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Retirement Plans Newsletter

January 12, 2023

7 New Job Opportunities 7 New Job Opportunities


[Guidance Overview]

Exceptional Usefulness and Quality icon SECURE 2.0: Chart of Retirement Plan Provisions, Effective Dates and More (PDF)

20 page chart summarizes SECURE 2.0 provisions impacting retirement plans, including 401(k) plans, 403(b) plans, 457(b) plans and defined benefit plans, as well as individual retirement accounts (IRAs).  Chart includes description, effective date, whether the provision is optional or required, and whether a plan amendment is required.  MORE >>

Seyfarth Shaw LLP

[Guidance Overview]

Exceptional Usefulness and Quality icon Pocket Guide to SECURE 2.0 (PDF)

10 pages. "Parts I through XIII of the Pocket Guide are organized chronologically by effective date, and the final part (Part XIV) summarizes provisions with varying effective dates after SECURE 2.0 enactment."  MORE >>


[Guidance Overview]

Would You Like a Latte with That 401(k) Deferral?

"Effective immediately under a provision of the recently-passed SECURE 2.0 retirement reform legislation, employers may offer their employees gift cards or other 'de minimis financial incentives' for enrolling in a 401(k) plan."  MORE >>

E is for ERISA

[Guidance Overview]

SECURE 2.0: 401(k) Plan Eligibility for Part-Time Employees

"SECURE 2.0 requires that employees who work 'two consecutive 12-month periods during each of which the employee has at least 500 hours of service' must be permitted to participate in the plan.... This provision of SECURE 2.0 is effective for plan years beginning after December 31, 2024."  MORE >>

Jackson Lewis P.C.

[Guidance Overview]

SECURE 2.0's Unresolved 403(b) CIT Securities Law Issue

"In the end, Congress could not agree on just what the legislative securities law 'fix' should be before the law was passed. Any fix would be complicated, nuanced, and involve a number of important competing trade-offs, in part because of the difference in the very nature of 403(b) and 401(k) plans."  MORE >>

Business of Benefits

[Guidance Overview]

IRS Proposes Permanent Extension of Remote Notarization for Retirement Plan Elections and Consents

"The proposed amendments would provide an alternative to in-person witnessing of spousal consents required to be witnessed by a notary public or a plan representative, and [clarify] that certain special rules for the use of an electronic medium for participant elections also apply to spousal consents."  MORE >>

Groom Law Group

[Guidance Overview]

DOL Proposes Changes to Voluntary Fiduciary Correction Program for 401(k) Plans

"These proposed changes are the first suggested modifications to the VFCP in over 15 years.... DOL now proposes that ERISA fiduciaries may self-correct the following common compliance issues ... [1] Any participant plan contributions that are not transmitted to the plan or are transmitted late (as long as the lost earnings on these contributions do not exceed $1,000); or [2] Any participant loan amounts owed that are not repaid."  MORE >>


Retirement Plan Design: Investment Menus

"Understanding how plan participants approach investing is key to designing defined contribution menus that can help improve retirement outcomes. Here's a look at three participant profiles and potential solutions for each."  MORE >>

Morgan Stanley

2023 State of the Retirement Industry Survey

"Inflation, recession, and poor investment returns are top concerns across all cohorts for 2023. All cohorts believe the Fed will raise rates twice in 2023. Widely differing opinions on where inflation will end in 2023. Crypto is the least-preferred retirement asset class."  MORE >>

Ubiquity Retirement + Savings

Fixed and Variable Longevity Annuities in Defined Contribution Plans: Optimal Retirement Portfolios Taking Social Security Into Account

"[I]ncluding deferred income annuities in DC accounts is welfare enhancing for all ... groups examined.... [P]roviding access to well-designed variable deferred annuities with some equity exposure further enhances retiree wellbeing, compared to having access only to fixed annuities."  MORE >>

Pension Research Council, The Wharton School of The University of Pennsylvania

Benefits in General

Can an ERISA Plan Limit the Time a Claimant Has to File a Lawsuit for Plan Benefits?

"By imposing a reasonable deadline under the terms of the plan, you may be able to create a uniform limitations period, avoiding otherwise lengthy statutes of limitations and state-to-state variations.... Whether a plan's limitations period is reasonable is determined by the court hearing the claim.... Whether and what kind of notice is required regarding a plan-imposed limitations period also varies among the courts."  MORE >>

Thomson Reuters / EBIA

National Taxpayer Advocate: IRS in Better Shape Now Than a Year Ago

"Of the 173 million calls to the IRS during fiscal year 2022, just 22 million (13%) reached an IRS employee.... And telephone service for tax professionals reached an all-time low, the report said, even though the IRS established the Practitioner Priority Service (PPS) line to handle their calls. Of the 12.7 million calls to the PPS line, the IRS answered 2 million -- or 16% -- with an average hold time of 25 minutes for those who did reach the agency."  MORE >>

Journal of Accountancy

Employee Benefits Jobs

View job as Director of Trust/IRA Compliance and Trust Operations
            for July Business Services

Director of Trust/IRA Compliance and Trust Operations

July Business Services

Remote / SD

View job as Director of Trust/IRA Compliance and Trust Operations for July Business Services

View job as Financial Advisor
            for U.S. Retirement & Benefits Partners

Financial Advisor

U.S. Retirement & Benefits Partners

Remote / San Jose CA / San Jose CA / Union City CA / Hayward CA / Alameda CA / Livermore CA / Dublin CA / Fremont CA / Danville CA / Concord CA / El Cerrito CA / Hercules CA / Danville CA

View job as Financial Advisor for U.S. Retirement & Benefits Partners

View job as Sr. Actuarial Consultant
            for Ascensus

Sr. Actuarial Consultant



View job as Sr. Actuarial Consultant for Ascensus

View job as Actuary
            for Ascensus



Remote / Indianapolis IN

View job as Actuary for Ascensus

View job as ESOP Manager
            for Newport, an Ascensus Company

ESOP Manager

Newport, an Ascensus Company


View job as ESOP Manager for Newport, an Ascensus Company

View job as Senior 401(k) Administrator
            for Blue Ridge ESOP Associates

Senior 401(k) Administrator

Blue Ridge ESOP Associates


View job as Senior 401(k) Administrator for Blue Ridge ESOP Associates

View job as ESOP Administrator
            for Blue Ridge ESOP Associates

ESOP Administrator

Blue Ridge ESOP Associates


View job as ESOP Administrator for Blue Ridge ESOP Associates

Selected New Discussions

Protected Benefit - Definition of Disability

"Company B is merging into Company A (controlled group issue and surviving plan). Company B's definition of disability -- determined by a licensed physician. Company A (the surviving plan) does not require physician approval. The document states The Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve months. The permanence and degree of such impairment must be supported by medical evidence. Company A wants to use the Social Security Administration as the determination for disability. Is there a protected benefit issue here? Can the plan change licensed physician to Social Security and not have any protected benefit issue?"

BenefitsLink Message Boards

Post-Year-End Employer Contribution to 457(b) Plan

"Can an employer nonelective contribution for 2022 be made in January, 2023 for a calendar year nongovernmental 457(b) plan? The contribution would be made to the account of a participant who contributed less than the applicable deferral limit in 2022."

BenefitsLink Message Boards

Which SECURE 2022 Changes Are in Effect Now?

"Which SECURE 2022 changes are in effect now? Assume a Section 401(a) plan with a Section 401(k) arrangement for elective deferrals (non-Roth and Roth), but no matching or nonelective contribution. Assume the plan has no automatic-contribution arrangement, and no auto-escalation provision. Assume the plan's year began January 1, 2023. Assume the plan's sponsor will amend and restate the documents within the remedial-amendment period. Which SECURE 2022 changes now are mandated as a tax-qualification condition? Which SECURE 2022 changes are permitted? Let's use our BenefitsLink community to see that we have a thorough list. Remember, even if there's a long delay about plan documents, we operate the plans now."

BenefitsLink Message Boards

SECURE 2.0 Mandatory Auto Enrollment for New 401(k) Plans (What Is Considered 'New'?)

"When considering spinoffs and plan mergers, what would be considered the date of establishment for the plan that is spun off or for plans that merge. Would it be the establishment date of the original plan? Would these plans be considered new for purposes of the new auto enrollment requirement?"

BenefitsLink Message Boards

SECURE 2.0, Sec. 604 Employer contributions as Roth

"How are folks interpreting this section? I recognize it is optional, but because its effective now, there seems to me a lot of questions about it. Let's start with a basic 401(k) plan, that has a basic safe harbor match provision. There are two options coming up -

  1. The employer would make a blanket decision to have the safe harbor contributions as Roth. Can this be a yearly election? What if it's just the annual discretionary employer contribution (profit sharing) does it have to be in the plan document that the employer contributions for year 20XX will be designated Roth Contributions?
  2. Each individual participant would elect if they wanted the SH contribution made as Roth or not.

For item 2- I'm not seeing anything in section 604 where the the participants get to elect one way or the other. Plus plans can already accomplish pretty much the same thing if they allow for in-plan Roth conversions. I think #1 is how I am interpreting 604, which will be useful for plans that have an auto-enroll feature where the default enrollment is a Roth deferral, so any match will also be Roth. I can see the plan issuing 1099-R at year end for the amounts of the Roth contributions that weren't Roth deferrals. What say all of you?"

BenefitsLink Message Boards

Press Releases

PBI Research Services Announces Certicensus® Certified – a New Gold Standard in Pension Plan Data Management and Compliance

PBI Research Services

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0: What Plan Sponsors Need to Know Now

January 26, 2023 WEBINAR

Hunton Andrews Kurth

SECURE 2.0 Act: Rethinking Retirement Savings

February 2, 2023 WEBINAR

Western Pension & Benefits Council

Last Issue's Most Popular Items

SECURE 2.0 Takeaways for Retirement Plan Sponsors, Part 2: Catching Up on Catch-Ups

Sherman Howard

SECURE Act 2.0: Expanded Self-Correction and New Overpayment Correction Rules and Relief

Morgan Lewis

SECURE Act 2.0 Summary of Changes to Retirement Plans (PDF)

Williams Mullen

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

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