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Retirement Plans Newsletter

December 13, 2022

7 New Job Opportunities 7 New Job Opportunities

 

[Guidance Overview]

DOL Issues Final Rule for ERISA Fiduciaries Considering Socially Conscious Investments

"Plan sponsors and fiduciaries ... should understand that this new rule does not permit them to elevate ESG considerations over a fund's financial risk and return when evaluating whether to include or retain an investment option in a plan's investment lineup. Fiduciaries must continue to ensure that any investment option offered or retained in a plan's investment lineup is fundamentally sound from a financial perspective, fits the plan's investment strategy, and that no superior alternatives are available."  MORE >>

Littler

[Sponsor]

Deadline January 2nd to Pay No Additional IRS User Fees!

Hurry! Switch to ASC now for your Cycle 3 Defined Benefit plan documents and pay no additional IRS User Fees! Contact ASC before January 2nd to learn how! Email sales@asc-net.com today!

Sponsored by ASC

[Guidance Overview]

CRS Report on Social Security: Potential Impacts of Changes in Computation Years

27 pages. "The number of computation years is one factor that affects the Social Security monthly benefit amount. This report describes the current-law computation years and the legislative background for the provision. It also discusses the estimated work year distributions for workers in the current retiring cohorts and younger cohorts. The report concludes with a discussion of policy options that would change the number of computation years, including an analysis of effects on beneficiaries, related costs to the Social Security program, and a discussion of policy considerations." [R47330 Dec. 12, 2022]  MORE >>

Congressional Research Service [CRS]

Year-End 401(k) Checklist: How to Prevent Costly Stumbles in 2023

"[1] Review compliance procedures ... [2] Evaluate plan features ... [3] Perform analysis of service providers ... [4] Consider implementing new technology ... [5] Strengthen cybersecurity standards."  MORE >>

BenefitsPro; free registration required

In Wake of COVID-19, Retirement Savings Surge

"[PSCA's] 65th Annual Survey of 401(k) and Profit Sharing Plans found record high rates or retirement savings alongside innovative plan designs.... 89.2 percent of eligible employees made contributions to the plan in 2021 (up from 88.5 percent in 2020) with an average deferral rate of 8.3 percent of pay (up from 8.0 percent in 2020).... Just 1.9 percent of participants took a hardship withdrawal in 2021 (down from 2.6 percent in 2020 and 18 percent borrowing against their account balances (down from 23.6 percent in 2020)."  MORE >>

Plan Sponsor Council of America [PSCA]

PBGC Approves $114 Million Additional SFA for Road Carriers Local 707 Plan

"[PBGC] has approved the supplemented application submitted ... by the Road Carriers Local 707 Pension Plan. The plan, based in Hempstead, New York, covers 3,804 participants in the transportation industry.... The Road Carriers Local 707 Plan will receive approximately $114.1 million in supplemented SFA, which is in addition to $726.6 million in SFA approved for the plan by PBGC in January 2022 under the interim final rule."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

PBGC Approves $40 Million Additional SFA for Local 805 Plan

"[PBGC] has approved the supplemented application submitted ... by the Local 805 Pension and Retirement Plan. The plan, based in New York City, New York, covers 2,003 participants in the transportation industry.... The Local 805 Plan will receive approximately $40.4 million in supplemented SFA, which is in addition to $118.3 million in SFA approved for the plan by PBGC in May 2022 under the interim final rule."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

PBGC Approves $9.5 Million Additional SFA for Local 138 Plan

"[PBGC] has approved the supplemented application submitted ... by the Local 138 Pension Plan. The plan, based in Baldwin, New York, covers 1,723 participants in the transportation industry.... The Local 138 Plan will receive approximately $9.5 million in supplemented SFA, which is in addition to $112.6 million in SFA approved for the plan by PBGC in December 2021 under the interim final rule."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Benefits in General

EBSA Restores Over $2.4 Billion to Employee Benefit Plans, Participants and Beneficiaries During FY2021 (PDF)

"EBSA closed 1,072 civil investigations with 741 of those cases (69%) resulting in monetary results for plans or other corrective action.... EBSA's enforcement program helped 16,024 terminated vested participants in defined benefit plans collect benefits of $1.548 billion owed to them.... EBSA opened 188 criminal investigations and closed 208 criminal investigations. 118 of the 188 criminal cases opened during FY2021 involved health benefit plans."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Employee Benefits Jobs

View job as Client Service Manager
            for July Business Services

Client Service Manager

July Business Services

Remote

View job as Client Service Manager for July Business Services

View job as Retirement Plan Sales Consultant
            for Prime Pensions

Retirement Plan Sales Consultant

Prime Pensions

Remote

View job as Retirement Plan Sales Consultant for Prime Pensions

View job as Financial Processor (Distributions Specialist)
            for Retirement Solutions Specialists, LLC

Financial Processor (Distributions Specialist)

Retirement Solutions Specialists, LLC

Remote / Jacksonville FL

View job as Financial Processor (Distributions Specialist) for Retirement Solutions Specialists, LLC

View job as Pension Associate
            for Strategic Pension Services, LLC

Pension Associate

Strategic Pension Services, LLC

Remote / Albany NY

View job as Pension Associate for Strategic Pension Services, LLC

View job as Consulting Actuary
            for Sentinel Benefits & Financial Group

Consulting Actuary

Sentinel Benefits & Financial Group

Remote / Wakefield MA / Melville NY

View job as Consulting Actuary for Sentinel Benefits & Financial Group

View job as 401k Plan Administrator
            for Pentec Pension Management Group, Inc

401k Plan Administrator

Pentec Pension Management Group, Inc

Remote / TX

View job as 401k Plan Administrator for Pentec Pension Management Group, Inc

View job as Client Relationship Manager
            for The Hilb Group

Client Relationship Manager

The Hilb Group

Remote / Cranston RI

View job as Client Relationship Manager for The Hilb Group

Selected New Discussions

Late 402(g) Refund; How to Report on 1099-R

"Participant had 2021 402(g) excess of 1,000. At time of distribution there was $20 in earnings. The IRS says it's taxable in both years. (I knew that). But it also says BOTH amounts are reportable on a 1099-R. I thought just the 2022 amount is reported on a 1099-R (basis and the earnings), but the 2021 overage would be taken care of on the 1040 using the W2. Here's what the IRS site says: Under Revenue Procedure 2021-30, Appendix A, section .04, the permitted correction method is to distribute the excess deferral to the employee and to report the amount as taxable both in the year of deferral and in the year distributed. These amounts are reported on Forms 1099-R. In the case of amounts designated as Roth contributions, the excess deferral will already have been reported in income in the year of deferral. However, the amount will be reported as taxable in the year distributed."

BenefitsLink Message Boards

Excluding Compensation Paid after Plan Termination Date

"SH 401(k) - 3% NEC SH, for medical practice. Plan is terminating due to sudden health issues for doctor. He wants to term the plan before the end of 2022. Next-to-last payroll is 12/14/2022, last payroll would be 12/28/2022 which will include severance. Practice does not want to pay 3% NEC on severance, so wants to term before that last payroll, probably 12/16/2022. MD has comp in excess of $305K already. Will term date affect his plan comp?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

2022 Fiduciary Claim Trends

December 14, 2022 WEBCAST

Euclid Fiduciary

Last Issue's Most Popular Items

401(k)ology: Annual Match 'True Up'

Newfront

Oh Won't You Stay ... Until the Bonus Is Paid

Holland & Hart LLP

Measuring Pension Obligations for Difficult-to-Value Plan Provisions (PDF)

American Academy of Actuaries

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

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