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Retirement Plans Newsletter

September 22, 2022

2 New Job Opportunities 2 New Job Opportunities


[Official Guidance]

Text of PBGC Technical Amendments: Change of Address

"The [PBGC] relocated on August 1, 2022, and is amending its regulations that reference its former street address to reflect the new street address....On August 1, 2022, PBGC officially relocated to ... 445 12th Street SW, Washington, DC 20024-2101."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


SPARK Forum - November 6-8, 2022 -- The Breakers, Palm Beach, FL

3 days packed with actionable insights for advisors, recordkeepers and plan providers. Explore latest trends, strategies and ideas to lead through disruption. Join the retirement event with the most senior audience and network with purpose. Register Now.

Sponsored by SPARK

[Guidance Overview]

Maryland Launches State-Run Retirement Program for Private Sector Employees

"Employers will have no payment obligations, have no federal reporting requirements and will pay nothing to MarylandSaves for the service.... [E]mployers need to register their business, upload payroll and employee information into the system, and then keep staff lists up to date and submit their employees' savings contributions."  MORE >>

PLANSPONSOR; free registration may be required

Protecting Against 401(k) Cybersecurity Leakage

"While there is not much plan fiduciaries can do if a participant is careless with his or her personal information or 401(k) plan account login credentials, plan fiduciaries can take steps to protect their plan from experiencing cybersecurity-related losses."  MORE >>

Holland & Hart LLP

The Interplay Between ESG Investing and ERISA's Fiduciary Duties

"The exposure of ESG investing to political reinterpretation adds complexity to retirement plan-related considerations of ESG investing. While the choice to consider certain ESG factors when selecting retirement plan investments may be deemed prudent and loyal under one administration, the guidance could change under the next. ERISA fiduciaries and employers should proceed with caution[.]"  MORE >>

Morgan Lewis

Circuit Courts of Appeal Uphold Dismissal of 401(k) Fee Challenges Post-Hughes

"Following the U.S. Supreme Court's decision in Hughes v. Northwestern University, the U.S. Court of Appeals for the Seventh Circuit recently upheld the dismissal of a complaint challenging a 401(k) plan's purportedly excessive recordkeeping, investment management and investment advisor fees under [ERISA]. The U.S. Court of Appeals for the Sixth Circuit has also upheld the dismissal of complaints challenging 401(k) fees post-Hughes. These decisions have highlighted that plaintiffs challenging recordkeeping fees must allege how such fees were excessive in comparison to the services rendered."  MORE >>

Holland & Knight


ESOP Association Petition for Notice-and-Comment Rulemaking Regarding the Definition of 'Adequate Consideration' Under ERISA Section 408(e) (PDF)

26 pages. "After nearly 50 years, it is time for the Department to end its procedurally improper, retroactive approach to policymaking and engage with stakeholders in a notice-and-comment rulemaking process as Congress originally intended. It is not only The ESOP Association and its members that recognize this fact; both the House and Senate recently passed bipartisan legislation that would require the Department to provide formal guidance on the adequate consideration exemption." [Also available: Fact Sheet]  MORE >>

The ESOP Association

Benefits in General

[Official Guidance]

Text of EBSA Meeting Notice for ERISA Advisory Council

"[T]he 212th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be held via a teleconference on Tuesday, October 18, 2022.... The purpose of the open meeting is for the members of the ERISA Advisory Council to discuss potential recommendations for the Secretary of Labor on the issues of: [1] Cybersecurity Issues Affecting Health Benefit Plans, and [2] Cybersecurity Insurance and Employee Benefit Plans. Descriptions of these topics are available on the ERISA Advisory Council's web page[.]"  MORE >>

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

Total Rewards Communication for Your Employees

"[R]eplacing the total rewards statement with a digital, highly-personalized total rewards experience [provides] a tool that accurately reflects the multiple components of the total rewards employers deliver to employees.... The ideal personalized total rewards view encompasses pay, stock, health and wellbeing, retirement, and work/life benefits.... Embedding personalized messages that drive employee behaviors is the real value behind the communication."  MORE >>

Willis Towers Watson

Employee Benefits Jobs

View job as In-house Counsel, Legislative and Regulatory Advisor
            for Cheiron, Inc.

In-house Counsel, Legislative and Regulatory Advisor

Cheiron, Inc.

Mc Lean VA / Charlotte NC / Chicago IL / CA / MD / NJ / NY / PA

View job as In-house Counsel, Legislative and Regulatory Advisor for Cheiron, Inc.

View job as Retirement Plan Relationship Manager
            for ERISA Services, Inc.

Retirement Plan Relationship Manager

ERISA Services, Inc.


View job as Retirement Plan Relationship Manager for ERISA Services, Inc.

Selected New Discussions

414(h)(2) Death Benefit -- Payment of the Employer Pick-Up to Survivor Under Public Safety Officer Plan

"Public Safety Officer dies during the performance of duties. Surviving spouse is entitled to certain death benefits. One such benefit is the value of the decendent's 414(h)(2) balance (employer pick up). This specific benefit is provided to the spouse as a lump sum. Any thoughts on the federal taxation to the surviving spouse regarding the lump sum?"

BenefitsLink Message Boards

Participant Elects a Lump Sum from DB Plan at Retirement But Dies Before Payment

"We had a participant in our pension plan elect a lump sum. However, he died prior to the benefit commencement date. Do we still pay out the benefit in the same lump sum amount elected (to the surviving spouse), or should it be recalculated as a death benefit (which would result in a lower amount to the surviving spouse)?"

BenefitsLink Message Boards

Any Reliable and Comprehensive Guide to In-Plan Roth Conversions?

"I'm looking for a well-written guide to in-plan Roth conversions, assuming there is such a thing available. All comments/suggestions appreciated."

BenefitsLink Message Boards

Press Releases

Curative Upends Traditional Employer-Based Healthcare Coverage by Launching a No Copay, No Deductible Health Insurance Plan


Transcarent Introduces Fully Transparent Pharmacy Benefit Offering with a Focus on Member Experience


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Retirement Income: Prudent Practices for Plan Fiduciaries

September 29, 2022 WEBCAST

Broadridge Retirement Income Consortium

Prospering Through the Changes in 2023: Making Sense of the Economy for 2023 Planning

October 12, 2022 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

Fiduciary Best Practices for Plan Sponsors

November 16, 2022 WEBCAST


Last Issue's Most Popular Items

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

Forbes; subscription may be required

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

Kantor & Kantor LLC

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


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

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