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Retirement Plans Newsletter

April 19, 2023

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

New Form 5500 Rules Permit More Plans to Qualify for Audit Exemption

"The new rules reduce the number of participants in individual account plans that must be counted, which is significant as more plans will qualify for the small plan exemption, allowing them to use the short form for reporting and waive the audit requirement, including the required accountant report. This will result in significant savings for qualifying plans. These rules will primarily impact 401(k) and 403(b) plans[.]"  MORE >>

Polsinelli PC


Learn from ASC’s Retirement Plan Industry Experts at NAFE 2023

Don’t miss presentations by ASC’s Principal Attorney, John Griffin, J.D., LL.M. & Chief Actuary, Valerie Lopez, FSA, EA, MSEA, MAAA. And visit us at Booth 205 to learn why ASC is an industry leader in retirement plan software and ERISA Education.

Sponsored by ASC

[Guidance Overview]

ESG in Retirement Plans: Clarity But No Certainty After DOL Ruling (PDF)

"Now we have the final text, and it is more neutral than the version the DOL originally proposed.... With any luck, a more neutral ruling will give some regulatory certainty to this area and unlock the potential of ESG products to find their way into more investment menus.... [S]tate-based developments are keeping the topic of a fiduciary's responsibilities in the context of ESG investments in flux as party control has the potential to oscillate regularly."  MORE >>

nuveen next

[Guidance Overview]

Upcoming Deadline icon Connecticut Businesses Must Offer a Retirement Savings Plan to Employees by August 31, 2023

"Connecticut employers that do not already offer an employer-sponsored retirement plan must register for the MyCTSavings program on the state's website. [The] program establishes individual Roth IRAs for each employee, which are funded through employee payroll contributions. Employers will receive notices that must be provided to employees. Employers must then enroll their current employees, who will have the choice to opt-out within 30 days."  MORE >>

Fox Rothschild LLP

DOL Files Notice of Appeal in 401(k) Rollover Ruling

"The [DOL] filed its notice of appeal ... of a ruling that struck down its guidance pertaining to a fiduciary duty regarding rollovers. 'The notice of appeal is in line with what we expected,' ERISA attorney Jason Roberts, CEO of the Pension Resource Institute, said. 'Regulators do not like to cede ground and leave opinions challenging their interpretations hanging out there.' " [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023; notice of appeal filed Apr. 14, 2023)]  MORE >>

American Retirement Association [ARA]

Second Circuit Panel Considers ERISA Arbitration Request

"During oral arguments, at least two of the three judges on the Second Circuit panel appeared skeptical that they could force individual arbitration on an individual's rights under ERISA to seek relief for the entire plan in the form of a representative action under Section 502(a)(2)." [Cedeno v. Argent Trust Company, No. 21-2891 (2d Cir., on appeal from S.D.N.Y. No. 20-9987)]  MORE >>

Hall Benefits Law

SECURE 2.0: Guidance Needed

"[This article provides] a very brief summary of 'technical' SECURE 2.0 retirement policy issues requiring clarification."  MORE >>

October Three Consulting

Cautions for Plan Fiduciaries and Service Providers: Cybertheft, Fraud, and Potential Liability

"Fiduciary committees should be sure to ask all current service providers about their procedures for monitoring cybersecurity and potential fraud and should include questions about cybersecurity procedures in RFPs ... Fiduciary committees should monitor service providers on an ongoing basis by requesting information on any updated cybersecurity procedures, ... Recordkeepers should be on the lookout for 'red flags' ... Recordkeepers may wish to institute procedures providing for a delay between the time a participant changes his contact information on file and the time the recordkeeper processes a distribution[.]"  MORE >>

Mayer Brown

Lifetime Income's QPDA and the IQPA

"Where the annuity contract had been previously purchased and (and held) by the plan as an investment, the subsequent distribution of the annuity as a QPDA ... [merely transfers] ownership of the contract ... from the plan to the former plan participant. Therein lies the rub for the Independent Qualified Public Accountant (IQPA), which audits the books of the plan: there does not appear to be a well developed, standardized protocol in the auditing process under which the QPDA distribution can be verified as compliant with auditing standards."  MORE >>

Business of Benefits

State Pension Plans Funding Status, First Quarter 2023

"The aggregate funded ratio for U.S. state pension plans increased by an estimated 2.8% during the first quarter of 2023 to end the quarter at 76.4%[.]"  MORE >>

Wilshire Associates

Benefits in General

Employees: How to Get the Most from Your Employer's Benefits Plans

"[Y]our employee benefits plan could account for as much as 30% of your total compensation.... [Q]uestions to get the most from employee benefit plans: [1] Has your family situation changed? ... [2] How much are you contributing to your retirement plan? ... [3] How much do you typically spend on medical expenses? ... [4] Are you protecting your future (and your family's)? ... [5] Are you leaving any benefits on the table?"  MORE >>

Charles Schwab

After Big Surge, Benefits Mentions in Job Posts Level Off

"Amid a red-hot job market and the Great Resignation ... employers touted a plethora of benefits offerings as they tried to sway potential workers to their organizations.... [T]he number of job postings advertising benefits ... has flattened in recent months ... The slowdown is especially prevalent in low-wage sectors[.]"  MORE >>

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

Employee Benefits Jobs

View job as Regional VP of Sales
            for The Retirement Plan Company

Regional VP of Sales

The Retirement Plan Company

Remote / CA / OR / WA

View job as Regional VP of Sales for The Retirement Plan Company

View job as Defined Contribution Account Manager
            for Nova 401(k) Associates

Defined Contribution Account Manager

Nova 401(k) Associates


View job as Defined Contribution Account Manager for Nova 401(k) Associates

View job as Retirement Plan Consultant
            for FuturePlan, by Ascensus

Retirement Plan Consultant

FuturePlan, by Ascensus


View job as Retirement Plan Consultant for FuturePlan, by Ascensus

Selected New Discussions

RMDs for 2021 and 2022 After Participant Death - Any IRS Guidance?

"Did I miss any IRA guidance on exactly how beneficiaries must take distributions over 10 years? They initially said, or at least everyone thought, that any time was ok - all in the tenth year if that is what was desired. Then last year they said no, it had to be taken each year, but 2021 and 2022 were ok if RMDs weren't taken. But they didn't say if 2021 and 2022 had to be taken in 2023, or if it would be ok to do it ratably over the remaining years - seems kind of important to be left hanging this long."

BenefitsLink Message Boards

Market Value Adjustment for Stable Value Fund During Plan Termination

"I am working with a small 401k that is terminating due to a buyout. The existing 401k plan has a stable value fund, which is now triggering a Market Value Adjustment. I have reached out to the fund requesting information on a put option, but since the plan is terminating, I am not sure that even if the put is allowed. Date of termination hasn't yet been established -- but the assets generally must be distributed within a year of the date. I'm concerned that the put option (if available) might be more than 12 months."

BenefitsLink Message Boards

Press Releases

Freedom Fiduciaries™ Launches a New Retirement Plan Consulting Firm

Freedom Fiduciaries

Freedom Fiduciaries™ Introduces Cristina Hansen as VP, Director of Client Service

Freedom Fiduciaries

Freedom Fiduciaries™ Introduces a Bac(K) Office Partnership Model

Freedom Fiduciaries

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Help Business Owners Benefit from the Illinois Retirement Mandate

April 27, 2023 WEBINAR

TRA [The Retirement Advantage]

Help Business Owners Benefit from the Maine Retirement Mandate

April 27, 2023 WEBINAR

TRA [The Retirement Advantage]

Last Issue's Most Popular Items

RMD Changes Effective in 2023 and 2024

Holland & Hart LLP

Compensation Clawbacks: The Impact on 401(k) Plans


Shareholder Advocacy Group Pressures Plan Sponsors on Failure to Consider Climate Risk

American Retirement Association [ARA]

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

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