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Retirement Plans Newsletter

December 20, 2022

2 New Job Opportunities 2 New Job Opportunities

 

[Guidance Overview]

The Pendulum Swings Back: Final ESG Regs Give Fiduciaries More Flexibility

"While the flexibility in the 2022 Version is welcome, the political controversy over ESG investing shows no signs of abating.... ESG investments have recently been underperforming when compared to the broader market, perhaps increasing litigation exposure and complicating any decisions about new ESG investing. Prudent fiduciaries will proceed with caution and seek professional assistance when necessary to evaluate funds using ESG criteria."  MORE >>

Cohen & Buckmann, P.C.

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[Guidance Overview]

Discretionary Management of IRAs: Conflicts and Prohibited Transactions

"Where an investment adviser charges different fees for managing fixed income in a portfolio than for managing equities, and has discretion to determine the allocation between the two in an IRA, the investment adviser has control over its fees, which appears to violate a prohibited transaction provision in the Internal Revenue Code. The inadvertent violation can be corrected, going forward, by using a blended rate where both allocations are charged the same fee.... There are other potential solutions, including transitioning the allocations to nondiscretionary advice."  MORE >>

FredReish.com

Sixth Circuit Holds Limitations Period for ERISA Underpayment Claim Does Not Accrue Earlier Than the Alleged Underpayment

"The court explained that although Gragg had received the 2010 letters, there was no injury to discover before August 1, 2018 when the Plan paid him less than the amount to which he claimed entitlement.... An ERISA claim based on letters alone would have rested upon 'contingent future events that may not occur as anticipated, or indeed may not occur at all.' " [Gragg v. UPS Pension Plan, No. 22-3379 (6th Cir. Dec. 16, 2022)]  MORE >>

Roberts Disability Law

Final SECURE 2.0 Included in Year-End Spending Bill

"[In] the waning hours of Dec. 19, House and Senate leaders released the text of the mammoth 'omnibus' spending bill, which includes a final SECURE 2.0 package (now officially named the SECURE 2.0 Act of 2022) ... The retirement package aims to help small businesses to adopt retirement plans, as well as make it easier for Americans to save." [See full text of the 4155 page bill, as released by House Appropriations Committee; SECURE 2.0 begins at page 2046.]  MORE >>

American Retirement Association [ARA]

2023 Key Administrative Dates and Deadlines for Calendar-Year Defined Contribution Retirement Plans

"The calendar includes key dates for: Various forms; Annual and quarterly benefit statements; Corrective distributions; Safe harbor notices; Summary annual report; Required minimum distributions."  MORE >>

Milliman

Retirement Advisers Increasingly Want PEP Option in Toolbox

"Pooled employer plans are still a nascent offering in the retirement market, but an increasing number of advisers want them available as an option and discussion point -- even if they're not recommending them."  MORE >>

planadviser

403(b) Plan Foundations: The Six Ds

"[F]oundational concepts that 403(b) plan participants need to understand and key decisions they need to make to become successful long-term investors ... can be described as the Six Ds: Defined Contribution, Decisions, Deductions, Deposits, Diversification (investment, tax, and time), and Dollar-Cost Averaging.... This post briefly describes each of the six Ds that underlie 403(b) plan participation. Research results, three 'need to know' facts, and six take-away action steps conclude this discussion."  MORE >>

403bwise

Defined Benefit Plan Market Update: Navigating Stormy Seas

"Rising Treasury yields and widening credit spreads (mostly in the first nine months of the year) continued to increase discount rates and reduce pension liability values, but losses from assets have weighed on funding ratios. [The authors] estimate that discount rates for plans with a high active population will increase by 2.35%, while discount rates for mature plans will increase by 2.5%."  MORE >>

Buck

Annuity Purchase Update, December 2022

"Average annuity purchase rates decreased this past month -- with the average duration 7 annuity purchase rate at 4.69% and average duration 15 annuity purchase rate at 4.66%.... Although [there was] a drop in average annuity purchase rates in December, rates are still up more than 250 basis points since the beginning of the year."  MORE >>

October Three Consulting

Pension Risk Transfer Market Keeps Setting Records

"The year's first quarter saw $5.3 billion in sales split about evenly between single premium buy-ins and buyouts ... That mark was 40% higher than 2021's first quarter and the highest first-quarter result on record. There were no buy-in contracts sold in Q2, but single premium buyout sales totaled $12.3 billion, an increase of 148% from 2021."  MORE >>

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United Actuarial Services, Inc.

Remote / Carmel IN

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            for Benetrends Inc

Retirement Plan Analyst

Benetrends Inc

Remote / Lansdale PA

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Selected New Discussions

Form 5500 Extensions / Rejections

"We sent in extensions for both 2/28 and 3/31 and so far at least one in each batch was rejected even though we are 100% certain we mailed them in at least a few days before the due date. Anyone having the same issue?"

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Press Releases

Nolan Financial Announces Launch of New Executive Benefits Website

Nolan Financial

DOL Recovers $6.3M for Employee Stock Ownership Plan Participants After Investigation Finds Manipulation of Company Share Value

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

Last Issue's Most Popular Items

Administration Issues for Terminating Retirement Plans

Milliman

2023 Lump Sums from Defined Benefit Plans Will Be Much Lower Than Previously Predicted

Milliman

ROBS Exit Strategies, Part 1: Options for Divesting the Plan of Stock Ownership

KLB Benefits Law Group

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

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