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Retirement Plans Newsletter

July 9, 2024

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

Text of IRS Publication 560: Retirement Plans for Small Business (SEP, Simple, and Qualified Plans), for Use in Preparing 2023 Returns (PDF)

44 pages; Jul. 5, 2024. "What's New: [1] Compensation ... Elective deferral ... Defined contribution ... Defined benefit ... SIMPLE plan salary reduction contribution ... [and] Catch-up contribution limits for 2023 and 2024 ... [2] Required minimum distributions (RMDs).... [3] Plans established after end of taxable year.... [4] Increased small employer pension plan startup cost credit.... [5] Employer contributions credit.... [6] Small employer military spouse participation credit.... [7] Designated Roth nonelective contributions and designated Roth matching contributions."  MORE >>

Internal Revenue Service [IRS]


Hear Expert Solutions to Real-Life Compensation Questions!

In this CE Webcast, learn to master the complexities of Plan compensation. ERISA expert John Griffin will address many of the Plan Compensation questions sent to ASC support daily! Topics will include common problems, correction strategies & more. Register today!

Sponsored by ASC

Stanley Black and Decker Loses Motion to Dismiss 401(k) Lawsuit Over BlackRock TDFs

"BlackRock isn't a defendant in this case nor is it a defendant in 10 other lawsuits against various sponsors making the same or similar allegations by the same law firm ... Among the lawsuits where judges have acted on sponsors' use of the BlackRock Lifepath Index Retirement Funds, only one -- against Genworth Financial Inc. -- has survived a motion to dismiss." [Kistler v. Stanley Black & Decker Inc., No. 22-0966 (D. Conn. Jul. 3, 2024)]  MORE >>

Pensions & Investments

Analysis of District Court's Denial of Motion for Summary Judgment in American Airlines ESG Case

"Sponsors will want to consider how to keep an appropriate distance between plan fiduciary decision making and the employer's own ESG initiatives. This can be problematic -- typically plan committee members will also be regular company officials, sometimes with, in their company capacity, explicit ESG goals to meet." [Spence v. Am. Airlines, Inc., No. 23-0552 (N.D. Tex. Jun. 20, 2024)]  MORE >>

October Three Consulting

Pension Plan Sponsors Targeted in Pension Risk Transfer Lawsuits

"The plaintiffs in each lawsuit, former plan participants whose benefits were transferred to Athene, generally allege that the plan fiduciaries could not possibly have complied with applicable strict fiduciary standards given that Athene, with its private-equity ownership and risky investments such as offshore captive reinsurance, was selected.... They make this allegation even though in two of the cases (AT&T and Alcoa) an independent fiduciary was engaged by the Company to select the insurer."  MORE >>

Thompson Hine

EBSA's Lisa Gomez Talks About Retirement Plan Cybersecurity

"[Ms. Gomez] noted retirement plans may have been using voice recognition to verify that they're speaking with the right participant, service provider, bank, or custodian. However, it can no longer be used as a sole source of verification, she warned, noting that it now takes as little as six seconds to replicate a voice using AI."  MORE >>

American Retirement Association [ARA]

ERISA Advisory Council Explores Annuity Default Options in DC Plans

"Experts at an ERISA Advisory Council hearing [on July 8] recommended that annuities should be part of a defined contribution plan's default investments as a hedge against longevity risk."  MORE >>

PLANSPONSOR; free registration may be required

Sequence-of-Returns Risk in Corporate DB Plans

"The variety of metrics that could be prioritized by a corporate plan could vary widely depending upon investment policy and situation. These could span across balance sheet metrics, income statement metrics, contributions, and other variables."  MORE >>


Sequence-of-Returns Risk for a TDF Glidepath

"Longevity risk is an important consideration for participants in TDFs and the plan sponsors that oversee the glidepaths of such funds. A common metric for longevity risk is the probability that participants will spend their entire nest egg if they live to different ages. This concept can be extended to both the amount a retiree is able to spend in retirement over a given horizon, such as 30 years, and their ending asset balance."  MORE >>


Mutual Funds in 403(b) Plans

"This post provides a primer on mutual funds as a 403(b) plan investment including advantages and disadvantages, types of mutual funds, mutual fund fees and expenses, resource materials, [and] fund selection criteria ... It also describes mutual fund prospectuses and concludes with a summary of research about fund performance, three 'need to know' facts, and six take-away action steps."  MORE >>


Analysis of Public Retirement System Disability Incidence (PDF)

"This analysis examines the disability incidence of public retirement systems based on three factors: occupational class, disability eligibility criteria, and disability plan design. Data are distinguished by employee type whenever possible, contingent on the scope of coverage and reporting framework in use among systems and plans."  MORE >>

National Association of State Retirement Administrators [NASRA]


SPARK Institute and American Benefits Council Request IRS Guidance Confirming Paper Filing of Form 5330 Permitted for All Employers (PDF)

"If Treasury and IRS do not provide this confirmation, employers will be forced to either pay a third-party service provider to file the Form 5330 or file on paper, while asserting one of the uncertain regulatory exceptions discussed [in this letter]. These options involve unreasonable and unnecessary costs, uncertainty, and risk."  MORE >>

SPARK Institute and American Benefits Council

Benefits in General

Cybersecurity Policymaking Post-Chevron

"The ruling will likely result in increased judicial scrutiny over regulatory decisions, directly affecting cybersecurity rules and enforcement actions by agencies ... Business compliance will likely need to evolve to account for uneven application of cybersecurity laws across jurisdictions.... Compliance efforts may need to adapt to more frequent modification of security regulations as lawsuits work through the court system." [Loper Bright Enterprises, Inc. v. Raimondo, Sec. of Comm., No. 22-451 (S. Ct. Jun. 28, 2024)]  MORE >>

Venable LLP

District Court Enjoins, and Signals Readiness to Invalidate, the FTC's Non-Compete Ban

"In order to rule in favor of the plaintiffs opposing the final rule, the Court had to make four critical findings ... In finding for plaintiffs on all four of these elements, the Court demonstrated, in no uncertain terms, that it intends to find the FTC's rule unenforceable as a whole and against any party (not just the parties to the lawsuit) when it reaches its final decision on or before August 30." [Ryan LLC v. Federal Trade Commission (no. 24-0986 (N.D. Tex. Jul. 3, 2024)]  MORE >>


Court Grants Preliminary Injunction Against FTC Ban on Non-Compete Agreements

"This preliminary decision indicates that the court is likely to issue a permanent injunction when it decides the case on the merits in August. Plaintiffs will likely ask for the decision to have nation-wide effect. Given the Supreme Court's recent decision ... overturning Chevron's deference to administrative agencies, this could be the end of the FTC Rule." [Ryan LLC v. Federal Trade Commission (no. 24-0986 (N.D. Tex. Jul. 3, 2024)]  MORE >>

Trucker Huss

Employee Benefits Jobs

View job as Client Service Manager for July Business Services

Client Service Manager

July Business Services


View job as Client Service Manager for July Business Services

View job as Retirement Implementation Coordinator for Alerus

Retirement Implementation Coordinator


Hopkins MN / Grand Forks ND / Fargo ND / Phoenix AZ / East Lansing MI / Hybrid

View job as Retirement Implementation Coordinator for Alerus

View job as Retirement Account Administrator, Senior for Alerus

Retirement Account Administrator, Senior


Remote / MN / ND

View job as Retirement Account Administrator, Senior for Alerus

View job as Senior Cash Balance and 401(k) Retirement Account Administrator for Alerus

Senior Cash Balance and 401(k) Retirement Account Administrator



View job as Senior Cash Balance and 401(k) Retirement Account Administrator for Alerus

Selected New Discussions

Triple Stack Match Conditions

"I've used a triple stack match and have had sponsors happy to be able to tie some vesting to the stated and disc. amounts. I've got a sponsor who wants to encourage lower earning participants. Is it possible to run it to put dollar limit caps on the stated and discretionary components, and still keep the plan SH? My proposal: SH Enhanced 4% Match Stated Match 100% on 6% (with a $3000 cap) Disc Match 2/3 on 6% (with $2,000 cap) Are the caps allowed on dollars separate from the SH enhanced portion?"

BenefitsLink Message Boards

8955-SSA DVFC?

"Plan in question never filed a 5500 for 3 years. Last 2 years of that there were 8955-SSA's that needed to be filed. File them late? Or file one consolidated 8955-SSA along with current year?"

BenefitsLink Message Boards

Press Releases

Pooled Plan Provider NPPG Announces SEC Registration


ShareBuilder 401k Launches New Solo 401(k) Plan for the Self-Employed

Sharebuilder 401k

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What Does The Future Hold For Non-Competes After The FTC's Proposed Ban?


White and Williams LLP

Voluntary Fiduciary Correction Program Webinar

July 11, 2024 WEBINAR

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

Voluntary Fiduciary Correction Program Webinar

August 1, 2024 WEBINAR

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

Plan Design, Post SECURE 2.0 (Student Loan, PLESA, Distributions, Roth)

August 20, 2024 WEBINAR

ASPPA [American Society of Pension Professionals & Actuaries]

Last Issue's Most Popular Items

When Does a Corporate Transaction Trigger a 401(k) Participant's Right to a Distribution? (PDF)

Reinhart Boerner Van Deuren s.c., via Benefits Law Journal

District Court Dismisses Challenge to Use of Plan Forfeitures


DOL Regulatory Agenda, Spring 2024: Includes New Reg Project

U.S. Department of Labor [DOL]

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

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