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Retirement Plans Newsletter

January 18, 2023

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of IRS Notice 2023-12: Weighted Average Interest Rates, Yield Curves, and Segment Rates for January 2023 (PDF)

"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"  MORE >>

Internal Revenue Service [IRS]


Secure 2.0 Free CE Webcast Tomorrow, January 19th: What You Need to Know!

SECURE 2.0 brings big changes! ASC is ready to help you prepare! Join ERISA experts John Griffin, Dawn Johnson and Sheryl Stucky tomorrow to learn what you need to know, plus receive CE credit. Register today!

Sponsored by ASC

[Official Guidance]

2022 Instructions for IRS Form 8915-D: Qualified 2019 Disaster Retirement Plan Distributions and Repayments (PDF)

"What's New: The repayment period for a qualified 2019 disaster distribution ends 3 years and 1 day after the distribution was received. This is particularly important if your qualified 2019 disaster distribution was received in 2019. Repayments reported on 2022 Form 8915-D can be used to reduce the income reportable on your 2019, 2020, 2021, or 2022 tax return, as applicable; if you have already filed your tax return for the year in question, you will need to amend that return." [Also available: 2022 IRS Form 8915-D]  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

IRS Guidance on Excise Tax on Buybacks Clarifies Some Benefits Issues

"New Section 4501 of the Internal Revenue Code imposes a 1% excise tax on ... the fair market value of any stock repurchased by a 'covered corporation' during the tax year, effective for repurchases after December 31, 2022.... [C]ertain reductions to the FMV are permitted in connection with stock issued to employees or stock contributed to employee benefit plans.... [IRS Notice 2023-2 provides] initial guidance on a number of issues in anticipation of future proposed regulations."  MORE >>

Groom Law Group

[Guidance Overview]

SECURE 2.0: Student Loan Matches

"This article discusses an optional provision that is likely to be very popular with some employers -- the ability for employers to make matching contributions based on repayment of student loans ... It is effective for plan years after December 31, 2023. Since most plans are on calendar years, the provision is effective for them in 2024."  MORE >>

[Guidance Overview]

SECURE 2.0 Eliminates RMDs on Roth Plan Dollars in 2024

"Beginning in 2024, SECURE 2.0 eliminates the need to take RMDs on Roth plan dollars. This makes logical sense and brings Roth plan rules more in line with Roth IRA rules.... Historically, the only way for retirees to avoid RMDs on their Roth plan dollars was to roll over those funds to a Roth IRA. Beginning in 2024, thanks to SECURE 2.0, no longer will such a rollover be necessary to avoid unwanted RMDs on Roth plan dollars."  MORE >>

Slott Report

[Guidance Overview]

Special Financial Assistance Is Good News for Fund Participating Employers, But It's Not a Free Exit Pass

"What SFA does not do ... is make it any less expensive to exit these funds -- at least initially. While the Central States Pension Fund, for example, may have just gone from being 17% funded to roughly 78% funded, that is not going to equate to a similar immediate reduction in employer withdrawal liability. This is due to two new PBGC withdrawal liability rules for funds receiving SFA."  MORE >>


What's Next with the Evolution of State-Sponsored Retirement Plans?

"To address the ongoing retirement savings gap, all but three states have initiated or passed legislation to set up a state-sponsored retirement savings plan (SSRP) ... [W]hile early implementation efforts so far have been successful, a new report suggests there's room for improvement."  MORE >>

American Retirement Association [ARA]

Annuity Purchase Update, January 2023

"Average annuity purchase rates are up more than 250 basis points since January of 2022. In 2022, the annuity purchase cost of retiree placements made by October Three was consistently between 94%-105% of the pension accounting value with the average at 100.55%. Pension Risk Transfer Market activity exceeded expectations and was at an all time high in 2022. This activity is expected to spill into 2023[.]"  MORE >>

October Three Consulting

Key Actuarial Changes for Public Pension Plans in 2023

"The Actuarial Standards Board approved changes for public pension plans' investment portfolio risk assessments, disclosures of employer contributions and investment gain/loss analyses."  MORE >>

PLANSPONSOR; free registration may be required

Two States Account for a Third of America's Public-Sector Pension Crisis

"California's public-sector pensions have a staggering accounting hole of $274 billion ... Illinois public-sector pensions are in the hole to the sum of $210 billion  ... Illinois pension funds have only half the assets they need ... Only little Kentucky -- at 47% funded -- is in worse shape.... In total, the accounting holes in America's state and local pension funds jumped by nearly half last year to $1.45 trillion. The overall funding ratio fell from 84% to 77%. Meaning, in other words, that America's state and local politicians have committed to $1.29 in payouts for every $1 in plan assets."  MORE >>


PBGC Approves $96.1 Million in Supplemented SFA for Local 641 Plan

"[PBGC] has approved the supplemented application submitted to the Special Financial Assistance (SFA) Program by the Teamsters Local 641 Pension Plan. The plan, based in Union City, New Jersey, covers 3,610 participants in the transportation industry.... The Local 641 Plan will receive approximately $96.1 million in supplemented SFA, which is in addition to $516.9 million in SFA approved for the plan in March 2022 under the interim final rule."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

PBGC Approves $15.9 Million in Supplemented SFA for GCIU Local 119B Plan

"[PBGC] has approved the supplemented application submitted to the Special Financial Assistance (SFA) Program by the Printers League Graphic Communications International Union Local 119B New York Pension Plan. The plan, based in East Farmingdale, New York, covers 1,213 participants in the printing industry.... The GCIU Local 119B Plan will receive $15.9 million in supplemented SFA, which is in addition to $90.6 million in SFA approved for the plan in August 2022 under the interim final rule."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]

Executive Compensation and Nonqualified Plans

[Guidance Overview]

Upcoming Deadline icon Deadline is January 31 for Notices to Employees Who Purchased Stock in 2022 Through Stock Options or Employee Stock Purchase Plans

"The corporation could be liable for a penalty, of up to $290 per notice, for failure to file the required notice with the IRS by the due date, failure to include all required information on the notice, or failure to include correct information on the notice for ISOs or ESPPs."  MORE >>

Wyrick Robbins Yates & Ponton LLP

[Guidance Overview]

FTC's Proposed Ban on Noncompete Clauses May Have Far-Reaching Implications for Executive Compensation

[T]he proposal, if adopted in its current form, could have far-reaching impacts on the agreements and arrangements that companies enter into with their C-suite and other key executives, as well as on other aspects of executive compensation.... As part of the rulemaking process, the FTC has specifically solicited comments on whether "senior executives should be exempted from the rule, or subject to a rebuttable presumption rather than a ban' and/or whether 'low- and high-wage workers should be treated differently under the rule.' "  MORE >>

Morgan Lewis

Employee Benefits Jobs

View job as Associate General Counsel
            for Central Pension Fund of the IUOE

Associate General Counsel

Central Pension Fund of the IUOE

Washington DC

View job as Associate General Counsel for Central Pension Fund of the IUOE

View job as Attorney
            for Central Pension Fund of the IUOE


Central Pension Fund of the IUOE

Washington DC

View job as Attorney for Central Pension Fund of the IUOE

View job as Retirement Plan Administration Associate
            for Vestwell

Retirement Plan Administration Associate


Remote / New York NY

View job as Retirement Plan Administration Associate for Vestwell

Selected New Discussions

Cycle 3 Discretionary Match: When Is the First Notice Due?

"Plan adopted a Cycle 3 restatement in Dec 2021, effective Jan 1 2022. Is the first required discretionary match notice due for the 2022 plan year, or for 2023?"

BenefitsLink Message Boards

'20 Hour Exclusion' Rule and SECURE 2.0 LTPT Rule

"I assume the LTPT rules will override the 20 hour exclusion (for deferrals), thereby making the 20 hour provision even more difficult to administer than it already is? Anyone have any particular observations on this issue?"

BenefitsLink Message Boards

Press Releases

Care Anytime Is Helping Employers Provide Good Medical Benefits For Their Employees At A Low Cost

Care Anytime

Congruent Recognized as a Leading Provider in Everest Group's Retirement Technology Compendium 2022


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Cyber Security 101: What Plan Sponsors and Allocators Need to Know

January 19, 2023 WEBINAR

Hall Benefits Law

M&A Academy: Planning for the Plans: Executive Compensation and Employee Benefit Plans - 2023

January 24, 2023 WEBINAR

Morgan Lewis

The Benefits of Employee Benefits, Part 1: Attracting and Retaining Top Talent Through Benefit Plans

January 25, 2023 WEBINAR

Morgan Lewis

Managing Fiduciary Risk: Fact, Fiction, and What May Be Next

February 8, 2023 WEBINAR

Multnomah Group

SECURE 2.0: Reshaping the Retirement Landscape

February 14, 2023 WEBINAR


Here Comes SECURE 2.0: Déjà Vu All Over Again

February 16, 2023 WEBINAR

Worldwide Employee Benefits Network [WEB] - New York Chapter

Executive Compensation: Managing Risks and Rewards Across Borders

February 16, 2023 WEBINAR

PLI [Practising Law Institute]

Last Issue's Most Popular Items

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

Willkie Farr & Gallagher

DOL and PBGC Increase Civil Money Penalties for 2023

Thomson Reuters Practical Law

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

Jackson Lewis P.C.

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

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