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Retirement Plans Newsletter

April 24, 2023

6 New Job Opportunities 6 New Job Opportunities

 

[Guidance Overview]

SECURE Act 2.0 Provisions Impacting Employee Benefit Plans

"While some provisions took effect January 1, 2023, many will continue to roll out over the next few years and plan amendments will generally not need to be made until 2025. [This article provides] a summary of some of the effects of the act on employee benefit plans:"  MORE >>

Moss Adams LLP

[Guidance Overview]

Use of Forfeitures in Defined Contribution Plans

"The proposed regulations require that all forfeitures be used no later than 12 months following the close of the year in which the forfeitures occurred. This means that the amount of forfeitures used during a year must be at least equal to the forfeiture balance as of the end of the prior year."  MORE >>

Kilpatrick Townsend

A 403(b) CIT 'Fix' Gets Closer to Happening

"A bill that would allow 403(b)s to invest in collective investment trusts (CIT) could be headed for Congressional markup in the next few weeks. A draft of the bill ... would amend federal securities laws to enhance 403(b) annuity plans in part by adding a CIT option. Provisions to accomplish that were included in the House version of what became the SECURE 2.0 Act of 2022 -- but only part of that solution made it into the final bill."  MORE >>

American Retirement Association [ARA]

U.S. Workers Want Government to Require Employers to Offer Retirement Plans

"More than 4 in 5 workers (81%) said that employers should be required to offer workplace retirement savings plans, with millennials voicing the greatest support for such a mandate (88%) followed by Generation X (79%) and baby boomers (70%)."  MORE >>

Pensions & Investments

Five-Year Market Outlook: How Slow Growth Transitions and Inflation Recalibration Impact Pension Plans

"With below-average returns expected over the next five years, getting asset allocation right will be paramount in maintaining funded status.... Below-average returns would create hurdles for pension funds looking to build cost-efficient, lower-risk portfolios with adequate performance over the next five years."  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]

Target-Date Funds: Factors to Consider

"[1] What are target-date funds? ... [2] Target-date funds are popular in employer plans.... [3] Target-date funds are misunderstood.... [4] 5 tripwires for a workplace retirement account.... [5] How longevity factors into TDF decisions."  MORE >>

U.S. News & World Report

[Opinion]

The Active Expense Ratio: Fiduciary Risk Management's 'Little Secret'

"The [active expense ratio (AER)] makes plan sponsors and other investment fiduciaries address the uncomfortable question of closet indexing and the resultant cost-inefficiency and legal imprudence of such funds. The AER recognizes that a high correlation of returns between a 'actively managed' fund and a comparable index fund suggests that active management is contributing little, if anything, in terms of performance and return for an investor. The AER recognizes that the combination of a high r-squared number and high incremental costs increases a fund's implicit costs and overall cost-inefficiency."  MORE >>

The Prudent Investment Adviser Rules

[Opinion]

Choices Have Consequences: Retirement Benefit Design

"Some people argue that we don't have to fully fund public pensions and others think we can reduce the pension costs via clever investing or that overly-complicated investing is the reason that pensions have been sunk.... But much of this [is] driven by lengthening lives, fewer people coming after, and then promising benefits that grow faster than the base that can support these promises -- the core logic is obvious."  MORE >>

STUMP

Benefits in General

Sixth Circuit Reverses Employer Win on Benefit Funds’ Claim for Unpaid Benefit Contributions

"The Sixth Circuit determined that the district court erred by concluding that the CBA covered workers in the construction industry based only on the title of the parties' CBA  ... Based on this title, the court held that the class of workers for whom fringe benefit contributions must be made is limited to employees performing covered work in the construction industry, and no other industries. The court explained that headings and titles do not replace or limit the plain meaning of the text." [Trustees of Sheet Metal Workers Loc. 7 Zone 1 Pension Fund v. Pro Servs., Inc., No. 22-1566 (6th Cir. Apr. 21, 2023)]  MORE >>

Roberts Disability Law

Is the HSA a Health or a Retirement Savings Benefit?

"Health savings accounts are growing in use and popularity as an employee benefit. With advantages both in health care spending and long-term retirement savings, employers can present the benefit in multiple ways."  MORE >>

planadviser

Employee Benefits Jobs

View job as Retirement Plan Consultant (Advisor)
            for Keating, Inc.

Retirement Plan Consultant (Advisor)

Keating, Inc.

Wichita KS

View job as Retirement Plan Consultant (Advisor) for Keating, Inc.

View job as 401(k) Compliance Associate
            for Betterment

401(k) Compliance Associate

Betterment

Arlington Heights IL / NY / Hybrid

View job as 401(k) Compliance Associate for Betterment

View job as Project Coordinator for Implementation
            for The Retirement Plan Company (TRPC)/an ABG firm

Project Coordinator for Implementation

The Retirement Plan Company (TRPC)/an ABG firm

Remote

View job as Project Coordinator for Implementation for The Retirement Plan Company (TRPC)/an ABG firm

View job as Relationship Manager for Defined Benefit/Cash Balance Plans
            for The Retirement Plan Company (TRPC)/an ABG firm

Relationship Manager for Defined Benefit/Cash Balance Plans

The Retirement Plan Company (TRPC)/an ABG firm

Remote

View job as Relationship Manager for Defined Benefit/Cash Balance Plans for The Retirement Plan Company (TRPC)/an ABG firm

View job as Actuary Manager
            for Nyhart, part of FuturePlan by Ascensus

Actuary Manager

Nyhart, part of FuturePlan by Ascensus

Remote

View job as Actuary Manager for Nyhart, part of FuturePlan by Ascensus

View job as Sr. Benefits Attorney
            for Air Line Pilots Association

Sr. Benefits Attorney

Air Line Pilots Association

Mc Lean VA

View job as Sr. Benefits Attorney for Air Line Pilots Association

Selected New Discussions

Audited Plan Last Year (2021) But Under 120 Balances. Is One Required This Year?

"Had a Plan with 350 participants but only 101 with balances. Under the new Form 5500 audit rules, is one required? I know that it is clear that any Plan that hasn't met the 120 limit won't need one but wasn't sure if one had already been having the annual audit if it could discontinue."

BenefitsLink Message Boards

Do I Need to Restate?

"I am sure this will be a hot topic to discuss in the future. Plan DOT 12/31/2022 Restatement period started 4/1/2023 Possible asset distribution 6/1/2023. Do I need to restate?"

BenefitsLink Message Boards

Press Releases

EPIC Launches Dedicated Private Equity Employee Benefits Group

EPIC

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Introduction to 401k Plans for Plan Sponsors

RECORDED

Nova 401(k) Associates

PEPs: Hot or Not? The Pros and Cons of Pooled Employer Plans

April 23, 2023 PODCAST

National Association of Plan Advisors [NAPA]

New Hardship Self-Certification Rule

May 4, 2023 WEBINAR

Nova 401(k) Associates

Executive Compensation Tax Issues in M&A: IRS Rules for Stock Options, Deferred and Equity Comp, Golden Parachutes

July 12, 2023 WEBINAR

Strafford

Last Issue's Most Popular Items

How to Help Retiring Clients Pick a Medicare Plan

ThinkAdvisor

Top Takeaways from SECURE Act 2.0

Sequoia

Acting Labor Secretary Su Says SECURE 2.0 Guidance Coming in 'Timely Manner'

planadviser

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

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