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Retirement Plans Newsletter

January 5, 2023

6 New Job Opportunities 6 New Job Opportunities

 

[Official Guidance]

PBGC Regulatory Agenda, Fall 2022

No changes from the Spring 2022 PBGC Regulatory Agenda.

Proposed Rules

  • Valuation Assumptions and Methods: Interest and Mortality Assumptions for Asset Allocation in Single-Employer Plans and Mass Withdrawal Liability Determination in Multiemployer Plans
  • Multiemployer Plan Guaranteed Benefits
  • Improvements to Rules on Recoupment of Benefit Overpayments
  • Penalties for Failure to Provide Certain Notices or Other Material Information
  • Actuarial Assumptions for Determining an Employer's Withdrawal Liability

Final Rules

  • Benefit Payments and Allocation of Assets
  • Examination and Copying of PBGC Records
  • Adjustment of Civil Penalties
  • Special Financial Assistance by PBGC

MORE >>

Pension Benefit Guaranty Corporation [PBGC]

[Sponsor]

ERISApedia – Happy New Year!

ERISApedia authors and staff wish you a safe and prosperous New Year. Our ReSources offer practical insights from experts you trust. Please contact us to see how we can help you save time and money. sales@erisapedia.com 612-605-2266

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[Guidance Overview]

Exceptional Usefulness and Quality icon SECURE 2.0 Retirement Reform Becomes Law

"This insight focuses on the provisions of SECURE 2.0 that are of interest to large and medium-sized employers and plans: [1] Required minimum distribution provisions affecting all retirement plans; [2] Corrections that apply to all retirement plans; [3] Provisions that affect only DC plans; [4] Exceptions to the early withdrawal penalty; [5] Provisions that affect only DB plans; [6] Miscellaneous provisions that affect all retirement plans."  MORE >>

Segal

[Guidance Overview]

SECURE 2.0 Brings Significant Changes

"The SECURE 2.0 Act will allow some individuals, starting in 2024, to move money from their 529 plans directly into a Roth IRA. However, special conditions apply ... The SECURE 2.0 Act also includes provisions that aim to improve access to retirement plans for part-time workers and gig economy workers."  MORE >>

Savant

Methods Plan Sponsors Can Use to Help Reduce or Eliminate Nondiscrimination Testing Refunds

"[1] Giving a QNEC or QMAC to all eligible NHCEs ... [2] Using the one-to-one correction method ... [3] Adopting the prior year testing method ... [4] Encourage NHCEs to enroll in their plans and/or increase their contribution rates ... [5] Amending the plan to implement an HCE contribution limit ... [6] Amending the plan to be a safe harbor plan"  MORE >>

Milliman

Employers Have Enhanced Wellbeing Programs, Not Added Annuities

"[A]mong employers, 47% cite fiduciary concerns as a major reason for not adding annuities.... Most (44%) of employer respondents are waiting to see how the market evolves, and an equal percentage cite difficulty with participant communication.... 12% of employers already have annuities in their defined contribution plan ... 87% reported being very or moderately likely to expand their financial wellbeing program in 2023."  MORE >>

PLANSPONSOR; free registration may be required

Benefits in General

[Official Guidance]

DOL Regulatory Agenda, Fall 2022, Including Employee Benefit Items

Benefits-related items from EBSA and from the Wage and Hour Division (WHD) (changes from the Fall 2021 DOL Regulatory Agenda are noted):

Prerule Stage

  • Requirements Related to Advanced Explanation of Benefits and Other Provisions Under the Consolidated Appropriations Act, 2021
  • Improving Participant Engagement and Effectiveness of ERISA Retirement Plan Disclosures
  • Pooled Employer Plans

Proposed Rules

  • Improvement of the Form 5500 Series and Implementing Related Regulations Under ERISA
  • Definition of the Term 'Fiduciary'
  • Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets
  • Mental Health Parity and Addiction Equity Act and the Consolidated Appropriations Act, 2021
  • Short-Term Limited Duration Insurance; Update
  • Coverage of Certain Preventive Services Under the [ACA]
  • Definition of 'Employer' under Section 3(5) of ERISA -- Association Health Plans (New)
  • Independent Dispute Resolution Operations (New)

Final Rules

  • Pension Benefit Statements -- Lifetime Income Illustrations
  • Implement SECURE Act and Related Revisions to Employee Benefit Plan Annual Reporting on the Form 5500
  • Amendment of Abandoned Plan Program
  • Prohibited Transaction Exemption Procedures
  • Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement (New)

MORE >>

U.S. Department of Labor [DOL]

[Official Guidance]

IRS Regulatory Agenda, Fall 2022, Including Employee Benefit Items

Partial list of benefit-related provisions (changes from the Spring 2022 IRS Regulatory Agenda are noted):

Proposed Rules

  • Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057
  • Nondiscrimination Relief for Closed Defined Benefit Plans
  • Provider Nondiscrimination Requirements for Group Health Plans and Health Insurance Issuers in the Group and Individual Markets
  • Mental Health Parity and Addiction Equity Act and the Consolidated Appropriations Act, 2021
  • Requirements in Connection With Coverage of Certain Preventive Services
  • Requirements Related to Advanced Explanation of Benefits and Other Provisions Under the Consolidated Appropriations Act, 2021
  • Trust Arrangements That Utilize Cash Value Insurance Policies to Provide Welfare Benefits (New)
  • Certain Trust Arrangements Seeking to Qualify for Exception for Collectively Bargained Welfare Benefit Funds under Section 419A(f)(5) (New)
  • Independent Dispute Resolution Operations

Final Rules

  • Update to Minimum Present Value Requirements for Defined Benefit Plan Distributions
  • Application of Normal Retirement Age Regulations to Governmental Plans
  • Additional Rules Regarding Information Reporting of Minimum Essential Coverage
  • Withholding on Certain Retirement Plan Distributions Under Section 3405(a) and (b)
  • MEPs and the Unified Plan Rule
  • Guidance on 401(a)(9) Required Minimum Distributions
  • Information Reporting of Health Insurance Coverage and Other Issues Under Sections 6055 and 6056
  • Requirements Related to Air Ambulance Services, Agent and Broker Disclosures, and Provider Enforcement

   MORE >>

Internal Revenue Service [IRS], U.S. Department of the Treasury

Executive Compensation and Nonqualified Plans

International Reporting for Employee Stock Plans (PDF)

"This White Paper highlights some of the principal annual or quarterly reporting requirements for employee stock plans that multinational companies most commonly encounter when offering these programs to their employees in selected jurisdictions worldwide. A chart summarizing these items appears at the end.  MORE >>

Jones Day

Employee Benefits Jobs

View job as Intermediary Sales Consultant (Core Market Recordkeeping)
            for T. Rowe Price Group, Inc.

Intermediary Sales Consultant (Core Market Recordkeeping)

T. Rowe Price Group, Inc.

MD

View job as Intermediary Sales Consultant (Core Market Recordkeeping) for T. Rowe Price Group, Inc.

View job as ERISA Regulatory Consultant
            for Voya Financial

ERISA Regulatory Consultant

Voya Financial

Remote / Springfield MA

View job as Actuarial Services Manager
            for FuturePlan, by Ascensus

Actuarial Services Manager

FuturePlan, by Ascensus

Remote

View job as Actuarial Services Manager for FuturePlan, by Ascensus

View job as Enrolled Actuary
            for FuturePlan, by Ascensus

Enrolled Actuary

FuturePlan, by Ascensus

Remote

View job as Enrolled Actuary for FuturePlan, by Ascensus

View job as Product Support Specialist
            for ftwilliam.com / Wolters Kluwer

Product Support Specialist

ftwilliam.com / Wolters Kluwer

Remote

View job as Product Support Specialist for ftwilliam.com / Wolters Kluwer

View job as Retirement Plan Administrator
            for Third Party Administrator

Retirement Plan Administrator

Third Party Administrator

Remote

Selected New Discussions

Will Self-Correction Almost Entirely Replace the IRS's Voluntary Correction Program?

"Section 305 of the SECURE 2.0 Act of 2022 division of the Consolidated Appropriations Act, 2023 undoes some limits on the Internal Revenue Service's Self-Correction Program. In a BenefitsLink discussion, Luke Bailey invites considering 'whether VCP [the Internal Revenue Service's Voluntary Correction Program] will be the rare exception going forward, replaced almost entirely by SCP, in light of SECURE 2.0 Sec. 305[.]'  To open a discussion: Who decides that the plan's administrator had 'established practices and procedures' that allow one to use self-correction? Who decides that a failure is inadvertent? Who decides that a failure meets the further conditions for an 'eligible inadvertent failure'? Who decides that a correction fits within what a Revenue Procedure allows? How does a plan's sponsor or administrator get comfort that a failure was eligible for self-correction and is sufficiently corrected? If a client wants a comfort letter, may a practitioner who is neither an attorney-at-law nor a certified public accountant render the letter? If a third person (for example, an acquirer of shares of, or business assets from, the plan's sponsor or a participating employer) wants a comfort letter, may a practitioner who is neither an attorney-at-law nor a certified public accountant render the letter?"

BenefitsLink Message Boards

Form 5500-EZ Filed Late

"Form was filed a few months late but no correspondence has been received yet from the IRS. Although it's my understanding that penalty relief can be applied for even after the IRS has sent a letter assessing penalties, there always exists the possibility that the DOL may instead send such correspondence, at which time the option to obtain penalty relief disappears. As such, it would appear that the best approach would be to file an amended return at this time (i.e., before the feds contact the client) via the IRS penalty relief program for EZ forms - agreed? Thanks in advance for all assistance."

BenefitsLink Message Boards

Press Releases

Groom Names Four New Principals in 2023

Groom Law Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Retirement Plan Regulatory Update 2.0

January 18, 2023 WEBCAST

Multnomah Group

2023 Excessive Fee Litigation Webinar

January 19, 2023 WEBCAST

Euclid Fiduciary

SECURE 2.0: Reshaping the Retirement Landscape

January 25, 2023 WEBCAST

TRA [The Retirement Advantage]

Last Issue's Most Popular Items

Reporting and Disclosure Guide for Benefit Plans 2023 (PDF)

Segal

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

Internal Revenue Service [IRS]

What Does SECURE 2.0 Mean for Cash Balance Plans?

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

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