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Retirement Plans Newsletter

November 6, 2023

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of PBGC Technical Amendments: Special Financial Assistance Withdrawal Liability Condition; SECURE 2.0 Act; and Other Updates

18 pages. "The major provisions of this regulatory action amend PBGC's regulations on: [1] Special Financial Assistance by PBGC to clarify the calculation methodology for the condition requiring a phased recognition of SFA in a plan's determination of withdrawal liability for plans that receive SFA; and [2] Termination of Multiemployer Plans to update the reference to the dollar limit for lump-sum distributions in the closeout of sufficient multiemployer plans. In addition, this regulatory action makes other clarifications, corrections, and updates."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

Draft of IRS Form 8915-F: Qualified Disaster Retirement Plan Distributions and Repayment (PDF)

Rev. Nov. 2023. "Use Form 8915-F for 2021 and later disasters. Also, use it after 2020 instead of Form 8915-E, for coronavirus-related and other 2020 disasters."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Retirement Plan Forfeitures: IRS's 2023 Proposals and Fiduciary Litigation Trends

"Sponsors should consider: [1] Engaging employee benefits counsel to draft plan language that is consistent with practice for use of forfeitures.... [2] Adopting procedures for the use of forfeitures that outline the intended compliance approach, consistent with the 2023 Proposed Regulations. [3] Reviewing service provider agreements and ensuring that forfeiture provisions are consistent with the adopted procedures. [4] Working with plan recordkeepers on adopting an approach to timely use accumulated forfeitures under the 2023 Proposed Regulations."  MORE >>

Dickinson Wright

[Guidance Overview]

Exceptional Usefulness and Quality icon DOL Releases New Fiduciary Advice Proposal

"The rule/guidance package ... will, if adopted, turn many persons -- critically, call center operators affiliated with financial institutions -- who currently understand themselves to be 'just service providers' into 'advice fiduciaries.' This will likely require plan fiduciaries to monitor those advice fiduciaries' compliance with the associated prohibited transaction exemption.... In addition, there may be situations in which sponsor officials themselves, e.g., discussing plan investment decisions with plan participants, might be considered advice fiduciaries."  MORE >>

October Three Consulting

[Guidance Overview]

Exceptional Usefulness and Quality icon DOL Fiduciary Rule: Summary and Anticipated Effects

"Under the proposal, there does not need to be any agreement or understanding between the parties as to whether the recommendations are merely examples of choices available, education, or individualized advice. The definition is not likely to address the concerns of the industry or a reviewing court applying the reasoning of the Fifth Circuit.... [Amendments to PTE 84-24] seem destined to draw challenge from the insurance industry."  MORE >>

Steptoe & Johnson LLP

[Guidance Overview]

Fiduciary Rule 3.0: Will the Third Time Be the Charm?

"According to the DOL, the 'mutual agreement, arrangement or understanding' requirement under the five-part test has, over time, encouraged the use of fine-print disclaimers of fiduciary status by investment professionals.... [T]he Proposed Rule officially removes [this] requirement. Instead, the Proposed Rule purports to focus on the objective circumstances surrounding an investment recommendation, including how an investment professional markets themselves to a retirement investor."  MORE >>

Sidley Austin LLP

[Guidance Overview]

Maine's Mandatory Retirement Savings Program: What Employers Need to Know

"The final rule establishes procedures and requirements for 'Covered Employers' to register with [the Maine Retirement Investment Trust (MERIT)], onboard 'Covered Employees' with MERIT, and remit payroll deduction contributions to the program administrator. The final rule also addresses the right of Covered Employees to opt out of MERIT and includes rules regarding contribution rates and IRA investment options."  MORE >>

Verrill Dana LLP

How Much Capacity Does Your Public Pension Plan Have for Illiquid Assets?

"There are several factors affecting a public pension plan's ability to invest in illiquid assets: plan demographics and maturity, funded ratio, and funding policy, to name a few.... [Of] all the plan characteristics [NCPERS] analyzed, a plan's funding policy had the largest impact on a plan's ability to invest in illiquid assets."  MORE >>

National Conference on Public Employee Retirement Systems [NCPERS]

TikTok's Aging Filter Could Help Spur Retirement Planning

"This fun and seemingly frivolous feature allows users to preview a highly realistic visual representation of their future aged selves. It has also unexpectedly sparked a crucial conversation about an often-overlooked topic -- retirement planning."  MORE >>



A Preview of of Lifetime Income Issues Under the Proposed Fiduciary Regime

"[T]hese changes include the serious regulation of the business practices related to 'holy grail' of lifetime income -- the sponsor's choices which impact the portability of the guarantees which may be accumulated under a plan.... The new rule will, among other things, remove 84-24's use to enable the payment of commissions paid on the purchase of annuity guarantees by ERISA covered retirement plans."  MORE >>

Business of Benefits


DOL's New Proposal Plans to Make Salespeople Fiduciaries Again

"Essentially, the DOL bootstraps off the best-interest care standards of regulators such as the [SEC] or groups such as the National Association of Insurance Commissioners, saying retirement savers automatically should get a higher standard simply because the DOL doesn't like the standards others have adopted.... The DOL seems to have merely addressed the gaps it has identified in its ERISA guidance and instead appears to be trying to rewrite ERISA to identify gaps that Congress may have created."  MORE >>

Groom Law Group, via Bloomberg Law

Employee Benefits Jobs

View job as Distribution Team Leader
            for Nova 401(k) Associates

Distribution Team Leader

Nova 401(k) Associates


View job as Distribution Team Leader for Nova 401(k) Associates

View job as Participant Services Consultant
            for Setaway, LLC

Participant Services Consultant

Setaway, LLC

Remote / Bedford NH / CT / MA / ME / VT / Hybrid

View job as Participant Services Consultant for Setaway, LLC

View job as Retirement Plan Administrator
            for Pension Parameters, Inc.

Retirement Plan Administrator

Pension Parameters, Inc.

Matawan NJ

View job as Retirement Plan Administrator for Pension Parameters, Inc.

Selected New Discussions

Business Closing; Can Plan Continue?

"I have always understood that a pension plan must have a business to sponsor it. If the business closes then the plan must close. It's as simple as that, correct? A client want's to keep the plan going so that if by chance down the line he want to take a loan he could. I advised him that if he can't keep the plan if he closes his business."

BenefitsLink Message Boards

Confirming RMD Due Date

"DC plan. Joe DOB 12/1/1951 -- when is first RMD due? Mary DOB 10/1/1950 -- when is first RMD due? In both cases when is second RMD due?"

BenefitsLink Message Boards

Coverage Testing; Permissive Aggregation

"Controlled Group Company A sponsors a traditional 401(k) Company B sponsors a traditional 401(k) [1] Plan design is identical -- same service, match etc. When completing the coverage test each plan on its own will pass coverage: Company A -- 25 HCE all benefiting / 100 NHCEs all benefiting. Company B -- 75 HCE all benefiting / 1250 NHCEs all benefiting. Each entity passes coverage on their own. It there a requirement that the numerator in the coverage test include the total for each entity?"

BenefitsLink Message Boards

Press Releases

Butterfield Schechter Receives Ranking in 2024 Edition of 'Best Law Firms' by U.S. News

Butterfield Schechter LLP

Hub International Strengthens Retirement Consulting Services with Acquisition of the Assets of Renaissance Benefit Advisors Group, LLC

HUB International

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRAs: Handling Complex Death Claims

December 7, 2023 WEBINAR


Last Issue's Most Popular Items

Do You Need to Send an Annual Notice to Plan Participants?

Alston & Bird

The New Fiduciary Rule, Part 1: An Overview

New Halloween Fiduciary Proposal May Be a Real Scream

Dechert LLP

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

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