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Retirement Plans Newsletter

October 9, 2023

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

DOL Advisory Opinion Outlines Approach for Citi's Diverse Plan Investment Manager Hiring Program

"The Program involves ... a commitment by Citi ... to pay all or some portion of the investment management fees for diverse managers retained by Citi-sponsored defined benefit and defined contribution retirement plans and welfare benefit plans that hold investment assets.... [Advisory Opinion 2023-01A] addresses ... three specific ERISA issues ... [1] Program establishment and fee obligation a settlor function.... [2] Investment committee members may take Citi fee commitment into consideration.... [3] Information about the program may be included in participant disclosure materials."  MORE >>

Groom Law Group

[Guidance Overview]

Retirement Plan Sponsors Have Few 2023 Year-End Amendments

"This article covers the short list of amendments due by Dec. 31, 2023, and looks ahead to 2025, when many employers will need to amend their plans to comply with several significant law changes enacted in recent years."  MORE >>


Texas Federal Court Approves DOL's ESG Rule

"The 2022 Rule was understood to significantly relax restrictions on ESG investing, eliminating special restrictions on ESG investments in defined contribution default investments, making the 'tiebreaker' rule ... more flexible, and eliminating recordkeeping and disclosure requirements with respect to the tiebreaker rule. The court's decision in effect ... puts a judicial stamp of approval on the 2022 Rule, removing whatever doubt there may have been about its legal viability." [Utah v. Walsh, No. 23-0016 (N.D. Tex. Sep. 21, 2023)]  MORE >>

October Three Consulting

The Cyber Threats for Public Employee Pension Funds

"Public employee pension funds are prime targets for cyberattacks. Very few other enterprises have the combination of large amounts of personally identifiable information (PII), lots of money and relatively small staffs.... The first thing is to accept the potential danger and to train employees as to what they can do -- and not do -- to make their systems safer. Equally, boards should be educated as to the magnitude of the threat in their systems so that they can allocate adequate resources to prevent and detect cyberattacks and to build resilience should an attack occur."  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]

Pension Funding Index, October 2023

"The funded status of the 100 largest U.S. corporate defined benefit pension plans increased by $4 billion during September ... An increase in the benchmark corporate bond interest rates used to value pension liabilities led to a decrease in plan liabilities, which outweighed plan asset losses due to declining markets during the month. As of September 30, the funded ratio inched upward to 103.6%, from 103.1% at the end of August, and the funded status surplus increased to $44 billion."  MORE >>


Pension Finance Update, September 2023

"Pension finances were mixed during September, as falling stock markets were largely offset by still higher interest rates. Both model plans ... were close to even last month: [the] traditional Plan A was flat and remains up 8% for the year, while the more conservative Plan B lost a fraction of 1%, but is still 1% ahead through the first three quarters of 2023."  MORE >>

October Three Consulting

Employee Benefits Jobs

View job as Client Service Manager
            for July Business Services

Client Service Manager

July Business Services


View job as Client Service Manager for July Business Services

View job as Enrolled Actuary
            for Pension Associates Retirement Planning LLC

Enrolled Actuary

Pension Associates Retirement Planning LLC

Stamford CT

View job as Retirement Plan Onboarding Coordinator
            for The Finway Group

Retirement Plan Onboarding Coordinator

The Finway Group

Remote / West Des Moines IA

View job as Retirement Plan Onboarding Coordinator for The Finway Group

View job as Regional Plan Consultant (Sales) Pacific Northwest US Territory
            for The Retirement Advantage, Inc.

Regional Plan Consultant (Sales) Pacific Northwest US Territory

The Retirement Advantage, Inc.


View job as Regional Plan Consultant (Sales) Pacific Northwest US Territory for The Retirement Advantage, Inc.

Selected New Discussions

To Take an Emergency Personal Expense Distribution, Must a Participant Leave $1,000 in Her Account?

"For 2024's emergency personal expense distribution, Internal Revenue Code Section 72(t)(2)(I)(iii) states: DOLLAR LIMITATION. -- The amount which may be treated as an emergency personal expense distribution by any individual in any calendar year shall not exceed the lesser of $1,000 or an amount equal to the excess of -- (I) the individual's total nonforfeitable accrued benefit under the plan (the individual's total interest in the plan in the case of an individual retirement plan), determined as of the date of each such distribution, over (II) $1,000. What does this mean? Does it mean a participant whose whole account (let's assume it's all 100% vested) is $1,787 is restricted to $787 for her emergency personal expense distribution?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ERISA: Defense Strategies to DOL Litigation and Investigations

October 18, 2023 WEBINAR

The Knowledge Group

Last Issue's Most Popular Items

ERISA Litigation Is a Hot Mess: Challenges and Potential Reforms

DeBofsky Law

Text of DOL Advisory Opinion 2023-01A: Application of Certain Fiduciary Responsibility Provisions of Title I of ERISA to Citi's Action for Racial Equity Asset Manager Program

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

House Committee Letter to EBSA Secretary About DOL Request for Information on SECURE 2.0 Reporting and Disclosure (PDF)

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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