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Retirement Plans Newsletter

May 18, 2023

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

SECURE 2.0: New and Potentially Easier Ways to Make Withdrawals from 401(k) Plans

"Employers and plan sponsors will want to work closely with their recordkeepers and payroll departments to determine whether [the optional Emergency Savings Accounts] are administratively feasible and who will shoulder the burden for their operations.... Plan sponsors ... should send an informal notice to participants reminding them of the ability to repay a QBAD, even if it was taken from another qualified retirement plan."  MORE >>

Foley & Lardner LLP

The DOL Accepts a FAQ-Out and Rolls Over -- for Now

"For the moment, if ASA stands, as it appears it will, the case will be a blow to what was arguably a centerpiece of the DOL's efforts to regulate rollover solicitations. It remains to be seen, however, what the DOL's next steps will be. In this regard, there are strong indications that the DOL may be considering yet another change to the Existing Fiduciary Rule." [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023; stipulation as to voluntary dismissal filed May 16, 2023; 11th Cir. No. 23-11266)]   MORE >>

The Wagner Law Group

DB Plans: How to Invest When Cash Flow Is Negative

"Given the choice between two investments that will have similar expected long-term returns and risk, choose the one that produces more income vs. capital appreciation.... Consider ways to reduce asset price volatility while not impairing liquidity.... Make contributions more frequently.... Ensure the plan's investment policies allow for a degree of tactical decision-making on the part of the investment managers."  MORE >>


ChatGPT Describes 401(k) Plan Sponsor Challenges

"[T]he first question, the one asked from the plan sponsor’s perspective, came back with a slightly different answer (identifying appropriate investment options and then providing employee education regarding those options). This second question, from the professional fiduciary’s outlook, adds a bit of emphasis on fees. Are the different responses significant? Is the similarity in responses a problem?"  MORE >>

Fiduciary News; free registration required

3(16) Fiduciaries: Saving Time and Reducing Liability

"[O]utsourcing day-to-day plan operations can be a powerful way to reduce liability for the company and, more importantly, save time that can be better used growing the business.‍...  3(16) fiduciaries are all about the daily operations and administration of retirement plans. They take on fiduciary liability for the plan's administrative tasks, ensuring everything is done correctly and on time."  MORE >>


24% of Participants May Cut 401(k) Contributions

"To offset inflation, 37% of respondents are considering increasing their credit card debt to stay afloat; 24% are thinking about reducing their retirement plan contributions; 21% are considering taking or have already taken out a loan ... These short-term tactics may erode the financial future for many consumers, who may not realize the resources and help available to them through workplace retirement plans[.]"  MORE >>


Benefits in General

[Guidance Overview]

Applying the ERISA Controlled Group and Affiliated Service Group Rules in the Health Care Industry

"The friendly-PC model involves a professional service corporation (PSC) conducting a medical practice in affiliation with a management services organization (MSO).... Although the friendly-PC model may be a solution to the corporate practice of medicine doctrine, it can create unintended consequences for employee benefit plans sponsored by the PSC and MSO."  MORE >>

Foley & Lardner LLP

Executive Compensation and Nonqualified Plans


Think CEO Pay Is Outrageous? Get a Load of CEO Retirement Plans

"According to the IPS report, in 2022 one financial firm saw a 33 percent increase in the number of its clients offering top hat funds.... Whatever you call them, they're an outrage. There are technical ways Congress can limit their growth.... A difficulty is that corporate promises to pay out make top hat funds hard to distinguish legally from more legitimate deferred-compensation arrangements like merit bonuses or royalties or payment on completion of a construction project."  MORE >>

New Republic Magazine

Employee Benefits Jobs

View job as Vice President of National Accounts and Advisory Enterprise Sales
            for Vestwell

Vice President of National Accounts and Advisory Enterprise Sales


Remote / NY

View job as Vice President of National Accounts and Advisory Enterprise Sales for Vestwell

View job as Regional Vice President
            for Vestwell

Regional Vice President


Remote / NY

View job as Regional Vice President for Vestwell

View job as Retirement Plan Consultant
            for SetAway, LLC

Retirement Plan Consultant

SetAway, LLC

Remote / Bedford NH / CT / MA / ME / RI / VT / Hybrid

View job as Retirement Plan Consultant for SetAway, LLC

View job as Retirement Analyst / Senior Retirement Analyst
            for Montgomery County, MD Government - Montgomery County Employee Retirement Plans

Retirement Analyst / Senior Retirement Analyst

Montgomery County, MD Government - Montgomery County Employee Retirement Plans

Rockville MD

View job as Retirement Analyst / Senior Retirement Analyst for Montgomery County, MD Government - Montgomery County Employee Retirement Plans

Selected New Discussions

Measuring 'Normally Works More Than 20 Hours Per Week' When Work Schedule Varies

"What kind of time frame are we looking at here? If someone has been working 18 hours a week for half the year, but then summer kicks in and they work 25 hours a week for a few months, are they in the plan? Also, how do you measure? Is it an average? Over how long? What if someone works 35 hours a week every other week? It averages 17.5 hours a week. But each week they actually do work, it's 35."

BenefitsLink Message Boards

Spousal Consent When Spouse Is Non-U.S. Citizen Not Living in U.S.

"A participant in a 401k is a US citizen. Her spouse is not a US citizen and does not live in the US. She wants to name her 2 children as beneficiaries for her 401k account. Would spousal consent be required to do so in this case?"

BenefitsLink Message Boards

401(k) and Safe Harbor Eligibility

"I recall that 401(k) and safe harbor plan eligibility are best kept with the same eligibility requirements. I can't remember the drawback to having them different."

BenefitsLink Message Boards

Press Releases

Found Launches 'Found for Business,' a Clinically Comprehensive Obesity Care Program for Employers


Endeavor Law Launches to Meet the Needs of Financial Services Firms

Endeavor Law

NFP Appoints Joel Shapiro President of Its Retirement Division

NFP Corp.

Income Lab, the Retirement Income Management Software Provider, Launches Revolutionary and Timely Retirement Stress Test Tool for Financial Advisors

Income Lab

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Exploring the Value of Qualified Default Investment Alternatives

May 18, 2023 PODCAST

Williams Mullen

Last Issue's Most Popular Items

14 States That Won't Tax Your Pension


Roth Catch-Ups Will Be Major Issue for Government Plans


2023 Nonprofit Retirement Guide: 403(b) plans vs. 401(k) plans


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

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