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Retirement Plans Newsletter

April 14, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

Applying the New EPCRS Rules Under SECURE 2.0

"[P]lan sponsors will want to carefully assess the risks and benefits of self-correction and may still file an application for a compliance statement under the voluntary correction program (VCP) where more certainty is needed. In the meantime, another possibility is to take a fix now, possibly file later approach[.]"  MORE >>

Boutwell Fay LLP

DOL Files Motion/Brief Opposing Preliminary Injunction in ESG Litigation

"There are, generalizing, two 'big questions' about plaintiffs' motion for a preliminary injunction. First, do the plaintiffs have standing to bring it? And second, does their case meet the standards for a preliminary injunction?" [Utah v. Su, No. 23-00016, (N.D. Tex. reply brief filed Apr. 11, 2023)]  MORE >>

October Three Consulting

Plan Sponsors Warm to Keeping Assets In-Plan

"More than half (54%) of 401(k) plan sponsors prefer to keep their retired participants' assets in their plan, as opposed to having participants roll their assets into an individual retirement account (IRA) or another employer-sponsored plan, a notable increase from 26% in 2019[.]"  MORE >>

American Retirement Association [ARA]

What's Holding Back Wider Adoption of Retirement Income Options?

"While low adoption rates have traditionally been attributed to lack of interest and negative impressions of annuities, nearly half (47%) of consultants say the biggest issue is that these products are complex and difficult for them to explain. This was followed by a lack of competitive pricing/cost (28%); burdensome administration (19%); lack of flexibility (15%) and concern about client reactions should things go badly/want to avoid a lawsuit (15%)."  MORE >>

National Tax-Deferred Savings Association [NTSA]

Pension Risk Transfer: What Prospective U.S. Market Entrants Should Know

"Three main sets of assumptions underpin PRT pricing, and insurers' approaches to them are becoming notably more sophisticated.... PRT deals vary from small (less than $10 million) to jumbo ($1 billion or more) and involve both annuity-based plans and cash balance plans. ... [P]ricing is likely to become even more competitive.  ... SECURE 2.0 ... directed the DOL to review its existing guidance for fiduciaries engaging in PRT, highlighting the need to manage future regulatory changes in addition to satisfying the current requirements."  MORE >>

Willis Towers Watson


2023 CCA Enrolled Actuaries Conference | Virtual

Choose from 39 sessions covering topics in single-employer, multiemployer, public, and small plans and other topics relevant to pension professionals. Earn up to 18.5 EA credits, which includes 2.0 EA Ethics credits & 1.5 credits toward bias topics.

Sponsored by Conference of Consulting Actuaries [CCA]

DOL Agrees to Notice and Comment Rulemaking on Adequate Consideration Exemption for ESOPs

"[The DOL] has committed to move forward with a public notice and comment rulemaking on a key regulation the community has sought since ESOPs were first created in 1974. The regulation will clearly define Adequate Consideration under Section 408(e) of [ERISA]."  MORE >>

The ESOP Association

Would Raising the Full Retirement Age Really Save Social Security?

"The claiming trends argue against an increase in the retirement age, and the reason is simple: A higher retirement age functions as a benefit cut, because it raises the bar on how long people wait to receive their full benefit. Every 12-month increase in the FRA roughly equates to a 6.5% cut in benefits."  MORE >>


Employee Benefits Jobs

View job as Retirement Plan Consultant
            for Independent Retirement

Retirement Plan Consultant

Independent Retirement

Remote / Portland OR

View job as Retirement Plan Consultant for Independent Retirement

View job as Client Support Manager (Contact Center)
            for 401k Generation

Client Support Manager (Contact Center)

401k Generation

Altamonte Springs FL / Hybrid

View job as Client Support Manager (Contact Center) for 401k Generation

Selected New Discussions

Simple Plan: Is This Contribution Based on Correct Compensation?

"My employer started a SIMPLE IRA plan for all employees in April of 2022 with the required 3% match. I contributed the maximum of $14,000 over the course of the remainder of the year. My salary is $200,000 per year, so I believe that the 3% should be based on my compensation over the whole year totaling $6,000. My employer's accounting firm only deposited $4,500 as the employer match instead of the $6,000 that would equal 3% of my yearly salary and says that they only owe me 3/4 of the total 3% because the plan only existed for 3/4 of the year. This does not seem to correlate to the IRS language regarding SIMPLE IRAs, which states that the percentage is based on the employees' compensation for the 'entire year', although I cannot find anywhere that says that this language applies even to plans started mid year. What is the correct interpretation?"

BenefitsLink Message Boards

Including 'Deemed 125 Compensation'

"Curious as to how many Plans you either service, or see, that use the option to INCLUDE Deemed 125 Compensation. I remember discussing this with a noted ERISA attorney many years ago -- I think it was in regard to restating for PPA -- and to paraphrase what he said, was that if you include it you'll probably live to regret it. Very complicated for clients and TPA's alike. I've seen some old discussions on this, but I wondered how people felt about it now, years later."

BenefitsLink Message Boards

Press Releases

Millennium Trust’s Auto Portability Functionality Ready for Client Testing in June

Millennium Trust Company, LLC

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Controlled Group Liability and Successor Employer Rules: ERISA and IRC Provisions, Limiting Claims, Seller Liability

May 31, 2023 WEBINAR


Last Issue's Most Popular Items

Implementing SECURE 2.0's Roth Provisions May Tax DC Plan Sponsors


Pros and Cons of Government 457(b) Retirement Plans

Bankrate, via MSN News

Jury Trials in the ERISA Context: An Anomaly or a Trend? (PDF)

Jenner & Block, via Employee Relations Law Journal

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

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