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Retirement Plans Newsletter

October 20, 2022

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

Maintaining Plan Documents and Procedures for Retirement Plan Required Minimum Distributions (PDF)

"Plan sponsors and fiduciaries should clearly communicate plan rules and update their documents and procedures to ensure that required minimum distributions are timely taken, especially since the rules have changed in recent years."  MORE >>

Mintz, via Journal of Pension Benefits


Have you registered for the 2023BMC? Secure your spot for this premier event!

The 2023BMC is January 18-20 at the Sanctuary in Scottsdale offering TPA business owners methods to grow their business along with a unique opportunity to meet fellow TPA business owners to share challenges and develop solutions. Register today

Sponsored by NIPA {National Institute of Pension Administrators]

Failure to Identify Sound Comparisons Sinks ERISA Fee, Investment Claims in Eighth Circuit

"Plaintiffs must plead a 'sound basis for comparison -- a meaningful benchmark' -- to sustain their claims of imprudent investment and excessive fee against a 401(k) plan, the [court] held, dismissing a class action lawsuit for breached of fiduciary duties under ERISA.... The U.S. Courts of Appeals for the Sixth and Seventh Circuits reached similar conclusions in dismissing cases before them." [Matousek v. MidAmerican Energy Co., No. 21-2749 (8th Cir. Oct. 12, 2022)]  MORE >>

Jackson Lewis P.C.

District Court Finds for Defendant Plan Sponsor in BlackRock Target Date Fund Suit

"First, the 'facts' about the objective prudence of the decision to use the BlackRock TDFs did not, as a practical matter, require discovery ... Why could this case, then, not have been disposed of on a motion to dismiss? Second, on future motions to dismiss, or for summary judgment, in 401(k) prudence litigation (e.g., in the more recent BlackRock TDF cases), arguing objective prudence looks like a promising line of attack." [Pizarro v. The Home Depot Inc., No. 18-1566 (N.D. Ga. Sep. 30, 2022)]  MORE >>

October Three Consulting

ERISA Section 404(c) Protection: A Refresher for Fiduciaries

"The purpose of this post is to remind fiduciaries that 404(c) Protection is available only if certain requirements are continually met. It also provides a high-level summary of the key requirements and recommends that fiduciaries periodically review their plan operations to ensure compliance. No fiduciary wants to discover that 404(c) Protection is unavailable after an investment loss has occurred."  MORE >>

Verrill Dana LLP

The Importance of Maintaining Retirement Beneficiary Forms

"Some retirement plan documents automatically revoke spousal beneficiary designation upon divorce. If this is not specified in the plan document, however, former spouses will still be the designated beneficiary, much to the surprise of any surviving family members.... Reviewing the order of beneficiaries listed in the plan document is vital to ensure funds are distributed timely while in accordance with the participant's intentions. Having inaccurate or outdated forms on file leads to confusion and extra time spent working to allocate the deceased participant's account."  MORE >>

Watkins Ross

The Appeal of a Guaranteed Lifetime Income Option Is Growing Among Participants

"While more participants are looking for a consistent source of income in retirement, they also want the flexibility to change their payments when needed."  MORE >>


Target Date Trailblazers for 20 Years

"Former and current portfolio managers of [T. Rowe Price] target date solutions marked the 20‑year anniversary of T. Rowe Price target date investing with a discussion of the lessons they've learned and shared insights on the target date investing landscape and where they think it is headed."  MORE >>

T. Rowe Price

Why Do ESOP Transactions Take So Long to Complete?

"The timing for the ESOP transaction can be largely managed and expedited by the client. There are several things that the client should and must do to move the transaction and its advisors forward and manage costs. The faster the company comes to grips with these and other alternatives the faster the transaction can close."  MORE >>

Employee Benefits Law Group

What to Know About Social Security's 2023 COLA

"Coupled with a slight decrease in 2023 Medicare premiums, [the 8.7% COLA] may seem like great news to help [retirees] cope with inflation. For some retirees, however, it won't be quite enough to offset higher expenses, forcing some to withdraw more from their retirement accounts. The increase could also push some retirees into a higher tax bracket."  MORE >>


Employee Benefits Jobs

View job as Senior Corporate Counsel (ERISA)
            for Newport, an Ascensus Company

Senior Corporate Counsel (ERISA)

Newport, an Ascensus Company

Remote / Newton Center MA

View job as Senior Corporate Counsel (ERISA) for Newport, an Ascensus Company

View job as Customer Integration Analyst II
            for The Standard

Customer Integration Analyst II

The Standard


View job as Customer Integration Analyst II for The Standard

View job as Team Manager, Recordkeeping Specialists
            for Definiti

Team Manager, Recordkeeping Specialists



View job as Team Manager, Recordkeeping Specialists for Definiti

Selected New Discussions

Mandatory Force-Out of Less Than $5,000 -- Cannot Do Once Participant Attains NRA?

"Plan documents appear to say that a default IRA rollover cannot be done for those who severed employment, attained the later of 62/NRA and have balance of less than $5,000. So if they don't respond to the distribution process, they get a cash-out less withholding and are not to be rolled to a default IRA. This seems to be something I had not noticed. I doubt we've had a case since retirees are diligent about getting their funds rolled out. Am I right about this?"

BenefitsLink Message Boards

2021 Form 5558s Being Denied

"Mailed in 59 Form 5558s to the IRS for the 2021 plan year on July 22, 2022, certified mail return receipt. Now my clients are getting Notices CP216H indicating that they have denied the request for an extension of time because the request was not filed on or before the due date of the return.

I have a copy of my Certified Mail receipt showing the package being mailed out on July 22, 2022. I cannot get through to the IRS on the phone 'due to extreme call volumes' and I should try again tomorrow. Anyone else getting these denial letters? Should I resend the entire package again with all 59 forms?"

BenefitsLink Message Boards

When Is CPA Audit Displayed on EFAST

"Greetings, A large plan filer filed their 5500 on Monday (10/17) and the CPA audit was attached. The audit attachment is still not showing up on the EFAST website 2 days later. Any idea how long it normally takes EFAST to include the audit as part of the filing you can see on the EFAST website? The filing was done through the ftWilliam software. Thanks in advance."

BenefitsLink Message Boards

Press Releases

CAPTRUST Adds Massachusetts-Based Patriot Pension Advisors

CAPTRUST Financial Advisors

Milliman Launches Enhanced Retirement Security Projection Tool to Measure Retirement Readiness


Individual Coverage HRAs See Triple Digit Growth, Continue to Expand Access to Care, New Report Shows

HRA Council

DCIIA Announces Transition and New Hire in Chief Operating Officer Role

Defined Contribution Institutional Investment Association [DCIIA]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

The Epic Tale of the RobbJack Corporation ESOP: An Interview with Their Chairman of the Board


Employee Benefits Law Group PC

Last Issue's Most Popular Items

401(k) Compliance Check: Best Practices for 401(k) Plan SPDs

Foley & Lardner LLP

The Truth About the Looming Fiduciary Liability Trap in 401(k) and 403(b) Litigation

The Prudent Investment Fiduciary Rules

Crafting a Competitive Nonqualified Plan


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

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