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Retirement Plans Newsletter

November 11, 2022

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of PBGC Comprehensive Premium Filing Instructions for 2023 Plan Years (PDF)

68 pages. "Electronic filing is mandatory for all plans.... Electronic filings may be prepared using My PAA's data entry screens or with compatible private-sector software.... This document provides information for plans paying premiums for plan years beginning in 2023, including instructions for each data element that must be reported."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Official Guidance]

Draft of IRS Publication 575: Pension and Annuity Income, for Use in Preparing 2022 Returns (PDF)

50 pages. "This publication contains information that you need to understand the following topics. [1] How to figure the tax-free part of periodic payments under a pension or annuity plan, including using a simple worksheet for payments under a qualified plan. [2] How to figure the tax-free part of nonperiodic payments from qualified and nonqualified plans, and how to use the optional methods to figure the tax on lump-sum distributions from pension, stock bonus, and profit-sharing plans. [3] How to roll over certain distributions from a retirement plan into another retirement plan or IRA. [4] How to report disability payments, and how beneficiaries and survivors of employees and retirees must report benefits paid to them. [5] How to report railroad retirement benefits. [6] When additional taxes on certain distributions may apply."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Temporary Relief from the Physical Presence Requirement Is Scheduled to Expire After December 31, 2022

"Unless further extended, the ability for witnesses to recognize participant elections through electronic transmissions will no longer be in effect as of January 1, 2023. A further extension on the relief into 2023 is not anticipated due to the reduction in the need for stringent COVID-19 health precautions."  MORE >>

Trucker Huss

[Guidance Overview]

IRS Expands and Modifies Determination Letter and Remedial Amendment Guidance for Individually Designed Retirement Plans

"A major focus of the revenue procedure is the extension of the determination letter process to individually designed Section 403(b) plans, but it also includes changes affecting individually designed 401(k) plans and other qualified retirement plans.... Here are highlights for 401(k) plans:.  MORE >>

Thomson Reuters / EBIA

[Guidance Overview]

New IRS Revenue Procedure for 403(b) Plans

"[F]or the first time, an individually designed 403(b) plan will be able to rely on the IRS' approval that the form of the document meets all IRS requirements. [Rev. Proc. 2022-40] generally follows the rules that apply to determination letter requests filed by sponsors of qualified plans."  MORE >>

Boutwell Fay LLP

[Guidance Overview]

New IRS Determination Letter Program for 403(b) and 401(a) Plans

"Employers who are terminating (or who have recently terminated) 403(b) plans should consider seeking an IRS determination letter ... Employers who have adopted preapproved plans but have substantially changed the plan documents to accommodate unique plan features should consider applying for an IRS determination letter on their plan documents."  MORE >>

Verrill Dana LLP

When Is Spousal Consent Required Under a Qualified Retirement Plan?

"The IRS has most recently extended the relief from the physical presence requirement through December 31, 2022 in Notice 2022-27. The IRS is now considering making this accommodation permanent. This is a good excuse to review when spousal consent is required under a qualified retirement plan."  MORE >>

KLB Benefits Law Group

What Retirement Plan Sponsors Need to Know About SECURE 2.0

"Federal legislation that would substantially impact retirement plan sponsors, service providers, and plan participants appears likely by year-end. Although the contours of a final bill still need to be refined, certain provisions are likely to be included ... There are steps that plan sponsors may want to consider now and when legislation becomes reality."  MORE >>

T. Rowe Price

Benefits in General

GAO Report on Nonstandard and Contracted Work Arrangements: Data from the 2020 Annual Business Survey and Analysis of 2021 10-K Filings

"GAO was asked to review what available data show about companies' use of nonstandard and certain contracted work arrangements, and reported effects on topics such as workplace safety, wages, and access to benefits. This report provides preliminary observations[.]" [GAO-23-106212]  MORE >>

U.S. Government Accountability Office [GAO]

Employee Benefits Jobs

View job as Non-Qualified Client Service Manager
            for Newport, an Ascensus Company

Non-Qualified Client Service Manager

Newport, an Ascensus Company

Charlotte NC

View job as Non-Qualified Client Service Manager for Newport, an Ascensus Company

View job as Retirement Plan Quality Assurance (Seasonal)
            for ERISA Services, Inc.

Retirement Plan Quality Assurance (Seasonal)

ERISA Services, Inc.

Remote / Knoxville TN

View job as Retirement Plan Quality Assurance (Seasonal) for ERISA Services, Inc.

View job as Distribution Specialist
            for ERISA Services, Inc.

Distribution Specialist

ERISA Services, Inc.

Remote / Knoxville TN

View job as Distribution Specialist for ERISA Services, Inc.

Selected New Discussions

RMDs and Rehire

"If a non-owner participant terminates employment after age 72 (or 70-1/2, as the case may be), but is later rehired within the same calendar year, are RMDs triggered? There doesn’t appear to be any guidance on this. Where the rehire occurs in a later calendar year, and RMDs have already started, there is at least informal guidance stating that they must continue. (See ERISA Outline Book and 2010 ASPPA IRS Q&As.) However, I've found nothing addressing termination and rehire in the same calendar year prior to starting RMDs."

BenefitsLink Message Boards

How to Predict Date Met Eligibility

"According to the law you must give 30 days notice before a person becomes eligible to make deferrals to the plan. How is this calculated because a participants hours may vary in any given month? For salaried employees I would think we can make an assumption. The plan doc specifies that the eligibility is 175 hours and is using the actual hours method to calculate eligibility."

BenefitsLink Message Boards

402(g) Excess - If Caught Prior to End of Plan Year, Can It Be Corrected Through Payroll?

"An employee works for two unrelated entities in 2022 (not in controlled group or ASG). He approaches the second employer to advise that due to contributions to his prior employer's 403(b) plan, he has now exceeded the 402(g) limit. Since it is before the end of the plan year, is it permissible to move the excess contributions & attributable earnings to the current employer's 403(b) plan's suspense or forfeiture account and refund the contributions to the participant through payroll, or is it required to process a corrective distribution from the plan?"

BenefitsLink Message Boards

Start Up 401(k) Wants to Include Sub Contractors

"I have not run into this previously, but I have a potential start up 401k that would be pretty routine in many ways, but the owner wants to include most sub-contractors in the plan. He started his career as a sub-contractor and feels strongly that he wants to offer a 401k to them as well. He is considering a safe harbor 401k match plan. But how would that work in regard to withholding pay for individuals who are not on payroll but are paid without any tax withholding? Would the SubCs indicate that only a portion of their income be paid to them while $X.XX goes into the 401k? Can they employer provide the match on a payroll basis if they are included? This seems like it could get messy...... Thanks"

BenefitsLink Message Boards

Press Releases

DCIIA Retirement Research Center Announces Three New Advisory Councils

Defined Contribution Institutional Investment Association [DCIIA]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Current Trends in Target Date Fund Litigation


Fiducient Advisors

Preparing for Changes to the QPAM Exemption


Lowenstein Sandler

Last Issue's Most Popular Items

Tracking Down a Lost 401(k)

Charles Schwab

A DOL ESG Investigation Story


State-Facilitated Retirement Savings Programs (PDF)

Prof. David A. Pratt, via Journal of Pension Benefits

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

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