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Retirement Plans Newsletter

October 13, 2023

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

2023 Retirement Plan Year-End Amendments and Operational Compliance

"As the end of 2023 approaches, it's again time for plan sponsors to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements and moving deadlines. While there are no mandatory plan amendments due this year, plan sponsors must remain diligent about discretionary amendment deadlines, operational compliance with changes in law, and ensuring later-adopted plan amendments accurately reflect plan operations."  MORE >>

Groom Law Group

[Guidance Overview]

Trust But Verify -- But Not for Hardship Distributions

"Unless/until the IRS says otherwise, these new rules suggest sponsors can accept a self-certification that they know is straight-up incorrect.... Note that this self-certification only applies to plans that limit hardships to one of the seven listed 'safe harbor' reasons. ... [It] appears plan sponsors can take advantage of this simplification without even having to amend their plans."  MORE >>


Understanding 401(k) Expense Ratios and Why They Matter

"[The authors] break down what you need to know to better understand expense ratios, including: [1] How expense ratios work; [2] How expense ratios can impact your investment decision; [3] What a reasonable expense ratio looks like; [4] What a good expense ratio is for a 401(k)."  MORE >>


GE 401(k) Lawsuit Settlement Has $61 Million Price Tag

"The dollar award is the biggest for a case centering on a plan's use of in-house funds, court records state. If the settlement is approved by the court, it will end six years of litigation against GE, which plaintiffs alleged breached its fiduciary duties by putting its own investment options on the $30.3 billion plan's menu and retaining them for more than a decade. The class includes participants who were in the plan as far back as Sept. 26, 2011." [Haskins v. General Electric, No. 17-12123 (D. Mass. proposed settlement agreement filed Oct. 6, 2023)]  MORE >>

InvestmentNews; subscription may be required

Emergency Funds Supplant Retirement as Americans' Top Money Worry

"Saving for retirement is no longer the top financial issue causing American workers stress ... Having enough savings to pay for an emergency has moved up to the top stress-causing financial issue among employees ... [N]early half of respondents said they would have to dip into their savings or investment portfolios to pay for an unexpected expense of $5,000 or more."  MORE >>

Financial Advisor

California Establishes Pension Fund for Retired MMA Fighters

"[T]he Mixed Martial Arts Retirement Benefit Fund ... will be managed by the California State Athletic Commission and won't be paid for using tax payer dollars. Instead, it will be funded from $1 on every ticket sale, as well as sports merchandising and souvenirs. The commission will start creating the fund in January 2024."  MORE >>

Daniel Borenstein, via East Bay Times

Employee Benefits Jobs

View job as Business Development Director
            for AimPoint Pension Group

Business Development Director

AimPoint Pension Group

Remote / Pompano Beach FL

View job as Business Development Director for AimPoint Pension Group

View job as Enrolled Actuary
            for FuturePlan, by Ascensus

Enrolled Actuary

FuturePlan, by Ascensus


View job as Enrolled Actuary for FuturePlan, by Ascensus

View job as Actuary
            for FuturePlan, by Ascensus


FuturePlan, by Ascensus


View job as Actuary for FuturePlan, by Ascensus

Selected New Discussions

TPA/Recordkeeper Staffing Structures

"I am aware of two main staffing structures for TPA firms:

  1. One or more employees are assigned to a block of plans. They handle everything for that plan soup-to-nuts. This is the 'Relationship Manager' approach.
  2. Segregated departments (i.e., conversions, compliance, distributions, etc.).

I believe the former is more prevalent for TPA-only businesses, though I know some TPAs that use the second method. I am more interested in the small to mid-size TPAs that also handle internal daily recordkeeping (say on the Relius, SRT, or Datair daily platform). What structure are you using -- or is it a combination of the above? If I am a new client starting or moving my plan, and you will be handling TPA and recordkeeping, who am I dealing with for implementation and ongoing communications over the entire year?"

BenefitsLink Message Boards

Auto Enrollment Required?

"I have a cross-tested profit sharing plan where the client is considering adding a Safe Harbor 401(k) feature for 2024. Will auto enrollment features be required?"

BenefitsLink Message Boards

Amending Plan for Discretionary Match

"We have a client who wants to add a discretionary match to their existing 401(k) plan. They want to make the match on a payroll basis and then do a true up at the end of the year. Do they have to adopt the amendment before the first payroll with the match or can they wait to the end of the year?"

BenefitsLink Message Boards

Press Releases

Marsh McLennan Names Pat Tomlinson President of Mercer

Marsh McLennan

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SPARK Forum 2023

November 5, 2023 in FL

SPARK Institute

Last Issue's Most Popular Items

Social Security Announces 3.2 Percent Benefit Increase for 2024

U.S. Social Security Administration [SSA]

Beneficiary Designations: Plan Sponsor Best Practices

Bricker Graydon

Employers Can Help Their Employees with Student Loan Debt

Holland & Hart LLP

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

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