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Retirement Plans Newsletter

July 2, 2024

4 New Job Opportunities 4 New Job Opportunities

 

GE Joins List of Companies Sued Over PRT Deal with Athene

"GE is accused of failing to meet the [DOL] standard for selecting [the] safest available insurer when transferring pension assets and liabilities to an insurance company.... [T]he plaintiffs are challenging GE's [choice of] Athene as its insurance provider for the PRT deal, claiming that Athene is a 'highly risky private-equity controlled insurance company with a complex and opaque structure.' " [Bueno v. General Electric Co., No. (N.D.N.Y. complaint filed Jun. 28, 2024)]  MORE >>

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Non-Insurer Plaintiffs Join ACLI in Fiduciary Rule Lawsuit

"Before SIFMA and FSI joined, legal challenges had been led by the insurance industry ... SIFMA ...represents broker/dealers, investment banks and asset managers; FSI represents independent financial services firms. The brief filed by SIFMA and FSI ... argues that the rule 'is materially indistinguishable from the 2016 Rule,' ... which was finalized in 2016 and vacated by the U.S. 5th Circuit Court of Appeals in 2018." [ACLI v. DOL, No. 24-0482 (N.D. Tex. intervenors' complaint filed Jun. 28, 2024)]  MORE >>

PLANSPONSOR; free registration may be required

Accrual Basis Employer and Employee Contributions: What Triggers the Funding Commitment, the Paycheck or the Work?

"Using W-2 compensation, which represents wages received, as the accrual basis eligible compensation for plan purposes, even when the employer accrues compensation for wages earned but not yet paid, is a seemingly self-contradictory statement or proposition that when investigated or explained may prove to be well founded and true."  MORE >>

Belfint Lyons Shuman

DOL Report: Pension Buyouts Need More Study

"The DOL has issued a report to Congress on Interpretive Bulletin 95-1 (IB 95-1), the DOL's guidance governing pension buyouts by annuity providers. While the DOL concluded that IB 95-1 continues to identify broad factors that are relevant to a fiduciary's prudent and loyal evaluation of an annuity provider's claims-paying ability and creditworthiness, the report's ultimate finding is that the DOL 'has not concluded that changes in the IB are unwarranted.' "  MORE >>

Segal

Evaluating the Saver's Match: Promises and Challenges

"Slated to begin operation with the 2027 tax year, both the promise and the challenges of the Saver's Match program are coming more sharply into focus. While research is still ongoing, the picture being revealed is one of massive potential to increase retirement savings and to help close the minority wealth gap. However, these benefits may not come easily."  MORE >>

401(k) Specialist

Funding Status of U.S. Corporate Pension Plans, June 2024

"The aggregate funded ratio for U.S. corporate pension plans increased by an estimated 1.1 percentage points in June, ending the month at 102.3% ... Although the aggregate funded ratio is estimated to have decreased by 1.1 percentage points over the trailing twelve months, it is estimated to have increased by 6.5 and 2.6 percentage points year-to-date and in the second quarter, respectively."  MORE >>

Wilshire Associates

Benefits in General

Supreme Court Lifts Time Bar on Challenges to Federal Actions

"In essence, any new business can challenge federal rules regardless of how long the rules have been on the books.... After overruling a landmark precedent on government authority, the Supreme Court ruled Monday to expand the time frame businesses have to challenge federal government actions." [Corner Post v. Bd. of Gov. of the Federal Reserve System, No. 22-1008 (S. Ct. Jul. 1, 2024)]  MORE >>

Courthouse News Service

Chevron Deference Is No More: ERISA, Employee Benefits and Executive/Equity Compensation Rule-Making Is Likely to Be Affected

"Little doubt exists that challenges to regulatory and sub-regulatory guidance in the ERISA, employee benefits and executive/equity compensation space will ramp up. However, courts sympathetic to the DOL's, IRS', SEC's or PBGC's views can still invoke Skidmore deference to rule in favor of the agency. The real issue is likely to be, at least initially, the scope of injunctive relief obtained by those litigants challenging the guidance." [Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S. Ct. Jun. 28, 2024)]  MORE >>

FordHarrison

Chevron Doctrine Overruled: Potential Impacts on Plan Sponsors and Employee Benefit Plans

"While the Court explained that when a statute delegates authority to an agency to interpret it, courts must continue to respect the delegation, it noted that courts must still ensure that the agency acts within its constitutional limits. As such, it is likely that there will be more litigation challenging rules and regulations promulgated by the Departments that affect employee benefit plans." [Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S. Ct. Jun. 28, 2024)]  MORE >>

Smith, Gambrell & Russell, LLP

The World of Work — and Workplace Benefits — Is Changing

"[M]ore employers are looking to leverage freelance workers, and many employers are looking to provide benefits to these workers. For carriers and other benefits providers, this will have an impact on things like product design and who is eligible for benefits.... Over half (55%) of employers said [in the past two years] their company negotiated with providers for better terms, lower premiums, fees, etc., to better manage costs. Yet almost half (45%) said they added one or more benefits to remain competitive."  MORE >>

LIMRA

Employee Benefits Jobs

View job as DC Retirement Plan Administrator for Heritage Administrative Services, LLC

DC Retirement Plan Administrator

Heritage Administrative Services, LLC

Woodbury NY / Hybrid

View job as DC Retirement Plan Administrator for Heritage Administrative Services, LLC

View job as New Business Administrator (Onboarding Specialist) for Pension Financial Services, a Strongpoint Partner

New Business Administrator (Onboarding Specialist)

Pension Financial Services, a Strongpoint Partner

Duluth GA / Hybrid

View job as New Business Administrator (Onboarding Specialist) for Pension Financial Services, a Strongpoint Partner

View job as Distributions Analyst for PCS Retirement

Distributions Analyst

PCS Retirement

Remote

View job as Distributions Analyst for PCS Retirement

View job as Retirement Plan Manager for SetAway, LLC

Retirement Plan Manager

SetAway, LLC

Remote / Bedford NH / CT / MA / ME / VT

View job as Retirement Plan Manager for SetAway, LLC

Selected New Discussions

No More Chevron Deference

"Worth a read. This will change our world dramatically. For the better or for the worse I do not know. My guess is some of both." [Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S. Ct. Jun. 28, 2024)]

BenefitsLink Message Boards

Bonus Election When Paid with Regular Payroll

"Bonuses not excluded comp. Employer pays a bonus, NOT off-cycle (i.e., paid with a regular paycheck, so EE just gets a larger paycheck for that pay period). Say Employee A has a $100/paycheck deferral election. Employer should just withhold 'Normal' election correct? Since it is being paid in a regular paycheck, there would not be an increase in deferrals withheld?"

BenefitsLink Message Boards

Press Releases

Application Period Opens for 11th Annual PenChecks/ASPPA Scholarship Program

ASPPA [American Society of Pension Professionals & Actuaries]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Advanced 410(b) Coverage Testing

July 18, 2024 WEBINAR

ASPPA [American Society of Pension Professionals & Actuaries]

The Dollars and Sense of Compensation

July 25, 2024 WEBINAR

ASPPA [American Society of Pension Professionals & Actuaries]

IRA Trust Beneficiary Issues and How to Handle Them

August 8, 2024 WEBINAR

Ascensus

Pension Derisking: Fresh Opportunities in a Stronger Funded World

October 8, 2024 in GA

Pensions & Investments

Defined Contribution West

October 20, 2024 in CA

Pensions & Investments

Last Issue's Most Popular Items

Automatic Enrollment Is Mandatory in 2025

Legacy Retirement Solutions

CRS Legal Sidebar: Supreme Court Overrules Chevron Framework

Congressional Research Service [CRS]

IRS Guidance on New Exceptions to the Penalty Tax for Early Qualified Plan or IRA Withdrawals

Groom Law Group

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

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