logo logo

Retirement Plans Newsletter

October 5, 2023

3 New Job Opportunities 3 New Job Opportunities


When a Cybersecurity Issue Occurs, Plan Sponsors Can Spring Into Action

"The question of how plan sponsors can most effectively respond to and communicate news of a data leak to their participants has been a central topic for years. But a new [SEC] rule in effect this year outlining how quickly public companies must disclose material cybersecurity events is expanding ongoing discussions about best practices for disclosure and prevention."  MORE >>

PLANSPONSOR; free registration may be required

What to Look for in a Retirement Plan Administrator

"Choosing the right TPA for your retirement plan is a critical decision that can significantly impact your plan's success. Here are key factors to take into consideration when choosing a TPA."  MORE >>

Kushner & Company

Higher Taxes on 401(k)s Now a Worry Among Most Americans

"7 in 10 (72%) respondents worry that higher taxes in the future will impact their retirement income from tax-deferred accounts such as a 401(k) or IRA.... 73% of respondents say they would stop using their current financial advisor if they did not help effectively manage taxes on retirement income. Slightly more Gen Xers (84%) than Boomers (67%) or Millennials (77%) said they would stop using an advisor if they didn't help effectively manage taxes on retirement income."  MORE >>

American Retirement Association [ARA]

Managed Accounts' Default Use Limited by Litigation Fears, Fees

"When asked to rate the 'level of litigation risk' for management accounts, 22% of plan advisers (those overseeing at least $10 million in plan assets) saw litigation risk as high or significant, with another 37% seeing it as unlikely, but agreeing that 'concern is warranted,' according to the research. Those figures were higher for retirement benefit consultants (those overseeing on average $1.2 billion in plan assets), with 47% seeing high or significant risk, and 29% seeing it as unlikely, but still concerning."  MORE >>


DCIOs Growing CIT Distribution to Sponsors of Smaller Plans

"Demand for collective investment trusts continues to increase, growing market share in small and midsize plans .... DCIOs estimate that 22% of current CIT sales are generated from plans with less than $50 million in assets, with another 23% coming from plans holding between $50 million and $100 million in assets[.]"  MORE >>

PLANSPONSOR; free registration may be required

Regulatory Uncertainty: General Economic Principles and the Case of Employee Stock Ownership Plans (PDF)

"[A] lack of formal regulatory guidance from the [DOL] has left ESOPs reliant on informal guidance from private settlement agreements with ESOP fiduciaries, a hodgepodge of conflicting DOL and private plaintiff court cases, and the observed (and inconsistent) outcomes of DOL enforcement (which varies by regional office).... This persistent regulatory uncertainty creates burdens and risks that can discourage employee ownership and hamper ESOP-owned businesses."  MORE >>

Matrix Global Advisors

Kellogg Faces Lawsuit Over Mortality Tables Used for Pension Benefit Calculations

"A participant in a Kellogg Co. union pension plan has sued the company, its fiduciaries, the union plan and a separate company pension plan, alleging that the use of old mortality data for pension benefit calculations violates ERISA and shortchanges retirees." [Reichert vs. Kellogg Co., No. 23-12343 (E.D. Mich. complaint filed Sep. 14, 2023)]  MORE >>

Pensions & Investments

Duke University Lawsuit Alleges Outdated Mortality Tables Shortchanged Retirees

"The university changed its formulas July 1 this year, but participants who started receiving benefits before that date were locked into lower payments caused by older mortality tables, the lawsuit said." [Franklin v. Duke Univ., No. 23-0833 (M.D. N.C. complaint filed Sep. 29, 2023)]  MORE >>

Pensions & Investments


Pension Rights Center Voices Concerns on Effect of Plan Information Electronic Recordkeeping

"The [DOL] should address the challenges and risks faced by employee benefit plan members due to the electronic and digital recordkeeping of their plan information, the Pension Rights Center told the ERISA Advisory Council ... [PRC representatives] voiced the concerns of employees and consumers who are often left out of the debate on electronic recordkeeping and other plan changes designed to promote administrative efficiencies and reduce costs."  MORE >>

Pension Rights Center

Benefits in General

[Guidance Overview]

Employer Student Loan Debt Benefits Following SECURE 2.0

"[This article] discusses the SECURE 2.0 student loan benefit and other employer options for providing tax-advantaged benefits to employees based on student loan payments. It also examines the open questions and current implementation challenges for sponsors of 401(k) and 403(b) plans hoping to implement the student loan benefit."  MORE >>

McDermott Will & Emery

Employee Benefits Jobs

View job as Compliance Consultant
            for Blue Chip Retirement Plans, Inc.

Compliance Consultant

Blue Chip Retirement Plans, Inc.


View job as Compliance Consultant for Blue Chip Retirement Plans, Inc.

View job as Senior Retirement Plan Consultant
            for Strongpoint Partners/Jocelyn Pension Consulting

Senior Retirement Plan Consultant

Strongpoint Partners/Jocelyn Pension Consulting


View job as Senior Retirement Plan Consultant for Strongpoint Partners/Jocelyn Pension Consulting

View job as Pension Administrator
            for Delaware Valley Retirement, Inc.

Pension Administrator

Delaware Valley Retirement, Inc.

Ridley Park PA / Hybrid

View job as Pension Administrator for Delaware Valley Retirement, Inc.

Selected New Discussions

LTPT Rules: Anniversary Year vs. Plan Year or Calendar Year

"Our plans all switch to plan year after first anniversary year. Everything you read talks about 500 hours worked in 2021, 2022 and 2023 implying the hours are counted on a calendar year basis. Example: DOH 8/1/2021 and completes 500 hours in first anniversary year. Since plan eligibility switches to plan year after that, the person is eligible if worked 500 hours in calendar year 2022 and also 500 in 2023, then is eligible 1/1/2024 since worked 500 hours in 3 determination years. Seem right? Example 2: DOH 8-1-2020 and completes 500 hours in first anniversary year and also 500 hours in calendar year 2021 and 2022 but not in 2023. Does this person have 3 years since the first employment year started in 2020? I read 'pre-2021' service is excluded. Does that meant the hours in the first anniversary year worked in 202 are excluded? Maybe I'm overthinking.... Seems we should just be able to count calendar year hours -- not anniversary year hours."

BenefitsLink Message Boards

LTPT Year of Service Credits Under Age 21

"Regular plan eligibility is 1 YOS, 12 months over 1000 hours, age 21, quarterly entry dates. Assume the January 1 entry date for LTPT and plan year counting of hours. Employee born 01/2005, hired on 10/04/2021. Works less than 500 hours in 2021. Works 784 hours in 2022. Do the LTPT credit years start for him in 2022 even though he is not yet 21? Or do you start counting when he is age 19 (2024) that would make him LTPT eligible in 2026 when he is 21 provided he works more than 500 in 2024 and 2025? Or do you start counting when he turns 21 in 2026 and he would be eligible in 2028?"

BenefitsLink Message Boards

Press Releases

Ascensus Announces Spring 2024 Launch of Ascensus | American Funds PEP Solution


DOL Reaches Settlement with New York Insurer, Third-Party Health Plan Administrator to End 'Cross-Plan Offsetting' Practice

Employee Benefits Security Administration [EBSA], U.S. Department of Labor

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0 Act Relief for Plan Corrections

October 5, 2023 PODCAST

Williams Mullen

Last Issue's Most Popular Items

SECURE 2.0: IRS Provides Interim Guidance on Self-Correction Expansion

KLB Benefits Law Group, via Bloomberg Law

How Long Will Your Money Last in Retirement?

U.S. News & World Report

Plaintiffs Target Use of 401(k) Plan Forfeitures

Groom Law Group

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2023, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than and are offered as a service to our readers. We are not involved in their production and are not responsible for their content.