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Retirement Plans Newsletter

November 10, 2023

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

Exceptional Usefulness and Quality icon A Long and Winding Road: The DOL's Fiduciary Rule 4.0 Proposal (PDF)

36 pages. "Rollover advice would be explicitly included ... as a form of fiduciary advice. Disclaimers would be ineffective if the professional is positioned in the market as trustworthy.... The proposal would add new disclosure and other conditions for relief ... Relief would continue to be available for conflicted advice under the exemption for insurance transactions ... but would be limited to sales by independent producers and subject to additional conditions.... [E]lements of the proposal could potentially create the predicate for a private right of action by IRA owners."  MORE >>

Eversheds Sutherland

[Guidance Overview]

Beneficial Ownership Reporting and IRA-Owned LLCs

"Entities formed or registered to do business in the United States will need to either [1] confirm that they qualify for an exemption from the CTA's reporting requirements, or [2] timely submit a BOI report to FinCEN. A list of exemptions outlined in a FinCEN compliance guide do not appear to include IRA-owned businesses."  MORE >>


[Guidance Overview]

Adoption of Annual Written Confirmation for Discretionary Matching Contribution

"[A 1998 IRS memo (the 'Padilla memo')] states that, even if the employer has discretion as to the amount of contributions ... the employer must notify the trustee, in writing, of the amount of those contributions. The result is that any plan sponsor that determines the amount of matching contributions annually must provide written confirmation to the plan trustee each year as to how the match will be calculated.... [T]he IRS has remained consistent with this position for all employer contributions[.]"  MORE >>

Ferenczy Benefits Law Center

Plan Sponsor Sues Advisory Firm to Recover 401(k) Funds

"The activities involved a self-directed brokerage account (SDBA) the plan included as an investment option ... [T]he suit alleges that, in total, KSI has obtained payment in excess of $1.5 million from the Plan, charged as investment management fees related to Plan participants' [brokerage accounts]." [(United Airlines Inc. v. Keep Safe Investments LLC, No. 23-03426 (D. Minn. complaint filed Nov. 7, 2023)]  MORE >>

American Retirement Association [ARA]

IRS Advisory Council Suggests EPCRS Be Expanded

"IRSAC [identified] areas in which it says further IRS guidance would be helpful. [1] Failures that occur when contributions are made to the wrong plan.... [2] Calculating actual lost earnings for failures that have occurred.... [3] Self-correction by retroactive amendment.... [4] Mandatory employee contributions.... [5] Required minimum distribution (RMD) failures.... [6] Overpayments.... [7] How EPCRS is organized."  MORE >>

American Retirement Association [ARA]

Plan Fiduciary Considerations for Brokerage Windows (PDF)

"[F]iduciaries must prudently and loyally select and monitor any brokerage window providers that they choose to make available through the plan. This includes evaluating things such as services, fees and conflicts of interest."  MORE >>

Stradley Ronon, via Employee Benefit Plan Review

Checking Your 401(k) Smoke Detectors

"Do you have fiduciary liability insurance? ... Do you have an investment policy? ... Are your plan's target-date funds (still) on target? ... Is your plan committee capable? ... Do you need help?"  MORE >>

Nevin Adams, via LinkedIn

Pension Risk Transfer Options and Considerations

10 pages. "[T]he dollar value of deficits does not necessary decline after a risk transfer, and funded ratios commonly decline unless the plan contributes at the same time.... [L]iability duration may increase as a result of a risk transfer, reducing interest rate hedge ratios (unless adjustments to the asset allocation are made). Still, reducing future benefit payments typically means less overall risk in absolute terms."  MORE >>

Russell Investments

U.S. Corporate Pension Plans Funding Status, October 2023

"The aggregate funded ratio for U.S. corporate pension plans increased by an estimated 0.6 percentage points in October, ending the month at 105.5% ... This month's change in funded ratio can be attributed to a 4.0% decrease in liability value, partially offset by a 3.4% decrease in asset value. The aggregate funded ratio is estimated to have increased by 6.8% and 6.4% year-to-date and over the trailing twelve-month periods, respectively."  MORE >>

Wilshire Associates


Washington Post Uses Its Rich Pension Fund to Shrink Staff

"In 2009, The Post closed its pension plan to new employees -- and those who remained in the plan had their benefits frozen after Amazon founder Jeff Bezos acquired the newspaper. The pension fund itself, however, didn't freeze. As federal filings show, it has fattened to the point that it can finance 240 exit packages without breaking an actuarial sweat."  MORE >>

The Washington Post; subscription may be required


DOL Proposes New Fiduciary Advice Rule: What It Means for Plan Sponsors

"[P]lan sponsors [should] consider: [1] The motivation behind the rule: participants' retirement security now depends much more fully on their decisions and the advice they receive; [2] The rule is intended to provide your employees greater protections and an opportunity to have confidence they can trust the person giving them advice; and [3] If you encounter anyone objecting to the rule, it's likely because they feel they cannot hit their profit margins if their advice is required to put the investor's interests first."  MORE >>

Qualified Plan Advisors [QPA]

Benefits in General

[Guidance Overview]

2024 Quick Benefit Facts (PDF)

"[This] guide offers a handy single-sheet reference giving key 2021-2023 annual limits for retirement plans on one side, with health, fringe benefit and [ACA] figures on the other."  MORE >>


[Guidance Overview]

Benefits Planning for Year End and 2024

"Although there is no amendment required to single employer retirement plan documents by December 31, 2023, there are operational requirements that you will need to implement and keep records of the choices you make  ... Many employers rely on their TPA or broker to manage ... compliance requirements. Employers should verify that the TPA or broker is complying with all of the changes, as the penalties generally fall on the employer sponsoring the group health plan subject to these requirements."  MORE >>

Jackson Walker

Employee Benefits Jobs

View job as Relationship Manager
            for Benefit Plans Plus, LLC

Relationship Manager

Benefit Plans Plus, LLC

Remote / Saint Louis MO / Hybrid

View job as Relationship Manager for Benefit Plans Plus, LLC

View job as Retirement Services Account Administrator II
            for Frost Bank

Retirement Services Account Administrator II

Frost Bank

Austin TX / Hybrid

View job as Retirement Services Account Administrator II for Frost Bank

View job as Senior Client Operations Support Specialist
            for 401k Generation

Senior Client Operations Support Specialist

401k Generation

Altamonte Springs FL / Hybrid

View job as Senior Client Operations Support Specialist for 401k Generation

Selected New Discussions

Correcting a Corrected 1099R

"Original 1099R completed and filed and then corrected one filed, only issue is that corrected box didn't get marked. Any idea how to fix this? Now both are showing as income for him. This was a complicated in kind rollover and the original amount rolled over was overstated."

BenefitsLink Message Boards

Press Releases

Retirement Advisor Council Elects Board Members Kelly Famiglietta and Amy Glynn

Retirement Advisor Council

Transamerica Teams with State Street Global Advisors to Help More Americans Become Retirement Ready


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Equity Award Delegations in Delaware


The New Fiduciary Proposal: PTE 84-24 and the Limits on Independent Agents’ Compensation


Faegre Drinker

Navigating 401(k) Fee Challenges and Recordkeeper Service Agreements



2023 ERISA Litigation: What You Need to Know

December 12, 2023 WEBINAR

Faegre Drinker

Fiduciary Due Diligence Around Managed Participant Account Services

January 9, 2024 WEBINAR

American Bar Association Joint Committee on Employee Benefits [JCEB]

Connect Global Employee Benefits & Workforce Strategies Summit

July 22, 2024 in IL

International Foundation of Employee Benefit Plans [IFEBP]

Last Issue's Most Popular Items

IRS Grants Two-Year Grace Period to Get Roth Catch-Ups All Caught Up (PDF)

Groom Law Group, via TAXES the Tax Magazine

Long-Awaited 2024 Mortality Table Updates Released


Updates on the Financial Status of Social Security and Proposals (PDF)

Office of the Chief Actuary, U.S. Social Security Administration [SSA]

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

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