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Retirement Plans Newsletter

November 4, 2022

4 New Job Opportunities 4 New Job Opportunities


[Guidance Overview]

Exceptional Usefulness and Quality icon 2022 Retirement Plan Year-End Amendments and Operational Compliance

"While there are few, if any, required plan amendments for 2022, plan sponsors must remain diligent about amendment deadlines, operational compliance with changes in law, and ensuring later-adopted plan amendments accurately reflect plan operations."  MORE >>

Groom Law Group

[Guidance Overview]

Upcoming Deadline icon New Withholding Rules and Forms for Retirement Plan Distributions

"[T]he redesigned Form W-4P will be used for periodic pension or annuity payments; the new Form W-4R will be used for withholding on nonperiodic payments and eligible rollover distributions.... Plan sponsors ... are required to start using the new forms no later than January 1, 2023 (or 30 days after the 2023 forms are released by the IRS, whichever is later). However, plan sponsors are also required to calculate withholding on annuity payments based on the new tables, whether based on an existing withholding form or a new form."  MORE >>

Withum Smith+Brown, PC

[Guidance Overview]

DOL Clarifies Bonding Requirements for Pooled Employer Plans

"The SECURE Act requires a PEP's plan administrator ... to ensure that all fiduciaries and anyone handling PEP assets are properly bonded. [DOL Information Letter 09-07-2022] explains that this provision does not extend the bonding requirement to a participating employer's employees who collect and transmit funds to the PEP.... The letter also clarifies that independent contractors are not exempt from ERISA's bonding requirements."  MORE >>


[Guidance Overview]

Rollover Recommendations: Do the SEC and DOL Requirements Align?

"There are a few differences between the SEC and the DOL guidance ... [T]he SEC rollover guidance is applicable to a much broader array of retirement plans and accounts, and ... the SEC guidance does not require a disclosure about the best interest reasons for the rollover recommendation as does the DOL under PTE 2020-02."  MORE >>

Faegre Drinker

[Guidance Overview]

2023 Social Security, PBGC Amounts and Projected Covered Compensation

"Social Security and Supplemental Security Income (SSI) amounts ... PBGC premiums, guaranteed benefits and maximum present value ... IRS has not yet issued 2023 covered compensation tables, but Mercer has projected these amounts based on the increase in the taxable wage base ... [A] table shows covered compensation amounts for individuals who have already reached Social Security full retirement age."  MORE >>


What Happens When Funding Relief Is No Longer Relief

"The pension plan impact on the plan sponsor's balance sheet may have improved, but the valuations that determine Minimum Required Contributions use a completely different measurement basis. As it turns out, the funding relief that has governed pension funding since 2012 may suddenly be doing more harm than good to contribution requirements, and many plan sponsors could be in for a rude awakening as early as next year."  MORE >>


Women in Senior Roles Reach Retirement with 62% of Wealth of Male Peers

"The wealth accumulation disparity increases with seniority ... Globally, women in senior expert and leadership roles accumulate 62% of the wealth of their male counterparts ... For mid-career professional and technical roles, women accumulate 69% of what their male counterparts do and for frontline operational roles, women have 89% wealth equity, research shows."  MORE >>


Big Investors, Fiduciaries in 'Purgatory' Awaiting DOL ESG Rule

"Just 35% of institutional investors incorporated ESG factors into investment decisions this year, down from 49% in 2021. While the annual survey of 109 respondents showed increased interest in ESG topics, it also showed confusion about differing ESG regulation by state as well as a lack of clarity from the DOL and Biden administration[.]"  MORE >>


Pension Finance Update, October 2022

"Pension finances enjoyed their best month of the year in October, driven by higher stock prices and higher interest rates.... Plan A improved 6% during October and is now up 10% for the year, while the more conservative Plan B gained more than 1% last month and is now even through the first ten months of 2022."  MORE >>

October Three Consulting

Employee Benefits Jobs

View job as Senior Plan Administrator
            for Atlantic Pension Services Inc

Senior Plan Administrator

Atlantic Pension Services Inc

Remote / Kennett Square PA / DE / MD / NJ

View job as Senior Plan Administrator for Atlantic Pension Services Inc

View job as Relationship Manager
            for Compass Retirement Consulting Group, Inc.

Relationship Manager

Compass Retirement Consulting Group, Inc.

Remote / MA / NH

View job as Relationship Manager for Compass Retirement Consulting Group, Inc.

View job as Fee Benchmarking Specialist
            for CAPTRUST

Fee Benchmarking Specialist


Greenwood Village CO / AL / AZ / CA / DC / FL / GA / IA / ID / IL / IN / KS / KY / LA / MA / MD / MI / MN / MO / NC / NJ / NY / PA / TN / TX / UT / VA

View job as Fee Benchmarking Specialist for CAPTRUST

View job as Retirement Implementation Specialist
            for Alerus

Retirement Implementation Specialist


Remote / AZ / MI / MN / ND / NH

View job as Retirement Implementation Specialist for Alerus

Selected New Discussions

415 Limit and Match True-Up

"I have a plan that has four participants that maxed out pre-tax deferrals, all of them also made after-tax (non-Roth) deferrals, and all received some safe harbor match during the year. Based on contributions made each pay period, they all reached their 415 limit as of the last paydate. I've struggled to find clarification if we should allow a true-up to go through, deal with 415 refunds, or just not provide the true-up and 415 passes."

BenefitsLink Message Boards

Filing Form 5500 Without Audit and Correcting Within 45 Days

"Client files 5500 without required audit and assume will file the audit shortly, well within the 45-day period required so that DOL will not impose penalties. Assume that as of the date the audit is received by DOL the client has not been contacted for late filing by IRS. Is there a legal basis for IRS to impose late filing penalties, and a risk that it will do so, even after the audit is filed within the 45-day period, in which case client should file the 5500 with audit under DFVC, even though not facing actual exposure to DOL penalties? Or does filing the audit within 45 days also get them off the hook with IRS?"

BenefitsLink Message Boards

Press Releases

OneDigital Expands Wealth Management Offering with the Addition of JFL Total Wealth Management


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Sustainability: Aligning Organisational Goals to Pension Portfolios

November 4, 2022 WEBCAST


Spousal Rights Under ERISA Plans: Avoiding Loss of Benefits After Divorce, Ensuring Regulatory Compliance

December 7, 2022 WEBCAST


Last Issue's Most Popular Items

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

Internal Revenue Service [IRS]

A Deep Dive Into the Hy-Vee Excessive Fee Case

Euclid Specialty Managers

Text of EBSA Meeting Notice for ERISA Advisory Council

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

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

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