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Retirement Plans Newsletter

January 17, 2023

5 New Job Opportunities 5 New Job Opportunities


[Official Guidance]

Text of PBGC Notice of Request for Approval of Special Withdrawal Liability Rules: Motion Picture Laboratory Technicians and Film Editors Local 780 Pension Fund

"[PBGC] has received a request from the Motion Picture Laboratory Technicians and Film Editors Local 780 Pension Fund for approval of a plan amendment providing for special withdrawal liability rules.... [A] multiemployer pension plan may, with PBGC approval, be amended to provide for special withdrawal liability rules similar to those that apply to the construction and entertainment industries.... Before granting an approval, PBGC's regulations require PBGC to give interested persons an opportunity to comment on the request. The purpose of this notice is to advise interested persons of the request and to solicit their views on it."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


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. 612-605-2266

Sponsored by ERISApedia

[Guidance Overview]

SECURE 2.0: Retirement Plan Required Minimum Distribution Age to Increase to 75

"Effective for distributions made after December 31, 2022, Section 107 of SECURE 2.0 increases the RMD age to 73 for retirees who [1] attain age 72 after December 31, 2022, and [2] attain age 73 before January 1, 2033. It then increases the RMD age to 75 for retirees who attain age 74 after December 31, 2032.... Congress directed the [IRS] to update its regulations to eliminate what can amount to a penalty on plan participants with accounts that include annuity contracts.... For RMD errors, Section 302 of SECURE 2.0 reduces the excise tax applicable when there's a failure to take the full amount of an RMD timely."  MORE >>

Jackson Lewis P.C.

[Guidance Overview]

SECURE 2.0 Brings Significant 401(k) Plan Changes (PDF)

7 pages. "[A]ll 401(k) plans will be impacted by the Act in some way. Although many of the changes in SECURE 2.0 are not effective until 2024 or 2025, some changes will affect plans in 2023.... [P]lan sponsors should begin examining operational compliance considerations  ... Plan sponsors will have until the last day of the plan year beginning on or after January 1, 2025 (i.e., December 31, 2025 for a calendar year plan) to adopt SECURE 2.0 plan amendments."  MORE >>

Willkie Farr & Gallagher

[Guidance Overview]

Highlights of SECURE 2.0 Act and Impact on Retirement Plans

"The provisions included in this legislation will take effect in varying years. This staggered approach gives plan sponsors and service providers more time to understand and implement these changes to their plans and recordkeeping systems.... [T]he IRS and the DOL must provide guidance on how to administer most of these provisions.... Employers may want to delay the implementation of any optional provisions until guidance is provided."  MORE >>


[Guidance Overview]

Proposed IRS Regs Would Make Permanent the Availability of Remote Spousal Consent Elections

"The requirements for remote witnessing by a plan representative are more extensive.... [T]he signature of the spouse must be witnessed by a plan representative using live audio-video technology, and the existing five special rules regarding the use of an electronic medium in the current IRS regulations continue to apply. In addition, because plan representatives are not subject to the rules governing state notaries, ... five further requirements apply."  MORE >>

The Wagner Law Group

Booz Allen Hamilton and Capital One Financial Fight ERISA Target-Date Lawsuits Again

"The companies are defendants in 11 virtually identical ERISA lawsuits against sponsors -- including Microsoft and Citigroup -- accusing them of keeping the BlackRock LifePath Index Fund, whose performance lagged four other target-date series over certain time periods."  MORE >>

Pensions & Investments

BlackRock, World's Largest Asset Manager, Buys Stake in Small-Business 401(k) Startup

"In its 401(k) operations, the money manager mainly provides investments to plans of large and medium-size companies. The investment in Human Interest will help BlackRock gain insight into the growing market for small-company 401(k) plans[.]"  MORE >>

The Wall Street Journal; subscription may be required

Managing IRAs: Charging Different Fees for Different Investments

"The Code prohibits an investment adviser fiduciary to an IRA from using its authority as a fiduciary to receive additional compensation. This means that an adviser with the authority to make asset allocation decisions in an IRA cannot charge a different fee for different investment categories (e.g., equities vs. fixed income) unless a prohibited transaction exemption is available. Alternatively, there are other compensation structures that can be considered."  MORE >>

Faegre Drinker


Setting Every Community Up for Retirement Enhancement -- or Exasperation?

"SECURE is ... needlessly complex and fixes very few problems affecting most Americans. [This] blog post on this new retirement savings legislation focuses on key points that are applicable to educators but not game changing[.]"  MORE >>


Benefits in General

[Guidance Overview]

DOL and PBGC Increase Civil Money Penalties for 2023

Tables illustrate [1] Which DOL penalty level applies, keyed to when the underlying violation occurred and when the resulting penalty was assessed; [2] DOL's 2023 annual inflation adjustments to the civil money penalties for violations of certain requirements under ERISA, effective January 15, 2023; and [3] Adjusted penalties for violations of select WHD requirements.  MORE >>

Thomson Reuters Practical Law

A New Way to Calculate Retirement Health Care Costs

"[V]iewing retirement health care costs as an annual expense, instead of as a lump sum, makes it easier for retirees to plan for and pay for them. Health insurance premiums are usually fixed and can be budgeted for and funded from monthly income. On the other hand, out-of-pocket expenses can vary from month to month and could be paid from savings or a fund earmarked for those purposes. Retirement health care costs can vary widely, depending on the type of insurance a retiree chooses, and no type of coverage is 'typical.' ... [It] is useful to provide these estimates based on the type of insurance coverage."  MORE >>

T. Rowe Price

Employee Benefits Jobs

View job as Senior Relationship Manager 2-4, ERISA, Retirement
            for National Benefit Services

Senior Relationship Manager 2-4, ERISA, Retirement

National Benefit Services


View job as Senior Relationship Manager 2-4, ERISA, Retirement for National Benefit Services

View job as Cash Balance and 401(k) Account Administrator
            for Alerus

Cash Balance and 401(k) Account Administrator



View job as Cash Balance and 401(k) Account Administrator for Alerus

View job as Health & Welfare Sales Consultant
            for Alerus

Health & Welfare Sales Consultant



View job as Health & Welfare Sales Consultant for Alerus

View job as ESOP Retirement Account Administrator
            for Alerus

ESOP Retirement Account Administrator


Remote / AZ / CO / MI / MN / NH

View job as ESOP Retirement Account Administrator for Alerus

View job as Retirement Implementation Specialist
            for Alerus

Retirement Implementation Specialist



View job as Retirement Implementation Specialist for Alerus

Selected New Discussions

NRA in the Document Is 55

"Looking over a possible takeover DB plan. It is 2 years old. It is for a law firm. 2 partners are in their late 40s and early 50s The NRA is written as (I have not seen this before): Later of age 55 and 5 YOP and 17 YOS. Maximum NRA is 65 and 5th anniversary of plan participation. As this is not one of those special category of employers (like football players etc), how kosher is the way the definition is written? If kosher, how would you calculate the funding requirements? I would never use less than 62 but might be missing some allowance here."

BenefitsLink Message Boards

Solo to General 401(k) Plan?

"Company has existing 'Solo 401(k)' Plan. Contributions were made once, in year started up, > 5 yrs ago. Now there are employees and they would like to offer them opportunity to participate. Actually, they would like a brand new plan. Is there an issue to terminate existing 'solo' plan and start a brand new plan, or rather do a complete restatement? Eligibility in 'solo' is immediate but they would like 21/1."

BenefitsLink Message Boards

Failure to Promptly Notify Participant of QDRO

"We have a situation where we may have failed to promptly notify a participant of receipt of a QDRO. He claims he first became aware after the QDRO was qualified (but it hasn't yet been processed, though we're about to). If true, is there a penalty associated with the failure? I assume that the AP isn't penalized and we can still process the QDRO, even if there is a penalty on the Administrator. Is this correct?"

BenefitsLink Message Boards

Press Releases

Pentegra, a Leading Provider of Retirement Plan and Fiduciary Outsourcing Solutions, Celebrates Its 80th Anniversary


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE Act 2.0: Key Provisions and Compliance Considerations for Plan Sponsors

March 8, 2023 WEBINAR


Last Issue's Most Popular Items

SECURE 2.0 Provisions Impacting Employer-Sponsored Retirement Plans (PDF)

Trucker Huss

SECURE 2.0 Impacts Defined Benefit Plans, Too

Cohen & Buckmann, P.C.

What to Do If You Missed the July 2022 Restatement Deadline: It's Complicated

Boutwell Fay LLP

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

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