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Retirement Plans Newsletter

November 22, 2022

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of IRS Notice 2022-62: 2022 Required Amendments List for Individually Designed Qualified and Section 403(b) Plans (PDF)

"There are no entries listing changes in qualification requirements on the 2022 RA List.... The 2021 RA List included entries for section 9704 of the American Rescue Plan Act of 2021 (ARP) ... relating to special financial assistance for certain eligible multiemployer plans.... Beginning in 2022, an amendment made pursuant to section 9704 of the ARP will be treated as a discretionary amendment, and the plan amendment deadlines applicable to discretionary amendments as set forth in Rev. Proc. 2022-40 will apply."  MORE >>

Internal Revenue Service [IRS]

[Official Guidance]

Draft of 2023 IRS Form 5498: IRA Contribution Information (PDF)

"Instructions for Participant: The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account.... Instructions for Trustee or Issuer: To complete Form 5498, use: [1] The 2023 General Instructions for Certain Information Returns, and [2] The 2023 Instructions for Forms 1099-R and 5498."  MORE >>

Internal Revenue Service [IRS]

2023 Compliance Calendar for Retirement Plans (PDF)

2-page calendar lists notable deadlines for retirement plans with calendar-year plan years.  MORE >>


Fiduciary Risk Management 101: Building a 401(k) Plan Compliance File

"[If] a plan is audited, and the plan sponsor is able to quickly produce all of the items the auditor is requesting, the audit itself is usually pretty fast and painless.... So what does your process look like to onboard your plan sponsor clients, then help gather and organize the important plan documents that demonstrate prudence in the management of their plan?"  MORE >>

401k Best Practice Blog

Documentation of Employer 'Pick-Up' Contributions

"An MOU provision that provides for pre-tax employee mandatory contributions to a pension plan (such as CalPERS) will most likely not satisfy the documentation requirements for a pick-up.... A properly adopted pick-up resolution that is adopted now, cannot have retroactive effect -- that is, previous employee contributions that were not properly picked-up should have been treated as after-tax."  MORE >>

Best Best & Krieger LLP

Senators Urge Fidelity to Discontinue Bitcoin 401(k)s

"Senators Richard (Dick) Durbin, Elizabeth Warren, and Tina Smith sent a letter to Fidelity on Monday, November 21st, urging Fidelity to reconsider its exposure to cryptocurrencies. Their primary concern is with Fidelity's inclusion of Bitcoin into some of its 401(k) pension plans."  MORE >>

The Tokenist

PBGC 2023 Premium Rates and Implications

"With these large increases set to take effect, there is no better time to do a death audit of your participant population to ensure that premiums are not being paid for deceased individuals who do not have a future benefit entitlement.... For many multiemployer plans, the premiums paid annually are not a meaningful share of the overall expenses ... The move to $35 per participant for 2023 creates a shorter-term problem ... than the longer-term implication of the big jump coming in 2031 under ARPA."  MORE >>


PBGC Approves $85 Million in Special Financial Assistance for Teamsters Local 52 Pension Plan

"[PBGC] has approved the application submitted to the Special Financial Assistance (SFA) Program by the Teamsters Local Union No. 52 Pension Plan.... The plan, based in Valley View, Ohio, covers 769 participants in the transportation industry. The Teamsters Local 52 Plan will receive approximately $84.9 million in special financial assistance ... The plan was projected to run out of money in 2023."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Public Pension Investment Update: Have Alternatives Helped or Hurt?

"In FY 2022, public pension plans experienced negative asset returns, and some say it could have been even worse without alternative investments. But the real question is have alternatives (private equity, hedge funds, real estate, and commodities) helped or hurt over the long term? The results suggest that, from 2001-2022, alternatives have not helped overall returns -- although they may have reduced volatility."  MORE >>

Center for Retirement Research at Boston College


401(k) Plans Still on Trial: Even If You Hire BlackRock

"[P]lan sponsors should take an 'institutional approach' ... that leverages the scale and fiduciary oversight offered by the DC retirement system.... [M]any plan sponsors are instead taking a 'simple approach,' where the primary focus is minimizing fees and maximizing investment simplicity, with a heavy or exclusive use of passive management.... [T]aking this simple approach merely to avoid litigation risk is a mistake, and one that is pointed out in some of the complaints in the recent lawsuits."  MORE >>

401(k) Specialist


ICI Defends Revenue Sharing and Higher-Fee Share Classes in the Tenth Circuit Barrick Gold Case

"The Barrick Gold district court dismissed nearly every aspect of the excessive fee complaint by going outside the complaint and reviewing the trust agreement.... The Tenth Circuit now has a choice: follow the Ninth Circuit and allow plaintiff law firms to create false issues of fact with false investment and recordkeeping fees, or review the alleged excessive fees in the correct context of the trust agreement and possible credits and discounts.... The ICI brief captures the harm that has been caused by the over 400 excessive fee cases and the incoherent responses by courts in which the plausibility standard is disparately applied. " [Matney v. Barrick Gold of N. Am., Inc., No. 20-275 (D. Utah Apr. 21, 2022; recon. denied Jun. 21, 2022; on appeal to 10th Cir. No. 22-4045)]  MORE >>

Euclid Specialty Managers


The Financialization of U.S. Public Pensions, 1945-1974

"This article examines a major transformation public employee pension investment in the United States, from investing public funds in public infrastructure in the 1940s and 1950s, to investing public funds in private securities -- corporate bonds, stocks, and mortgages -- in the 1960s and 1970s.... Ultimately, this article argues, financialization was not the product of a radical break or crisis in the 1970s, but was a continuous process in the post-World War II era[.]"  MORE >>

Sean Vanatta, via SSRN

Benefits in General

[Guidance Overview]

2022 Annual Employee Benefits Compliance Checklist for Plan Administrators

"This checklist addresses plan amendments, notices and other considerations for qualified retirement plans, welfare plans, and stock-based and performance-based plans. A chart showing benefit and contribution limits for 2023 is included."  MORE >>

Williams Mullen

Employee Benefits Jobs

View job as Lead Plan Admin Analyst
            for Ameritas

Lead Plan Admin Analyst


Remote / Lincoln NE

View job as Lead Plan Admin Analyst for Ameritas

View job as Director, Compliance - Retirement Plans
            for Ameritas

Director, Compliance - Retirement Plans



View job as Director, Compliance - Retirement Plans for Ameritas

View job as Retirement Plan Data Consultant
            for The Standard

Retirement Plan Data Consultant

The Standard

Remote / OR

View job as Retirement Plan Data Consultant for The Standard

Selected New Discussions

Plan Sponsor Agrees to Pay Damages Due to Breach of Participant's Account; OK to Restore to the Plan's Trust?

"Plan participant’s account is hacked by an outside fraudster. Participant sues plan sponsor for negligence. The two parties end up settling before trial. Can the plan sponsor deposit the settlement amount into the participant’s plan account? I seem to remember some IRS guidance saying it’s allowed if it is the result of a dispute that would have resulted in fiduciary breach. Does anyone have a cite?"

BenefitsLink Message Boards

Typical Methods for Calculating RMDs from Cash Balance and Defined Benefit Plans?

"What type of calculations do you normally use for RMD calculations for Cash Balance and/or Defined Benefit Plans? I am aware that one option is a lump sum option in which a calculated monthly benefit from last year's valuation report x 12 months = current year RMD. Just wondering what has worked for you and if the method you use helps reduce the amount of taxes paid for the affected participant taking the RMD."

BenefitsLink Message Boards

Press Releases

New Training on How to Build Authority as a Trusted 401(k) Advisor

OneAmerica® Again Among the Healthiest 100 Workplaces in America


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Special Financial Assistance [SFA]: One-Stop Guide to Regulation and Process

December 1, 2022 WEBCAST

Pension Benefit Information

Year-End 2022 Financial & Tax Planning For Equity Comp

December 1, 2022 WEBCAST

Last Issue's Most Popular Items

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

Kilpatrick Townsend

EBSA Proposes Adding Self-Correction Component to VFCP

American Retirement Association [ARA]

IRS Guidance Priorities for 2022-23 Reflect Few New Projects

Groom Law Group

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

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