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Retirement Plans Newsletter

October 3, 2022

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

401(k)ology: Excess Deferrals

"Excess deferrals can be prevented by both employees and employers.... How do excess deferrals occur? ... How do excess deferrals through a single employer impact plan qualification? ... Why are the correction methods for excess deferrals often confused? ... What are the tax implications to the individual? ... What are the tax reporting procedures for excess deferrals? ... What is the impact of excess deferrals on nondiscrimination testing?"  MORE >>


[Guidance Overview]

Withdrawal Liability and the Building and Construction Industry Exception

"In the absence of governing regulations and sparse case law, the scope of the Building and Construction Industry Exception remains murky. In many cases, the application of the exception will be the difference between significant liability and no liability."  MORE >>

Jackson Lewis P.C.

DOL Files Motion to Dismiss Case Challenging Crypto Guidance

"While much of the argument in DOL's motion is technical (e.g., challenging ForUsAll's standing to sue), DOL does say some interesting things in it, e.g., seeking to characterize the Crypto Release as a nonbinding restatement of settled interpretations." [ForUsAll v. DOL, No. 22-1551 (D.D.C. motion to dismiss filed Sep. 12, 2022)]  MORE >>

October Three Consulting

Seventh Circuit Opinion Offers Fiduciary-Risk Comfort to Plans

"The 7th U.S. Circuit Court of Appeals ruled on Aug. 1 that a sponsor doesn't have fiduciary liability in a stock-drop case if the sponsor hired an independent third party to manage the company-stock fund within a 401(k) plan.... The appeals court's ruling plus the Supreme Court's Dudenhoeffer decision build an even tougher defense against stock-drop lawsuits, improving the odds that a complaint will be dismissed[.]" [Burke v. The Boeing Company, No. 19-2203 (7th Cir. Aug. 1, 2022)]  MORE >>

Pensions & Investments

What to Know About Financial Wellness Programs in DC Plans

"The renewed emphasis on financial wellness [has] provided a logical entry point for financial services companies that purport to assist with a variety of individual needs ... Employers need to be cognizant about the motives of providers ... [This article] will review the scope of financial wellness as an employee benefit, its utilization, its evolving capabilities, and the risks that these expanded services and tools could pose to employers and fiduciaries."  MORE >>


Market Aftershocks Set Pension Funds on Path to Allocation Overhaul

"A combination of rising interest rates leading to falling liabilities, plus increased needs for liquidity in portfolios means asset allocations are, in some cases, no longer serving their intended purpose on either side of the pond.... At the same time, and as a result of falling public markets, private markets exposures are now overweight their targets in many cases -- making the need to reconsider asset allocations even more acute for these corporate funds."  MORE >>

Pensions & Investments

Managing Pension Risk in 2022 and 2023

"[Pension plans have] many risks but they tend to fall under three distinct groups: governance risks, funded status risks, and legal and compliance risks. Plan sponsors ... can choose to minimize, eliminate, or fully take on the various risks ... What risks are most prevalent in 2022 and what are some ideas plan sponsors should be thinking about to optimize their risk management this year and going into 2023?"  MORE >>


Retirement Strategies That Run Circles Around a 401(k)

"Roth IRAs allow you to grow your wealth tax-free. Health Savings Accounts are one of the few strategies to forego taxes altogether. Rental properties are a nearly recession-proof way of diversifying your retirement income."  MORE >>

Motley Fool

FAS87 ASC715 Discount Rates and Moody's Rates, September 30, 2022

An unofficial monthly report of the Moody"s Daily Long-term Corporate Bond Yield Averages and Moody"s Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

BenefitsLink Message Boards


What Mutual Funds and Plan Advisers Hope Plan Sponsors and Plan Participants Never Realize

"The financial services industry and 401(k)/403(b) plan advisers like to avoid the issues of fiduciary duties, transparency, and cost-inefficiency by avoiding comparisons of fund performance and only discussing returns in terms of nominal, or publicly stated, returns. Unfortunately, nominal returns are often misleading when fiduciary duties and potential fiduciary liability is involved."  MORE >>

The Prudent Investment Fiduciary Rules


Are Others Trying to Convince You to Play Politics with Your Retirement Savings?

"It's been the craze for several years now as the generational change in demographics highlights new marketing trends, but it has come under fire lately from several different directions. What is 'ESG' investing, really? The problem is no one knows. Or maybe everyone knows. And they all believe (very strongly, by the way) it's something different."  MORE >>

Forbes; subscription may be required

Executive Compensation and Nonqualified Plans

Attracting and Retaining Key Executives Through Deferred Compensation Plans

"Why should an employer implement a [deferred compensation (DC)] plan? ... What are the tax consequences of DC plans? ... How do payroll taxes apply to DC plans? ... What are the key considerations for employers when establishing a DC plan? ... How important is Section 409A compliance?"  MORE >>

Husch Blackwell

Employee Benefits Jobs

View job as Retirement Plan Administrator
            for Nicholas Pension Consultants

Retirement Plan Administrator

Nicholas Pension Consultants


View job as Retirement Plan Administrator for Nicholas Pension Consultants

View job as Associate General Counsel
            for Central Pension Fund of the IUOE

Associate General Counsel

Central Pension Fund of the IUOE

Washington DC

View job as 401(k) Retirement Plan Administrator
            for Red Oak Retirement

401(k) Retirement Plan Administrator

Red Oak Retirement

Towson MD

View job as 401(k) Retirement Plan Administrator for Red Oak Retirement

View job as Retirement Client Service Manager
            for Newport, an Ascensus Company

Retirement Client Service Manager

Newport, an Ascensus Company


View job as Retirement Client Service Manager for Newport, an Ascensus Company

View job as ESOP Consultant
            for FuturePlan, by Ascensus

ESOP Consultant

FuturePlan, by Ascensus


View job as ESOP Consultant for FuturePlan, by Ascensus

View job as Actuarial Services Manager
            for FuturePlan, by Ascensus

Actuarial Services Manager

FuturePlan, by Ascensus


View job as Actuarial Services Manager for FuturePlan, by Ascensus

View job as Retirement Sales Consultant
            for Alerus

Retirement Sales Consultant


Remote / NC / TN

View job as Retirement Sales Consultant for Alerus

Selected New Discussions

Plan Was Terminated But No Interim Amendments Had Been Adopted

"We have a company that terminated its pre-approved 401(k) plan very recently. The plan timely adopted the Cycle 3 restatement, but did not adopt the interim amendments prior to the termination. The resolutions do reserve the authority of officers to execute any amendments necessary to effectuate the termination, and the assets have not been distributed yet. Rev. Proc. 2016-37 doesn't say that the amendments absolutely have to be adopted prior to the termination, just in connection with it. So I am wondering if we can make a reasonable argument that the interim amendments can still be adopted in connection with the termination if they go ahead and adopt them now?"

BenefitsLink Message Boards

Davis Bacon Plan -- Need to Report Delinquent Contributions on Form 5500?

"I understand that for Davis Bacon prevailing wage contributions, they must be deposited quarterly, as opposed to the 401(k) contribution deadlines. I don't think it's included but has anyone ever reported that on the delinquent contribution line of the 5500? I have to figure out what kind of penalties there are for this."

BenefitsLink Message Boards

Owner Is Closing One Corporation But Starting Another One -- Can Keep Same Retirement Plan?

"Business owner is shutting down his practice, moving states, and opening a brand new practice. Although it's the same line of work, for practical purposes he is planning to create a new S-Corp in the new state and shut down the old one. There are and will not be no other employees. Any reason he cannot just keep the same 401(k) plan and rename it under the new Corp?"

BenefitsLink Message Boards

Where to Account for Forfeitures on the 5500?

"I have a few plans where the forfeiture account has increased, either from zero, or from some amount to a higher amount. Do these assets get counted as employee assets? I don't know what was done in past years for these, but I wanted to make sure they are in the correct place."

BenefitsLink Message Boards

Press Releases

The Cerrado Group Announces Qualified Retirement Plan Services as Newest Member Firm

The Cerrado Group

Multnomah Group Acquires Pacific Retirement Partners

Multnomah Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Essentials for the Benefits Practitioner: Demystifying Executive Compensation

October 27, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

Limited Plan Audits Are History: What 401(k) Plan Sponsors Should Know


Rash of Recent Lawsuits Focus on BlackRock Indexed Target Date Options: Even Low-Cost Funds Are Being Attacked

Trucker Huss

IRS Disaster Relief Announcement FL-2022-19, for Victims of Hurricane Ian in Florida

Internal Revenue Service [IRS]

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

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