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Retirement Plans Newsletter

September 27, 2022

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of IRS Amendment to Final Regs: User Fees Relating to Enrolled Agents and Enrolled Retirement Plan Agents

"The final regulations increase the renewal user fee for enrolled retirement plan agents from $67 to $140. In addition, the final regulations increase both the enrollment and renewal of enrollment user fees for enrolled agents from $67 to $140. These regulations affect individuals who are or apply to become enrolled agents and individuals who are enrolled retirement plan agents."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

IRS Addresses Third-Party Loans in Retirement Plans

"Neither the Internal Revenue Code nor ERISA prohibits a qualified retirement plan from investing in third-party loans, but IRS considers such transactions especially susceptible to fraudulent reporting. The snapshot flags several potential concerns[.]"  MORE >>


[Guidance Overview]

Exceptional Usefulness and Quality icon Lender Beware: IRS Releases 'Issue Snapshot' on Third Party Loans

"[1] Don't assume your trust agreement permits third party loans.... [2] Avoid prohibited transactions.... [3] Avoid self-dealing.... [4] Value your asset.... [5] Documentation is key."  MORE >>

E is for ERISA

[Guidance Overview]

Investment Advisers: The Independent Duties of Care and Loyalty

"Recent SEC guidance has clarified that the investment adviser duties of care and loyalty are separate, independent duties. A reasonable interpretation of the SEC and Staff guidance is that the satisfaction of one will not satisfy the other -- both must be individually satisfied. As a result, the SEC appears to be saying that, even if a conflict is disclosed, that does not, in and of itself, satisfy the duty of care."  MORE >>

Documentation of Plan Procedures Mitigates Operational Risk

"Employee turnover among a plan sponsor's benefit staff -- from switching jobs, termination or retirement -- can lead to a loss of valuable knowledge and experience, as well as operational failures and possible litigation.... It's important for all retirement plan sponsors ... to thoroughly document their plan procedures. That will ensure the plan can continue to operate smoothly as the operations team changes."  MORE >>


Top Issues (And Their Solutions) 401(k) Plan Sponsors Have with Plan Participants

"Plan sponsors must work with their service providers to craft a communications system that is responsive to employees. Depending on the precise demographics of the employee population, communications might need to use several different platforms simultaneously. Messaging needs to be empathetic to best engage employees."  MORE >>

Fiduciary News; free registration required

Plan Sponsors Consider PBGC Premium Strategies

"Plan sponsors using the spot rate will realize the recent rise in interest rates. Plan sponsors using the alternative method may not fully capture the rise in interest rates because the 24-month average will be brought down by the lower interest rates of 2021. So, each calculation can come away with very different rates and resulting premiums."  MORE >>

PLANSPONSOR; free registration may be required

As the Market Falls, New Retirees Need a Plan

"Here are several strategies to minimize the damage from sequence of return risk and make your savings last. [1] Reduce your withdrawal rate.... [2] Tap nonmarket assets.... [3] Further diversify your portfolio.... [4] Consider an annuity.... [5] Invest conservatively at the start.... [6] Delay retirement."  MORE >>


Benefits in General

Navigating a New Era of Financial Wellness: 2022 Workplace Benefits Report (PDF)

19 pages. "97% of employers say that they are in some way responsible for their employee's financial wellness ... 46% of employers noticed an increase in resignations over the past year ... Health Savings has become almost as important as retirement to workplace benefits programs ... Employees don't fully understand Social Security & Medicare -- and they need help ... 52% of employees prefer to use a digital app to manage their finances ... Action steps for employers."  MORE >>

Bank of America Merrill Lynch

Employee Benefits Jobs

View job as Plan Document Specialist
            for The Ryding Company

Plan Document Specialist

The Ryding Company

Remote / CA / HI / NC / NY / PA / TX / UT

View job as Plan Document Specialist for The Ryding Company

View job as Quality Control Specialist
            for Pentegra

Quality Control Specialist


West Harrison NY

View job as Quality Control Specialist for Pentegra

View job as Retirement Plan Consultant - Combo Plans
            for Definiti

Retirement Plan Consultant - Combo Plans



View job as Retirement Plan Consultant - Combo Plans for Definiti

Selected New Discussions

Multiple Controlled Groups Involved in a Single Retirement Plan -- How to Test?

"Say I have 6 companies that each adopted the same plan: A, B, C, D, E, F. The Controlled Groups are: [1] A B & C; [2] D & E; [3] A B & D; and [4] C & E. And F is not part of any CG or ASG, so I have a MEP (!) Do I need to do five separate tests?"

BenefitsLink Message Boards

Family Attribution of HCE Status to Parent-Employees for Purposes of Discrimination Testing

"Adult Child #1 - Owns 50% of the company. Adult Child #2 - Owns 50% of the company. Mom and Dad both also work there, but make under $100k each. I don't believe the attribution rule goes 'up,' so they wouldn't be considered HCEs for testing either, right?"

BenefitsLink Message Boards

Plan Failed the ADP Test But No Correction Was Made in Time

"Have a potential new client that just came to me with a failed ADP Test. However, the previous TPA did not make any type of correction to the test. Now we are left trying to figure out how to proceed. [1] Is this correctable via the VCP program? [2] In order to correct the testing, can we refund one participant enough in order to pass the testing?"

BenefitsLink Message Boards

Exceptional Usefulness and Quality icon What's an IRS-Acceptable Interest Rate in a Cash Balance Plan?

"Generally we use 5% when setting the interest rate for Cash Balance Plans, but we have a prospective client that is looking to have it at 4%. The question is, is there an acceptable rate to use as per the IRS?"

BenefitsLink Message Boards

Press Releases

Schwab Retirement Plan Services Ranks #1 in J.D. Power U.S. Retirement Plan Digital Satisfaction Study for Second Year in a Row

Charles Schwab Corporation

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What Would You Do? ARA Ethics

October 19, 2022 WEBCAST

ASPPA [American Society of Pension Professionals & Actuaries]

Cyber Security and 401k plans: Achieving CyberWellness

October 20, 2022 in GA

Worldwide Employee Benefits Network [WEB] - Atlanta Chapter

Last Issue's Most Popular Items

Text of IRS Notice 2022-45, Extending Time for Plan Amendments for Coronavirus and Qualified Disaster Distributions Under the CARES Act and CAA 2021 (PDF)

Internal Revenue Service [IRS]

Companies in Colgate-Palmolive Retirement Theft Case Try to Wash Hands of Liability

Pensions & Investments

SCOTUS, We Still Have a Serious Problem: The Continuing Inconsistency in Judicial Interpretations of ERISA

The Prudent Investment Fiduciary Rules

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

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