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Retirement Plans Newsletter

October 18, 2022

2 New Job Opportunities 2 New Job Opportunities


[Official Guidance]

Text of IRS Notice 2022-54: Weighted Average Interest Rates, Yield Curves, and Segment Rates for October 2022 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

Internal Revenue Service [IRS]


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[Guidance Overview]

IRS Provides Relief for Certain 2021 and 2022 RMDs

"The IRS has addressed criticism of its proposed regulations on required minimum distributions by providing that a final regulation will not be effective before 2023 ... The IRS also made clear that a good-faith interpretation of the statute for 2021 and 2022 does not require beneficiaries who must receive the entire required minimum distribution by the tenth year following the participant's death to take minimum distributions in 2021 or 2022."  MORE >>


Proposed Independent Contractor Rules Could Bring Difficulties for Some Financial Advisors

"The proposal would make it easier for workers to classify themselves as employees, as opposed to independent contractors, which could increase costs and reduce flexibility for independent advisors."  MORE >>


Eighth Circuit Affirms Dismissal of Claims Alleging Energy Company Mismanaged Its 401(k) Plan

"[T]he court found that ... the complaint's mean and median expense-ratio data cannot be relied upon because there is no way to compare the large universe of funds to the risk profiles, return objectives, and management approaches to MidAmerican's fund lineup.... [T]he court found that the Plaintiffs' proffered individualized benchmarks for two investments was not enough to state a plausible claim because of the different fund strategies[.]" [Matousek v. MidAmerican Energy Co., No. 21-2749 (8th Cir. Oct. 12, 2022)]  MORE >>

Roberts Disability Law

Eighth Circuit Joins Growing Number of Courts Rejecting Common ERISA Fee and Investment Claims

"[T]he Court found that plaintiffs failed to plead 'meaningful benchmarks' to support an inference of breach of ERISA's duty of prudence. Bolstering its analysis of the requirement for valid comparators, the court cited a recent Seventh Circuit decision upholding the full dismissal of similar claims[.]" [Matousek v. MidAmerican Energy Co., No. 21-2749 (8th Cir. Oct. 12, 2022)]  MORE >>


Record Increases Projected for 2023 Retirement Plan Limits

"The 2023 limits will reflect increases in the Consumer Price Index for All Urban Consumers (CPI-U) from the third quarter of 2021 to the third quarter of 2022. Using this measure, inflation is projected to reach its highest level since indexing began, causing 7%-11% increases for most limits, based on their rounding levels. In addition, the non-SIMPLE plan catch-up limit -- which has a large rounding threshold -- will jump more than 15%."  MORE >>


Year-End Checklist for Your Company's Retirement Plan

"When it comes to preparing your retirement plan for your year-end, the first and most important is to be prepared for Form 5500 filings and non-discrimination testing that will need to be completed in early 2023.... Start getting all your data together that auditors will need. This information is usually given to your Third Party Administrator (TPA), and now is a great time to start to gather that information so you can send it to them early next year."  MORE >>


Fiduciary Debate Rises from Dead

"The debate around one of the [DOL's] most contentious rule-making topics -- fiduciary investment advice -- is alive and well as the department works on crafting a new rule proposal and faces legal challenges on an investment-advice exemption and subsequent guidance."  MORE >>

Pensions & Investments

Bitcoin in Your 401(k)?

"[The Retirement Savings Modernization Act [S 4973, HR 9066] would boost alternative assets in retirement plans; its sponsors estimate a modest diversification into 'alts' could increase 401(k) performance by 17%."  MORE >>

Treasury & Risk; free registration required

Reasons to Turn Part of Your IRA Into a Qualified Longevity Annuity Contract

"[QLACs are] an IRS-approved way to secure a lifetime stream of income from your IRA, ensuring you never run out of income during retirement. They also can reduce required minimum distributions (RMDs) from your IRA for several years. Some people use them to fund long-term care that might be needed later in retirement."  MORE >>

Forbes; subscription may be required

Employee Benefits Jobs

View job as Retirement Plan Administrator/Manager
            for HowardSimon

Retirement Plan Administrator/Manager



View job as Pension Consultant
            for Pension Associates

Pension Consultant

Pension Associates

Remote / Stamford CT

View job as Pension Consultant for Pension Associates

Selected New Discussions

Any Written Set of Rules as to How IRS Plan Numbers Must Be Assigned?

"Is there a codified rubric that says how IRS PNs must be assigned? I have a MEP, do I have to have a PN that starts with a 3? Where is the written guidance?"

BenefitsLink Message Boards

Press Releases

OneDigital Georgia Hires Alan Cole as VP of Retirement Plan Sales


Schulte Roth & Zabel Expands Employment & Employee Benefits Practice with Addition of Martin Schmelkin

Schulte Roth & Zabel LLP

Jim Gallagher joins Centivo as Chief Marketing Officer


Bloomberg Tax Introduces New Portfolio Addressing Employee Benefits and Bankruptcy

Bloomberg Tax

The Standard to Acquire Securian Financial’s Retirement Plan Recordkeeping Business

The Standard

TRA Hires Allison Futch as Regional Sales Consultant

TRA [The Retirement Advantage]

Transamerica Introduces Workplace Universal Life Insurance Designed to Sustain Families Through Life and Death


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Stable Value Funds: Benefits in an Inflationary Environment

October 27, 2022 WEBCAST

Broadridge Financial Solutions, Inc.

Last Issue's Most Popular Items

2023 Increases for Retirement Plans, Social Security

October Three Consulting

IRS Delays Final RMD Regulation, Gives Relief for New 10-Year Payment Rule


Congress Must Ban Discretionary Clauses in ERISA Plans

DeBofsky Law

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

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