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Retirement Plans Newsletter

November 2, 2022

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

Upcoming Deadline icon Year End SECURE Act Deadline Looms for Tax-Exempt 457(b) Plans

"Despite an extension granted to qualified plans, Section 403(b) plans, and governmental Section 457(b) plans to make necessary amendments under the SECURE Act, no extension past December 31, 2022 currently applies for Section 457(b) plans maintained by private tax-exempt organizations.... [A]bsent future guidance from IRS, these plans must be amended by the end of this year to incorporate the SECURE Act's changes to required minimum distribution provisions."  MORE >>

E is for ERISA


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]

[Guidance Overview]

401(k)s and Davis Bacon 'Prevailing Wage' Rules

"[A] plan sponsor can take credit for employer contributions made to a bona fide fringe benefit plan, and a QACA qualifies as such, but there is a catch. For an employer to take full credit for contributions to a bona fide fringe benefit plan, they must be fully vested,[.]"  MORE >>

Retirement Learning Center, LLC

ERISA Fee Suit Against Yale University Will Proceed to Trial

"the court concluded that plaintiffs raised issues appropriate for resolution at trial about whether Yale acted imprudently by not obtaining information about TIAA's cross-selling activities or prohibiting TIAA from engaging in these activities. Likewise, the court allowed claims based on defendants' lack of process for monitoring the performance of the plan's funds, and their failure to select available institutional share classes over costlier retail share classes, to go forward." [Vellali v. Yale Univ., No. 16-1345 (D. Conn. Oct. 21, 2022)]  MORE >>

Kantor & Kantor LLC

Fiduciary Update, October 2022

"This fourth-quarter Fiduciary Update reviews recent legislation regarding indexed target date funds, plan-related data as a plan asset, and other cases involving fiduciary responsibilities and potential breaches."  MORE >>


Microsoft Faces Shareholder Proposal Over Climate Risks and 401(k) Plan

"Shareholders in Microsoft are set to vote on a proposal seeking information on managing risks from climate change in the company's 401(k) plan.... The resolution ... requests that Microsoft's board 'provide a report assessing how the company's 401(k) retirement funds manage the growing systemic risk to the economy created by investing retirement plan funds in companies contributing significantly to climate change.' "  MORE >>

Corporate Secretary

FAS87 ASC715 Discount Rates and Moody's Rates, October 31, 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


Is Retirement Saving 'Wasted' on the Young?

"In a paper provocatively titled 'The Life-Cycle Model Implies that Most Young People Should Not Save for Retirement' no fewer than four of them take 48 pages to make that case.... Like most research, the conclusion is a premise based on assumptions. Here the most basic is that this thing called a 'life-cycle model' is worth considering in the first place."  MORE >>

Nevin Adams, via American Retirement Association [ARA]

Benefits in General

Bill Passed by House Would Increase ERISA Litigation by Changing Administrator Discretion and Arbitration Provisions

"[The Employee and Retiree Access to Justice Act (ERAJA)] amends ERISA in two important ways that will lead to much more ERISA retirement plan litigation.... [1] ERAJA would invalidate and render unenforceable any arbitration provisions, class action waivers, and representation waivers for the purposes of claims brought under ERISA Section 502 as well as common law claims.  ... [2] ERAJA would also legislatively remove the ability of plans to give the plan administrator discretion in deciding claims and having the administrator's decision be given deference by a reviewing court[.]"  MORE >>

Murphy Austin

Employee Benefits Jobs

View job as DC Plan Administrator
            for Pension Management Consultants, Inc.

DC Plan Administrator

Pension Management Consultants, Inc.

Remote / Modesto CA

View job as DC Plan Administrator for Pension Management Consultants, Inc.

View job as Sr Retirement Plan Consultant
            for SetAway, LLC

Sr Retirement Plan Consultant

SetAway, LLC

Remote / Bedford NH / MA / ME / VT

View job as Sr Retirement Plan Consultant for SetAway, LLC

Selected New Discussions

Timing for Deferral Elections under New 457(b) Plan

"Can a new nongovernmental 457(b) plan becoming effective 11/15/2022 allow employees to make initial deferral elections after 10/31/2022, but before the plan effective date, that will be effective to defer pay beginning 11/15/2022? These are not new employees."

BenefitsLink Message Boards

Paycheck to Paycheck vs. Statutory Compensation Method for Calculating Matching Contributions

"What are the benefits and drawbacks of using paycheck to paycheck for company match vs. statutory compensation? We're taking a rollover plan that is paycheck to paycheck but we're not sure whether it would be best to keep it this way or instead to change to statutory compensation. It seems that statutory compensation would be easier for true up purposes, but paycheck to paycheck could be easier for recordkeeping."

BenefitsLink Message Boards

How to Correct Overcontribution to Participant's Account Due to Administrator Error?

"If the administrator entered the incorrect (i.e., a higher than intended) percentage match for a participant, how can this error be corrected? The plan is matched on a paycheck by paycheck basis, so is there a way to correct it in the following paycheck, or would that not be allowed? If that does not work, would we be able to have a forfeiture of that amount, or is the money now the participant's property due to the error?"

BenefitsLink Message Boards

Press Releases

Allianz Lifetime Income+ Annuity Now Available in Plans Nationwide


Voya Financial to acquire Benefitfocus, Inc.

Voya Financial

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Navigating Murky Waters: Ethics for ERISA and Executive Compensation Lawyers

December 13, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Retirement Plan Roundup, Session 4: Legislative Update

December 14, 2022 WEBCAST

Thompson Hine LLP

ERISA Fiduciary Investment Basics 2023

March 21, 2023 WEBCAST

PLI [Practising Law Institute]

Last Issue's Most Popular Items

The Annual Form 5500 Audit: DOL Broadens Criteria for Independent Qualified Public Accountants

Faegre Drinker

Goldman Sachs 401(k) Fee Class Action Dismissed

Jackson Lewis P.C.

What Annuities Can Do for Retirees That Traditional Fixed Income Can't


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

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