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Retirement Plans Newsletter

January 20, 2023

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of EBSA PTE 2023-02: Exemption for Certain Prohibited Transaction Restrictions Involving Citigroup, Inc.

"This document contains a notice of an exemption issued by the [DOL] extending the exemptive relief provided by PTE 2017-05 for an additional four (4) years. This exemption provides that certain entities with specified relationships to Citigroup ... will not be precluded from relying on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14 [the QPAM Exemption], notwithstanding the Conviction during the Exemption Period."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

[Guidance Overview]

SECURE 2.0: New Contribution Options

"Available now: Option to designate certain employer contributions as Roth contributions ... If a plan allows this option, the employer Roth contributions must be fully vested.... Starting in 2024: [1] Student loan payments as eligible for employer matching contributions ... [2] Emergency savings accounts."  MORE >>

Sherman Howard

[Guidance Overview]

Unpacking SECURE 2.0 Provisions for Defined Benefit Plans

"While the bill's most significant provisions aim to greatly expand access to retirement programs to those who currently lack it, there are a number of provisions that affect current defined benefit (DB) sponsors and participants -- including corrections, streamlining of current rules, and expansion of measures seeking to protect and inform participants."  MORE >>


Colorado SecureSavings Now Open for Employer Registration

"The Colorado Department of the Treasury on Jan. 18 announced that the Colorado SecureSavings Program is open for businesses to register with it. The Centennial State's state-sponsored retirement savings program ... is intended to provide retirement plan coverage for the up to one million private-sector employees in Colorado who lack access to one through their employers."  MORE >>

National Tax-Deferred Savings Association [NTSA]

Passive Mutual Funds Rising, But Won't Overtake Actives Due to DC Plan 'Stronghold'

"Passive mutual funds' popularity is growing among investors, but defined contribution retirement plans will help actively managed funds maintain their dominance over the next five years[.]"  MORE >>


Practice Note: Modeling -- for Pension Actuaries (PDF)

43 pages, rev. Jan. 2023. "The purpose of this practice note is to provide background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling, as well as to help with the evolution of ideas in this area."  MORE >>

Pension Committee, American Academy of Actuaries

Pension Funded Status at a 10-Year High

"The increases in interest rates throughout 2022 improved pensions' funded status and provided attractive yields for sponsors wanting to de-risk by increasing their allocation to fixed-income assets, ... MetLife Investment Management (MIM) ... estimates that, as of November 7, 2022, the average U.S. corporate pension's funded status was at 106.3 percent -- the highest in 10 years. The quarter-end average was 104.7 percent, which is 4 percentage points above the end of the second quarter."  MORE >>

Treasury & Risk; free registration required


U.S. Chamber of Commerce Comment Letter to EBSA on Proposed Amendment and Restatement of the Voluntary Fiduciary Correction Program (PDF)

"Instead of imposing a flat dollar amount, there are numerous limits that could broaden which plan sponsors may be able to use the [self-correction component (SCC)] while still protecting participants.... There also is a question of what the applicable correction period is.... The required reporting may discourage plan sponsors from using the SCC or they may correct the delinquent contributions and loan payments but not report it."  MORE >>

U.S. Chamber of Commerce

Benefits in General

[Official Guidance]

Text of IRS Disaster Relief Notice AL-2023-01, for Victims of January 12 Severe Storms, Straight-Line Winds, and Tornadoes in Alabama

"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 Autauga and Dallas counties qualify for tax relief."  MORE >>

Internal Revenue Service [IRS]

Employee Benefits Jobs

View job as Relationship Manager
            for Compass Retirement Consulting Group, Inc.

Relationship Manager

Compass Retirement Consulting Group, Inc.

Remote / NH

View job as Relationship Manager for Compass Retirement Consulting Group, Inc.

View job as Retirement Plan Specialist
            for Definiti

Retirement Plan Specialist



View job as Retirement Plan Specialist for Definiti

View job as Pension Analyst
            for Security Mutual Life Insurance Company of New York

Pension Analyst

Security Mutual Life Insurance Company of New York


View job as Pension Analyst for Security Mutual Life Insurance Company of New York

Press Releases

Trucker Huss Director Appointed to Board of Bar Association of San Francisco Justice & Diversity Center

Trucker Huss

Defined Contribution Institutional Investment Association Retirement Research Center Announces Leadership Transition

Defined Contribution Institutional Investment Association [DCIIA]

Ubiquity Retirement + SavingsĀ® Announces Partnership with DriveWealth

Ubiquity Retirement + Savings

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRAs: Establishing and Amending

February 7, 2023 WEBINAR


Roth IRAs: What You Need to Know

February 16, 2023 WEBINAR


Last Issue's Most Popular Items

User's Guide to SECURE 2.0 (PDF)


SECURE 2.0 Reforms Family Attribution Rules

Schneider Downs

SECURE 2.0 Changes Specific to Plans of Tax-Exempt Organizations

Murphy Austin

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

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