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Retirement Plans Newsletter

November 16, 2022

6 New Job Opportunities 6 New Job Opportunities

 

DOL Rejects ForUsAll's Call for 'Tactical Retreat' in Crypto Retirement Case

"The latest ForUsAll request had seen the retirement plan provider offer to drop the lawsuit, as long as the court confirmed the DOL's initial guidance would not be enforced.... On [November 15], the DOL shot back in its response, saying ForUsAll misrepresented the guidance to fit its own purposes ... The department noted that the court, in this case, should not dictate guidance or regulation going forward." [ForUsAll v. DOL, No. 22-1551 (D.D.C. DOL reply brief filed Nov. 14, 2022)]  MORE >>

planadviser

[Sponsor]

Pensions on Peachtree IN PERSON April 17-18, 2023 – Save the Date!

Ferenczy Benefits Law Center presents the Pensions on Peachtree (POP) Conference on April 17-18 in Atlanta, GA. Live and in person! Earn 15 CE credits and attend the renowned BBQ hosted by Ilene. Save the Date – Registration opens January 2023.

Sponsored by Ferenczy Benefits Law Center

Have We Reached the End of Amara?

"Janet Amara filed this action more than 20 years ago, in 2001, and it has survived through two district court judges, three appeals to the Second Circuit, and one appeal to the Supreme Court. Is it finally over?" [Amara v. Cigna Corp., No. 20-202 (2d Cir. Nov. 10, 2022)]  MORE >>

Kantor & Kantor LLC

Employer Didn't Breach Fiduciary Duty When 401(k) Beneficiary Designation Was Deficient

"In this case, the employer's adherence to plan documents and its proactive approach in informing the employee of the deficiencies in her change-of-beneficiary form insulated it from liability. The employer recognized that the terms of the plan didn't give the administrator discretion to accept beneficiary designations that failed to comply with the form's instructions and acted accordingly in distributing plan benefits." [Gelschus v. Hogen, No. 21-3453 (8th Cir. Aug. 29, 2022)]  MORE >>

Society for Human Resource Management [SHRM]; membership may be required to view article

MassMutual Faces Four ERISA Breach Counts in Retirement Lawsuit

"The plaintiff alleges plan fiduciaries breached their duties under ERISA by using the MassMutual Group Annuity Contract to offer investment options to participants. The plaintiff's excessive fee claims are centered on the Group Annuity Contract, an annuity that guarantees a fixed rate of return for participants." [Lalonde v. Massachusetts Mutual Life Ins. Co., No. 22-30147 (D. Mass. complaint filed Nov. 9, 2022)]  MORE >>

PLANSPONSOR; free registration may be required

PBGC Annual Performance and Financial Report 2022

"The Multiemployer Program had a positive net position of $1.1 billion at the end of FY 2022, compared to $481 million at the end of FY 2021, an improvement of $577 million. PBGC's Single-Employer Program remains financially healthy with a positive net position of $36.6 billion at the end of FY 2022, compared to $30.9 billion at the end of FY 2021, an improvement of $5.7 billion."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

2023 U.S. Retirement Market Outlook: Three Themes Shaping the Retirement Landscape (PDF)

20 pages. "There is an increased focus on savings adequacy to close a widening savings gap, particularly among women and underrepresented communities. Financial wellness is becoming more holistic. A broader view of retirement, wealth, and health needs illuminates the road from working years into retirement. Volatile markets create complex challenges for those investing for, and spending in, retirement. Professionally managed portfolios can help navigate uncertainty."  MORE >>

T. Rowe Price

401(k) Compliance Check: Tackling Beneficiary Designations

"What actions should plan administrators consider as best practices in connection with 401(k) beneficiary designations? ... What should 401(k) plan SPDs say about beneficiary designations? ... What actions should be taken in connection with beneficiary designation document retention? ... What specific actions should a plan administrator take annually?'

   MORE >>

Foley & Lardner LLP

Collapse of Cryptocurrency Exchange FTX Is Warning for 401(k) Fiduciaries

"The rapid collapse of FTX, one of the world's biggest cryptocurrency exchanges, which filed for bankruptcy on Nov. 11, underlines the risks of putting retirement funds into speculative investments -- especially those offered by lightly regulated firms."  MORE >>

Society for Human Resource Management [SHRM]; membership may be required to view article

CRS in Focus: Social Security -- The Trust Funds and Interest Income (PDF)

"At a basic level, the financial status of Social Security is simply the relationship among revenues, expenses, and the holdings in the Social Security trust funds. This report focuses on the trust funds and interest income, a decreasing source of income for the program." [IF12248 Nov. 15, 2022]  MORE >>

Congressional Research Service [CRS]

Benefits in General

Workplace Wellness Programs and LGBTQ Employees (PDF)

"LGBTQ workers were less likely than non-LGBTQ workers to be satisfied with their employee benefits overall and with paid leave.... LGBTQ workers were less likely than non-LGBTQ workers to be satisfied with the mix of retirement contributions and wages and more likely than non-LGBTQ workers to prefer higher wages and lower retirement contributions. In contrast, LGBTQ workers were more likely than non-LGBTQ workers to prefer higher mental health benefits and lower wages, whereas non-LGBTQ workers were more likely than LGBTQ workers to prefer fewer mental health benefits and lower wages."  MORE >>

Employee Benefit Research Institute [EBRI]

Employee Benefits Jobs

View job as Retirement Plan Administrator - Senior Associate
            for PBMares

Retirement Plan Administrator - Senior Associate

PBMares

Norfolk VA

View job as Retirement Plan Administrator - Senior Associate for PBMares

View job as Senior Defined Benefits Consultant
            for Loren D. Stark Company

Senior Defined Benefits Consultant

Loren D. Stark Company

Remote

View job as Senior Defined Benefits Consultant for Loren D. Stark Company

View job as Attorney - Employee Benefits & Executive Compensation
            for Southern California Edison

Attorney - Employee Benefits & Executive Compensation

Southern California Edison

Rosemead CA

View job as Senior Attorney
            for Southern California Edison

Senior Attorney

Southern California Edison

Rosemead CA

View job as Employee Benefits and Compensation Associate
            for Fox Rothschild LLP

Employee Benefits and Compensation Associate

Fox Rothschild LLP

Pittsburgh PA / Dallas TX / Minneapolis MN

View job as Retirement Plan Manager
            for Chemung Canal Trust Company

Retirement Plan Manager

Chemung Canal Trust Company

Elmira NY

Selected New Discussions

401(k) Profit Sharing Plan Has No Highly Compensated Employees -- OK to Exclude Certain Non-HCE Classes?

"If a plan has no HCEs, can they still exclude classes (job classes) and have no testing?"

BenefitsLink Message Boards

Changing from Full and Immediate Vesting to a 3-Year Cliff Vesting Schedule

"Cash balance plan currently has immediate 100% vesting. Plan sponsor would like to change to 3-year cliff vesting effective for those hired 1/1/23 and later. Eligibility is 21 & 1, and entry is 1/1 & 7/1. What are the considerations in terms of whether or not this works?"

BenefitsLink Message Boards

Amicable Divorce -- QDRO Really Needed?

"Got a call from a client. He and his spouse are getting a divorce. It's amicable, so he intends to give 1/2 of his plan balance to her, no problem. They don't want to pay for an attorney to draft a QDRO. Do they really need one?"

BenefitsLink Message Boards

Press Releases

Chubb Introduces Third Generation of Fiduciary Solutions for Multiemployer Plans

Chubb

The Retirement Advantage Hires New York / New Jersey Regional Sales Consultant

TRA [The Retirement Advantage]

President Names PBGC Advisory Committee Members

PBGC [Pension Benefit Guaranty Corporation]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Washington Update Briefing

November 17, 2022 WEBCAST

Mercer

Last Issue's Most Popular Items

Employee Benefit Plan Year-End Deadlines

Frost Brown Todd LLC

Plan Sponsor and Advisor Guide to Cybersecurity (PDF)

The SPARK Institute

Draft IRS Publication 590-A: Contributions to Individual Retirement Arrangements (IRAs), for Use in Preparing 2022 Returns (PDF)

Internal Revenue Service [IRS]

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

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