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Retirement Plans Newsletter

October 17, 2023

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

DOL Opines on Plan Sponsor's Diverse Investment Manager Program (PDF)

"Some investment fiduciaries may already take into account the potential financial benefits to the plan resulting from an investment manager's diversity. The DOL noted that the Advisory Opinion should not be interpreted as providing the only path to selecting a diverse investment manager or as suggesting that diversity, equity, and inclusion factors cannot be independently considered from a financial perspective."  MORE >>

Eversheds Sutherland


ERISApedia -- Announcing: The Plan Distribution eSource

The Plan Distribution eSource, written by S. Derrin Watson, J.D addresses distributions extensively. An entire chapter explains the maze of 1099-R reporting. Numerous practical examples. For more information, please contact

Sponsored by ERISApedia

[Guidance Overview]

Pooled Employer Plans: Considerations for Auditors

"The amount of time and effort required to complete the audit will depend on many things, including the complexity of the plan and its operations.... Understanding the PEPs internal control may include not only controls at the PPP, but also the controls at the participating employers that may affect the reliability of data and the design of audit procedures, such as controls over human resources information systems and payroll."  MORE >>

Belfint Lyons Shuman

[Guidance Overview]

A Guide to 408(b)(2) Fee Disclosures

"Retirement providers must provide 408(b)(2) disclosures to plan administrators showing a detailed breakdown of all plan fees. These disclosures help employers assess the total cost of the 401(k) plan and the direct and indirect revenue each service provider earns."  MORE >>


[Guidance Overview]

2023 Guide to 404(a)(5) Participant Fee Disclosures

"Sponsors (or their providers) must send these 401k fee disclosures: [1] Before eligible employees can join the plan and choose their investments. [2] At least once per year. [3] Within 30 to 90 days of a change, important changes to the plan or plan investments.... Additionally, providers must provide employees with a statement of 'Actual Charges or Deductions' at least quarterly."  MORE >>


[Guidance Overview]

Michigan School Retiree Changes Head to Governor's Desk

"Once signed into law, the bill provides for two material changes for MPSERS retirees: [1] The wait period before a retiree can return to a reporting unit and continue to receive their full pension benefits will be reduced to six months. [2] Retirees can return immediately after a bona fide termination if they make less than $15,100 that calendar year."  MORE >>

Miller Johnson

Supreme Court Lets Stand Third Circuit's Rejection of Arbitration in ESOP Case

"While the Third Circuit affirmed the district court's denial of the motion to dismiss, the two courts took slightly different routes in their reasoning. The district court had based its denial on Henry's alleged lack of consent to arbitration, whereas the Third Circuit focused on the issue of blocked ERISA statutory remedies." [Henry v. Wilmington Trust NA, No. 21-2801 (3d Cir. Jun. 30, 2023; cert. pet. denied Oct. 16, 2023)]  MORE >>

USA Herald

American Airlines Fights Back in ESG-Driven Suit

"American Airlines is ... pushing to dismiss a pilot's proposed class action that accuses the airline of loading its $26 billion retirement plan with investment options overly concerned with ESG factors. The airline contends that the pilot ... lacks the grounds to pursue this suit, emphasizing that [he] never invested in the contested funds." [Spence v. American Airlines, No. 23-0552 (N.D. Tex. defendant's repy brief filed Oct. 13, 2023)]  MORE >>

USA Herald

Fiduciary Rule Gets New Name, Won't Be 'Regurgitation,' EBSA's Gomez Says

"The [DOL's] forthcoming proposal on fiduciary investment advice is a top priority for the Biden administration and won't just be a repackaging of the 2016 rule that was struck down in court, according to Lisa M. Gomez, assistant secretary for [EBSA]. 'We're intentionally referring to it as the "retirement security rule" rather than the "fiduciary rule," ' Gomez [said] ... 'The reason is because we want to really signal, and I think when folks read the rule they will know by more than just the title, that this is not just a regurgitation of the old rule.' "  MORE >>

Pensions & Investments

Companies Move to Settle ERISA Lawsuits in Third Quarter

"During the third quarter of 2023, 58 ERISA-related lawsuits were filed and/or updated.... The parties involved in the ERISA lawsuits in the third quarter included two financial firm, two healthcare firms, one university, five tech firms and other prominent organizations such as American Airlines Inc., FedEx, General Electric and Deloitte LLP. There were 17 ERISA lawsuits involving excessive record-keeping fees."  MORE >>

Pensions & Investments

DOL Working on Pension Risk Transfer Rule Review Amid Hot Market

"According to provisions in the SECURE Act 2.0 Act of 2022, the [DOL] must review [Interpretive Bulletin 95-1] and recommend updates to Congress by the end of 2023. That review has suddenly become very important, as the PRT market is expected to remain red hot for the near term. A 2023 mid-year report by Aon showed 289 pension risk transfer transactions, totaling $22.4 billion in premiums."  MORE >>


Is It Time for an ERISA Reboot?

"Many industry experts believe there is a need for an 'ERISA 2.0' that includes a stronger framework for universal coverage, lifetime income, defaults and more.... A return of pensions? ... Embracing defaults and technology."  MORE >>

PLANSPONSOR; free registration may be required

Benefits in General

[Official Guidance]

IRS Extends Disaster Relief for California Storm Victims

"[M]ost individuals and businesses in California will now have until Nov. 16 to file their 2022 returns and pay any tax due. Fifty-five of California's 58 counties -- all except Lassen, Modoc and Shasta counties -- qualify. IRS relief is based on three different FEMA disaster declarations covering severe winter storms, flooding, landslides, and mudslides over a period of several months."  MORE >>

Internal Revenue Service [IRS]

Executive Compensation and Nonqualified Plans

[Guidance Overview]

Considerations for Design and Operation of Deferred Compensation Plans for Executives of Tax Exempt Organizations, Part 2 (PDF)

"[This] article will discuss in more detail ineligible 457(f) Plans that don't meet the requirements to be a 457(b) Plan, and how Internal Revenue Code sections 4958 and 4960 excise taxes apply to EO deferred compensation plans."  MORE >>

Trucker Huss

Employee Benefits Jobs

View job as Compensation & Benefits Tax Manager/ Senior Manager
            for Eide Bailly LLP

Compensation & Benefits Tax Manager/ Senior Manager

Eide Bailly LLP

Remote / AZ / CA / CO / IA / ID / MN / MT / ND / NE / NV / SD / TX / UT / WA / WY

View job as Compensation & Benefits Tax Manager/ Senior Manager for Eide Bailly LLP

View job as Cash Balance Defined Benefit Plan Actuarial Associate
            for Cash Balance Actuaries, LLC

Cash Balance Defined Benefit Plan Actuarial Associate

Cash Balance Actuaries, LLC


View job as Cash Balance Defined Benefit Plan Actuarial Associate for Cash Balance Actuaries, LLC

View job as Retirement Plan Relationship Manager
            for ERISA Services, Inc.

Retirement Plan Relationship Manager

ERISA Services, Inc.


View job as Retirement Plan Relationship Manager for ERISA Services, Inc.

Press Releases

The Waterford Group, an Alera Group Company, Adds Retirement Plan Consultant

Alera Group

Enterprise Iron and Wirall Forge a Strategic Partnership to Revolutionize Client Solutions

Enterprise Iron

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Retirement Plan Distributions After SECURE 1.0 and SECURE 2.0


IRS [Internal Revenue Service]

The Maze of Retirement Plan Costs: Managing Fees for Best Outcomes

October 31, 2023 WEBINAR

Francis LLC

10b5-1 Trading Plans And Other SEC Rules Advisors Must Know

November 1, 2023 WEBINAR

Last Issue's Most Popular Items

The Time for Long-Term Part-Time Employee Eligibility Compliance Has Nearly Arrived

Jackson Lewis P.C.

Stable Value vs. Money Market

Francis, Inc.

PBGC Posts 2024 Premium Rates

Pension Benefit Guaranty Corporation [PBGC]

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

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