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Retirement Plans Newsletter

November 3, 2022

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Draft of 2023 IRS Publication 15-A: Employer's Supplemental Tax Guide (PDF)

29 pages; Nov. 2, 2022. "What's New: ... Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments ... was redesigned for 2022. The new Form W-4P is now used only to request withholding on periodic pension or annuity payments.... Additional withholding on nonperiodic payments and eligible rollover distributions is now requested on Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions. Although the redesigned Form W-4P and new Form W-4R were available for use in 2022, the IRS postponed the requirement to begin using the new forms until January 1, 2023. The 2023 Forms W-4P and W-4R must be in use on January 1, 2023, or 30 days after the final forms are published on, whichever is later."  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

Text of PBGC Notice of Request for Extension of OMB Approval: Form 5500 Annual Reporting

"PBGC is proposing modifications to the 2023 Schedule R (Retirement Plan Information) and to the 2023 Schedule SB (Single-Employer Defined Benefit Plan Actuarial Information), and to their related instructions, as described [in this notice]."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

Text of IRS 2022 Form 8880: Credit for Qualified Retirement Savings Contributions (PDF)

"Use Form 8880 to figure the amount, if any, of your retirement savings contributions credit (also known as the saver's credit)."  MORE >>

Internal Revenue Service [IRS]

Crypto 'Keeper Presses Court to Hold DOL to Its Word(S)

"The ForUsAll argument is that the [DOL has] said in their motion to dismiss the suit ... that the compliance assistance release has no legal binding effect, and that it creates no fiduciary review obligations beyond what was already in existence for cryptocurrency as an investment. To agree to a dismissal of the suit ... [ForUsAll wants] the court to first make that 'official'[.]" [ForUsAll v. DOL, No. 22-1551 (D.D.C. reply to defendant's motion to dismiss filed Sep. 12, 2022)]  MORE >>

American Retirement Association [ARA]

Recent Circuit Court Decisions Show Continued Skepticism Over Putative Class Member Motions to Intervene

"[At] least two U.S. Courts of Appeals are skeptical over attempts of purported putative class members to intervene and challenge some aspect of the class counsel's representation."  MORE >>


How Private Real Estate Investment Might Help DC Participants Hedge Inflation

"Investment in the asset class is up 7.4% this year, an index shows, but few DC plan sponsors are offering it to participants ... The managers of the index ... say it's difficult to compare this growth to the markets as private investments often lag stock and bond movement. Overall, however, these funds are less subject to market volatility and short-term trends, unlike even publicly-traded real estate investment trusts"  MORE >>

PLANSPONSOR; free registration may be required

Schedule an Annual Target Date Fund Review

"Few retirement plan sponsors conduct frequent reviews of their TDFs. A TDF that was appropriate four years ago may not be competitive anymore. Fees have dropped significantly, and ERISA requires plan sponsors to only pay reasonable fees. A product that was cheap three years ago may now be considered expensive."  MORE >>

USI Consulting Group

Testing Methods to Enhance Longevity Awareness (PDF)

27 pages. "[M]erely prompting people to think about financial decisions changes their perceptions regarding subjective survival probabilities.... [T]his information also boosts respondents' interest in saving and demand for longevity insurance. In particular, longevity information influences both subjective survival probabilities and financial decisions, while life expectancy information influences only annuity choices."  MORE >>

Olivia S. Mitchell, Abigail Hurwitz and Orly Sade, via Retirement Income Institute


A Deep Dive Into the Hy-Vee Excessive Fee Case

"The Hy-Vee decision is a classic example of result-oriented jurisprudence that continues to plague excessive fee decisions notwithstanding some recent appellate success.... Winning or losing appears more to do with what judge you draw or in what appellate circuit court the case is filed, and not based on whether your fees are actually excessive, or even whether the complaint has accurately depicted plan fees. The judicial results fail to provide a consistent or coherent set of rules that plan sponsors deserve in managing retirement plans." [Rodriguez v. Hy-Vee, Inc., No. 22-0072 (S.D. Iowa Oct. 21, 2022)]  MORE >>

Euclid Specialty Managers

Benefits in General

[Official Guidance]

Text of EBSA Meeting Notice for ERISA Advisory Council

"[T]he 214th open meeting of the [ERISA Advisory Council] will be held on December 8-9, 2022 ... [in] Washington, DC. The meeting will also be accessible via teleconference and some participants, as well as members of the public, may elect to attend virtually.... The purpose of the open meeting is for the members of the ERISA Advisory Council to finalize their observations and recommendations on the issues they studied in 2022, present their observations and recommendations to the [DOL], and receive an update from leadership of [EBSA]."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

'Great Regret' Urges Plan Sponsors To Review Benefits Lineup

"Many employees who moved on to another job are having second thoughts about their decision -- a new phenomenon that is being referred to as the 'Great Regret.'... The current employee-driven jobs market ... presents an opportunity for plan sponsors to strengthen their benefits offerings and improve participant communications to become an employer of choice for job seekers."  MORE >>


Executive Compensation and Nonqualified Plans

[Guidance Overview]

Exceptional Usefulness and Quality icon What You Need to Know About the SEC's Final Clawback Rules

"What are the new rules? ... What type of compensation is covered? ... What is a financial reporting measure? ... Which executives and what periods are covered? ... What must be recovered? ... How is it recovered? ... What types of restatements are covered? ... What must be disclosed? ... When to comply? ... How do the new rules compare to existing clawback requirements and proxy advisor guidance? [Side-by-side chart.] ... What should a compensation clawback policy look like? [Sample policy provided.]"  MORE >>


[Guidance Overview]

SEC Adopts Final Rules on Clawback of Executive Compensation

"[C]ompanies should consider taking the following steps to prepare: [1] Determine how they might integrate their existing clawbacks, especially those focused on misdeeds, with the 'no-fault' concept under Dodd-Frank.... [2] For companies with existing clawback policies, decide whether to integrate the Rule 10D-1 clawback policy with their existing policies, replace their existing policies or adopt the Rule 10D-1 policy on a stand-alone basis.... [3] Inventory existing incentive compensation arrangements  ... [4] Create a process for determining if a Dodd-Frank clawback provision has been triggered[.]"  MORE >>

Willis Towers Watson

Employee Benefits Jobs

View job as Paralegal
            for The Angell Pension Group, Inc.


The Angell Pension Group, Inc.

Remote / East Providence RI

View job as Paralegal for The Angell Pension Group, Inc.

View job as Retirement Plan Administrator
            for Premier Plan Consultants

Retirement Plan Administrator

Premier Plan Consultants


View job as Retirement Plan Administrator for Premier Plan Consultants

View job as Retirement Plan Specialist
            for Benetech, Inc.

Retirement Plan Specialist

Benetech, Inc.


View job as Retirement Plan Specialist for Benetech, Inc.

View job as Defined Contribution Plan Administrator
            for MGKS

Defined Contribution Plan Administrator


Remote / Phoenix AZ

View job as Defined Contribution Plan Administrator for MGKS

View job as DC Plan Administrator
            for Atlantic Pension Services Inc

DC Plan Administrator

Atlantic Pension Services Inc

Remote / Kennett Square PA

View job as DC Plan Administrator for Atlantic Pension Services Inc

Selected New Discussions

HCE Family Aggregation Under Reg. 1.410(b)-8(b)

"This regulation, published in 1991, purports to have us consider HCEs together with those who are HCEs by attribution considered as a single HCE for purposes of 410(b). The regulation refers to Section 414(q)(6). Section 414(q)(6) at that time was removed from the Code in 1995. The regulation was not updated. We have a plan with and HCE and his two children, who are also employees, but do not benefit. For 410(b) purposes must we consider them as one HCE or can we consider 1/3 HCEs as benefiting?"

BenefitsLink Message Boards

New Forms W4-R and W4-P

"We still prep some distribution forms for plans that are not on a platform. For RMDs, we have a box where they tell us how much to withhold, or if they want to elect out. We've always considered this as a substitute W4-P; not sure if it is totally legit or not but it gets the job done. Do we need to do something differently starting next year?"

BenefitsLink Message Boards

Press Releases

Texas Man Sentenced to 12 Months and 1 Day for His Role as Executive National Marketing Director in Operating Sham Medical Reimbursement Account Program

U.S. Department of Justice [DOJ]

The Wagner Law Group Ranked 'Tier 1' ERISA and Employee Benefits Law Firm for 2023

The Wagner Law Group P.C.

Groom Ranked in the U.S. News – Best Lawyers 'Best Law Firms' 2023 List

Groom Law Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

A New Justice, a New Court: Outlook on U.S. Supreme Court Priorities and Employee Benefits Issues

November 15, 2022 WEBCAST

ERIC [ERISA Industry Committee]

End of Year Benefits 'To-Do' List

November 17, 2022 WEBCAST

Hunton Andrews Kurth

2022 ERISA Litigation: What You Need to Know

December 8, 2022 WEBCAST

Faegre Drinker

IRA Required Minimum Distributions

December 8, 2022 WEBCAST


Last Issue's Most Popular Items

Year End SECURE Act Deadline Looms for Tax-Exempt 457(b) Plans

E is for ERISA

Is Retirement Saving 'Wasted' on the Young?

Nevin Adams, via American Retirement Association [ARA]

401(k)s and Davis Bacon 'Prevailing Wage' Rules

Retirement Learning Center, LLC

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

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