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Retirement Plans Newsletter

October 3, 2024

5 New Job Opportunities 5 New Job Opportunities

 

[Guidance Overview]

Disaster Relief: Keeping Plans and Participants Afloat

"Various laws, as well as the IRS, make relief available to retirement plans and those who provide, administer, and serve them, as well as ... participants themselves. These forms of relief are intended to furnish flexibility regarding deadlines and when certain functions and transactions must or can take place, and also to help plan participants meet immediate needs their cash on hand may not be sufficient to handle."  MORE >>

American Retirement Association [ARA]

[Guidance Overview]

Retirement Plan Sponsors Have Few 2024 Year-End Amendments

"No required changes under law or guidance need amendments by Dec. 31, 2024. However, sponsors of calendar year plans may need to update their plan documents by year-end to reflect discretionary changes that took effect earlier in the year. Looking ahead, sponsors will need to amend their plans by the end of 2026 for several significant law changes enacted in recent years."  MORE >>

Mercer

Loper Bright Ruling Ripples into Courts' ERISA Interpretations

"Loper Bright could impact pension risk transfers -- the process by which companies with defined benefit plans transfer some or all the payment liabilities associated with those plans to outside annuity providers.... [T]he parties in [two] pending cases acknowledge that whether the 2024 fiduciary rule is lawful turns on whether the text of ERISA authorizes the DOL's regulation.... The [Loper Bright] opinion will almost certainly impact the [challenge to the DOL's final rule on ESG investments], placing a greater role for the text and structure of ERISA rather than the DOL's interpretation of the statute."  MORE >>

Mayer Brown, via Bloomberg Law

TIGTA Report: Millions of Taxpayers Took Early Retirement Distributions But Some Did Not Pay the Additional Tax, Claim an Exception, or Report the Income (PDF)

26 pages. "TIGTA's analysis of Tax Year 2021 tax return information identified approximately 2.8 million taxpayers who received early distributions of approximately $12.9 billion but did not pay the additional 10 percent tax and did not file Forms 5329. These taxpayers could be subject to approximately $1.29 billion in additional taxes and/or approximately $322 million in Form 5329 failure to file penalties."  MORE >>

Treasury Inspector General for Tax Administration [TIGTA[

Increased Penalties and Faster Enforcement: Potential Changes to the DOL's Form 5500 Penalty Program

"[A]bsent egregious violations, the DOL has typically assessed penalties in amounts ranging from $35,000 to $75,000 per plan year. However, based on evidence of recently assessed penalties, it appears that the DOL has been exercising its authority to impose higher penalties, much closer to the maximum per-day penalty for run-of-the-mill violations, such as a failure to file an IQPA ... DOL appears to be issuing some Notices of Rejection for a missing IQPA or deficient Form 5500 as early as two months after the filing due date."  MORE >>

Morgan Lewis

Avoiding the 401(k) Rollover 'Mistake'

"An integrated, best-in-class rollover solution can not only avert those numerous hazards, it can also provide a ready means for participants to preserve their retirement savings and an efficient way for advisors to continue expanding and enhancing their relationship with that participant, including access to managed account options."  MORE >>

PenChecks

Agilis Pooled Employer Plan Market Update, H1 2024

"The returning Pooled Plan Providers (PPPs) [surveyed] averaged a 41% growth in assets fueled by a 22% increase in the number of adopting employers combined with market performance in the first half of 2024.... The implementation of SECURE 2.0 Act provisions is continuing to influence the PEP market.... Awareness campaigns promoting the advantages of PEPs have gained further momentum."  MORE >>

Agilis

Benefits in General

[Official Guidance]

IRS Relief Now Available to Wildfire Victims in Parts of Washington State

"[I]ndividuals and businesses in the Confederated Tribes and Bands of the Yakama Nation in Washington state affected by wildfires that began on June 22, 2024 ... now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.... Currently, this includes the Confederated Tribes and Bands of the Yakama Nation in Washington state."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

DOL Reiterates Cybersecurity Best Practices for Benefit Plans

"[P]lan sponsors and fiduciaries [should]: [1] Establish strong procedures, protocols, policies, and other safeguards to protect participants' data and their retirement accounts, [2] Develop a process for prudent selection and monitoring of their plan service providers to ensure that they also maintain and follow strong cybersecurity and breach response procedures, and [3] Establish and practice an incident response plan, before a cybersecurity incident occurs, and follow the plan if an incident occurs[.]"  MORE >>

FosterSwift

Employee Benefits Jobs

View job as Sr. Plan Administrator for Advanced Benefits Consulting

Sr. Plan Administrator

Advanced Benefits Consulting

Remote / Saint Louis MO

View job as Sr. Plan Administrator for Advanced Benefits Consulting
View job as Retirement Specialist for Alerus

Retirement Specialist

Alerus

Remote / AZ / MN / ND

View job as Retirement Specialist for Alerus
View job as Administrative Assistant for Boston Plasterers' & Cement Masons' Local 534 Benefits Office

Administrative Assistant

Boston Plasterers' & Cement Masons' Local 534 Benefits Office

Boston MA

View job as Administrative Assistant for Boston Plasterers' & Cement Masons' Local 534 Benefits Office
View job as Implementation Specialist for Definiti

Implementation Specialist

Definiti

Remote

View job as Implementation Specialist for Definiti
View job as Loan and Distribution Specialist for Definiti

Loan and Distribution Specialist

Definiti

Remote

View job as Loan and Distribution Specialist for Definiti

Selected New Discussions

Plan Mergers/Controlled Group

"What are the requirements and timelines for participant notification that they're plan is being merged/adopted by another common owner in a controlled group?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Applying the New Final and Proposed RMD Regulations

October 24, 2024 WEBINAR

Western Pension & Benefits Council

ERISA at 50: Understanding How the Law Has Evolved and What Employers Need to Know to Keep Pace

October 29, 2024 WEBINAR

Bond, Schoeneck & King, PLLC

ERISA at 50: Understanding How the Law Has Evolved and What Employers Need to Know to Keep Pace

October 29, 2024 in NY

Bond, Schoeneck & King, PLLC

It's 2024 and ... It's Decision Time in the Retirement Plan World!!

October 30, 2024 WEBINAR

Faegre Drinker

Last Issue's Most Popular Items

Correcting Ineligible Hardship Distributions

Belfint Lyons Shuman

Heads California, Tails Carolina: Employer Considerations Following Wave of 401(k) Forfeiture Lawsuits

Holland & Hart LLP

IRS Gives Green Light for Employee Choice Between Different Pre-Tax Benefits

Davis Wright Tremaine LLP

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

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