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Retirement Plans Newsletter

October 6, 2022

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

IRS Extends Additional Deadlines for Certain Tax-Qualified Plan Amendments

"[Notice 2022-45] delays deadlines to adopt amendments under Section 2202 of the CARES Act regarding [1] favorable tax treatment with respect to coronavirus-related distributions, [2] increases in permissible loan amounts, and [3] delaying repayment of plan loans. The Notice also delays the deadline to adopt amendments under Section 302 of the Relief Act, which provides favorable tax treatment with respect to qualified disaster distributions."  MORE >>

Sidley Austin LLP


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Filing Form 5500 Without an Audit Report

"The DOL will accept a Form 5500 filing without the IQPA audit report attached, however the agency will treat the submission as an incomplete filing, subject to penalties if not timely corrected and resubmitted."  MORE >>

Retirement Learning Center, LLC

Two District Courts in the Seventh Circuit Grapple with Pleading Standards in ERISA Excessive Fee Cases

"Based on [the Seventh Circuit's ruling in Oshkosh, in one case] the district court dismissed all of plaintiffs' claims of excessive recordkeeping and investment management fees, finding that plaintiffs failed to provide the factual context necessary to meet the plausibility standards required to survive a motion to dismiss. In [the second case], the district court dismissed plaintiffs' claims pertaining to the performance and fees of particular investment options but allowed plaintiffs' excessive recordkeeping fee claims to survive." [Baumeister v. Exelon, No. 21-6505 (N.D. Ill. Sep. 22, 2022) and Coyer v. Univar Sols. USA Inc., No. 22-362 (N.D. Ill. Sep. 28, 2022)]  MORE >>


Stable Fund Is Focus of Another Excessive Fee Suit

"The latest excessive fee suit targets 'wildly excessive compensation,' an allegedly imprudent stable value offering, and the unmonitored use of 'float' income." [Catenac v. Lennar Corp., No. 22-23232, (S.D. Fla. complaint filed Oct. 5, 2022)]  MORE >>

American Retirement Association [ARA]

Alert (High Risk Issue) icon House Approves Bill Banning Arbitration Clauses in ERISA Plans

"The proposed changes were passed as part of the Mental Health Matters Act [HR 7780], which the House approved Sept. 29 by a near party-line vote of 220-205 ... HR 7780 now moves to the U.S. Senate, where Sen. Tina Smith (D-MN) introduced companion legislation [S 4219]."  MORE >>

American Retirement Association [ARA]

Pension Finance Update, September 2022

"Pension finances slipped modestly in September, as the worst month of the year for stocks more than offset the impact of surging interest rates. Both model plans ... lost less than 1% last month; for the year, Plan A remains up almost 4%, while the more conservative Plan B is now down more than 1% through the first three quarters of 2022."  MORE >>

October Three Consulting

Debt Forgiveness Won't Shield Students from Illinois' Pension Pinch

"The average cost of tuition and fees at Illinois' public universities has increased by 42% from 2007 to 2021, adjusted for inflation.... Out-of-control pension costs are eroding funding the state can invest in higher education, leaving families to pay the price. Families in Illinois are now burdened with the fourth most expensive in-state tuition prices in the nation, and the highest in the Midwest."  MORE >>


PBGC Approves $28.8 Million in Special Financial Assistance for Sheet Metal Workers Plan

"[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Sheet Metal Workers Local Pension Plan ... The plan, based in Massillon, Ohio, covers 1,649 participants in the construction industry. On May 1, 2020, the Sheet Metal Workers Plan implemented a benefit suspension under [MPRA] ... SFA will enable the plan to pay retirement benefits without reduction for many years into the future. The plan will receive $28.8 million in SFA, including interest to the expected date of payment to the plan."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Younger Workers and Retirement: The To-Do List

"Despite your current expenses, it is not too early to consider retirement planning. And there are some steps you can take to start saving right away that don't involve eating Ramen noodles every night."  MORE >>


Benefits in General

[Official Guidance]

IRS Disaster Relief Announcement SC-2022-06, for Victims of Hurricane Ian in South Carolina Statewide

"Victims of Hurricane Ian that began September 25 in South Carolina now have until February 15, 2023, to file various individual and business tax returns and make tax payments ... Individuals and households affected by Hurricane Ian that reside or have a business anywhere in the state of South Carolina qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

IRS Disaster Relief Announcement NC-2022-10, for Victims of Hurricane Ian in North Carolina Statewide

"Victims of Hurricane Ian that began September 28 in North Carolina now have until February 15, 2023, to file various individual and business tax returns and make tax payments ... Individuals and households affected by Hurricane Ian that reside or have a business anywhere in the state of North Carolina qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Executive Compensation and Nonqualified Plans

[Guidance Overview]

SEC Finalizes 'Pay-Versus-Performance' Rules Under Dodd-Frank Act

"While closely resembling the proposed rules in most respects, the final rules include several important changes.... [1] New pay-versus-performance table ... [2] Clear description comparing pay with performance ... [3] Unranked list of financial performance measures ... [4] Executive compensation actually paid ... [5] New requirement to disclose net income ... [T]he manner in which data must be calculated makes both the collection and calculation of such data under the final rules costly and time consuming."  MORE >>

Groom Law Group

Employee Benefits Jobs

View job as Defined Benefit Consultant
            for AimPoint Group

Defined Benefit Consultant

AimPoint Group


View job as Defined Benefit Consultant for AimPoint Group

View job as Defined Contribution Consultant
            for AimPoint Group

Defined Contribution Consultant

AimPoint Group


View job as Defined Contribution Consultant for AimPoint Group

View job as Pension Compliance Administrator
            for Associated Pension Consultants

Pension Compliance Administrator

Associated Pension Consultants


View job as Pension Compliance Administrator for Associated Pension Consultants

View job as Retirement Plan Services Manager
            for Alerus

Retirement Plan Services Manager



View job as Retirement Plan Services Manager for Alerus

Selected New Discussions

Participant Is Willing to Return a Mistaken Distribution

"Say a participant takes a distribution but then returns it to the plan within 60 days. [1] Can they do this? [2] Would a 1099-R need to be generated for the original payout? Or can it be considered a wash?"

BenefitsLink Message Boards

Contents of Early Inclusion Provisions in a Corrective Amendment

"When drafting the Corrective Amendment for early inclusion, it is required to add the participants' specifics; DOB, Date of Hire and date they were let into the plan? Or can I just add the year into which they were let in early?"

BenefitsLink Message Boards

Excise Tax Arises on Reversion from a Qualified Replacement Plan After 7 Years?

"I have a 1 participant 401k/PS (sole prop.) plan that received 100% of excess assets from a terminated DB plan in 2017. Plan was amended as a QRP. The QRP has been funding the ERPS contribution beginning in 2017. Year 7 will be 2024 and based on the MV as of today, it looks like there will still be assets remaining in the QRP. Can someone advise me on what the excise tax will be for any remaining assets that revert back to the employer?"

BenefitsLink Message Boards

Form 5500-EZ Still Available to Owners If All Common-Law Employees Not Yet Eligible to Participate?

"If a small business (husband and wife) in Alaska brings in employees to help during the summer and those employees never satisfy the eligibility requirements (1 year, 1,000 hours, last day), can this plan still be considered owner-only so as to qualify for filing a Form 5500-EZ?"

BenefitsLink Message Boards

Allow a Rollover Into Plan by Participant Who Now Is In Excluded Class of Employees (Per Diem)?

"Plan excludes per diem employees. A per diem employee who used to be a regular employee and was eligible to contribute wants to roll money over into the plan. Is she allowed to roll money into the plan because she is technically no longer an eligible employee?"

BenefitsLink Message Boards

Press Releases

BMO Offers Free Access to Headspace to North American Employees and Their Families

BMO Financial Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Nothing is Certain Except Death and Taxes

October 26, 2022 WEBCAST

Boutwell Fay LLP

Last Issue's Most Popular Items

Roth IRA and Roth 401(k): The World Would Be a Better Place Without Them

Alicia H. Munnell, via MarketWatch

Puerto Rico Adopts Special Distribution Rules for Victims of Hurricane Fiona

McConnell Valdes

Why Plan Sponsors Should Allow Independent Fiduciaries to Manage Employer Stock in Retirement Plans

Stephen Rosenberg, The Wagner Law Group

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

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