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Retirement Plans Newsletter

October 10, 2022

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

IRS Delays New Guidelines for Inherited IRAs

"[The IRS said in Notice 2022-53 that] it would delay enforcement of new rules for taking required withdrawals from some inherited retirement accounts until 2023 ... The relief applies to taxpayers who inherited retirement accounts in 2020 or 2021 ... The new guidance doesn't say that the annual required minimum distributions are waived, but by offering penalty relief, it essentially means that this group of taxpayers doesn't have to take RMDs for 2021 and 2022, an IRS spokesman said."  MORE >>

The Wall Street Journal; subscription may be required


Pension Rights Center's Celebration of Karen Ferguson

Please join us on October 26 in celebrating the life and legacy of Karen Ferguson - and the vibrant future of the Pension Rights Center. Come share a night of food, fun, friends – music and memories.

Sponsored by Pension Rights Center

[Guidance Overview]

Cybersecurity Guidance for Retirement Plans

"The DOL's guidance tracks several data privacy and cybersecurity laws enacted throughout the U.S.... [T]he New York SHIELD Act's Cybersecurity mandate, effective in March 2020, requires all organizations holding New York resident electronic data to implement the same administrative, technical and physical safeguards couched as 'best practices' in the DOL's guidance."  MORE >>

Bond, Schoeneck & King

District Court Finds That Rollover Solicitations to ERISA Plan Participants Are Not Fiduciary Acts

"[The court] rejected claims that TIAA-CREF acted as an ERISA fiduciary in connection with soliciting, as part of a sales campaign, participants in employer-sponsored retirement plans for which TIAA-CREF served as recordkeeper to roll their balances out of the plans and into individual, fee-paying TIAA-CREF products. While the case deals with events that occurred prior to the DOL's most recent pronouncements, the decision provides a lengthy, fully reasoned analysis of ERISA's governing statutory and regulatory provisions and may affect how courts assess both current conduct and DOL's restrictive position." [Carfora v. Teachers Insurance and Annuity Association of America, and TIAA-CREF Individual & Institutional Services, LLC, No. 21-8384 (S.D.N.Y. Sep. 27, 2022)]  MORE >>

Arnold & Porter LLP

Target Date Funds Are Now the Targets

"Some courts have accepted evidence of the disparity between a fund's costs and returns as providing sufficient evidence of the plausibility that a plan sponsors failed to properly perform their fiduciary duties. [In one] such case ... Judge Sidney Stein denied Citigroup's motion to dismiss ... citing the fact that the plan participants had shown that in some cases the expense ratios of the funds in question were 200 percent of more higher than the expense ratios of comparable Vanguard funds. Judge Stein's recognition of both the impact of a disparity in expense ratios and the legitimacy of Vanguard funds as comparators in 401(k) and 403(b) cases should not go unnoticed."  MORE >>

The Prudent Investment Fiduciary Rules

Fiduciary Responsibilities in Challenging Markets

"What's the right number of investment options for participants? ... [F]iduciaries may consider whether the core funds list has grown larger than necessary.... What is your organization's primary goal with target date funds? ... Market-related education is more important for fiduciaries and participants now than at any time in the last decade."  MORE >>

Qualified Plan Advisors [QPA]

Reducing the Pain from Required Retirement Withdrawals This Year

"The required withdrawals in down markets are frustrating for retirement-account owners who don't want to reduce their balances further and lose out on growth. But there are some strategies to lessen the impact ... [1] Build a volatility buffer ... [2] Set up monthly withdrawals ... [3] Take distributions 'in kind' ... [4] Donate your retirement dollars ... [5] Take money out at low tax rates."  MORE >>

The Wall Street Journal; subscription may be required

1% of Americans Tap 401(k) Plans After Hurricanes and Natural Disasters

"[A]bout 1% of plan participants, or roughly 250,000 workers, tapped their retirement savings because of natural disasters since January 2021. For comparison, 1.6 million people, or 6.3% of eligible participants in Fidelity plans, took some money out in 2020 in response to COVID-19 relief measures enacted by Congress."  MORE >>

The Wall Street Journal; subscription may be required

Hey Retirees and Near Retirees: How Is Your Current Retirement Plan Planning Process Working Out for You These Days?

"[A recent] report clearly indicates that many retired households are making important decisions without a great deal of reasonable input ... [A] good personal retirement planning process (or tool) will suggest actions relating to spending and investing that should be considered when considering retirement or when actual experience in retirement is more or less favorable than assumed (like during the current year)."  MORE >>

Ken Steiner, FSA Retired

Disconnected: Reality vs. Perception in Retirement Planning (PDF)

21 pages. "The widespread lack of forward-looking planning has vexed retirement planners and researchers for many years. Many problems in later years could have been prevented with planning ahead.... [This] research identified interventions and messaging that could be used by practitioners and researchers to help people anticipate future challenges and be proactive to address these challenges."  MORE >>

Stanford Center on Longevity


U.S. Retirement System Gets Only a 'Passing' Grade?

"[T]here are now a handful of consultants that, each year, publish a ranking of how the world's retirement systems rate -- and year after year the United States generally comes in about the middle of the pack.... The reality is that what 'works' in Iceland (or Denmark or New Zealand) might not be practical here for a variety of factors.... [T]he private retirement system we have in place, however patchwork in its designs, works pretty well -- at least for those who have access to it. And THAT is something we can perhaps do something about."  MORE >>

American Retirement Association [ARA]

Benefits in General

West Virginia v. EPA: Is This the End to DOL Regs as We Know Them? (PDF)

"[D]uring ERISA's existence, the [DOL] has promulgated a significant amount of regulatory and sub-regulatory guidance concerning the statute. Going forward, whether such guidance will pass judicial scrutiny will be profoundly impacted by the Supreme Court's recent decision in West Virginia v. EPA."  MORE >>

Jenner & Block, via Employee Relations Law Journal

Employee Benefits Jobs

View job as Retirement Plan Administrator
            for Premier Plan Consultants

Retirement Plan Administrator

Premier Plan Consultants


View job as Retirement Plan Administrator for Premier Plan Consultants

View job as Trust Accounting
            for Primark Benefits

Trust Accounting

Primark Benefits


View job as Trust Accounting for Primark Benefits

View job as Staff Accountant- Retirement Plan Services
            for PBMares

Staff Accountant- Retirement Plan Services


Yorktown VA / FL / IL / NC / SC / TX

View job as Staff Accountant- Retirement Plan Services for PBMares

View job as Sr. Retirement Plan Administrator
            for Tycor Benefit Administrators, Inc.

Sr. Retirement Plan Administrator

Tycor Benefit Administrators, Inc.


View job as Sr. Retirement Plan Administrator for Tycor Benefit Administrators, Inc.

View job as Compliance Tester
            for Apex Systems

Compliance Tester

Apex Systems


View job as Compliance Tester for Apex Systems

Selected New Discussions

Using the PTE That Allows a Plan Distribution to the Paid from Sponsor's Corporate Account

"Regarding the PTE that permits a plan benefit to be paid from the employer's corporate account due to the plan's illiquidity as long as there's an agreement in place for an interest-free, unsecured loan, does anyone know if there are any limitations for the term of the loan or repayment frequency?

For example, can the loan be for 18 months with the entire amount repaid with one payment at maturity or sooner?"

BenefitsLink Message Boards

Mergers and Terminations -- When is ADP Deadline?

"A plan merges into another plan effective on 10/1/2020. The plan performs a short year test from 1/1/2020-9/30/2020. It fails ADP testing. When are corrections due to avoid the 10% excise tax? 12/15/2020? Similar situation, except plan actually terminates effective 9/30/2020. When is the deadline to correct ADP without penalty?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Are You Ready for the New W-4P and W-4R Forms?

October 13, 2022 WEBCAST


IRA Transfers and Rollovers

November 17, 2022 WEBCAST


Back by Popular Demand! The 2022 Ethics Webcast!

December 1, 2022 WEBCAST

Last Issue's Most Popular Items

Text of IRS Notice 2022-53: Certain Required Minimum Distributions for 2021 and 2022 (PDF)

Internal Revenue Service [IRS]

Retirement Plan Sponsors Have Short 2022 Year-End Amendment List


Big Players in 401(k) Industry Team Up to Launch 401(k) Rollover Plan Product


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

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