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Retirement Plans Newsletter

January 6, 2023

6 New Job Opportunities 6 New Job Opportunities


[Official Guidance]

Text of 2022 Instructions for Form 5500-EZ: Annual Return of a One-Participant (Owners/Partners and Their Spouses) Retirement Plan or a Foreign Plan (PDF)

10 pages. "Form 5500-EZ is used by one-participant plans and foreign plans that are not subject to the requirements of Section 104(a) of [ERISA].... [E]very one-participant plan or a foreign plan required to file an annual return must either file paper Form 5500-EZ with the IRS or electronically file Form 5500-EZ using the EFAST2 Filing System." [Also available: 2022 IRS Form 5500-EZ]  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Exceptional Usefulness and Quality icon SECURE 2.0 Brings Numerous Retirement Plan Changes in 2023 and Beyond (PDF)

"Many of SECURE 2.0's provisions solely apply either to defined contribution plans.... or defined benefit plans ... There are also a handful of provisions that apply to both types of retirement plans. Brief summaries of select SECURE 2.0 provisions are set forth [in this 7-page article]."  MORE >>

Thompson Hine

[Guidance Overview]

SECURE 2.0 Act of 2022: Issues for Plan Sponsor Consideration

"[F]or individuals born in 1959, both the RMD age 73 ... and the RMD age 75 apply ... [The authors] expect a technical correction will be released to clarify the applicable RMD age for this group of individuals.... Given the amount of discretion now available, plan sponsors should consider adopting an overpayment policy, or amending an existing policy, to create a non-discriminatory approach to recoupment of overpayments.... Unfortunately, SECURE 2.0 does not seem to address plan sponsor concerns regarding locating missing participants through the lost and found database. However, the burden of compiling information needed for participants to locate missing benefits is placed on plan sponsors."  MORE >>

Reinhart Boerner Van Deuren s.c.

[Guidance Overview]

SECURE 2.0 Changes for the New Year: Key Takeaways for Plan Sponsors

"This advisory ... provides a brief summary of key SECURE 2.0 changes that are now in effect for existing retirement plans. This advisory is broken into two parts: [1] Immediate retirement plan changes and [2] Changes not requiring plan amendment."  MORE >>

Sherman Howard

[Guidance Overview]

PTE 2020-02: Retrospective Review and Correction of Compliance Failures, Part 1

"The next step in compliance with the DOL's PTE 2020-02 is to conduct the annual retrospective review for 2022 and to reduce the review to a written report to be signed by a 'senior executive officer.' The review and report must be completed within 6 months after the end of the year.... To avoid prohibited transaction consequences, [any] failures must be corrected within 90 days of discovery and reported to the DOL within 30 days of correction."  MORE >>

[Guidance Overview]

DOL's Final Rule Gives ERISA Fiduciaries Green Light to Consider ESG Factors When Selecting Investments

"The 2022 Final Rule removes the emphasis on the pecuniary factors in selecting ESG investments and is intended to provide clarity on how ERISA's fiduciary duties of prudence and loyalty apply to selecting investments and investment courses of action and exercising shareholder rights such as proxy voting. The 2022 Final Rule will be effective January 30, 2023, except for a delayed applicability until January 30, 2024 for certain proxy-voting provisions[.]"  MORE >>

Hunton Andrews Kurth LLP

Prudent Practices for Retirement Income Solutions (PDF)

38 pages. "Retirement savings plans were created to help the masses live long lives in relative prosperity after they've stopped working. With fewer defined benefit plans available and lifespans increasing, concerns around running out of income in retirement have meaningfully increased. This handbook was created to help expand retirement plan participants' access to, and consideration of, retirement income solutions."  MORE >>

Broadridge Fi360 Solutions

District Court Dismisses 403(b) ERISA Claim Against Employer, But Not Plan’s Adviser

"The [plan] sponsor, a Texas counseling service, was protected by a safe harbor provision ... Peveto [the plan's manager] asserted it was not a plan fiduciary and merely provided investment advice, and was therefore also not liable under ERISA.... [The judge] found that there was a factual dispute ... [therefore] the case must continue for Peveto." [Roton v. Peveto Financial Group, LLC and Legacy Counseling Center, Inc., No. 20-3569 (N.D. Tex. Dec. 29, 2022)]  MORE >>


ESOP Plan Faces Retirement Records Lawsuit

"When a former worker ... sought distribution of his vested and accrued retirement assets, the firm said it had no record of his individual account." [Rajpurohit v. Becton, Dickinson and Company Savings Incentive Plan, No. 22-7612 (D.N.J. complaint filed Dec. 30, 2022)]  MORE >>

PLANSPONSOR; free registration may be required

Pension Finance Update, December 2022

"2022 was a rough year for stock markets ... and yet, pension finances held up pretty well, buoyed by the largest increase in interest rate seen since at least 1980. The two model plans ... saw mixed experience in 2022: Plan A ended the year up more than 5% despite losing 4% in December, while Plan B lost 1% during December, ending the year down less than 1%."  MORE >>

October Three Consulting

Employee Benefits Jobs

View job as DC Plan Administrator
            for Retirement, LLC

DC Plan Administrator

Retirement, LLC

Remote / Oklahoma City OK

View job as DC Plan Administrator for Retirement, LLC

View job as Sr. Retirement Plan Consultant
            for Compass Retirement Consulting Group, Inc.

Sr. Retirement Plan Consultant

Compass Retirement Consulting Group, Inc.

Remote / Stratham NH

View job as Sr. Retirement Plan Consultant for Compass Retirement Consulting Group, Inc.

View job as Implementation Manager, Implementation Retirement
            for National Benefit Services

Implementation Manager, Implementation Retirement

National Benefit Services

Remote / West Jordan UT

View job as Implementation Manager, Implementation Retirement for National Benefit Services

View job as ERISA Counsel
            for Garrison & Sisson

ERISA Counsel

Garrison & Sisson

Remote / DC / MA

View job as Retirement Plan Distribution Specialist
            for Compass Retirement Consulting Group Inc.

Retirement Plan Distribution Specialist

Compass Retirement Consulting Group Inc.

Remote / Stratham NH

View job as Retirement Plan Distribution Specialist for Compass Retirement Consulting Group Inc.

View job as Senior Sales Leader
            for Guideline, Inc.

Senior Sales Leader

Guideline, Inc.

Remote / CA / CO / FL / MA / MD / ME / NC / NY / TX / WA

View job as Senior Sales Leader for Guideline, Inc.

Selected New Discussions

Allowable Exclusions for Temporary Foreign Workers?

"An employer (not agricultural) is apparently hiring some foreign workers under some program (name/number of program as yet unknown, other than it is not H-2A). Wants to exclude them as a class, subject to coverage testing. Although this is a labor lawyer question, any thoughts as to whether it is generally allowable to exclude, as a class, foreign workers under various work/Visa programs, again, subject to coverage testing? P.S. -- it appears that all of these workers will be from Mexico. It seems to me that an exclusion that has the effect of excluding only employees of one nationality would be a violation of some discrimination regulations."

BenefitsLink Message Boards

Facts and Circumstances Hardship Under Audit

"This is hypothetical: Owner wants to add a facts & circumstances hardship provision to plan in order to take a large distribution. As plan administrator, he will be the arbiter of 'heavy and immediate' need. What if the plan gets audited by the IRS and they determine the need really was neither heavy nor immediate? Like, maybe he used it to purchase a stake in a thoroughbred race horse or a down payment on an office building. What is the redress? pay it back? Disqualification?"

BenefitsLink Message Boards

415(c) Limit and Catch Up

"For 2022 a participant (age 50 spouse of owner) has W-2 salary of $27,500 with 401(k) deferrals of $27,000 and $1,100 in SH Match that has been deposited over the year. Is this possible?"

BenefitsLink Message Boards

Press Releases

NCPERS Plans to Expand Strategic Alliances, Membership Offerings with New Hire Bridget Early

National Conference on Public Employee Retirement Systems [NCPERS]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Chicken Soup for Retirement Plans, Part One: Fill ‘Er Up With Contributions

January 12, 2023 WEBCAST

Ogletree Deakins

A Fiduciary Guide to SECURE Act 2.0

January 17, 2023 WEBCAST

Broadridge Financial Solutions, Inc.

New Year Tidings for 403(b) Plans

January 17, 2023 WEBCAST

Western Pension & Benefits Council

Last Issue's Most Popular Items

SECURE 2.0 Retirement Reform Becomes Law


SECURE 2.0 Brings Significant Changes


DOL Regulatory Agenda, Fall 2022, Including Employee Benefit Items

U.S. Department of Labor [DOL]

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

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