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Retirement Plans Newsletter

April 2, 2024

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

Text of Agencies' Extension of Time for Response to RFI 'SECURE 2.0 Section 319: Effectiveness of Reporting and Disclosure Requirements'

"This document extends the comment period for the request for information entitled 'SECURE 2.0 Section 319 -- Effectiveness of Reporting and Disclosure Requirements' that was published in the January 23, 2024, issue of the Federal Register. The comment period for the request for information, which had been scheduled to close on April 22, 2024, is extended 30 days to May 22, 2024."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]; Internal Revenue Servicce [IRS]; and Pension Benefit Guaranty Corporation [PBGC]


Join ASC’s Webcast! Long-Term Part-Time Employees – Where Do We Stand?

Get clarity on proposed IRS regulations related to long-term part-time employees. Register by April 10 to attend the follow-up webcast* discussing final regulations for FREE Register Now! *[date & other details to follow once final IRS Regs released]

Sponsored by ASC

[Guidance Overview]

DOL Fact Sheet: Final Amendment to PTE 84-14 (the QPAM Amendment)

"[Among other updates, the final amendment] ... [1] removes all doubt about the inclusion of convictions for foreign crimes as ineligibility events under Section I(g), by explicitly referencing the inclusion of foreign crimes that are substantially equivalent to the list of serious domestic crimes that will cause ineligibility for relief under the QPAM Exemption.... [2] expands the circumstances that may lead to ineligibility under a new Prohibited Misconduct category ... [3] provides an automatic, mandatory one-year transition period after ineligibility to help plans and IRAs avoid or minimize possible costs and disruptions when changing QPAMs or adjusting their asset management arrangements based on ineligibility."  MORE >>

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

[Guidance Overview]

Big Bank Exemption Rule for 401(k)s Finalized by DOL

"The US [DOL] has finalized a long-awaited set of stricter conditions on its qualified professional asset manager prohibited transaction exemption, a prized designation big banks and financial advisers use to manage pension assets and 401(k)s.... The final rule sets higher net-worth and assets-under-management standards, forces out entities unrelated to potential transactions, and requires all companies to amend their contracts with retirement-plan customers."  MORE >>

Bloomberg Law

Pension Plan De-Risking Transactions Targeted by Plaintiffs' Bar

"If these cases move past a motion to dismiss, there is a high risk that similar cases will follow, particularly if the annuity provider is not a traditional insurer. The Courts of Appeals, or even the Supreme Court, may need to weigh in before Article III standing in these new pension risk transfer transaction cases is resolved. If the lower courts rule that allegations of an annuity provider being 'too risky' or 'non-traditional' are enough to satisfy Article III standing, it is likely that additional annuity providers will be targeted, and additional large pension risk transfer transactions will be challenged in class actions."  MORE >>

Nixon Peabody LLP

Are Employers Undervaluing 401(k) Plans?

"[O]nly 36% of employers rank retirement plans in their top 3 most valued workplace benefits by prospective employees.... One in two employees would turn down a job offer from a company that did not offer a retirement benefit. One-third of employees would be willing to trade in a lower salary for equivalent value in a retirement benefit. 70% of employers agree that offering a retirement benefit has positively impacted their ability to recruit and hire talent."  MORE >>


Americans Believe They Will Need $1.46 Million to Retire Comfortably

"People's 'magic number' for retirement rises faster than inflation, jumping 15% in just a year and a whopping 53% since 2020; while retirement savings falls to $88K. The 'Silver Tsunami' is here: 11,000 Americans will turn 65 every day through 2027; only half of Boomers+ and Gen X believe they'll be financially ready for retirement.... Gen Z started saving at 22 and expects to retire at 60; Boomers+ started saving at 37 and expect to retire at 72."  MORE >>

Northwestern Mutual

Dynamic QDIA Is Taking Off

"Dynamic QDIA offers a phased approach to personalization that combines TDF investments for younger participants with a transition into managed accounts for older participants. The dynamic QDIA model provides participants approaching retirement with more risk-appropriate portfolios personalized to their dynamic circumstances without the need for engagement by leveraging data sourced from the recordkeeper."  MORE >>

American Retirement Association [ARA]

403(b) Participation Rates Reach Record Highs

"An average of 83.1% of eligible, active, nonprofit-organization employees maintained a balance in their plan in 2022, nearly identical to the year before -- and up from 76.7% in 2013. ... [T]he average savings rates in [403(b)] plans with Fidelity Investments as the recordkeeper reached 11.5% in the fourth quarter of 2023, up slightly from 11.1% in Q4 2018. In the same period, the total savings rates in 401(k) plans reached 13.9%, up from 13.1% in 2018[.]"  MORE >>

PLANSPONSOR; free registration may be required

California Court of Appeal Ends Decade-Long Dispute over Funding of County Retirement System

"[T]he Court upheld the ACERA Board's fiduciary authority and discretion to maintain its longstanding Percentage of Payroll methodology for funding the retirement system. The Court also affirmed the Board's right not to continue to study how much its participating employers might have paid to ACERA in the past, or may pay to it in the future, using a different funding methodology that the Board has not adopted." [Alameda Health System v. Alameda County Employees' Retirement Ass'n, No. A165587 (Calif. First DCA, Div. 2 Mar. 27, 2024)]  MORE >>

Nossaman LLP


ARA Comment Letter to EBSA on Auto-Portability Proposed Regs and PTE (PDF)

"Because auto-portability services are still in their infancy, the Department cannot reasonably predict all the ways in which solutions may be developed ... Creating too much rigidity ... may have the consequence of chilling the development of valuable participant services. Rather, ARA recommends that the Department focus on regulating through key principles ... such as mandating participant disclosure, duties of loyalty and prudence, and reasonable compensation."  MORE >>

American Retirement Association [ARA]


Brief for Amici Curiae ERISA Law Professors of in Support of DOL ESG Rule (PDF)

29 pages. "The 2022 Rule is consistent with ERISA. It makes clear that ERISA's fiduciary obligations of prudence and loyalty apply to all investment decisions and that fiduciaries must always invest plan funds to maximize risk-adjusted returns. The 2022 Rule is neutral. It neither favors nor disfavors any particular factors and does not identify any factors that fiduciaries should or should not consider when making investment decisions to best serve a plan.... The 2022 Rule also fits comfortably alongside regulations and sub-regulatory guidance issued by the Department since the late 1970s." [Utah v. Su, No. 23-0016 (N.D. Tex. Sep. 21, 2023; on appeal to 5th Cir. No. 23-11097)]  MORE >>

Professors Donald T. Bogan; Richard L. Kaplan; Dana Muir; Norman P. Stein; Lauren K. Valastro; and Peter J. Wiedenbeck

Employee Benefits Jobs

View job as Retirement Plan Relationship Manager for ERISA Services, Inc.

Retirement Plan Relationship Manager

ERISA Services, Inc.


View job as Retirement Plan Relationship Manager for ERISA Services, Inc.

View job as Defined Benefit Plan Enrolled Actuary for Associated Pension Consultants

Defined Benefit Plan Enrolled Actuary

Associated Pension Consultants


View job as Defined Benefit Plan Enrolled Actuary for Associated Pension Consultants

View job as Participant Services Supervisor for U.S. Retirement & Benefits Partners

Participant Services Supervisor

U.S. Retirement & Benefits Partners

Harrisburg PA / Lakeland FL / Hybrid

View job as Participant Services Supervisor for U.S. Retirement & Benefits Partners

View job as Qualified Retirement Plan Administrator for N.A. Falcone & Associates, Inc.

Qualified Retirement Plan Administrator

N.A. Falcone & Associates, Inc.

Willow Grove PA

View job as Qualified Retirement Plan Administrator for N.A. Falcone & Associates, Inc.

Selected New Discussions

Correcting Contribution to Wrong Participant's Account

"Plan has 2 owners. Their son became eligible in 2023. In error, they deposited $15,000 to their son's Profit Sharing source instead of to the wife's for 12/31/2024 (not 2023). The brokerage house says they can only correct via Excess Deferral; Excess Annual Additions; Mistake of Fact; Non-deductible contribution. I realize the IRS has a narrow view of what a Mistake of Fact is, but cannot this be considered a mistake of fact? My client who is somewhat savvy insists that it is not, but not sure I agree with him. Brokerage house will not transfer the deposit from the son to the wife for some reason. Other option send to the forfeiture account?"

BenefitsLink Message Boards

Press Releases

Partners Marc Schechter, Robert K. Butterfield, Corey F. Schechter and Paul D. Woodard Named on 2024 Super Lawyers List

Butterfield Schechter LLP

Milliman Named 'Best in Class' Defined Contribution Recordkeeper


OneDigital Announces Acquisition of Legacy Asset Management in Houston


CBIZ’s 2024 State of Health Care Report Highlights Areas of Priority for Employer Benefit Plan Sponsors

CBIZ, Inc.

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

2024 HR Seminar

May 1, 2024 WEBINAR

Warner Norcross & Judd LLP

IRA Beneficiary Distributions, Part 1

May 2, 2024 WEBINAR


Last Issue's Most Popular Items

Can ChatGPT be Your ERISA Counsel?

Faegre Drinker

How DOL's Proposed Automatic Portability Regs Will Affect Defined Contribution Plans

Hall Benefits Law

DOL Announces Final Amendment to 'QPAM Exemption'

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

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

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