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Retirement Plans Newsletter

March 5, 2024

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

California Public Agencies Are Required to Report Their 401(a) Plans to The State on an Annual Basis

"[T]he State Controller's Office (SCO) confirmed that the SCO indeed expects all California public employee retirement systems to annually furnish it with a 'Financial Transactions Report' (FTR) and audited financial statements. According to the SCO, the term 'public employee retirement systems' ... includes all independently maintained public agency Internal Revenue Code Section 401(a) plans, whether they are defined benefit or defined contribution."  MORE >>

Best Best & Krieger

[Guidance Overview]

A Primer on MEPs, PEPs and GoPs

"The [SECURE Act] enacted at the end of 2019 established new retirement plan types, including Pooled Employer Plans (PEPs) and Defined Contribution Group of Plans (GoPs). It also ratified the existence of 'open' Multiple Employer Plans (MEPs), which had been used by many service providers without formalized reporting requirements.... [T]he Form 5500 series was updated to accommodate reporting requirements for plans maintained by more than one employer."  MORE >>


ERISA Advisory Council Report: Recordkeeping in the Electronic Age (PDF)

57 pages. "The DOL should issue guidance to [retirement plan sponsors and fiduciaries] making clear that ... they should retain [specified] documents in a retrievable electronic or paper format for no less than seven years after the plan has terminated and the last participant, beneficiary or alternate payee has received all accrued benefits under the plan.... The DOL should encourage the maintenance of a written records retention policy ... [and] consider offering a model records retention policy for plan sponsors and plan fiduciaries to customize and adopt.... The DOL should update regulations under ERISA Sections 107 and 209 ... to include a comprehensive list of plan documents and their applicable retention periods[.]"  MORE >>

Advisory Council on Employee Welfare and Pension Benefit Plans, Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

21.9 Million Americans Could Qualify for SECURE 2.0 Saver's Match

"From tabulations of tax filers with W-2 income, 69.0 million had incomes eligible for the Saver's Match.... 18.9 million workers contributed to an employment-based retirement plan and had incomes that would qualify for the Saver's Match."  MORE >>

Employee Benefit Research Institute [EBRI]

'Retirement Crisis' Is Real, But Resolvable

"This year's data shows that the tools needed to solve the 'retirement crisis' already exist, with 86% of respondents currently offering their participants a retirement income solution -- most often in the form of a Target Date Fund (TDF) paired with systematic distribution. The survey also highlights: An older contingency of plan participants than previously imagined, with 53% of participants over the age of 65 contributing to a TDF. Close to 30% of plans have less than 10 core options, and that group is growing since TDFs represent 47% of plan assets."  MORE >>



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Cash Balance Plans Explained

"Cash balance plans made up 42% of all defined benefit plans in 2018, up from 2.9% in 2001, and this market continues to see double digit annual growth each year, primarily for small to mid-size companies (defined as those with less than 100 employees) compared to relatively flat growth in other qualified plans."  MORE >>

Retirement Management Services, LLC

Public Pension Reforms Aren't Impacting Public Employee Turnover Rates

"Though employment data does not suggest that the defined contribution reform had an observable impact on the retention of public employees in Oklahoma, it did positively affect their overall retirement security.... [T]here was no observable short or long-term impact -- either positive or negative -- on the education (or quality) of West Virginia teachers after the switch in retirement plan structure."  MORE >>

Reason Foundation


More Households Are Prepared for Retirement, But This Good News Might Not Last

"The 2022 [National Retirement Risk Index (NRRI)] shows that ... between 2019 and 2022, the share at risk dropped from 47 percent to 39 percent.... Two major contributors to the stunning improvement in the NRRI seem unlikely to persist. First, housing prices are about 14 percent above their long-run trend for the last 30 years, and may well revert to trend over time. Second, 'new saving' is almost certainly a one-shot COVID phenomenon. Indeed, personal saving rates have returned to pre-pandemic levels and so has credit card borrowing."  MORE >>

Alicia H.Munnell, via Center for Retirement Research at Boston College

Employee Benefits Jobs

View job as DB/CB Retirement Plan Administrator for CMC Pension Professionals

DB/CB Retirement Plan Administrator

CMC Pension Professionals


View job as DB/CB Retirement Plan Administrator for CMC Pension Professionals

View job as Senior Pension Administrator for Pension Planners Inc

Senior Pension Administrator

Pension Planners Inc

Remote / Naples FL

View job as Senior Pension Administrator for Pension Planners Inc

View job as Plan Term Consultant for EGPS

Plan Term Consultant



View job as Plan Term Consultant for EGPS

View job as Retirement Plan Consultant for Sentinel Group

Retirement Plan Consultant

Sentinel Group

Remote / Wakefield MA / Troy MI / Hybrid

View job as Retirement Plan Consultant for Sentinel Group

Selected New Discussions

Does This Plan Need to Cover This Related Company?

"Dentist A owns his practice 100%; Dentist B owns his practice 100%. They do no work for each other. Dentists A and B are purchasing practice C and will be 50/50 owners. Practice C hires a dentist who will be doing 75% of the work. Dentists A and B will work there to fill the other 25% of work. There is no referral of patients from A or B to practice C, or minimal. Practice A has a 401(k) with PS. Practice B has no plan. So the question was posed to me -- does practice A need to cover practice C in the A plan? I believe the answer is no. Thoughts?"

BenefitsLink Message Boards

ADP Testing - Mandatory Aggregation

"Company A and Company B are owned 50/50 by the same two individuals. Each Company sponsors their own 401(k) plan (Plan A and Plan B), neither which are safe harbor. The owners and their spouses are eligible to participate in both plans. Plan B only employs the owners and their spouses. Plan A runs on a fiscal year ending 7/31, Plan B runs on the calendar year. It's my understanding that we have to ADP test these plans together, but I'm unclear on how to do this. Do we need 7/31 census data for the calendar year plan and then run the combined ADP test, or do we need 12/31 census data for the 7/31 plan and then run the combined ADP test, or?"

BenefitsLink Message Boards

'Just in Case' DB Plan Freeze Amendments?

"A TPA firm seems to be proactively sending out freeze amendments for small DB plans. No mention of the notice requirement to participants, and the communication is very clear that it says not to return a copy of the signed amendment right now to the TPA, but that if there is a need to reduce the 2024 contribution they will ask the sponsor for a copy of the signed amendment then.

"If plans are in danger of funding issues, I 100% agree that freeze amendments should be considered, and if needed executed and notice given. With the ability to increase benefits after year end that now exists with SECURE 2.0, another amendment to unfreeze can be done after year end if circumstances change. I disagree with the 'sign this now, but ignore it unless you need it' approach that TPA seems to be taking.

"I disagree with sending a resolution/amendment and telling a sponsor essentially if it's needed at the end of the year, they can provide the TPA with a copy then. ... This seems to be a document violation. Is there something I'm missing that doesn't make this at worst tax fraud and at best an ethical violation on the part of the TPA?"

BenefitsLink Message Boards

Press Releases

OneAmerica Financial℠ Announces New Active Target Date Series

OneAmerica Financial

Announcement of Proposed US Expansion


DOL Appoints New ERISA Advisory Council Members

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

IRI Releases Updated Retirement Saving and Income Handbook

Insured Retirement Institute [IRI]

MissionSquare Retirement Renews Partnerships with Public Service Organizations in California, Florida, Michigan, and New York to Bolster Retirement Security for Local Government Employees

MissionSquare Retirement

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0, State Mandates, Student Loans and Savers: What’s Changing in 2024?

March 28, 2024 in NY

Worldwide Employee Benefits Network [WEB] - New York Chapter

The Other Plan Options - SIMPLEs, SEPs and Starter(k)s

April 25, 2024 WEBINAR

ASPPA [American Society of Pension Professionals & Actuaries]

Public Pension HR Summit

September 24, 2024 in CO

National Conference on Public Employee Retirement Systems [NCPERS]

Last Issue's Most Popular Items

New Clarity Regarding Plans Affected by the Automatic Enrollment Requirements Beginning in 2025

KLB Benefits Law Group

Tax Court Rules New SECURE 2.0 Statute of Limitations on Excess Contribution Penalty Is Not Retroactive

Slott Report

Most Americans Flunk When It Comes to Retirement Literacy

Women's Institute for a Secure Retirement [WISER]

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

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