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Retirement Plans Newsletter

July 15, 2022

New Job Opportunity Today New Job Opportunity Today


Exceptional Usefulness and Quality icon 2023 IRS Limits: Updated Forecast

"[W]ith only three months remaining in federal fiscal year 2022, [it is highly likely] that, for 2023: [1] The compensation limit will increase to at least $335,000 ($30,000 more than in 2022). [2] The highly compensated employee (HCE) dollar limit will increase to at least $150,000 ($15,000 more). [3] The individual elective contributions limit will increase to at least $22,500 ($2,000 more). [4] The sum of individual and employer contribution limits will increase to at least $67,000 ($6,000 more)"  MORE >>


D.C. Circuit Rules That Past Is Prologue in Withdrawal Liability Dispute

"In 2015, the plan was predicted to be bankrupt as early as 2022. That didn't happen because of a government bailout. But this reality begs the question whether it makes sense to impose a discount rate that assumes the plan would have continued to earn something close to 7.5% on its assets during the relevant time period. Or does applying such an assumption simply shift the costs of withdrawal from the participating mining company to the taxpayers and the plan, thereby incentivizing employers such as Energy West to withdraw, doing precisely what Congress was seeking to avoid." [United Mine Workers of America 1974 Pension Plan v. Energy West Mining Co., No. 20-7054 (D.C. Cir. July 8, 2022)]  MORE >>

Kantor & Kantor

Alert (High Risk Issue) icon Sixth Circuit Revives 401(k) Mismanagement Claim Against Trihealth

"The court found that the employees plausibly allege that TriHealth acted imprudently by failing to offer a functionally identical share for less. 'These allegations permit the reasonable inference that TriHealth failed to exploit the advantages of being a large retirement plan that could use scale to provide substantial benefits to its participants.' " [Forman v. TriHealth, Inc., No. 21-3977 (6th Cir. Jul. 13, 2022)]  MORE >>

Roberts Disability Law

Investments for the Retirement 'Risk Zone'

"[The] combination of portfolio withdrawals with market corrections can shorten a portfolio's life by seven years or more.... [B]uffered or defined-outcome ETFs, a strategy that historically was only available through insurers and investment banks, can be used to manage and mitigate what's called sequence-of-returns risk, as well as some other pesky retirement risks (inflation, longevity and volatility)."  MORE >>



Biden's Pension 'Guarantee' Illegally Stretches the Law to Bail Out Unions

"Forcing taxpayers with losses in their own retirement plans to selectively bailout severely mismanaged union plans is bad enough. But the [PBGC] rule finalized changing the statutory interest rate to increase the taxpayer funds plans receive is completely without statutory authority."  MORE >>

Aharon Friedman, via The Hill

Executive Compensation and Nonqualified Plans

Alert (High Risk Issue) icon A Conjunction Is Worth Thousands of Dollars: Recent Case Highlights Significance of 'And' vs. 'Or'

"The plaintiff asserted that the word 'and' between '(x)' and '(y)' meant that both conditions had to be satisfied before the defendants could exercise their call right ... The judge sided with the defendants, concluding based on the language and the surrounding context, that the parties must have intended the disjunctive interpretation[.]" [Weinberg v. Waystar, Inc., No. 2021-1023 (Del. Chanc. Jul. 6, 2022)]  MORE >>


Employee Benefits Jobs

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Lebenson Actuarial Services

Remote / Las Vegas NV

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          for Lebenson Actuarial Services

Selected New Discussions

Correcting a 415 Violation Arising from Combination of 401(k) and ESOP

"Employer sponsors a 3% Safe Harbor 401(k) and an ESOP. An employee deferred the max (no catch up) for 2021. When deferrals, safe harbor allocation and the ESOP allocation are taken into account, he exceeded the 415 limit. The recordkeeper is telling us the excess will be treated as a return of deferrals plus income. Instead, couldn't we pull the excess from the Safe Harbor and holding it in an excess account to be used to offset next year's employer contribution?"

BenefitsLink Message Boards

Press Releases

Hub International Announces HUB Benefits SmartView

HUB International

UnitedHealthcare to Eliminate Out-of-Pocket Costs on Several Prescription Drugs, Including Insulin, for Eligible Members


Principal Financial GroupĀ® Names Teresa Hassara to Lead U.S. Workplace Retirement Business

Principal Financial Group

DFG401(k) Advisors Acquired by Alera Group

Wise Rhino Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

2022 PA Practice Progress Webinar Series: Managed Accounts

July 19, 2022 WEBCAST


Essential Retirement Income Concepts

July 21, 2022 WEBCAST

Broadridge fi360 Solutions

Cybersecurity and Employee Benefits: What Should I Know and Why?

September 7, 2022 WEBCAST

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

Plan Documents Are 'Lifeblood of Compliance' Says ASC's John Griffin

American Retirement Association [ARA]

Senate Retirement Saving Bill Makes Small Improvements But Retains Basic Flaws of House Version

Center on Budget and Policy Priorities

Retirement Plan Sponsors Should Prepare for the New IRS Pre-Examination Pilot Program

Spencer Fane

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

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