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Retirement Plans Newsletter

December 28, 2022

2 New Job Opportunities 2 New Job Opportunities

 

[Official Guidance]

Text of IRS Final Regs: Exception for Interests Held by Foreign Pension Funds

84 pages. "This document contains final regulations regarding gain or loss of a qualified foreign pension fund attributable to certain interests in United States real property. The final regulations also include rules for certifying that a qualified foreign pension fund is not subject to withholding on certain dispositions of, and distributions with respect to, certain interests in United States real property. The final regulations affect certain holders of interests in United States real property and withholding agents that are required to withhold tax on dispositions of, and distributions with respect to, such property."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

SECURE Act 2.0: Congress Delivers Retirement Plan Legislation as Part of Year-End Spending Bill

"Provisions expanding coverage and increasing retirement savings.... Provisions impacting retirement plan distributions.... Provisions impacting pooled employer plans (PEPs), multiple employer plans (MEPs), and groups of plans (GOPs) ... Simplification and clarification of retirement plan rules and administration.... [P]lan amendments ... generally do not need to be made until the end of the 2025 plan year ... SECURE Act 2.0 also extends the amendment deadlines for other recent legislation ... to conform to the SECURE Act. 2.0 amendment deadlines."  MORE >>

Morgan Lewis

[Guidance Overview]

SECURE 2.0 Is Finally Passed with Gifts for Everyone

"Provisions reflect these themes: [1] Increasing employee participation.... [2] Incentivizing new plan creation.... [3] More lenient RMD Rules.... [4] Encouraging ROTH contributions.... [5] Increasing plan options for 403(b) plans.... [6] Encouraging annuitization of defined contribution benefits.... [7] New design options for defined contribution plans.... [8] Simplifying plan administration."  MORE >>

Cohen & Buckmann, P.C.

[Guidance Overview]

SECURE Act 2.0: Detailed Breakdown of Key Tax Opportunities

"[W]hile no single change in SECURE 2.0 will require the same level of urgency to consider before year-end changes to clients' plans as did the original SECURE Act or have the same level of impact across so many clients' plans as the elimination of the stretch, there are far more provisions in SECURE 2.0 that may have a significant impact for some clients than there were in the original version[.]"  MORE >>

Nerd's Eye View

[Guidance Overview]

New IRS Requirements for 401(k) Plan Discretionary Matching Contributions

"[T]wo notices must be provided to comply with new IRS guidance: [1] The employer must inform the plan administrator and trustee in writing about the discretionary matching contribution's existence.... [2] The employer must also inform its employees in writing about the discretionary matching contribution's existence, specifically describing which employees are eligible for the discretionary match and when these employees may receive this discretionary matching contribution."  MORE >>

Sequoia

District Court Narrows $750,000 Retirement Theft Lawsuit Claims

"BNY Mellon served as a plan trustee for the Colgate-Palmolive retirement plan, provided investment management services, served as custodian of the plan's assets and made payments from the plan's trust fund ... BNY Mellon was dismissed as a defendant because it did not act as a fiduciary for the plan[.]" [Disberry v. Employee Relations Committee of the Colgate-Palmolive Company, No. (S.D.N.Y. Dec. 16, 2022)]  MORE >>

PLANSPONSOR; free registration may be required

Colgate Participant Account Cyber Theft Case Survives Dismissal Despite 'Very Thin' Claims

"[T]he Colgate court has signaled that sympathetic courts will allow fiduciary breach claims for cyber theft even when there is no evidence that the plan fiduciaries or recordkeeper failed to take reasonable steps to protect participant assets against sophisticated cyber fraud and theft. The court even gave litigation advice to the plaintiff to file an amended complaint against the recordkeeper to plead a more viable claim under a theory of common law negligence.... The court denied recordkeeper Alight's motion to dismiss -- Alight can be deemed a functional fiduciary despite the fiduciary disclaimer in its recordkeeping contract." [Disberry v. Employee Relations Committee of the Colgate-Palmolive Company, No. (S.D.N.Y. Dec. 16, 2022)]   MORE >>

Euclid Specialty Managers

Implementing a Student Loan Matching Benefit under SECURE 2.0

"[An] employee could upload loan statement documents to the plan provider or enroll the loan information into their retirement account, then receive an end-of-year matching contribution.... [P]aycheck-by-paycheck contribution matching would certainly be feasible using the same methods.... Employers can also rely on employee self-certification for matching. [.]"  MORE >>

planadviser

Teamster Pension Bailout May Not Be Remedy Employers Hoped For

"For the most part, multiemployer plans have been cagey about future withdrawal liability estimates, telling employers that the impact of bailout money on potential exposure is unknown. All signs, however, point to more bad news for employers."  MORE >>

Fisher Phillips

Employee Benefits Jobs

View job as Contribution Processor
            for Retirement, LLC

Contribution Processor

Retirement, LLC

Remote / Oklahoma City OK

View job as Contribution Processor for Retirement, LLC

View job as Relationship Manager for Defined Benefit/Cash Balance
            for The Retirement Plan Company (TRPC)/an ABG firm

Relationship Manager for Defined Benefit/Cash Balance

The Retirement Plan Company (TRPC)/an ABG firm

Remote

View job as Relationship Manager for Defined Benefit/Cash Balance for The Retirement Plan Company (TRPC)/an ABG firm

Selected New Discussions

Would SECURE 2.0 Emergency Savings Accounts be Reachable by a QDRO?

"The SECURE 2.0 Act of 2022's provisions for a 'pension-linked emergency savings account' include not only Internal Revenue Code provisions but also a new part 8 of subtitle B of title I of [ERISA]. Am I right in thinking an emergency savings account is a part of an ERISA-governed retirement plan (if it's not a governmental plan or church plan), and so is governed by ERISA Section 206(d)(3), with its QDRO exception from a retirement plan's anti-alienation provision? How does a need to pay an alternate payee as a qualified domestic relations order requires affect one's administration of a retirement plan and its emergency savings account? Is it the same as, or different from, administering QDROs regarding a plan's other subaccounts? If a participant has immediate access to an emergency savings account, would a spouse or other alternate payee get no less access?"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Pensionomics 2023: Measuring the Economic Impact of Defined Benefit Pension Expenditures

January 11, 2023 WEBCAST

National Institute on Retirement Security [NIRS]

2022 Fiduciary Claim Trends

December 14, 2023 WEBCAST

Euclid Fiduciary

Last Issue's Most Popular Items

SECURE 2.0: A Quick Reference Guide (PDF)

Group Plan Systems, LLC, via American Retirement Association [ARA]

Expanding Coverage and Increasing Retirement Savings with the SECURE 2.0 Act

Mintz

Congress Opens the Door for the Retirement Program of the Future

October Three Consulting

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

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