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Retirement Plans Newsletter

February 6, 2023

6 New Job Opportunities 6 New Job Opportunities


[Official Guidance]

Text of IRS Operational Compliance List, for Provisions Effective in 2022

Updated Feb. 2023. "The Operational Compliance List is provided ... to help plan sponsors and practitioners achieve operational compliance by identifying changes in qualification requirements and Internal Revenue Code Section 403(b) requirements effective during a calendar year.

"Effective in 2022:

  • Use of an electronic medium to make participant elections and spousal consents (87 Fed. Reg. 80501)....
  • Guidance relating to certain required minimum distributions (RMDs) for 2021 and 2022 (Notice 2022-53)....
  • Extension of plan amendment deadlines relating to [CARES Act] Section 2202 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 Section 302 (Notice 2022-45)....
  • Extension of plan amendment deadlines relating to the [SECURE Act], Section 104 of the Bipartisan American Miners Act of 2019 (Miners Act), and Section 2203 of the CARES Act (Notice 2022-33)....
  • Extension of temporary relief from the physical presence requirement for spousal consents under qualified retirement plans (Notice 2022-27)....
  • Proposed regulations relating to certain multiple employer plans (MEPs) (87 Fed. Reg. 17225)....
  • Proposed regulations relating to RMDs (87 Fed. Reg. 15907)....
  • Guidance relating to special financial assistance from the [PBGC] to certain multiemployer defined benefit pension plans (Notice 2021-38)....
  • Special financial assistance program for financially troubled multiemployer plans (ARP Section 9704)....
  • Extension of temporary relief from the physical presence requirement for spousal consents under qualified retirement plans (Notice 2021-40)....
  • Final regulations relating to updated life expectancy and distribution period tables used for purposes of determining RMDs (85 Fed. Reg. 72472)."


Internal Revenue Service [IRS]

[Guidance Overview]

SECURE 2.0: DB Plans, Simple, IRA, 403(b)/457 Plans (PDF)

8-page chart summarizes SECURE 2.0 provisions and their effective dates.  MORE >>

Retirement Management Services, LLC

[Guidance Overview]

What Plan Administrators Need to Know Now About SECURE 2.0 (PDF)

"[This article] summarizes: [1] The provisions that became effective immediately, and [2] The changes in the coverage of long-term, part-time employees made by the Act to the original provisions created by the SECURE Act in 2019."  MORE >>

KLB Benefits Law Group

[Guidance Overview]

SECURE 2.0: Defined Contribution Plan and IRA Distributions Reconsidered

"As with the changes to the general RMD rules, the changes to the annuity rules are intended to increase the likelihood that individual retirement accounts will provide lifetime income (and thereby reduce the number of people who outlive their retirement savings). The reforms are comprehensive enough that they should make a difference in the availability and uptake of annuities as a distribution option[.]"  MORE >>

Cohen & Buckmann, P.C.

[Guidance Overview]

SECURE 2.0: Catch-Up Contributions for Higher Compensated Must Be Roth Contributions

"The SECURE Act 2.0 requires that catch-up contributions for higher compensated participants be treated as Roth deferrals. This provision is effective for tax years beginning after December 31, 2023 (that is, in 2024 for calendar year taxpayers). Unfortunately, due to a drafting error in the legislation, the provision in the Code that permits catch-up contributions is repealed beginning in 2024. But technical corrections legislation may correct that."  MORE >>

Themes for DC Plans to Consider for 2023

"[1] The future of tools and technology ... [2] More relatable organizations and equitable retirement systems ... [3] Minimizing risk in a litigious environment ... [4] Inflation and financial markets ... [5] Freeing staff resources."  MORE >>

American Retirement Association [ARA]

Changing Plan Recordkeepers Is a Fiduciary Decision: Considerations for Plan Sponsors

"[A] change in recordkeepers -- regardless of the motivating forces behind the move -- is one of those 'choices' that plan fiduciaries are expected under ERISA to evaluate as a prudent expert.... [P}lan fiduciaries can be expected to know: [1] How much your plan pays in fees. And to whom. And for what.... [2] What revenue-sharing is (and where it goes).... [3] How your investment menu might change."  MORE >>

Data 'Points'

Financial Services Committee Republicans Form ESG Working Group

"House Republicans will establish a working group to 'combat the threat to our capital markets posed by those on the far-left pushing environmental, social, and governance (ESG) proposals' ... [M]embers say it's 'committed to protecting the financial interests of everyday investors and ensuring American capital markets remain the envy of the world.' "  MORE >>

American Retirement Association [ARA]

Executive Compensation and Nonqualified Plans

Executive Benefit Planning for Privately Held Companies: Case Studies

"Studies indicate that more than 20% of the workforce owns stock in its employer through stock options, restricted stock plans, ESOPs, stock purchase plans, or in a 401(k) plan. However, for many privately-held companies these plans may not be practical because of the current ownership structure, governance issues, or the cost of regulatory requirements. Some form of phantom equity arrangement may be more effective in meeting the shareholders objectives[.]"  MORE >>

Executive Benefit Solutions

Employee Benefits Jobs

View job as Retirement Plan Administrator
            for Kentucky Trust Company

Retirement Plan Administrator

Kentucky Trust Company

Danville KY

View job as Retirement Plan Administrator for Kentucky Trust Company

View job as Retirement Plan Administrator
            for Farmer & Betts, Inc.

Retirement Plan Administrator

Farmer & Betts, Inc.

Remote / WA

View job as Retirement Plan Administrator for Farmer & Betts, Inc.

View job as Retirement Plan Administrator – Senior Associate
            for PBMares

Retirement Plan Administrator – Senior Associate


Norfolk VA / AZ / DC / FL / MD / NC / PA / TX

View job as Retirement Plan Administrator – Senior Associate for PBMares

View job as Sales Consultant
            for EPIC Retirement Plan Services

Sales Consultant

EPIC Retirement Plan Services

Remote / Norwich NY / KY / MA / ME / OH / PA / VT

View job as Sales Consultant for EPIC Retirement Plan Services

View job as Retirement Plan Consultant
            for EPIC: TPA/DPS

Retirement Plan Consultant


Remote / Norwich NY

View job as Retirement Plan Consultant for EPIC: TPA/DPS

View job as ESOP Consultant
            for FuturePlan, by Ascensus

ESOP Consultant

FuturePlan, by Ascensus


View job as ESOP Consultant for FuturePlan, by Ascensus

Selected New Discussions

Income Determination - Multiple Schedule C's

"Joe owns 3 LLC taxed as sole-props. Joe is over age 50. Joe never had any employees. Let's call them LLX, LLY and LLZ Joe has a DB (no minimum required contribution for 2022) and 401k/PS plan. Only LLX and LLY are the sponsoring/adopting employs. LLZ never adopted either plan. 2022 net schedule c income figures are given as follows (assume after adjusting for 1/2 se tax): LLX: -$20,000 LLY: $22,000 LLZ: $100,000 Because only LLX and LLY are part of the plans, only their income can be used and therefore total income that is available for 2022 is $2,000, am I correct? Because there is 401k deferral election in place for maximum deferral, $2,000 would be deposited into the 401/PS plan as part of 2022 deferrals. So, the $100,000 in LLX is all taxable. Ouch. How about the following? Start a 3rd plan i.e. a new profit sharing plan and put in $20,000 (I know, 3 plans to deal with) and merge the new plan into the old 401k/PS plan in 2023? This would be option 1 which is my favorite. However.... Let's push it further (based on a previous conversation we all had), start a new 401k/PS plan effective 12/29/2022 with PYE 12/31/2022 and full year limitation year (LLZ has been around since 2020). Now we can put away $20,000 of PS and $25,000 ($2,000 was deferred in the old plan) of 401k for 2022. What are the flaws you can detect here?"

BenefitsLink Message Boards

Actuarial Equivalance

"Defined Benefit plan. Actuarial Assumptions for all purposes (not just lump sums) : mortality rates = applicable mortality table. interest rates = applicable segment rates. The stability period is the calendar year. Normal retirement age = 65 and NRD = 9/1/2015 Participant's actual retirement age = 73 with a commencement date of 3/1/2023 Benefits were frozen before the participant reached age 65. The plan states that benefits are actuarially increased with interest and mortality from normal retirement date to date of actual retirement. Assuming the life annuity at age 65 is $1,000 per month, what is the monthly amount beginning at 3/1/23? I have seen at least 3 methods -- based on the 2015 rates, based on 2023 rates. or based on a different rate for mortality and interest for each year. As an aside, how would you determine the lump sum at age73? Do you start with the first five years or year 9? Of course these rates should match the rates used for any optional form."

BenefitsLink Message Boards

Press Releases

MP Supports Definiti’s Next Chapter of Growth with New Majority Investment

Lovell Minnick Partners [LMP]

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Compensation and Benefits Legislative and Regulatory Update

March 14, 2023 WEBINAR

Southeast Benefits Education Network [SBEN]

PSCA National: What's Your Game Plan?

May 3, 2023 in FL

PSCA [Plan Sponsor Council of America]

Last Issue's Most Popular Items

SECURE 2.0: Significant Changes for Employer-Sponsored Retirement Plans Start Now (PDF)


Catch-Up Contributions: If It Ain’t Broke, Break It!


Fiduciary Responsibilities for Non-ERISA Retirement Plans


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

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