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Retirement Plans Newsletter

March 19, 2024

6 New Job Opportunities 6 New Job Opportunities


[Guidance Overview]

New Compliance Questions on Form 5500

"The 2023 Form 5500 series (filed in 2024) introduces three new compliance questions on Schedule R. These new 'interesting' compliance questions may be used by the regulatory agencies in the review and examination selection process. It is critically important to understand what these new questions are asking and how to accurately complete the schedules for your plan."  MORE >>


[Guidance Overview]

Correcting and Reporting a Late 403(b) Plan Remittance

"403(b) plans do not need to file Form 5330 or pay the excise tax on the lost earnings ... However, in addition to your VFCP filing, if you are a large ERISA 403(b) plan that is subject to audit (more than 100 employees), note that you will also need to report the late remittance on your 2023 Form 5500 filing[.]"  MORE >>

PLANSPONSOR; free registration may be required

Pension Risk Transfers Trigger New ERISA Litigation

"The suits -- two now targeting AT&T, the other Lockheed Martin -- acknowledge that the process itself is perfectly legal, but question the prudence of the decision to 'offload' that pension responsibility to parties -- more specifically one party in particular -- deemed less financially viable to fulfill those obligations."  MORE >>

American Retirement Association [ARA]

401(k) Litigation: Present and Future

"DC litigation remains relatively robust.... Encore Fiduciary reports at least 20 cases per year being filed since 2016, including a peak of 101 cases filed in 2020 ... These cases generally focus on the country's largest plans ... [I]nnovation and evolution naturally continue in the roughly $9 trillion DC space, which, in turn, continues to get attention from the plaintiffs' bar.... [P]lan sponsors and their advisers must remain diligent in managing and monitoring retirement plans fees."  MORE >>


'Employment Extenders' and What Their Proliferation Means for Retirement Plans

"The 'Baby Boom' is still having an impact on the workplace despite its advancing age, with an increasing number from that generation staying in the workforce longer than the 'normal' retirement age. And that has implications for employers, retirement saving, and retirement plans."  MORE >>

American Retirement Association [ARA]

Women Experience Disconnect with Financial Advisors

"70% of women surveyed are rethinking their retirement as they consider inflation and a possible economic downturn.... 43% of single women and 40% of married women cite cost-of-living increases as a long-term challenge to their retirement portfolio.... 47% of single women and 51% of married women believe that their advisor understands their financial targets, with some describing their interactions as one-sided."  MORE >>

401(k) Specialist

Realities of Retirement: Women vs. Men

"[A]ssuming a 20% difference in wages, or $10,000/year, now you are talking over $3,150,000 of additional retirement savings lost out on. Not to mention, these numbers don't account for the lost potential from company matches and Social Security benefits ... In general, women tend to be more risk-averse.... [W]omen born today are projected to live until 80 and men only until 74, a six-year difference!"  MORE >>

Manning & Napier

Social Security Coverage of State and Local Government Employees

34 pages. "Proposals to make Social Security coverage mandatory for newly hired state and local government employees have been part of the policy debate for years.... Estimates show that the policy change would close 4% of the Social Security system's projected long-range funding shortfall.... Opponents maintain that mandatory coverage could pose administrative and cost burdens on state and local governments and their employees at a time when many state and local pension systems are underfunded." [R46961 updated Mar. 19, 2024]  MORE >>

Congressional Research Service [CRS]

Does Your Retirement Plan Need a Compensation Review?

"The definition of compensation in a retirement plan is a pivotal element that affects how deferrals, matching contributions, profit sharing contributions, and plan limits are determined. An error in compensation, even a small one, can result in substantial correction costs that expand dramatically over time. ... It is critical to make sure that the compensation amounts used in calculating plan contributions and plan limits are accurate at all times. What is the best practice to ensure this?"  MORE >>

KLB Benefits Law Group


Fiduciaries Incite Revenge of the Baby Boomers

"[T]he TDF oligopoly has made high risk the standard, so low risk has become the subject of lawsuits for underperformance....[E]quities have been king for the last 15 years -- the longest bull market on record. High risk TDFs have been the winners for 15 years, the entire history of TDFs after 2009. But surveys report that beneficiaries want low risk and most believe they are protected as they approach retirement."  MORE >>

401(k) Specialist


Is It a Bad Thing That ERISA Killed the Pension Plan?

"[T]he 401k alternative didn't appear until four years after ERISA, and it took another five years for companies to embrace the new vehicle. What might explain the decline of pension plans prior to the domination of 401k plans?"  MORE >>

Fiduciary News; free registration required


Core Menus Need to Evolve

"The lack of availability of certain asset classes has important implications for participants, since it makes it more difficult to build efficient portfolios.... [T]he average participant using the core menu correctly could generate approximately four more years of income if he or she had a complete menu of funds available.... Better core menus do not necessarily mean that core menus need to get larger, but rather more thoughtfully designed."  MORE >>


Benefits in General

2025 Federal Budget Proposal Nearly Identical to Prior Years on Health, Retirement

"Many of the FY 2025 budget proposals track those made in prior Biden Administration budgets.... [This article outlines] key health, retirement, and benefits-related provisions in the budget."  MORE >>

Groom Law Group

Employee Benefits Jobs

View job as Regional Vice President of Sales for The Retirement Plan Company

Regional Vice President of Sales

The Retirement Plan Company

Remote / AL / FL / GA / MS

View job as Regional Vice President of Sales for The Retirement Plan Company

View job as Loan & Distribution Specialist for AimPoint Pension

Loan & Distribution Specialist

AimPoint Pension


View job as Loan & Distribution Specialist for AimPoint Pension

View job as Business Development Director for AimPoint Pension

Business Development Director

AimPoint Pension

Remote / Pompano Beach FL / AL / GA

View job as Business Development Director for AimPoint Pension

View job as Employee Benefits Attorney for Hill Ward Henderson

Employee Benefits Attorney

Hill Ward Henderson

Tampa FL / Hybrid

View job as Employee Benefits Attorney for Hill Ward Henderson

View job as Strategic Account Manager for Definiti

Strategic Account Manager



View job as Strategic Account Manager for Definiti

View job as Client Relationship Manager for Alerus

Client Relationship Manager


Hopkins MN / Arden Hills MN

View job as Client Relationship Manager for Alerus

Selected New Discussions

SEP established incorrectly?

"An old SEP which was established incorrectly, into which an individual made contributions over many years totaling $66k improperly, but for which the accountant never took deductions (because he had advised his client NOT to make the contributions in the first place.) To clarify, the individual is a 1% partner in an LLC, and all of his income is from this LLC, which sponsors a 401(k) Plan for the partners and employees. Client now wants to withdraw the $$ from the SEP, but custodian is insisting that they must issue a 1099, since the money is theoretically in a SEP. Can anyone think of a way to convince the custodian not to issue the 1099?."

BenefitsLink Message Boards

NQDC Plan: Recommended Disclosures? (Web/Statements)

"I am curious as to any common or recommended disclosures that may be used with deferred compensation plans for participant quarterly statements or on web pages. I understand there are no 'required' disclosures, but I recommend something that references that the investment shown are not an indication of ownership. Any thoughts on this? any suggested statements that you would use on statements or online?"

BenefitsLink Message Boards

Press Releases

Nationwide and Morningstar Retirement Team Up to Introduce Advisor Managed Accounts


TRA Bolsters Distribution Team Across Rocky Mountain Region

TRA [The Retirement Advantage]

RightBRIDGE to Offer Exclusive Access to Advanced Retirement Plan Data


Ardent Health Services Selects Quantum Health and Imagine360 to Optimize Health Benefits Program and Better Support Employee Healthcare Journeys

Quantum Health

Allianz Life Launches New Accumulation Annuity


OneDigital Welcomes Creative Business Resources in Phoenix


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Revamping Retirement Episode 62: Fiduciary Liability


CAPTRUST Financial Advisors

Fiduciary Best Practices for Plan Sponsors

April 17, 2024 WEBINAR

TRA [The Retirement Advantage]

Form 5500 Update

June 12, 2024 WEBINAR

ASPPA [American Society of Pension Professionals & Actuaries]

Last Issue's Most Popular Items

AT&T Sued Over 2023 Pension Risk Transfer

October Three Consulting

Roth Conversions: Convert Everything at Once or as You Go?


A Cybersecurity Checklist for Employers: Safeguarding Your Company's 401(k) (PDF)

Mayflower Advisors

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

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