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Retirement Plans Newsletter

January 19, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

Exceptional Usefulness and Quality icon User's Guide to SECURE 2.0 (PDF)

36 pages. "[T]his guide provides a high-level summary of SECURE 2.0 provisions grouped topically ... including separate treatment of provisions specific to DC and DB plans. The six tables in this guide describe statutory changes and their effective dates, identify whether the changes are mandatory or optional for employers, and provide initial observations, including implementation challenges for which agency guidance would be helpful."  MORE >>



Advanced Pension Conference on January 24-26, 2023

Don’t delay! Join us next Tuesday 1/24 at the APC for a deep dive into SECURE 2.0 and its impacts. ERISA experts will provide a substantive analysis and a discussion of the practical implementations. 15 CE credits. See agenda and register here.

Sponsored by FIS Retirement Education

[Guidance Overview]

SECURE 2.0 Reforms Family Attribution Rules

"One change addresses the unequal treatment of spouses with separate businesses residing in a community property state compared to spouses with separate businesses residing in a separate property state.... The second update modifies the rules regarding the attribution of stock between parents with separate and unrelated business and their minor children."  MORE >>

Schneider Downs

[Guidance Overview]

SECURE 2.0 Changes Specific to Plans of Tax-Exempt Organizations

"457 RMD amendment deadline extended.... 403(b) changes: [1] MEPs and PEPs ... [2] Collective Investment Trusts.... [3] Hardship withdrawals.... [4] Long term part-time employees."  MORE >>

Murphy Austin

[Guidance Overview]

401(k) Plan Catch Up Contributions After SECURE 2.0

"Starting in 2025, participants who are age 60 to 63 will be able to make up to $10,000 in catch-up contributions, or, if greater, an amount that is 50% more than the regular catch-up limit.... Beginning in 2024, all catch-up contributions must be made as Roth contributions, unless the participant's compensation is $145,000 or less."  MORE >>

KLB Benefits Law Group

[Guidance Overview]

SECURE 2.0: Good News for Sponsors of Pension Plans

"Effective for plan years beginning on and after January 1, 2024, SECURE 2.0 caps the variable rate premium paid by Pension Plan sponsors to the [PBGC] at $52 per $1,000 or 5.2% of a Pension Plan's unfunded, vested benefit liability. SECURE 2.0 does not change the flat rate premium also paid by Pension Plan sponsors and charged on a per participant basis."  MORE >>

Jackson Lewis P.C.

Plan Sponsor Disclosures Will Get a Closer Look Under SECURE 2.0

"Congress has tasked federal regulators with studying the disclosure and reporting requirements for plan sponsors and recommending ways to simply, consolidate or standardize the disclosure landscape.... [L]eaders at the [DOL], Treasury Department and [PBGC] were directed to issue a report to Congress within three years on possible avenues to streamline the plan sponsor disclosure landscape."  MORE >>

Pensions & Investments

DOL Independent Contractor Rule Threatened by 20% Adviser Quit Rate

"An FSI survey shows independent advisers would retire before being classified as employee as the DOL mulls tens of thousands of comments on a proposed rule change."  MORE >>


Americans Score Low on Longevity Literacy

"[O[ver one-half of Americans do not have a basic understanding of how long people tend to live in retirement -- possibly one of the most significant factors to avoiding longevity risk and outliving retirement savings.... 81% of [those who understand longevity] have saved for retirement while working, compared to 57% of those with poor longevity literacy."  MORE >>

401(k) Specialist

Missouri Bill Would Modify Duties of Public Employee Retirement System Fiduciaries

"[SB 436] provides that an investment fiduciary [shall] discharge his or her duties in the interests of the participants in a public employee retirement system and their beneficiaries exclusively to [1] provide financial benefits and [2] pay reasonable expenses for administering the system."  MORE >>

National Tax-Deferred Savings Association [NTSA]

Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Notice GA-2023-01, for Victims of Severe Storms, Straight-Line Winds, and Tornadoes in Georgia

"Victims of severe storms, straight-line winds, and tornadoes beginning January 12, 2023, now have until May 15, 2023, to file various individual and business tax returns and make tax payments ... [I]ndividuals and households affected by severe storms, straight-line winds, and tornadoes that reside or have a business in Butts, Henry, Jasper, Meriwether, Newton, Spalding, and Troup counties qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Employee Benefits Jobs

View job as Defined Benefit Calculation Specialist/Actuary
            for The Angell Pension Group, Inc.

Defined Benefit Calculation Specialist/Actuary

The Angell Pension Group, Inc.

Remote / East Providence RI

View job as Defined Benefit Calculation Specialist/Actuary for The Angell Pension Group, Inc.

View job as Plan Document Specialist
            for Benetrends, Inc.

Plan Document Specialist

Benetrends, Inc.

Remote / Lansdale PA

View job as Plan Document Specialist for Benetrends, Inc.

Selected New Discussions

New Form W-4P and Flat Dollar/Percentage Withholding

"In the past many retirees have used the old W-4P (or home-grown substitute forms) to elect a flat dollar amount, or flat percentage of withholding on their periodic benefit payments. The new Form W-4P allows them to elect an additional withholding, but does not appear to allow the flat dollar or percentage approach. (As an aside, the new W-4P has been very confusing to the retiree population.) Questions:

  1. Can an administrator continue to allow participants to modify the W-4P and elect a flat percentage or dollar amount for withholding? I saw an update from Empower suggesting that the flat percentage or dollar approach was not acceptable even with the older W-4P forms and that if participants don't file a new W-4P then they will be converted to the default of single with no adjustments.
  2. What is the potential penalty if an administrator insists on allowing a flat dollar or percentage withholding?"

BenefitsLink Message Boards

HCE and/or Ownership Determination

"31% owner of company, retired in 2017. After 2017 the ownership is now in the name of a 'dynasty trust/owner's name' and that trust has 37.04% ownership in the company. Owner's daughter (age 54) comes to work for the company in 2023 as CEO. Is she considered to be highly compensated and/or key due to attribution? (Her compensation is under the HCE comp limits.)"

BenefitsLink Message Boards

SECURE 2.0: Looking for Source That Incorporates All Changes in a Single, Updated Document

"Very confusing, as you all know, to follow 'insert comma after x, add the following text after y, delete the words z and b' etc., etc. Do you know of a source where all this has been done, and there is final updated text of all the updated provisions?"

BenefitsLink Message Boards

Press Releases

iJoin Introduces Game-Changing Fee Management Functionality for 401(k) Managed Accounts


New Research Examines the Influence of Employee Belonging on Wellbeing, Quiet Quitting, and Employee Engagement

LifeSpeak Inc.

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Breaking Down Secure Act 2.0


CAPTRUST Financial Advisors

The Future of Work and its Impacts on Employee Benefits

January 25, 2023 WEBINAR

ERIC [ERISA Industry Committee]

SECURE 2.0 and IRAs

January 25, 2023 WEBINAR

Groom Law Group

SECURE Act 2.0: Groundbreaking Retirement Plan Legislation

January 26, 2023 WEBINAR

Morgan Lewis

M&A Academy: How Labor, Employment, and Benefits Specialists Can Best Add Value to Your Deal - 2023

January 31, 2023 WEBINAR

Morgan Lewis

SECURE 2.0 for 401(k) Plans and Forthcoming Deadlines

February 1, 2023 WEBINAR

Groom Law Group

2023 Legislative Update

February 2, 2023 WEBINAR


Priorities of the DOL Assistant Secretary for EBSA

February 14, 2023 WEBINAR

American Bar Association Joint Committee on Employee Benefits [JCEB]

Last Issue's Most Popular Items

SECURE 2.0: Student Loan Matches

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

Internal Revenue Service [IRS]

SECURE 2.0 Eliminates RMDs on Roth Plan Dollars in 2024

Slott Report

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

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