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Retirement Plans Newsletter

January 13, 2023

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[Official Guidance]

Text of Hacienda Internal Revenue Circular Letter No. 23-01: Limits Applicable for the Year 2023 to Qualified Retirement Plans Under the Puerto Rico Internal Revenue Code

"[T]he following limits do not adopt by reference the limits established by the IRS ... and, therefore ... for the taxable year beginning on or after January 1, 2023 will be ... [1] Limit on Cash or Deferred Contributions applicable to participants in a qualified retirement plan ... (Section 1081.01(d)(7)(A)(i) of the Code) -- $15,000. [2] Limit on Additional Contributions applicable to participants in a retirement plan not sponsored by the federal government who have reached age 50 (Section 1081.01(d)(7)(C)(i) of the Code) -- $1,500. [3] Limit on Voluntary Employee After-tax Contributions applicable to participants in qualified retirement plans ... (Section 1081.01(a)(15) of the Code) -- ten percent (10%) of the participant's aggregate compensation for all years of participation in the plan."  MORE >>

Puerto Rico Departamento De Hacienda

[Guidance Overview]

Correcting Retirement Plan Overpayments: Relief and Restrictions from SECURE 2.0

"The new overpayment rules apply to 'inadvertent' benefit overpayments for which the participant or beneficiary bears no responsibility for the overpayment based on misrepresentations or misstatement, or knew the overpayments were materially in excess of the correct amount due under the terms of the plan."  MORE >>

Fox Rothschild LLP

[Guidance Overview]

SECURE 2.0 Increases Age for Required Minimum Distributions

"SECURE Act 2.0 requires no change for an individual who attained age 72 prior to 2023. However, there is a logical issue for individuals who were born in 1959 and will attain age 74 in 2033."  MORE >>


[Guidance Overview]

SECURE 2.0 Is Congress's Retirement Enhancement Encore

"This high-level summary addresses some of the SECURE 2.0 Act's key provisions, including these provisions, which take effect this year. [1] Another delay for RMDs; [2] New Roth feature in SEP and SIMPLE IRA plans; [3] New and enhanced tax credits; [4] New option to treat employer contributions as Designated Roth contributions; [5] Retroactive first-year elective deferrals for sole proprietors."  MORE >>


[Guidance Overview]

Notable Provisions from SECURE 2.0: Perspectives and Observations

"[1] Expanded automatic enrollment ... [2] Saver's match ... [3] Deferral of tax upon sale of S corporation stock to an ESOP ... [4] Emergency expense withdrawals; Emergency savings accounts ... [5] Age increase for required minimum distributions (RMD) ... [6] Increase in catch-up contribution limit; Catch-up contributions Roth requirement ... [7] Matching contributions on student loan repayments ... [8] Long-term part-time workers ... [9] Increase in mandatory cash-out limit."  MORE >>

McDonald Hopkins

Employer Plans for Small Businesses: 2023 Comparison Chart

"A high level comparison of the features and benefits of retirement plans for small businesses."  MORE >>

Appleby Retirement Dictionary

Funding Status of U.S. State Pension Plans

"The aggregate funded ratio for U.S. state pension plans increased by an estimated 3.1 percentage points during the fourth quarter of 2022 to end the quarter at 68.4%, an 18.3% decrease from December 2021 ... The quarterly change in funding resulted from a 5.2% increase in asset values partially offset by a 0.5%increase in liability values."  MORE >>

Wilshire Associates


SECURE 2.0: A Missed Opportunity to Enhance Retirement Equity

"The Act's 92 provisions provide small new tax incentives to those American workers struggling to save for a comfortable retirement, larger tax incentives to those with few retirement concerns, more complex retirement tax rules, and weaken compliance rules that are primarily applicable to those with few retirement concerns."  MORE >>

Albert Feuer, via SSRN


American Academy of Actuaries Comment Letter to PBGC: Special Financial Assistance Applications for Non-Priority Plans (PDF)

"[The Committee] offers some suggestions as you navigate the expiration of the priority group period on March 11, 2023.... [1] Establish a non-priority plan metering system after a lock-in application is filed ... [2] Broaden lock-in application rules ... [3] Change the rate of interest paid on the SFA amount ... [4] Treatment for plans that withdraw and refile ... [5] Additional resources ... [6] Additional considerations for lock-in applications."  MORE >>

Multiemployer Plan Committee, American Academy of Actuaries

Employee Benefits Jobs

View job as DPS Retirement Plan Consultant
            for EPIC Retirement Plan Services

DPS Retirement Plan Consultant

EPIC Retirement Plan Services


View job as DPS Retirement Plan Consultant for EPIC Retirement Plan Services

Selected New Discussions

Am I the Only One?

"Listening to a presentation today on SECURE 2.0 and I left with the impression that this is literally impossible to implement. Anyone else? Between Roth as catch-ups, match as Roth, mandatory auto enrollment (with Auto Increase to boot), 37 new distribution options that you can only take once every 3 years. Sure I'm exaggerating but only a little. I just can't see implementing this stuff with a small service business that has 25 employees."

BenefitsLink Message Boards

Who Is the Beneficiary?

"I have a client that utilizes individual brokerage accounts for their participants' investments. The Plan requests beneficiary elections from all participants, as does the Custodian. The participant files a beneficiary election with the Custodian, but NOT the Plan. If the participant dies, does the beneficiary election on file with the Custodian stand or would you default to the plan document provisions?"

BenefitsLink Message Boards

How Far Back Can You Go to File an Amended 5500?

"Its January, 2023 and we realized that there was a minor mistake on the 2018 5500-S/F filing. The client would like to file an amended 5500-S/F. EFAST will only allow back to 2020. Can we still file an amended return for 2018 on a 2020 form, or is there no way to file an amended return at this late date? Thank you"

BenefitsLink Message Boards

Recent IRS Response Time on Form 5310s?

"Can anyone comment on how long the IRS has been taking to issue plan termination favorable determination letters following submission of a 5310 in the past few years? Are ESOPs taking longer? TIA!"

BenefitsLink Message Boards

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0: An Overview of the Provisions Impacting Employers

January 17, 2023 WEBINAR


SECURE 2.0: What It Means for Retirement Plans

January 24, 2023 WEBINAR

American Bar Association Joint Committee on Employee Benefits [JCEB]

SECURE 2.0: How Will the Latest Retirement Legislation Impact Plan Sponsors and Employees?

January 26, 2023 WEBINAR


SECURE 2.0 and Emergency Savings Accounts

February 8, 2023 WEBINAR

Groom Law Group

SECURE 2.0: Turn Your Defined Contribution Plan Into a More Effective Retirement Vehicle

February 22, 2023 WEBINAR


Last Issue's Most Popular Items

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

Seyfarth Shaw LLP

Pocket Guide to SECURE 2.0 (PDF)


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

Jackson Lewis P.C.

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

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