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Retirement Plans Newsletter

October 19, 2022

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

PBGC Issues 2022 Maximum Monthly Guarantee Limits

As a result of the indexing rules provided by law, the maximum guarantee limits for single-employer plans that fail in 2023 will be 8.79% higher than the limits that applied for 2022. The guarantee limits for multiemployer plans are not indexed and have not changed.  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


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]

PBGC Proposes Rule Change for Withdrawal Liability Discount Rates

"In an apparent effort to resolve uncertainty caused by court rulings, the [PBGC] has proposed that actuaries of multiemployer pension plans should be allowed to use any interest rate for calculating withdrawal liability, provided the rate is not less than the PBGC's ERISA Section 4044 rates, or greater than the plan's assumed rate of return. More broadly, the PBGC's proposed rule offers a relevant regulation that plans can rely on in defending challenges concerning the discount rate."  MORE >>

Fox Rothschild LLP

401(k) Compliance Check: Best Practices for 401(k) Plan SPDs

"Following the steps [in this article] will help you ensure that your SPD is not only legally compliant but also helpful to plan participants and supportive of the way that you administer the plan."  MORE >>

Foley & Lardner LLP

Cybersecurity: Insights and Action Steps

"Cyber criminals are creative and resourceful -- and they're not just after bank accounts. Industry experts in a recent webinar cautioned that retirement plans are in their sights as well."  MORE >>

National Tax-Deferred Savings Association [NTSA]

How Does COVID-Induced Early Retirement Compare to the Great Recession?

"The booming stock market associated with COVID induced early claiming among those with retirement assets, a stark difference from the Great Recession where workers remained to replenish depleted balances.... [G]enerous UI benefits reduced early claiming for workers in the two lowest earnings terciles, a stark difference from the Great Recession where the lower paid continued to retire earlier than the well paid. In the end, and in contrast to the Great Recession, the competing effects more than canceled each other out and resulted in an actual decrease in early claiming during the COVID Recession and slightly higher monthly Social Security benefits."  MORE >>

Center for Retirement Research at Boston College


The Truth About the Looming Fiduciary Liability Trap in 401(k) and 403(b) Litigation

"Thus far, the recent decisions dismissing 401(k)/403(b) actions have ignored both the First Circuit's decision and the court's reasoning and excellent analysis of the applicability of the common law of trusts and the Restatement (Third) of Trusts (Restatement). The decisions have ignored SCOTUS' recognition of the Restatement as a resource in settling fiduciary disputes.... The potential economic harm to both plan participants and plan sponsors from the current inconsistent and inequitable trends in 401(k)/403(b) litigation are just too important to continue to be unaddressed and unresolved."  MORE >>

The Prudent Investment Fiduciary Rules


ARA, ERIC and American Benefits Council File Amicus Brief Rebuffing BlackRock TDF Suit

"The amicus filing notes that 'the Plaintiff here claims imprudence exclusively based on the fiduciaries' selection of a BlackRock fund suite that allegedly underperformed -- solely on short-term returns -- a set of four cherry-picked so-called comparators with little in common with the challenged BlackRock funds beyond the 'target date fund' label.' " [Tullgren v. Booz Allen Hamilton Inc., No. 22-0856 (E.D. Va. amicus brief filed Oct. 17, 2022)]  MORE >>

American Retirement Association [ARA]

Executive Compensation and Nonqualified Plans

Crafting a Competitive Nonqualified Plan

"Unlike qualified plans -- like 401(k)s, defined benefit pensions, or profit-sharing plans -- NQDCs operate mostly outside of [ERISA]. This makes it possible for employers to offer them only to a subset of employees and to create a level of flexibility not permissible within qualified plans."  MORE >>


Employee Benefits Jobs

View job as Plan Compliance Analyst (Administrator)
            for RPA

Plan Compliance Analyst (Administrator)



View job as Plan Compliance Analyst (Administrator) for RPA

View job as Retirement Plan Administrator
            for Associated Pension Consultants, Inc.

Retirement Plan Administrator

Associated Pension Consultants, Inc.

Melville NY

View job as Retirement Plan Administrator for Associated Pension Consultants, Inc.

View job as Retirement Plan Administrator
            for The Trust Company of Tennessee

Retirement Plan Administrator

The Trust Company of Tennessee

Remote / Knoxville TN / FL / GA / NM / TX

View job as Retirement Plan Administrator for The Trust Company of Tennessee

View job as Retirement Plan Administrator
            for Retirement Solutions Specialists, LLC

Retirement Plan Administrator

Retirement Solutions Specialists, LLC

Remote / Jacksonville FL

View job as Retirement Plan Administrator for Retirement Solutions Specialists, LLC

Selected New Discussions

FICA Alt Plan Into Which Employer Made Contributions for Ineligible Employee

"I have a FICA Alt plan established under a 457 plan. The employer made 3 contributions (contributions were done in 2022 and just recently) for an employee who was no longer eligible to participate in the plan.

Can the employer request the funds back and can we just send the funds back to them? I'm not sure this is allowed for FICA Alt plans."

BenefitsLink Message Boards

TPA Business Location Is In Hurricane-Affected Zone But Clients Are Nationwide

"If my TPA business is in North Carolina, or if I have employees working from home there, can I use the [Hurricane Ian] extension for my clients who are nationwide?"

BenefitsLink Message Boards

Compliance Testing in Light of Mid-Year Salary Changes

"With compliance testing, what if someone changes salary mid year? Which salary is used for compliance testing and for determining NHCE and HCE thresholds? Is the salary used the one at the end of the year to determine they pass the ADP, ACP and top heavy requirements? Also, does a plan need to pass compliance testing at each point during the year, or only at year-end?"

BenefitsLink Message Boards

Press Releases

Fiduciary Decisions Announces DOL PTE 2020-02 Rollover Trend Data 90 Days Post Enforcement

Fiduciary Decisions

OneDigital Reinforces its Retirement Offerings with Investment Fiduciary Management Services


LIMRA and LOMA Announce New Board Leadership and Directors


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Marquette University: Securing Plan Assets and Participant Data


Francis Investment Counsel

Last Issue's Most Popular Items

Record Increases Projected for 2023 Retirement Plan Limits


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

Internal Revenue Service [IRS]

Year-End Checklist for Your Company's Retirement Plan


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

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