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Retirement Plans Newsletter

February 7, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

SECURE 2.0: Now It's Easier Than Ever to Clean Up Those Nasty Little Messes

"Most sponsors prefer to self-correct because the VCP filing can be time-consuming and costly ... Three provisions in [SECURE 2.0] provide employers with some relief for fixing retirement plan mistakes. [1] Expansion of EPCRS: eligible inadvertent failures.... [2] Retroactive amendments increasing benefits.... [3] Safe harbor corrections for employee elective deferral failures."  MORE >>

Jackson Lewis P.C.

Plan Fee Litigation: The Tide May Be Turning in Favor of Plan Fiduciaries (PDF)

"Recent federal court decisions suggest ... that courts are becoming more skeptical of claims against plan fiduciaries. These new cases apply a more common sense analysis of plaintiff claims and offer hope that the tide of cases resulting in fiduciary liability may be receding."  MORE >>

Davis & Gilbert LLP, via Employee Relations Law Journal

Half of All States Sue DOL Over ESG Rule, Foreshadowing Challenges to the SEC's ESG Agenda

"[T]wenty-five states, plus a publicly traded energy company with a subsidiary that is a fiduciary and trustee under ERISA, a trade association for the oil and gas industry, and a participant in an ERISA plan sued the [DOL] ... in connection with DOL's recent ESG rulemaking.... The suit ... alleges that the Rule conflicts with ERISA ... because it 'contravenes ERISA's clear command that fiduciaries act with the sole motive of promoting…financial interests' by permitting reference to ESG considerations." [Utah v. Walsh, No. 223-00016, (N.D. Tex. complaint filed Jan. 26, 2023)]  MORE >>

Katten Muchin Rosenman LLP

EBSA Secretary Defends ESG Rule as Legislative, Litigation Battles Continue

"[Lisa Gomez, DOL's Assistant Secretary for EBSA,] explained that this rule is 'not a per se requirement' to use ESG and clarifies that ESG factors may be considered as part of a fiduciary's ordinary risk-return analysis. She also explained that this new rule does not allow fiduciaries to sacrifice the financial health of a plan to pursue other goals ... Gomez dubbed the rule 'a return to neutrality.' "  MORE >>

Chief Investment Officer [CIO]

Roth IRA Conversions Explained

"This article will [1] Describe the steps to a backdoor Roth and explain how it can be used as an estate planning tool. [2] Explain why a Roth conversion might make sense if you think your tax rate may be higher in retirement. [3] Flag potential downsides if you plan for relocate, donate to charity, and leave a legacy to your heirs."  MORE >>


U.S. Pension Briefing, January 2023

"Discount rates fell during the month of January, with the FTSE Pension Liability Index down about 0.33%. Equity markets were up 7-8% for the month showing a strong start to the year. Liabilities increased with falling discount rates but were offset with strong returns. Funded status was likely little changed for many plans and improved for those that have a significant weighting towards equities."  MORE >>


U.S. Pension Finance Watch, January 2023 (PDF)

"The WTW Pension Index decreased in January 2023. This month's change was a result of an increase in liabilities due to a decrease in discount rates which was partially offset by strong investment returns. As a result, the January 31, 2023 index level of 100.0 reflects a decrease of 1.3% for the month."  MORE >>

Willis Towers Watson

2023 Enrolled Actuary Program Booklet: Basic (EA-1) Examination, Pension EA-2 (Segments L and F) Examinations (PDF)

35 pages. "The EA-1 examination ... covers the mathematics of compound interest and practical financial analysis and the mathematics of life contingencies and practical demographic analysis. The pension (EA-2) examination consists of two segments: The EA-2 (Segment L) law examination ... covers relevant pension laws ... as they affect pension actuarial practice.... The EA-2 (Segment F) examination ... covers the selection of actuarial assumptions and calculation of minimum required and maximum tax-deductible contributions under current pension law, along with the related actuarial mathematics." [Issued Jan. 2023 for May 2023 and Nov. 2023 exams. Rev. Jan. 24, 2023]  MORE >>

Joint Board for the Enrollment of Actuaries [JBEA]; American Society of Pension Professionals & Actuaries [ASPPA]; Society of Actuaries

Benefits in General

How the PEO and Staffing Worlds Can Use Employee Benefits Complexity to Enhance Their Value Proposition

"There is actually a way to approach employee benefits complexities as a net-positive solution instead of a compliance chore. As we head into 2023, you can create some interesting enhancements to your value proposition and separate your organization from the pack by implementing a few simple changes."  MORE >>

Fisher Phillips

Employee Benefits Jobs

View job as Legal Director
            for Pension Rights Center

Legal Director

Pension Rights Center


View job as Legal Director for Pension Rights Center

View job as Retirement Plan Consultant
            for SetAway, LLC

Retirement Plan Consultant

SetAway, LLC

Remote / Bedford NH

View job as Retirement Plan Consultant for SetAway, LLC

Selected New Discussions

Attribution/Controlled Group Clarification

"A husband and wife own 100% of company A, which sponsors a profit sharing plan. Their adult daughter and her husband own 100% of company B which has absolutely no transactions or involvement with A. All 4 people are only employed by their own companies. Would the attribution rules cause employees of B to be covered in A's plan in such a situation? Would the answer be different if the daughter and son-in-law owned only a small percentage of B? When a person has any ownership in business that sponsors a plan, it appears to be standard practice when requesting end-of-year info to also ask if their spouse has an ownership interest in any other company in order to determine CG situations (and ASG situations if service organizations are involved). Is there a need to also ask whether the owner's children (as well as the owner's parents) own a part of any company so a similar determination can be made?"

BenefitsLink Message Boards

Press Releases

Corona to Lead Sales & Strategic Partnerships


OneDigital Bolsters Florida’s Wealth Management Presence With the Addition of Florida Pension Group


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ESG and Retirement Plans: On the March or Imminent Retreat?

February 15, 2023 WEBINAR

Miller Johnson

Preventing Tax-Return Mistakes With Stock Comp & Stock Sales

February 15, 2023 WEBINAR

New Secure 2.0: Key Changes to Retirement Plans

February 28, 2023 WEBINAR

New England Employee Benefits Council [NEEBC]

2023 PLANSPONSOR National Conference

June 21, 2023 in FL


Last Issue's Most Popular Items

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

Internal Revenue Service [IRS]

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

Retirement Management Services, LLC

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

KLB Benefits Law Group

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

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