan, by Ascensus

View job as VP Sales Consultant (Retirement Industry)
            for FuturePlan, by Ascensus

VP Sales Consultant (Retirement Industry)

FuturePlan, by Ascensus


View job as VP Sales Consultant (Retirement Industry) for FuturePlan, by Ascensus

Selected New Discussions

Motorhome Can Be Principal Residence for 401(k) Hardship Distribution Purposes?

"Participant is requesting a hardship distribution for purchase of an RV that will be used as participant's principal residence. Plan document allows for hardship distributions for safe harbor purposes. I think an RV can be a principal residence for this purpose. Recordkeeper says no, and asserts that the IRS requires that a principal residence be a 'fixed' dwelling and that they have unequivocally indicated that a motorhome is not considered a principal residence. The recordkeeper offers no documentation, just their assertion. Has the IRS indicated that an RV cannot serve as a principal residence?"

BenefitsLink Message Boards

Reporting by TPAs of Fees on 5500-SF Lines 10e and 8f -- Shady Emails to Employers from Bundled Providers

"This past week several of our clients have received e-mails from a large bundled provider attempting to drum up business. (We are a traditional TPA.) The e-mail states in part, 'Your TPA is filing your 5500 wrong' and then goes on to explain that Lines 10e and 8f MUST match, and that the employer is opening itself up to audit and penalties from the DOL. I'm just wondering if my outrage is a bit displaced, or perhaps a disproportionate response, because like many folks we are really really focused on getting everything done by 10/17/2022. Thoughts?"

BenefitsLink Message Boards

Press Releases

SRZ Special Counsel Susan Bernstein Elected as ACEBC Fellow

Schulte Roth & Zabel LLP

Frontier Direct Care Selects Flume Health to Power Launch of New Health Plan Serving South Texas

Flume Health

NAPA Launches Exclusive NQPA Credential for Advisors

National Association of Plan Advisors [NAPA]

iJoin Leverages Coherent Spark to Accelerate Speed to Market for Retirement Income Products Designed for Hyper-Personalization


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What Can You Do If Your Retirement Plan Gets Off Track?


Charles Schwab Corporation

401(k) Hot Topics

October 11, 2022 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

How HSAs Can Help Participants Tackle Retirement Healthcare Costs

October 13, 2022 WEBCAST


Last Issue's Most Popular Items

The Tide May Be Turning on Flood of ERISA Excessive Fee Class Actions

Greenberg Traurig

Text of IRS Notice 2022-40: Weighted Average Interest Rates, Yield Curves, and Segment Rates for September 2022 (PDF)

Internal Revenue Service [IRS]

Defining the Retirement Crisis: It's Going to Get Worse Before It Will Ever Get Better

American Retirement Association [ARA]

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

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