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Retirement Plans Newsletter

March 28, 2024

9 New Job Opportunities 9 New Job Opportunities

 

[Guidance Overview]

Qualified Plan Issues in Corporate Transactions: When Does a Transaction Trigger a 401(k) Participant's Right to a Distribution?

"[W]hen considering whether a corporate transaction will result in participants becoming entitled to a plan distribution, plan sponsors should not simply assume that a change in a participant's common law employer will entitle the participant to a distribution.... [W]hen it comes to determining whether participants will experience a severance of employment and be entitled to a 401(k) distribution as a result of a corporate transaction, there may not always be a clear answer."  MORE >>

Reinhart Boerner Van Deuren s.c.

[Guidance Overview]

Washington State Auto-IRA Latest to Become Law

"SB 6069 is among the bills the governor will sign into law on March 28.... The measure will require covered employers to allow employees an opportunity to contribute to an IRA through an automatic payroll deduction. The default contribution rate is to be not less than 3%, nor more than 7%, of wages."  MORE >>

American Retirement Association [ARA]

Seventh Circuit Orders Pension Fund to Return Withdrawal Liability to Employer

"[This case] is an example of the complexity of the law in this area, especially the interaction between MPPAA and labor law. It also emphasizes that although an uphill battle, an employer can successfully contest a withdrawal liability assessment. Both competent counsel and patience are needed. (The Seventh Circuit's decision represented the end of a 12-year saga.)" [Bulk Transport Corp. v. Teamsters Union No. 142 Pension Fund, No. 23-1563 (7th Cir. Mar. 22, 2024)]  MORE >>

Jackson Lewis P.C.

What Makes a TPA Great: How Technology Is Leveling the Playing Field

"[We] are seeing the growth of technology and AI service providers who are providing the necessary avenues for even smaller TPAs to access data with the same or even more ease and efficiency as their big brothers have been exhibiting for several years.... [T]his is a game changer for everyone, and has the potential to make the entire plan administration process more efficient for everyone."  MORE >>

Ilene Ferenczy, via Stax•ai

Tips for a Successful Lump-Sum Window (PDF)

"[1] Identify your window participants and check your data.... [2] Make sure participants know the window is coming.... [3] Encourage participants to open the package.... [4] Keep it compliant and easy to understand.... [5] Enhance the election process."  MORE >>

Buck

BlackRock's Non-ESG Funds Are Still ESG, Mississippi Order Says

"Mississippi issued a cease-and-desist order against BlackRock Inc. and its subsidiaries on [March 27] alleging widespread fraud in the marketing of the firm's investment funds that do not carry an ESG label. The order does not contain a specific monetary penalty but indicates it could result in a 'multimillion-dollar penalty' at a later point for violations of the Mississippi Securities Act."  MORE >>

planadviser

CITs Lead 2023's Top Investment Strategies

"[In] 2023, 67% -- or $104.5 billion -- of net inflows into target-date strategies went into CITs ... CITs now represent 49% of the market and are on pace to overtake mutual funds as the most popular target-date vehicle in 2024."  MORE >>

401(k) Specialist

Lifetime Income Products in CITs on the Rise

"Guaranteed income options can be included in CITs as part of their target date strategy, and employers interested in exploring the provision of in-plan lifetime income products may view this as a 'lower exposure' approach than causing the plan to contract directly with an insurance company."  MORE >>

Mayer Brown

Terminating an Overfunded Pension Plan: Who Gets the Excess?

"To determine how excess plan funds can be exhausted, which may include a reversion to the plan sponsor, there are seven possibilities to consider. As always, the place to start with any retirement plan issue is to answer the question: what does the plan say?"  MORE >>

USI Consulting Group

[Opinion]

ERIC Comment Letter to EBSA on Proposed Regs for Automatic Portability Transactions (PDF)

"[SECURE 2.0] allows -- but does not require -- defined contribution plan sponsors to offer automatic portability features. In implementing this provision, DOL should not impose burdens on plan sponsors or service providers that will unduly discourage participation in automatic portability arrangements. In certain areas of the Proposal, DOL has introduced complexity and administrative costs that are not required by the statute. Those provisions of the NPRM should be eliminated from any final rule."  MORE >>

The ERISA Industry Committee [ERIC]

Benefits in General

[Official Guidance]

IRS Further Extends Tax Relief for Hawaii Wildfire Victims

"The [IRS] today further postponed until Aug. 7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the Aug. 8, 2023, wildfires in Hawaii.... [A]ffected individuals, businesses and tax-exempt organizations will now have until Aug. 7, 2024, to file their 2023 returns and pay any taxes due.... The IRS is offering relief to Maui and Hawaii counties ... Individuals and households that reside or have a business in these localities qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Employee Benefits Jobs

View job as Senior Defined Benefit Consultant  for Loren D. Stark Company (LDSCO)

Senior Defined Benefit Consultant

Loren D. Stark Company (LDSCO)

Remote

View job as Senior Defined Benefit Consultant  for Loren D. Stark Company (LDSCO)

View job as Senior Consultant for Newport, an Ascensus Company

Senior Consultant

Newport, an Ascensus Company

Remote / MA

View job as Senior Consultant for Newport, an Ascensus Company

View job as Retirement Plan Consultant for FuturePlan, by Ascensus

Retirement Plan Consultant

FuturePlan, by Ascensus

Remote / IL

View job as Retirement Plan Consultant for FuturePlan, by Ascensus

View job as Client Relationship Consultant for FuturePlan, by Ascensus

Client Relationship Consultant

FuturePlan, by Ascensus

Remote / IL

View job as Client Relationship Consultant for FuturePlan, by Ascensus

View job as Sr. Benefits Manager for Catholic Diocese of Arlington

Sr. Benefits Manager

Catholic Diocese of Arlington

Arlington VA / Hybrid

View job as Sr. Benefits Manager for Catholic Diocese of Arlington

View job as Retirement Plan Administrator for ERISA Services, Inc.

Retirement Plan Administrator

ERISA Services, Inc.

Remote

View job as Retirement Plan Administrator for ERISA Services, Inc.

View job as Retirement Plan Quality Assurance Specialist for ERISA Services, Inc.

Retirement Plan Quality Assurance Specialist

ERISA Services, Inc.

Remote

View job as Retirement Plan Quality Assurance Specialist for ERISA Services, Inc.

View job as Lead Plan Admin Analyst - Retirement Plans for Ameritas

Lead Plan Admin Analyst - Retirement Plans

Ameritas

Remote

View job as Lead Plan Admin Analyst - Retirement Plans for Ameritas

View job as Lead Compliance Analyst - Retirement Plans for Ameritas

Lead Compliance Analyst - Retirement Plans

Ameritas

Remote

View job as Lead Compliance Analyst - Retirement Plans for Ameritas

Selected New Discussions

Distribution Didn't Happen as Instructed: How to Credit Earnings

"Terminated participant, instructions sent to brokerage firm to pay out said participant. The payout didn't happen, and participant is asking for earnings on top of the original distribution amount. Is there a standard for how to calculate 'lost earnings'? Should the brokerage firm have standards that would dictate this answer? Thanks all!"

BenefitsLink Message Boards

ADP/ACP first year 3% rule

"[1] Plan established 2022. [2] Prior year testing method elected in the document. [3] Discretionary Match -- nothing funded for 2022. For the first year, the 3% rule was used -- HCEs 0% NHCEs 3% -- plan passes ADP They never made a match until 2023. Since this was the first plan year of the match, can they use the 3% first year rule for the match contribution?"

BenefitsLink Message Boards

Press Releases

Equitable Announces New Leadership Appointments

Equitable

Ascensus to Acquire 401(k) Recordkeeping Business from Mutual of Omaha

Ascensus

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Executive Compensation and ESG: How Compensation Might Be Tied to ESG Metrics

RECORDED

Seyfarth Shaw LLP

Fixed Income Strategy: A Compelling Moment

April 17, 2024 WEBINAR

Pensions & Investments

Last Issue's Most Popular Items

Athene-Linked Pension Cases Strike at Need for New DOL Guidance

Bloomberg Law

Time for a Tune-Up? Why Employers Should Self-Audit Retirement Plans

Cohen & Buckmann, P.C.

BlackRock CEO: How Do We Afford Longer Lives?

BlackRock

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

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