logo logo

Retirement Plans Newsletter

February 1, 2023

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

SECURE 2.0's New QDRO Rules: The Mainstreaming of the QLAC?

"[Section 202(b) of SECURE 2.0] instructs Treasury to amend its QLAC rules, which are obscurely found under Required Minimum Distribution applicable to DC plans which purchase annuities (Reg 1.401(a)(9)-6).... Where there is a QLAC in a plan, this means that a wide swath of professionals of all sorts may need to be involved in sorting through this issue in resolving a domestic relations matter."  MORE >>

Business of Benefits


Industry Legend Rich Hochman, J.D. Retires

It is with mixed emotions that ASC announces the retirement of industry expert and icon Richard Hochman, J.D. “We were very fortunate to have Rich as part of our ASC Team for six years,” says Alan Gould, President of ASC. Read More

Sponsored by ASC

[Guidance Overview]

SECURE 2.0 Glitch-Fixing: How 2024 Catch-Up Contributions Could Be Restored

"If [technical correction by legislation] is the preferred resolution, it likely needs to hitch a ride on another bipartisan bill moving through Congress this year.... [A]nother solution could be specific guidance on the issue from the IRS. What's not clear ... is whether the IRS actually has the regulatory authority to interpret the statutory language in a relief ruling to reflect what was intended, rather than what was drafted."  MORE >>

401(k) Specialist

[Guidance Overview]

SECURE Act 2.0 Provides Additional Tools for Plan Corrections

"SECURE 2.0 will [expand the self-correction program (SCP) by] [1] permitting SCP for any 'eligible inadvertent failure', which is one that occurs despite the existence of practices and procedures that are reasonably designed to promote and facilitate compliance with Tax Code requirements; [2] removing any specific deadline for self-correcting failures, no longer distinguishing between those that might be significant or insignificant; [3] expanding the ability to correct while under an IRS examination; and [4] providing greater opportunities to self-correct plan loan failures."  MORE >>

Qualified Plan Advisors [QPA]

[Guidance Overview]

DOL Revamps ESG Guidance: What Does This Mean for Plan Sponsors?

"The new final regulations do not require that a fiduciary change investment decisions -- or how a fiduciary makes its investment decisions. Look at ESG as simply one more potential financial factor to consider in assessing an investment.... The framework used by the DOL is anchored in fundamental fiduciary principles ... The new final regulations are issued in response to the current focus on ESG -- but are applicable to other, new investment practices and theories that may emerge."  MORE >>


Retirement Plan Early Withdrawals: Tax Court Addresses Requirements to Avoid a Penalty

"Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal.... Fortunately, there are several ways that the penalty tax (but not the regular income tax) can be avoided.... As the taxpayer in one new court case found, if you don't meet the requirements, you'll be forced to pay the penalty.' [Lucas v. Comm"r, No. 2808-20 (T.C. Memo 2023-9 Jan. 17, 2023)]  MORE >>

Legacy Professionals LLP

2023 Tax Planning: Numbers All Employees Should Know

"[A]ll employees should know [these numbers, which] relate to compensation from work: paycheck withholding, the potential need for estimated taxes, and your retirement savings. [1] The Social Security wage base ... [2] Your income-tax bracket and withholding ... [3] Your contribution limit for qualified retirement plans."  MORE >>

Despite the Potential Benefits, the Roth 401(k) Remains Underutilized

"A common misconception among plan sponsors is that a Roth offering requires a completely different investment vehicle. The feature is simply an added contribution option ... When considering the addition of a Roth 401(k) option, it is important for plan sponsors to check with service providers to determine whether payroll may be set up properly to add a separate deduction for the participant."  MORE >>


Retirement Plans for Workers in Private Industry and State and Local Government in 2022

"Sixty-nine percent of private industry workers had access to employer-provided retirement plans in March 2022. Fifty-two percent of private industry workers chose to participate in a retirement plan, for a take-up rate of 75 percent.... Among state and local government workers, 92 percent had access to a retirement plan and 82 percent chose to participate, for a take-up rate of 90 percent."  MORE >>

U.S. Bureau of Labor Statistics [BLS]

FAS87 ASC715 Discount Rates and Moody's Rates, January 31, 2023

An unofficial monthly report of the Moody"s Daily Long-term Corporate Bond Yield Averages and Moody"s Daily Treasury Yield Averages (used as benchmarks by some corporate pension plans).  MORE >>

BenefitsLink Message Boards

Employee Benefits Jobs

View job as Retirement Plan Documents Specialist
            for Loren D. Stark Company

Retirement Plan Documents Specialist

Loren D. Stark Company


View job as Retirement Plan Documents Specialist for Loren D. Stark Company

View job as Retirement Plan Administrator (TPA)
            for Retirement Plan Consultants

Retirement Plan Administrator (TPA)

Retirement Plan Consultants


View job as Retirement Plan Administrator (TPA) for Retirement Plan Consultants

View job as Welfare Plan Counsel
            for Littler Mendelson P.C.

Welfare Plan Counsel

Littler Mendelson P.C.


View job as Retirement Plan Onboarding Coordinator
            for The Finway Group

Retirement Plan Onboarding Coordinator

The Finway Group

Remote / West Des Moines IA

View job as Retirement Plan Onboarding Coordinator for The Finway Group

View job as Regional Sales Director
            for Ameritas

Regional Sales Director


Remote / MN / ND / SD / WI

View job as Regional Sales Director for Ameritas

Selected New Discussions

Successor Plan and Adoption vs. Effective Date

"Er terminates plan 12/31/21. All assets distributed by 3/31/22 Company wants to start new plan as of 4/1/23 for 401(k).

  • Question 1: is there an issue with adopting it prior to 4/1/23 (ie within 12 months of distribution of assets in prior plan, even though plan won't be effective until after 12 months)

Alternatively Company wants to adopt the plan after 3/31/23, but make PS effective 1/1/23

  • Question 2: Being adopted after 12 months, then calculating back to 1/1 - does that violate the successor plan rule?"

BenefitsLink Message Boards

On Demand Pay Arrangements & Plan Compensation

"How are TPAs handling on-demand/early-access pay with regard to plan compensation? Is it treated like a traditional payday loan where the employer isn't involved and ignored for plan purposes? Or counted as compensation when the employee has constructive receipt? I want to think it's ignored, but when the program itself is an employer benefit, it feels a little different somehow."

BenefitsLink Message Boards

Press Releases

Milliman Wins Three Benefits Communication Graphic Design Awards for National Client Campaigns


Morningstar Investment Management and PAi's ESG Pooled Employer Plan Goes Live

Morningstar, Inc.

Pentegra Named One of New York's Best and Brightest Companies to Work For


The SPARK Institute Elects New Governing Board

SPARK Institute

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

PTE 2020-02 Update

February 16, 2023 WEBINAR


IRA Required Minimum Distributions

March 9, 2023 WEBINAR


Last Issue's Most Popular Items

Congress' Attempt at Plan Administration Creates Overpayment Conflict


SECURE 2.0: Optional Treatment of Employer Contributions as Roth Contributions

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

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

Unsubscribe  |   Change Email Address

Search Past Issues   |   Privacy Policy

Submit an Article   |   Contact Us   |   Advertise Here

Copyright 2023, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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

Links to web sites other than and are offered as a service to our readers. We are not involved in their production and are not responsible for their content.