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Retirement Plans Newsletter

January 4, 2023

6 New Job Opportunities 6 New Job Opportunities


[Official Guidance]

Text of 2022 IRS Form 8955-SSA: Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits (PDF)

Fillable PDF; requires Adobe Reader 8 or above.  MORE >>

Internal Revenue Service [IRS]


SECURE 2.0 Becomes Law: ASC Has Your Back!

Big change is happening! Join ASC’s SECURE 2.0 Webcast to learn what you need to know and how we’re already updating ASC Systems so you’ll have what you need when you need it! Register here today!

Sponsored by ASC

[Guidance Overview]

Year-End Legislation Contains Significant Benefit Plan Changes

"While there is an extended period before formal plan amendments need to be adopted to reflect the new changes ... operational compliance with the changes will be required as soon as they are effective -- with some changes becoming effective immediately. Because of the need to comply operationally with all changes, plan sponsors and plan administrators ... may want to align plan document language with operations well before the plan amendment deadlines."  MORE >>

Hanson Bridgett LLP

[Guidance Overview]

What Does SECURE 2.0 Mean for Cash Balance Plans?

"[SECURE 2.0] contains a provision ... specific to cash balance plans that credit a variable rate of interest. In proving that the plan does not impermissibly backload accruals, the plan sponsor can assume an interest credit that is a 'reasonable' rate of return, provided it does not exceed 6%.... [T]his change does two things: It makes it easier to pass the backloading test, and it provides certainty for how the test works."  MORE >>

PLANSPONSOR; free registration may be required

[Guidance Overview]

Key SECURE 2.0 Changes Impacting Non-Profit Employers

"[1] Expansion of Multiple Employer Plan and Pooled Employer Plan arrangements to Section 403(b) plans ... [2] Section 403(b) plans may invest in collective investment trusts (CITs) ... [3] Expanded investment sources for Section 403(b) hardship withdrawals ... [4] Extension to amend Section 457(b) plans for SECURE 1.0 required minimum distribution rules ... [5] Eligibility for long-term, part-time employees."  MORE >>

E is for ERISA

[Guidance Overview]

Next Steps for Making Collective Investment Trusts Available to More Retirement Plans

"[SECURE 2.0] includes a provision ... to authorize investments by 403(b) custodial accounts in CITs, effective January 1, 2023. However, ... a deterrent remains under the Investment Company Act of 1940: a CIT holding assets of 403(b) plans would not be exempt from regulation as an investment company ... It is reasonable to conclude that investment providers offering CITs will not offer them to 403(b) plans generally until Section 3(c)(11) is amended."  MORE >>

Verrill Dana LLP

[Guidance Overview]

Major Wins for Employee Ownership in New Spending Bill

"The most important change for employee ownership is the passage of the Worker Ownership, Readiness, and Knowledge (WORK) Act ... The WORK Act provisions (incorporated into the bill as Section 346 of the SECURE 2.0 Act) [1] direct the [DOL] to create an Employee Ownership Initiative within the department to coordinate and fund state employee ownership outreach programs and [2] require the DOL to set new standards for ESOP appraisals."  MORE >>

National Center for Employee Ownership [NCEO]

Ninth Circuit: Embezzler of ERISA Plan Lacks Standing to Sue Former Employer for Allocation of Restitution Payments

"Colleen Lehr was a former participant in the Perri Electric, Inc. Profit Sharing Plan who was charged with embezzling money from the Plan. She was ordered to pay Perri Electric ... the amount she stole from the Plan. Appellants Colleen and Paul Lehr argued that Perri Electric should have applied the initial installment payment to the Plan and asserted a breach of fiduciary duty claim against Perri Electric. The district court granted summary judgment to the defendants on the basis that the Lehrs lacked statutory standing under ERISA. The Ninth Circuit affirmed." [Lehr v. Perri Electric, Inc., No. 19-17199 (9th Cir. Jan. 3, 2023; unpub.)]  MORE >>

Roberts Disability Law

2022 Retirement Policy: Year in Review

"In this review of retirement policy developments in 2022, [the authors] discuss major retirement-related legislative and regulatory initiatives and significant developments in retirement plan litigation."  MORE >>

October Three Consulting

Implementing the Emergency Savings Provisions of SECURE 2.0

"Emergency savings options within retirement plans will finally be possible come 2024. But implementing them will require work and regulatory consideration that might delay their use even more[.]"  MORE >>


The Multiemployer Pension Plan Amendment Act's 'Evade or Avoid' Provision: A Review of the Confounding Jurisprudence (PDF)

14 pages. "The author first comments on the legislative intent. Next, he highlights landmark cases in this area, analyzing the development of the jurisprudence culminating with the recent rulings from the U.S. Court of Appeals for the Third Circuit in Steelworkers Pension Trust v. Renco Group and from the U.S. Court of Appeals for the Second Circuit in New York State Teamsters v. C&S Wholesale Grocers, Inc. Finally, the author offers perspective and a legal analytical framework for considering 'evade or avoid' claims."  MORE >>

Fox Rothschild LLP, via Benefits Law Journal


SECURE 2.0: Over-Hyped or Game-Changer?

"[The authors] asked retirement advisors from across the country whether they felt SECURE 2.0 has been over-hyped or represented a game changer. Here's what they said on a few key issues."  MORE >>

Fiduciary News; free registration required

Benefits in General

Reporting and Disclosure Guide for Benefit Plans 2023 (PDF)

47 pages. The guide is organized by plan type. "This year's guide features new regulations pertaining to air ambulance claims reporting, gag-clause attestations and an annual statement of compliance for plans that receive special financial assistance. Some of the deadlines noted in this guide may be extended due to the COVID-19 public health emergency."  MORE >>


Employee Benefits Jobs

View job as Defined Contribution Consultant
            for AimPoint Group

Defined Contribution Consultant

AimPoint Group


View job as Defined Contribution Consultant for AimPoint Group

View job as Pension Compliance Administrator
            for Associated Pension Consultants

Pension Compliance Administrator

Associated Pension Consultants


View job as Pension Compliance Administrator for Associated Pension Consultants

View job as Retirement Plan Consultant
            for Carpenter Morse Group

Retirement Plan Consultant

Carpenter Morse Group


View job as Retirement Plan Consultant for Carpenter Morse Group

View job as Plan Document Support Specialist
            for ASC - Actuarial Systems Corporation

Plan Document Support Specialist

ASC - Actuarial Systems Corporation

Remote / Sylmar CA

View job as Plan Document Support Specialist for ASC - Actuarial Systems Corporation

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

View job as Strategic Account Manager
            for Definiti

Strategic Account Manager



View job as Strategic Account Manager for Definiti

Selected New Discussions

New Hardship Self Certification

"Effective immediately (Well at least for calendar year plans) are we no longer required to obtain any support at all for hardships? The conversation will be 'How much do you need?' '$5,000' 'Are you able to certify it is for one of these pre-approved hardships things?' If they say yes, they are eligible and that is that, right? Literally anyone can take a distribution for any reason at any time as long as they are comfortable lying through their teeth to get the money they desperately need (at least as they would define that), right? Does something bad happen to them if they lie? Is it subject to any audit at all? Hardship Distributions. Current law allows distributions on account of immediate and heavy financial need or an unforeseeable emergency, and the amount must be limited to the amount necessary to satisfy the financial need. Certain listed events are deemed to be on account of hardship, and employees are required to submit records documenting the safe harbor event. Effective for plan years beginning after December 29, 2022, plan administrators can rely on employee self-certification that they experienced a safe harbor event and that the requested amount does not exceed the amount required to satisfy the financial need."

BenefitsLink Message Boards

What Should Loan Balance Be for a Loan Offset?

"Single member plan. Owner took a loan, then COVID hit and business fell off (non-existent). The loan was suspended and ultimately the business failed. To close the plan the owner needs to understand how to calculate the defaulted loan balance. What is the process. Should interest be added? Just use the last principal balance?"

BenefitsLink Message Boards

Press Releases

PSCA 65th Annual Survey Now Available

PSCA [Plan Sponsor Council of America]

Pentegra Names Eric Wietsma as President and CEO, Successor to John E. Pinto Who Will Retire in 2023


Alera Group Acquires The Ascent Group

Alera Group

Michael Best Adds Employee Benefits & Executive Compensation Lawyer Megan Juel to Chicago Office

Michael Best & Friedrich

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0 for Governmental Plans

January 18, 2023 WEBCAST

Groom Law Group

The DOL’s ESG Final Rule: What ERISA Plan Fiduciaries Should Know

January 26, 2023 WEBCAST

Worldwide Employee Benefits Network [WEB] - New York Chapter

Financial Wellness Journey

February 9, 2023 in OH

Worldwide Employee Benefits Network [WEB] - Northeast Ohio Chapter

Basics of 401(k) Plans Series for 2023, Session 3

February 23, 2023 WEBCAST


Last Issue's Most Popular Items

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors


SECURE 2.0 Makes Most Significant Retirement Plan Changes in Decades

Kutak Rock LLP

A Gift to Retirement Plan Sponsors: SECURE 2.0 Act of 2022

Calfee, Halter & Griswold LLP

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

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