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Retirement Plans Newsletter

September 21, 2023

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

Upcoming Deadline icon Upcoming Deadline for DOL Proxy Voting Rule: Considerations for Investment Managers of Pooled ERISA Investment Vehicles

"[The DOL final rule regarding investment duties of fiduciaries under ERISA] includes a special requirement relating to proxy voting by investment managers of pooled investment vehicles that are deemed to hold 'plan assets' for purposes of ERISA, which is scheduled to become effective December 1, 2023. As this deadline approaches, investment managers of Plan Asset Investment Vehicles should consider what action may be required to comply with this aspect of the Final Rule."  MORE >>

Sidley Austin LLP

[Guidance Overview]

Diving Into SECURE 2.0: New DOL Lost and Found, Updates to EPCRS, and Delayed Implementation of Roth Catch-Up Requirement

"SECURE 2.0 directs the DOL to create a nationwide retirement plan database (called the Retirement Savings Lost and Found) with the hopes of helping former employees or their beneficiaries locate plan benefits.... Q&As [in this article] describe the key requirements for this new database.... SECURE 2.0 significantly expands EPCRS ... to, among other things, expand the availability of self-correction of retirement plan errors and provided for expanded options for correcting plan loan issues."  MORE >>

Foley & Lardner LLP

[Guidance Overview]

Self-Directed IRAs and the Prohibited Transaction Rules

"The nature of non-traditional investments is such that many present a high risk of violating the prohibited transaction rules. The safest non-traditional investments will be those where the IRA owner is a purely passive investor in a third-party controlled entity, with no personal involvement (for example, as a director or officer), no separate, personal direct investment that is significant from the point of view of the fund, and no other business dealings. For entrepreneurial clients, this obviously narrows the range of 'safe' non-traditional investments."  MORE >>

ArentFox Schiff LLP

Reconnecting Retirement Plan Participants with Their Benefits

"Plan sponsors and fiduciaries are required to oversee retirement plans in the best interests of plan participants. These responsibilities include efficient, cost-effective plan management and ultimately, ensuring participants have access to their retirement benefits. Maintaining contact with plan participants is at the heart of many of these requirements. The DOL continues to emphasize its expectations for plan sponsors to maintain contact with plan participants and take meaningful action to reconnect with those who become unresponsive."  MORE >>

Forbes; subscription may be required

401(k) Auto-Portability Network Nears Live Date

"On October 1, a network of the country's largest recordkeepers will begin offering plan sponsors the ability to automatically move small, unclaimed participant accounts to active 401(k) plans, so long as they are within the group of providers."  MORE >>



Culpepper RFP: Detailed RFP Evaluations For Plan Sponsors

Culpepper RFP works with plan sponsors and internal and external ERISA counsel for RFP evaluations of service providers of retirement and benefit plans + DOL cyber assessments. Please contact for more information.

Sponsored by Culpepper RFP

New Strategy in 401(k) Lawsuits: Ask for Settlement Before Suit Filed

"Like other plaintiffs' firms, Lieff Cabraser alleges in the notices that plans have unreasonably high record-keeping fees ... What's different is that the initial notice amounts to a request to settle potential claims -- something that none of the copycat firms that have piled into the lucrative business of ERISA litigation have apparently tried."  MORE >>

InvestmentNews; subscription may be required

Retirement Benefits Get Personal

"Historically, retirement plan investment menus, design features, and education efforts were generic by necessity. Personalization was simply not scalable. But in the last decade, technological advancements have improved the industry's ability to customize the employee and participant experience. [This article describes] how plan sponsors are personalizing investment options, financial wellness services, and more."  MORE >>


Registered Index-Linked Annuities in Qualified Retirement Plans

"The authors of this study propose a target-date version of registered index-linked annuities and suggest that these 'TD-RILAs,' compared to target-date funds, provide a more cost-effective and transparent way to attain diversified equity exposure that decreases over time."  MORE >>


Considerations for Labor Trustees on Pension Plans Exploring Conversions to Variable Annuity Pension Plans

"The landscape of pension plans for labor unions and their members is evolving, with many multiemployer pension plans contemplating a shift from traditional defined benefit pension plans to variable annuity pension plans (VAPPs). This transition carries both potential benefits and challenges, and it is imperative for trustees representing labor unions and their members to be well-informed and proactive in their decision-making process."  MORE >>


Is the UAW's Demand for Return of Pensions a Realistic Ask?

"In addition to demanding full restoration of the DB pension plan for workers hired post-2007, the union is asking for a significant increase to current retiree pensions, as well as retiree health care coverage ... The automakers have said that agreeing to the pension restoration would likely bankrupt the companies[.]"  MORE >>

PLANSPONSOR; free registration may be required

Executive Compensation and Nonqualified Plans

CEO Pay Slightly Declined in 2022: But It Has Soared Since 1978 Compared to Typical Workers' Pay

"CEO pay is linked strongly to the stock market -- and market declines in 2022 led to an uncharacteristic dip in CEO pay. Cumulatively, however, from 1978-2022, top CEO compensation shot up 1,209.2% compared with a 15.3% increase in a typical worker's compensation. In 2022, CEOs were paid 344 times as much as a typical worker in contrast to 1965 when they were paid 21 times as much as a typical worker."  MORE >>

Economic Policy Institute

Employee Benefits Jobs

View job as Audit Senior- EBP
            for Sikich LLP

Audit Senior- EBP

Sikich LLP


View job as Audit Senior- EBP for Sikich LLP

View job as Team Lead, Retirement Plan Administration
            for Hilde Minkel & Associates

Team Lead, Retirement Plan Administration

Hilde Minkel & Associates

Remote / CA

View job as Team Lead, Retirement Plan Administration for Hilde Minkel & Associates

View job as ESOP Consultant
            for FuturePlan, by Ascensus

ESOP Consultant

FuturePlan, by Ascensus


View job as ESOP Consultant for FuturePlan, by Ascensus

View job as Defined Benefit Combo Cash Balance Compliance Consultant
            for LDSCO

Defined Benefit Combo Cash Balance Compliance Consultant



View job as Defined Benefit Combo Cash Balance Compliance Consultant for LDSCO

View job as Senior Retirement Plan Document Transition Analyst
            for Empower

Senior Retirement Plan Document Transition Analyst



View job as Senior Retirement Plan Document Transition Analyst for Empower

View job as Operations Supervisor
            for American Trust Retirement

Operations Supervisor

American Trust Retirement


View job as Operations Supervisor for American Trust Retirement

View job as Client Service Manager
            for American Trust Retirement

Client Service Manager

American Trust Retirement


View job as Client Service Manager for American Trust Retirement

Selected New Discussions

Employer Match Incorrectly Calculated and Applied to Ineligible Contributions; How to Correct?

"We have a plan where the ER match was incorrectly being applied to both Pre-Tax Employee Contributions and Roth Contributions. Essentially, they match 50% up to 6% of employee compensation, but an additional 1.5% was being additionally (and incorrectly) applied to the Roth contributions above the 6% mark. What are the proposed fixes for this for purposes of the audit? We were initially thinking potential corrective distributions or some kind of reversal of the match by offsetting future ER contributions. Are there any other thoughts on how to apply a fix to this?"

BenefitsLink Message Boards

RMD with No Previous Year End Balance

"Participant (80 yo) took an RMD in 2022 and a total distribution in 2022. His 2022 profit sharing deposit went in in August 2023. Now rolling that amount out of the plan. No 2022 balance to calculate his 2023 RMD prior to the rollover. What's the procedure?"

BenefitsLink Message Boards

Authorization to Sign 5500 for Plan Sponsor

"Does a person need to be enrolled to sign the 5500 for a Client, assuming that the Client has provided [1] proper written authorization for the TPA to sign for this Client, and [2] the Client provides the TPA with a hard copy form (as PDF attached to an email) which is signed and dated by the Plan Sponsor? Our normal practice is for the Client to login to our portal and push a button that enters their DOL Credentials, and then push another button to submit to the DOL. Unfortunately, we have ONE client that find that too complicated, so I am considering options."

BenefitsLink Message Boards

Press Releases

Conduent’s BenefitWallet HSA Portfolio Moving to HealthEquity


WebEyeCare Offers FSA/HSA Eligible Eyewear to Meet Your Vision Needs


Last Issue's Most Popular Items

DOL Starts Tackling SECURE 2.0 Reporting and Disclosure Updates


Tenth Circuit Ruling on Pleading Standard Could Lead to More Dismissals (PDF)

The Wagner Law Group, via Law360

Foxx, Good Sound Alarm Over DOL's Investigations Hurting American Savers

Committee on Education and the Workforce, U.S. House of Representatives

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

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