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Retirement Plans Newsletter

October 11, 2022

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

IRS Extends Helpful RMD Rule Transition Relief

"In recognition that RMDs may not have been made in 2022 in compliance with the Proposed Rule, or in 2021 consistent with what the IRS would consider a good faith interpretation of the SECURE Act, the IRS issued Notice 2022-53 to provide transition relief for 2021 and 2022. Additionally, Notice 2022-53 states that the final RMD rule will not apply to RMDs any earlier than 2023."  MORE >>

Ice Miller LLP


Is Your Pension Software Provider No Longer Providing Service?

DATAIR can help get you going quickly with excellent support and data-conversion interfaces. Want to try before you buy? For that and more information, contact us at or 888-328-2474.

Sponsored by DATAIR Employee Benefit Systems, Inc.

[Guidance Overview]

IRS Issues Update on Certain RMD Rules for 2021 and 2022

"The guidance for certain RMDs for 2021 and 2022 states that a DC plan that failed to make a specified RMD will not be treated as having failed to satisfy Internal Revenue Code section 401(a)(9) because it did not make that distribution. Additionally, for taxpayers who did not take a specified RMD, the IRS will not assert an excise tax under IRC section 4974."  MORE >>


[Guidance Overview]

DOL Regs Expand Liability for Financial Advisors Giving Pension-to-IRA Rollover Advice

"The [DOL] began fully enforcing its Prohibited Transaction Exemption 2020-02 as of July 1, 2022.... Some aspects of the rule were already in effect. Still, advisors must now provide clients with a mandatory written explanation of why the investment professional or financial institution believes the rollover is in the client's best interest."  MORE >>

Hall Benefits Law

Fifth Circuit Denies Intervenors in ERISA Class Action Lawsuit Seeking Reformation of Cash Balance Plan

"The Press Plaintiffs then sought to intervene to opt out of the newly certified class, or alternatively, enter the Guenther Action as named plaintiffs.... On appeal, the Fifth Circuit considered only whether the district court erred in denying the Press Plaintiffs' intervention as of right.... The Fifth Circuit rejected the Press Plaintiffs' arguments that their interests are considerably distinct from those of the Guenther Plaintiffs." [Guenther v. BP Ret. Accumulation Plan, No. 21-20617 (5th Cir. Oct. 7, 2022)  MORE >>

Roberts Disability Law

Most Millennials Say They Would Liquidate Retirement Assets in Market Slump

"[In] the event of a market downturn -- in which the major market indices decreased 10% or more -- 61% of Millennials will likely liquidate their retirement plan assets, pay taxes to withdraw and any applicable penalty, compared to 35% of Gen Xers, and 26% of Baby Boomers."  MORE >>

PLANSPONSOR; free registration may be required

How Important Are Proper Termination Dates for Retirement Plan Compliance?

"[D]ates of employment ... are absolutely critical to retirement plan compliance. Termination of employment date is a key date for so many retirement plan provisions, such as small balance cashouts, eligibility for distributions, break in service rules for eligibility and vesting, required minimum distributions, post-employment 403(b) employer contributions, etc. Plan sponsors who don't ensure that termination of employment dates are 100% accurate run the risk of disqualification or significant sanction upon audit."  MORE >>

PLANSPONSOR; free registration may be required

Questions Those 50+ Are Asking Right Now About Their 401(k) Retirement Savings Account

"Should I be investing in the stock market? ... How much should I be putting away in my 401k? ... How will I know if I have enough? ... When should I start withdrawing money from qualified accounts? ... Should I spend regular savings (non-qualified money) before qualified accounts or visa-versa? ... What options are available to me at retirement? ... What is the best thing to do with a 401k at retirement?"  MORE >>

Fiduciary News; free registration required

Benefits in General

[Official Guidance]

Text of DOL Proposed Regs: Employee or Independent Contractor Classification Under the Fair Labor Standards Act

184 pages. "[T]he Department believes it is appropriate to rescind the 2021 IC Rule and set forth an analysis for determining employee or independent contractor status under the Act that is more consistent with existing judicial precedent and the Department's longstanding guidance prior to the 2021 IC Rule.... Accordingly, the Department is now proposing, in addition to rescinding the 2021 IC Rule, to again add part 795.... [T]he Department is not proposing the use of 'core factors' but instead proposes to return to a totality-of-the-circumstances analysis of the economic reality test in which the factors do not have a predetermined weight and are considered in view of the economic reality of the whole activity. The Department is further proposing to return the consideration of investment to a standalone factor, provide additional analysis of the control factor (including detailed discussions of how scheduling, supervision, price-setting, and the ability to work for others should be considered), and return to the longstanding interpretation of the integral factor, which considers whether the work is integral to the employer's business."  MORE >>

Wage and Hour Division [WHD], U.S. Department of Labor [DOL]

[Guidance Overview]

Exceptional Usefulness and Quality icon DOL Announces Proposed Rule on Classifying Employees, Independent Contractors; Seeks to Return to Longstanding Interpretation

"[T]he proposed rule would do the following: [1] Align the department's approach with courts' FLSA interpretation and the economic reality test. [2] Restore the multifactor, totality-of-the-circumstances analysis to determine whether a worker is an employee or an independent contractor under the FLSA. [3] Ensure that all factors are analyzed without assigning a predetermined weight to a particular factor or set of factors. [4] Revert to the longstanding interpretation of the economic reality factors. These factors include the investment, control and opportunity for profit or loss factors. The integral factor, which considers whether the work is integral to the employer's business, is also included. [5] Assist with the proper classification of employees and independent contractors under the FLSA. [6] Rescind the 2021 Independent Contractor Rule."  MORE >>

Wage and Hour Division [WHD], U.S. Department of Labor [DOL]

How Modern Architects Design Global Benefits Programs

"[1] Consider the broad range of personal situations ... [2] Convenience + digitalization: Good intentions, poor execution ... [3] Post-COVID continuity ... [4] Support people leaders to handle effective deployment and consistent communication."  MORE >>


Benefit Plan Considerations for Employers in a Market Downturn

"Benefits continuation during layoffs, furloughs and other leaves of absences ... Employer contribution holidays for defined contribution retirement plans ... Loans and hardship distributions ... Investment and plan fiduciary considerations."  MORE >>

Goodwin Procter

Employee Benefits Jobs

View job as Retirement Plan Department Manager
            for Keating, Inc.

Retirement Plan Department Manager

Keating, Inc.


View job as Retirement Plan Department Manager for Keating, Inc.

View job as Retirement Plan Administrator
            for Keating, Inc.

Retirement Plan Administrator

Keating, Inc.

Manhattan KS

View job as Retirement Plan Administrator for Keating, Inc.

View job as Retirement Specialist
            for DC Retirement Board

Retirement Specialist

DC Retirement Board

Washington DC

View job as Retirement Specialist for DC Retirement Board

View job as Director, Retirement Document Services
            for OneAmerica

Director, Retirement Document Services


Remote / Indianapolis IN

View job as Director, Retirement Document Services for OneAmerica

Selected New Discussions

List of ERISA Fee Litigation Cases?

"Can anyone point me to a resource that provides an exhaustive (or close) list of all ERISA fee litigation cases in, say, the past 3 years?"

BenefitsLink Message Boards

Wife's Sole Proprietorship Wants to Sign on as Participating Employer in Husband's Sole Proprietorship Plan

"Client A, a sole proprietor, has his own 401k plan. His wife just established her own sole proprietorship. Client A wants to add his wife's company as a Participating Employer to his plan. Would this be considered a Controlled Group with an adopting employer, or a MEP with an adopting employer?"

BenefitsLink Message Boards

PBGC Majority Owner Waiver with Spousal Consent -- How to Complete Schedule EA-S?

"If a PBGC plan is terminating with a majority owner waiver with spousal consent (assume the waiver and consent meet PBGC conditions) how is Schedule EA-S completed with respect to assets and liabilities? Assume without the a waiver the liabilities are $500K and assets are $400K. COVID killed this business model and it has not recovered and prospects for recovery are grim. Very small Cash Balance Plan."

BenefitsLink Message Boards

Press Releases

Catalyst for Payment Reform Report Explores Marketplace for Employers/Purchasers Seeking High-value Care

Catalyst for Payment Reform [CPR]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRS Provides Relief for Certain 2021 and 2022 Beneficiary Distributions

October 13, 2022 WEBCAST

Convergent Retirement Plan Solutions, LLC

Trends in DC: Refining Plan Design

October 19, 2022 WEBCAST

Pensions & Investments

Back by Popular Demand! The 2022 Ethics Webcast!

December 6, 2022 WEBCAST

Last Issue's Most Popular Items

IRS Delays New Guidelines for Inherited IRAs

The Wall Street Journal; subscription may be required

West Virginia v. EPA: Is This the End to DOL Regs as We Know Them? (PDF)

Jenner & Block, via Employee Relations Law Journal

Cybersecurity Guidance for Retirement Plans

Bond, Schoeneck & King

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

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