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Retirement Plans Newsletter

November 21, 2022

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[Official Guidance]

Updated PBGC ERISA Section 4044 Mortality Table, for 2023 Valuations

This table is used to determine liabilities when a single-employer plan terminates in an involuntary or distress termination. It is also used when a multiemployer plan incurs a mass withdrawal. HTML and Excel versions of the 2023 mortality tables are available ... A unisex version of the table is also available ... The unisex version is used in specified situations to determine the benefit transfer amount under the Missing Participants Program  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


ASC - IRS Approved Continuing Education Provider

ASPPA’s current two-year CE cycle ends December 31, 2022. Register for ASC Webcasts given by ERISA expert John Griffin, J.D., LL.M. to get your CE credits now. View ASC’s webcasts here>>

Sponsored by ASC

[Guidance Overview]

EBSA Proposes Adding Self-Correction Component to VFCP

"The most significant change is a proposal to add a new self-correction feature for certain failures to timely transmit participant contributions (and participant loan repayments) to pension plans.... This feature will enable employers and other plan officials to notify EBSA electronically that they have self-corrected certain failures ... The proposed self-correction component can only be used if [certain] conditions are met."  MORE >>

American Retirement Association [ARA]

[Guidance Overview]

DOL to Allow Self Correction of Late Deposits of 401(k) Plan Deferrals and Loan Repayments

"Late deposits have been the most common failure corrected through the VFC Program ...Similar to a compliance statement under existing VFC Program corrections, compliance with the [self-correction component (SCC)] program will result in protection from civil monetary penalties and civil enforcement actions from the DOL. However, the DOL reserves the right to investigate whether self-correction properly occurred."  MORE >>

Kilpatrick Townsend

Annuity Purchase Update, November 2022

"Average annuity purchase rates exceeded 5% for this first time ever observed ... High stock market returns and high interest rates drove pension funding status to improve substantially this past month.... At the close of the third quarter, the Pension Risk Transfer market observed roughly 230 placements in over $45B in premium."  MORE >>

October Three Consulting

Advising Retirement Plans Requires Specialization

"An evolving small business market, increased regulation, and shifts in client needs all lead to more specialized retirement plan advisement ... As financial planning matures, retirement plan advisers will benefit by either working with a team of specialists, or learning about areas their clients' areas of concern[.]"  MORE >>


You Can Make IRA Contributions at Any Age. But Should You?

"Prior to the SECURE Act's passage, people couldn't contribute to a traditional IRA if they were of RMD age or older ... The delayed age for first-time RMDs and the lifting of the age requirement for traditional IRA contributions are both nods to the fact that Americans are working longer than they once did.... additional traditional IRA contributions after RMD age may make sense in a handful of situations, but not many."  MORE >>

Christine Benz, in Morningstar

How Much Lifetime Social Security Benefits Are Americans Leaving on the Table?

"[V]irtually all American workers age 45 to 62 should wait beyond age 65 to collect. More than 90 percent should wait till age 70. Only 10.2 percent appear to do so. The median loss for this age group in the present value of household lifetime discretionary spending is $182,370. Optimizing would produce a 10.4 percent increase in typical workers' lifetime spending."  MORE >>

National Bureau of Economic Research [NBER]; purchase required for full document

Benefits in General

IRS Guidance Priorities for 2022-23 Reflect Few New Projects

"Notable changes to the list include: ... [1] guidance under Section 408(m), relating to 'collectibles' that result in deemed distributions to the IRA owner, [2] a project relating to the 'timing of the use or allocation of forfeitures in qualified plans' ... and [3] a project on the definition of 'church plan' under section 414(e) has reappeared.... In the health care and employment tax areas, there is a new guidance project relating to 'contributions to and benefits paid from paid family and medical leave programs.' And ... a project covering guidance on W-2 reporting for qualified sick and family leave wages."  MORE >>

Groom Law Group

Executive Compensation and Nonqualified Plans

[Guidance Overview]

SEC Adopts Final Rule Requiring Recovery of Incentive-Based Compensation Awarded in Error

"New rules regarding compensation recovery apply to exchange-listed companies regardless of size or home country ... Compensation recovery policies do not apply to salaries, compensatory options that vest over time only, discretionary bonuses, milestone compensation based on strategic measures (e.g., acquisition) or operational measures (e.g., projects), or other compensation unrelated to financial reporting measures."  MORE >>


Employee Benefits Jobs

View job as Senior Compliance Consultant
            for Loren D. Stark Company

Senior Compliance Consultant

Loren D. Stark Company


View job as Senior Compliance Consultant for Loren D. Stark Company

Selected New Discussions

Plan Termination Distribution Election Form Maintained on File

"Defined Contribution Plan is in termination stage. IRS Form 5310 has been submitted and the Plan is waiting for IRS determination letter. The Plan Administrator wants to wait for the favorable determination letter prior to processing distributions. However, the Plan Administrator would like to mail out distribution election forms for the Participants to complete sooner than later. How long can the administrator hold the completed distribution election forms on file prior to processing? Is it 180 days? For example, if the Plan Administrator receives completed distribution election forms and maintains them on file and the IRS determination letter arrives 7 months after receipt of the forms, would that require new election forms to be obtained."

BenefitsLink Message Boards

RMD Was Based on 60% Vesting at 12/31/2021 -- Increased RMD Required If Plan Now Terminates?

"Owner just took the 2022 RMD in one shot based on 60% vested balance. Now decides to terminate the plan in 2022 -- i.e., will become 100% vested. Does he need to get an additional RMD or is it still based on the 12/31/2021 vested percentage?"

BenefitsLink Message Boards

Press Releases

Prudential Launches 'Now What?' Campaign, Defying Industry Norms Using Moments of Hope Instead of Fear

Prudential Financial, Inc.

Marci Guillemette Is Lockton's New Vice President, Pharmacy Audit Services


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What Happens When Funding Relief Is No Longer Relief



2022 Spending in Retirement Survey: Understanding the Pandemic’s Impact

November 22, 2022 WEBCAST

EBRI [Employee Benefit Research Institute]

2023 State and Federal Legislation Impacting Public Pensions

December 8, 2022 WEBCAST

National Conference on Public Employee Retirement Systems [NCPERS]

Retirement Plan Predictions for 2023

December 15, 2022 WEBCAST

CAPTRUST Financial Advisors

Form 5500 Workshop

March 21, 2023 WEBCAST

FIS Retirement Education

Last Issue's Most Popular Items

Text of EBSA Proposed Amendments and Comment Request: Voluntary Fiduciary Correction Program

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

Text of EBSA Proposed Amendment to PTE 2002-51, to Permit Certain Transactions Identified in the Voluntary Fiduciary Correction Program

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

DOL Seeks Public Comments on Proposed Improvements to Voluntary Fiduciary Correction Program for Employers

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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