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Retirement Plans Newsletter

January 31, 2023

3 New Job Opportunities 3 New Job Opportunities


[Guidance Overview]

Congress' Attempt at Plan Administration Creates Overpayment Conflict

"Section 301 of [SECURE 2.0] addresses correction of plan overpayments and amends sections of both ERISA and the Code. These additions codify the IRS' established correction principles and create new requirements ... [P]lan administrators could find themselves in the position where they are both required to correct a plan overpayment to maintain plan qualification status under the Code, but are prohibited from correcting the same overpayment without breaching their fiduciary duties under ERISA."  MORE >>



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[Guidance Overview]

SECURE 2.0 Includes PBGC Premium Relief... for Some Plans

"SECURE 2.0 freezes the variable rate premium at $52 per $1,000 of unfunded vested benefits.... However, the rate freeze will have limited to no impact on employers that are already subject to the cap on variable rate premiums, which is currently equal to $652 per participant. This is because the cap is also indexed and SECURE 2.0 does not end indexing for the cap. "  MORE >>


[Guidance Overview]

PBGC Adds Withdrawal Liability Exception for SFA Plans

"The final rule adds a process for requesting from the PBGC an exception that applies in narrow circumstances, including for plans that use an alternative allocation method for determining withdrawal liability. The final rule took effect on January 26, 2023."  MORE >>


[Guidance Overview]

SECURE 2.0: Optional Treatment of Employer Contributions as Roth Contributions

"The SECURE Act 2.0 permits plan sponsors to give participants the option of receiving employer contributions on a Roth basis. This provision is effective on the date of enactment, December 29, 2022. However, the option may not be as attractive as it first appears, since the matching and nonelective contributions must be fully vested when made."  MORE >>

[Guidance Overview]

SECURE 2.0 Gives QLACs a Boost

"New legislation raises the amount you can transfer from your rollover IRA to a qualifying longevity annuity contract (QLAC), reducing RMDs and increasing guaranteed lifetime income."  MORE >>


The Fluor Court Sets a High Bar for Investment Imprudence Claims

"A complete and diligent fiduciary process can result in underperformance -- fiduciary prudence is judged, even at the motion to dismiss stage, based on process and not results. This is the second court to dismiss (without prejudice) the dubious Miller Shah investment imprudence claims that BlackRock LifePath target-date funds are a 'vastly inferior retirement solution.' " [Locascio v. Fluor Corp., No. 22-00154 (N.D. Tex. Jan. 18, 2023)]  MORE >>

Euclid Specialty Managers

Estimate of the Financial Effects on Social Security of the 'Social Security Enhancement and Protection Act of 2023' (PDF)

"We estimate that enactment of these provisions would extend the ability of the OASDI program to pay scheduled benefits in full and on time for an additional 24 years. That is, the date of projected depletion of the combined OASI and DI Trust Fund reserves would be moved from 2035 under current law to 2059 assuming enactment of the proposal, under the intermediate assumptions of the 2022 Trustees Report."  MORE >>

Office of the Chief Actuary, U.S. Social Security Administration [SSA]

Benefits in General

The DOL's 2023 Regulatory Agenda: New Rules for 401(k)s and Group Health Plans

"The agenda includes a variety of actions the DOL plans for the coming months, including: [1] A proposed rule updating the definition of 'fiduciary' ... [2] A request for comment on pooled employer plans ... [3] A request for comment on ways to improve the effectiveness of retirement plan disclosures required under ERISA ... [4] A proposed rule updating the Voluntary Fiduciary Correction Program ... [5] Continuation of efforts ... to improve Form 5500 ... [6] A final rule amending rules implementing the [MHPAEA] ... [7] A final rule that would revise the department's ... process for granting prohibited transaction exemptions."  MORE >>

Treasury & Risk; free registration required

Executive Compensation and Nonqualified Plans

Upcoming Deadline icon Certain Information Statements for ISOs and ESPPs Due by January 31

"For ISO exercises and ESPP transfers occurring in 2022, the Section 6039 employee information statement requirement is satisfied by providing Form 3921 (for ISOs) and Form 3922 (for ESPPs) to employees no later than January 31, 2023. The Section 6039 IRS return requirement is satisfied by providing the IRS with copies of the corresponding Forms 3921 and Forms 3922 by February 28, 2023 (for paper filings) and March 31, 2023 (for electronic filings)."  MORE >>

Snell & Wilmer L.L.P.

Employee Benefits Jobs

View job as Compliance Analyst
            for Pentegra

Compliance Analyst


Remote / West Harrison NY

View job as Compliance Analyst for Pentegra

View job as 401(k) Retirement Plan Administrator
            for Red Oak Retirement

401(k) Retirement Plan Administrator

Red Oak Retirement

Remote / Towson MD

View job as 401(k) Retirement Plan Administrator for Red Oak Retirement

View job as Senior Retirement Analyst
            for Dunbar, Bender & Zapf, Inc.

Senior Retirement Analyst

Dunbar, Bender & Zapf, Inc.

Remote / Pittsburgh PA

View job as Senior Retirement Analyst for Dunbar, Bender & Zapf, Inc.

Press Releases

OneDigital Announces Two Leadership Appointments for Growing Wealth Management Practice


Industry Legend Retires: Rich Hochman, J.D.


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRA Contributions and Tax Time

March 7, 2023 WEBINAR


DB Summit 2023: Reexamining the Potential for Defined Benefit Plans



International Employee Benefits Products

March 15, 2023 WEBINAR

Conference of Consulting Actuaries

Last Issue's Most Popular Items

SECURE 2.0 Timeline

Poyner Spruill LLP

SECURE 2.0 Brings Significant Changes for 403(b) Plans


Pension Defrost: Is It Time to Reopen DB Pension Plans -- or at Least Stop Closing and Freezing Them? (PDF)

J.P. Morgan Asset Management

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

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