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Retirement Plans Newsletter

November 9, 2022

6 New Job Opportunities 6 New Job Opportunities


[Official Guidance]

Text of PBGC Extension of Comment Period on Proposed Regs: Actuarial Assumptions for Determining an Employer's Withdrawal Liability

"The [PBGC] is extending the comment period for a proposed rule that would provide interest rate assumptions that may be used by a plan actuary in determining a withdrawing employer's liability under a multiemployer plan. PBGC published the proposed rule ... on October 14, 2022, with a comment period that was scheduled to end on November 14, 2022.... PBGC is extending the comment period through December 13, 2022."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


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[Official Guidance]

Draft Instructions for IRS Form 5330: Return of Excise Taxes Related to Employee Benefit Plans (PDF)

Nov. 8, 2022. "What's New ... Form 5330 has been updated to add a new Schedule L for a cooperative and small employer charity (CSEC) plan sponsor to report tax on failure to adopt a funding restoration plan if the plan is in funding restoration status for a plan year (section 4971(h))."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

403(b) Plans May Apply for IRS Determination Letters Starting Next June

"Under Revenue Procedure 2022-40 the determination letter process will now become available to 403(b) plans.... It will streamline the process of plan adoption and make it more similar to the process for qualified retirement plans, like 401(k) plans.... [T]hough this is 'good news for many,' those sponsors of long-standing 403(b) plans that seek determination letters may have long-standing flaws revealed as part of the process."  MORE >>

PLANSPONSOR; free registration may be required

[Guidance Overview]

IRS Expands Determination Letter Program for 403(b) Retirement Plans

"Starting June 1, 2023, determination letter applications may be submitted for: [1] Initial plan determination. [2] Determination upon plan termination. [3] Other circumstances specified by the IRS. The application date for initial plan determinations, however, will be staggered over a three-year period (June 1, 2023, June 1, 2024, and June 1, 2025) and will be determined by the last digit of the plan sponsor's employer identification number (EIN)."  MORE >>

Thomson Reuters Practical Law

[Guidance Overview]

PBGC Provides Further Assistance for Troubled Multiemployer Retirement Plans

"[T]he PBGC made several changes to the Final Rule issued on July 6, 2022. Two of these changes will affect most of the retirement plans seeking assistance and go a long way to keep them solvent well past 2051: [1] A new two-rate method of determining SFA amounts. [2] The ability to invest up to 33% of SFA funds in return-seeking investments."  MORE >>

Watkins Ross

[Guidance Overview]

What Kind of Payments Can a Hardship Request Cover When Buying a Home?

"[C]an a hardship request to cover costs directly related to the purchase of a principal residence for the employee include payoff of outstanding debts if that is what is required for the participant to qualify for the mortgage loan? ... Presuming that your 401(k) plan is satisfying the safe harbor method of determining what constitutes an 'immediate and heavy financial need' for hardship distributions ... probably not[.]"  MORE >>

PLANSPONSOR; free registration may be required

How 401(k) Plans Can Match the Federal TSP's Low Fees

"The TSP's index funds deliver market returns for low fees, while the TDIFs make it easy for participants to maintain an appropriate asset allocation throughout their working years. Except for the G Fund, employers can pick comparable funds for their 401(k) plan.... While the TSP's administration fees are unbeatably low, they're still paid from plan assets. That means employers can help their 401(k) participants pay lower administration fees by paying them from a corporate account."  MORE >>

Employee Fiduciary

An Analysis of White Label Funds in Public Pension Plans

"White label funds are more prevalent in larger defined contribution plans, consistent with the hypothesis that implementation costs deter smaller plans. Two thirds of participant accounts are in plans that offer white label funds.... Compared to branded menus, white label and mixed menus generally offer fewer fund options and fund family choices but a similar selection of asset classes. Preliminary evidence suggests white label funds could slightly alter participants' allocations towards discount brokerage windows."  MORE >>

TIAA Institute

CRS in Focus: Social Security -- Benefit Calculation Overview (PDF)

"This In Focus provides an overview of the computation of Social Security benefits. The examples used throughout are for those of a hypothetical medium earner -- a worker who consistently earned at a medium level -- born in 1953. From 2016 through 2021, roughly 30% of workers retiring had career-average earnings at about the medium level." [IF11747 updated Nov. 8, 2022]  MORE >>

Congressional Research Service [CRS]

Executive Compensation and Nonqualified Plans

[Guidance Overview]

Exceptional Usefulness and Quality icon Absorbing and Reacting to the SEC's New Clawback Rules (PDF)

"[It] is a common pay practice to have incentive bonuses paid to a terminated executive only to the extent the performance goal underling such bonus would have been achieved. One way to avoid having such payment be subject to any future clawback is to have the payment be a flat dollar amount[.]"  MORE >>

Hunton Andrews Kurth LLP

Employee Benefits Jobs

View job as Employee Benefit Plan Auditor
            for JMM CPA

Employee Benefit Plan Auditor



View job as Employee Benefit Plan Auditor for JMM CPA

View job as Payroll Audit Manager
            for Sheet Metal Workers' National Pension Fund

Payroll Audit Manager

Sheet Metal Workers' National Pension Fund

Falls Church VA

View job as Payroll Audit Manager for Sheet Metal Workers' National Pension Fund

View job as Senior RFP Writer
            for Newport, an Ascensus Company

Senior RFP Writer

Newport, an Ascensus Company

Remote / FL

View job as Senior RFP Writer for Newport, an Ascensus Company

View job as Senior RFP Writer
            for Newport, an Ascensus Company

Senior RFP Writer

Newport, an Ascensus Company

Remote / Newark NJ

View job as Senior RFP Writer for Newport, an Ascensus Company

View job as Senior Retirement Analyst
            for Dunbar, Bender & Zapf, Inc.

Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Senior Retirement Analyst for Dunbar, Bender & Zapf, Inc.

View job as Plan Document Specialist
            for MAP Retirement

Plan Document Specialist

MAP Retirement


View job as Plan Document Specialist for MAP Retirement

Selected New Discussions

Determining Non-Elective Contribution at End of Plan Year vs. Determining Per Pay Period

"If a company may need to make a nonelective to pass nondiscrimination testing at the end of the year, does it matter in the plan docs if the nonelective contributions are determined at the end of plan year or instead at the end of each pay period? I suppose the per pay period method would give them the option to do it earlier then the end of the plan year but I'm wanting to make sure there are no drawbacks to doing per pay period."

BenefitsLink Message Boards

Merging Three Governmental 401(a) Plans

"I have a city that is considered a second-class city in Nebraska (doesn't have a population of more than 5k). They currently have a City Employee plan, Police Officers plan and a Firefighters plan. In Nebraska second-class Cities are not required to have separate plans for these different types of employees. That being the case, they would like to combined these three plans into one plan, having all current and future employees in the City employee plan. I am new to governmental plans -- are there any issues with merging these three plans I should be aware of?"

BenefitsLink Message Boards

For the Gateway Requirement Can a 3% Safe Harbor Non-Elective Contribution Be Used to Offset the 5% Necessary Allocation?

"We have a new comparability plan and I want to see if we can offset the cost of the gateway requirement with the 3% safe harbor non-elective, or instead we must give an additional 5% on top of that. Could we also offset it by a safe harbor match? Obviously this is all assuming that the 5% is lower then the 1/3 of the highest contribution to HCEs."

BenefitsLink Message Boards

Press Releases

Jim Quartarone Joins Milliman's Employee Benefits Administration Sales Team


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Year End Deadlines for Benefit Plans

November 16, 2022 WEBCAST

Boutwell Fay LLP

Advanced Pension Conference

January 24, 2023 WEBCAST

FIS Retirement Education

Last Issue's Most Popular Items

A Rollover Recommendation Is a Securities Recommendation

What Is SECURE 2.0 and How Are Employers Reacting

Alight Solutions

If You Give Rollover Advice to IRA Owners, Act Now: The Compliance Deadline Has Passed (PDF)

The Wagner Law Group

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

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