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Retirement Plans Newsletter

November 20, 2023

8 New Job Opportunities 8 New Job Opportunities


[Guidance Overview]

Ninth Circuit ERISA Ruling Informs DOL's New Fiduciary Proposal (PDF)

"The issue highlighted in Bugielski -- the obligation of sponsor fiduciaries to review the reasonableness of indirect third-party fees received by service providers -- is identical to a requirement in the recently proposed DOL investment advice fiduciary regulation that explicitly conditions the availability of PTE 2020-02 on the fiduciary adviser's compensation -- direct or indirect -- being reasonable." [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Nov. 8, 23)]  MORE >>

Cohen & Buckmann, PC, via Law360


Navigating Enterprise Transformation: Assessing Readiness and Expert Insights

Organizations face complexities and risks in launching Enterprise Transformation Programs. Assess your readiness and gain insights from our leading practitioner. Discover how Enterprise Iron can assist your organization in navigating these challenges.

Sponsored by Enterprise Iron

Cornell Captures A(Nother) Win in Long-Standing Excessive Fee Suit

"[T]he court explained, 'we hold as a matter of first impression that to state a claim for a prohibited transaction ... it is not enough to allege that a fiduciary caused the plan to compensate a service provider for its services; rather, the complaint must plausibly allege that the services were unnecessary or involved unreasonable compensation, thus supporting an inference of disloyalty.' " [Cunningham v. Cornell Univ., No. 21-0088 (2d Cir. Nov. 14, 2023)]  MORE >>

American Retirement Association [ARA]

Latest 401(k) Suits Pit IRS Forfeiture Rules Against ERISA

"The lawsuits allege the companies and their fiduciaries violated ERISA's duty of prudence, which in these cases refers to plans' responsibilities to reduce administrative expenses where possible. The lawsuits also contend that the plans' practices violate ERISA standards for prohibited transactions.... Some retirement industry members expressed surprise at the lawsuits given the history of plans being able to choose how to spend forfeited nonvested accounts."  MORE >>

Pensions & Investments

How One Employer Successfully Guaranteed Lifetime Income for Its Employees

"The RTX Lifetime Income Strategy essentially functions like a managed account that has an insurance component, providing each participant a set income amount that will last throughout their retirement regardless of market or economic conditions -- similar to monthly payments one would receive through a traditional pension plan but with more flexibility."  MORE >>

PLANSPONSOR; free registration may be required

Registered Index-Linked Annuities in Qualified Retirement Plans

"[The authors] propose a target-date version of the recently developed Registered Index-Linked Annuities ... [T]hese 'TD-RILAs' provide a more cost-effective and more transparent way to attain a diversified equity exposure, the level of which decreases over time."  MORE >>

Cameron Ellis, Thorsten Moenig and Jacqueline Volkman Wise, via SSRN


EOB: The Definitive Source

Experience ERISA clarity like never before with EOB. It's where the latest regulations and complex legalities become accessible and manageable. EOB offers ongoing updates and over 40,000 source links, making it the indispensable tool for industry professionals.

Sponsored by ASPPA

Q3 2023 Retirement Analysis: Workers Commit to the Long-Term While Navigating Uncertain Markets and Short-Term Challenges

"Average retirement account balances decreased slightly from the previous quarter, but 401(k) balances are up double digits over the long term and from one year ago.... Total 401(k) and 403(b) savings rates remain steady.... The total number of IRA accounts rose to 14.6 million, an 11% leap over this time last year (Q3 2022).... Average long-term balances for 5, 10 and 15 year continuous savers dropped this quarter, but increased from a year ago."  MORE >>


October's Pension Risk Transfer Costs Climb to Highest Levels in Over Three Years

"During October, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased from 101.1% of a plan's accounting liabilities (accumulated benefit obligation, or ABO) to 101.9% of those liabilities.... During the same period, the average annuity purchase cost across all insurers in our index rose 90 basis points, from 103.5% to 104.4%."  MORE >>


New Social Security Report Shows Growing Overpayment Problem Tops $23 Billion

"As of Oct. 1, the SSA had an uncollected balance of $23 billion in overpayments ... Its latest 'Agency Financial Report' also revealed that the SSA made approximately $11.1 billion in new overpayments to beneficiaries during federal fiscal year 2022, the most recent year of data available. That figure represents more than a 65% increase from overpayments made the previous year."  MORE >>

KFF Health News

Benefits in General

2023 Annual Employee Benefits Compliance Checklist for Plan Administrators (PDF)

12 pages. "This checklist addresses plan amendments, notices and other considerations for qualified retirement plans, welfare plans, and stock-based and performance-based plans. A chart showing benefit and contribution limits for 2024 is included."  MORE >>

Williams Mullen

Employee Benefits Jobs

View job as Defined Benefit Combo Cash Balance Compliance Consultant
            for Loren D.  Stark Company (LDSCO)

Defined Benefit Combo Cash Balance Compliance Consultant

Loren D. Stark Company (LDSCO)


View job as Defined Benefit Combo Cash Balance Compliance Consultant for Loren D.  Stark Company (LDSCO)

View job as Retirement Plan Administrator/Plan Compliance Analyst
            for Retirement Planners & Administrators

Retirement Plan Administrator/Plan Compliance Analyst

Retirement Planners & Administrators


View job as Retirement Plan Administrator/Plan Compliance Analyst for Retirement Planners & Administrators

View job as Defined Benefit Software Support Specialist / Senior Actuarial Analyst
            for ASC - Actuarial Systems Corporation

Defined Benefit Software Support Specialist / Senior Actuarial Analyst

ASC - Actuarial Systems Corporation

Remote / Sylmar CA

View job as Defined Benefit Software Support Specialist / Senior Actuarial Analyst for ASC - Actuarial Systems Corporation

View job as Account Manager
            for Pentegra

Account Manager



View job as Account Manager for Pentegra

View job as Consultant II, Retirement Solutions Compliance
            for TruStage

Consultant II, Retirement Solutions Compliance


Remote / Pascoag RI

View job as Consultant II, Retirement Solutions Compliance for TruStage

View job as TPA Sales Representative
            for Apex Pension Strategies

TPA Sales Representative

Apex Pension Strategies


View job as TPA Sales Representative for Apex Pension Strategies

View job as Lead Plan Admin Analyst
            for Ameritas

Lead Plan Admin Analyst



View job as Lead Plan Admin Analyst for Ameritas

View job as Third-Party Administrator (TPA)
            for Chase Benefit Advisors

Third-Party Administrator (TPA)

Chase Benefit Advisors

Glen Allen VA / Hybrid

View job as Third-Party Administrator (TPA) for Chase Benefit Advisors

Selected New Discussions

LTPT and Per Diem Employees

"I have 2 plans that exclude per diem employees. Under the LTPT rules becoming effective soon, would these per diem employees now be allowed to participate in the plan?"

BenefitsLink Message Boards

SECURE Act: Timing of Tax Credits vs. Actual Contribution

"Employer Contribution for 2023 funded in 2024. The tax credit is towards 2023 taxes, right?"

BenefitsLink Message Boards

Participant Loan after Rehire

"Participant with a loan terminated and was rehired 6 weeks later. Loan program specifies that the loan is in default upon termination, however, the loan has not yet been defaulted with the recordkeeper and there was no distribution of the remaining balance. Is there any loophole that would allow the loan to be reinstated and the employee to continue repayment? Does the Tax Cuts and Jobs Act allowing until the due date of the employee's tax return for repayment after termination come into play?"

BenefitsLink Message Boards

Cycle 4 DC Plans and SECURE/SECURE 2.0 Amendments

"Any bets on whether you think the IRS may delay this somewhat to allow providers to draft documents that take advantage of relatively late IRS guidance on SECURE/SECURE 2.0 items? Or will we just get stuck restating a document that already has a TON of changes?"

BenefitsLink Message Boards

Correction of DC Contribution for Sole Proprietor Adding a CB Plan

"A client (sole-proprietorship, one person, income way over IRS comp limit) has decided to install a CB plan for 2023. Unfortunately, he has already fully funded his 'solo 401(k)' plan at full $66,000. So now he has to remove the excess of $23,700 (plus earnings). His 'solo 401(k)' is with one of the Big 3 (Schwab, Fidelity, Vanguard) using their simplified 'solo 401(k)' documents which does not allow for 'voluntary after-tax' nor for in-plan Roth conversion.

"Is the following approach available (all done before December 31st): [1] Restate his plan using the customized plan document which will allow for VAT and In-Plan Roth conversion [2] Treat the excess of $23,700 as after-tax deposit [3] Do In-Plan Roth conversion of $23,700 (plus earnings) Normally, I would say no on account of timing of the deposit being made before the provision is in the document. However, I am wondering if the sole-proprietorship nature of the business changes the answer since all the compensation is deemed to be earned on December 31st?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Secure Act 2.0 & Legal Considerations



Last Issue's Most Popular Items

DOL Releases Informational Copies of 2023 Form 5500 Series Annual Return/Report

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

401(k) Plan Matching Contributions on Student Loan Repayments (PDF)

Thomson Reuters / EBIA

Notes from Meeting of Actuaries 'Intersector Group' with Treasury and IRS, September 2023 (PDF)

American Academy of Actuaries, Conference of Consulting Actuaries, Society of Actuaries, and ASPPA College of Pension Actuaries [ACOPA]

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

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