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Retirement Plans Newsletter

February 8, 2023

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[Official Guidance]

Text of IRS Ann. 2023-6: Third Six-Year Remedial Amendment Cycle for Pre-Approved Defined Benefit Plans: Issuance of Opinion Letters, Plan Adoption Deadline, and Opening of Determination Letter Program (PDF)

"[IRS[ intends to issue opinion letters for pre-approved defined benefit plans that were updated for changes in plan qualification requirements listed in Notice 2020-14 (the 2020 Cumulative List) and that were filed with the IRS during the third six-year remedial amendment cycle under the remedial amendment cycle system for pre-approved plans established under Rev. Proc. 2016-37... The IRS expects to issue the letters on February 28, 2023, or, in some cases, as soon as possible thereafter.

"An employer intending to maintain a pre-approved plan for the third six-year remedial amendment cycle for defined benefit plans must adopt a newly approved plan on or before March 31, 2025. During the period beginning April 1, 2023, and ending March 31, 2025, the IRS will accept an application for an individual determination letter from an adopting employer eligible to submit a determination letter request under the third six-year remedial amendment cycle for defined benefit pre-approved plans."  MORE >>

Internal Revenue Service [IRS]


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[Guidance Overview]

SECURE 2.0 Brings Changes and Opportunities to Plan Correction

"Automatic enrollment deferral failure safe harbor -- now made permanent.... Inadvertent overpayment recovery may be avoided.... Expansion of self-correction of failures."  MORE >>

KLB Benefits Law Group

[Guidance Overview]

New RMD Rules to Live By

"SECURE 2.0 [1] reduces the IRS penalty tax when a participant fails to take an RMD, or takes too little, from 50 percent of the amount not taken to 25 percent.... [2] immediately eliminates the penalty on partial annuitization with RMDs.... [3] limits the period the IRS may impose penalty taxes on the above mentioned RMD failures.... [4] provides equal RMD treatment for Roth IRAs and designated Roth 401(k) accounts."  MORE >>

Retirement Learning Center, LLC

CRS 'In Focus': An Overview of the Pension Benefit Guaranty Corporation

"In FY2022, PBGC insured approximately 25,000 DB pension plans covering about 33 million people. PBGC operates two distinct insurance programs: one for single- employer plans and a second for multiemployer plans. PBGC maintains separate reserve funds for each program, and funds from the reserve of one program may not be used for the other program." [IF10492 Feb. 7, 2023]  MORE >>

Congressional Research Service [CRS]

CRS Report: Pension Benefit Guaranty Corporation, A Primer

30 pages. "At the end of FY2022, 963,097 participants were receiving monthly benefits in the single-employer program, and 5,031 single-employer pension plans were trusteed or pending trusteeship. PBGC paid $7.1 billion in benefits to participants in the single-employer program in FY2022. In the multiemployer program, 115 plans received $217 million in financial assistance in FY2022.... At the end of FY2022, PBGC had a total surplus of $37.7 billion, which consisted of a $36.6 billion surplus from the single-employer program and a $1.1 billion surplus from the multiemployer program."  MORE >>

Congressional Research Service [CRS]

Wade Pfau Leaves Full-Time Role in Academia

"For most of the past decade, Pfau has served as the American College's professor of retirement income and also served as director of the school's Retirement Income Certified Professional (RICP) program."  MORE >>

HW Media LLC


American Benefits Council Letter to EBSA: Immediate Guidance Needs Under SECURE 2.0

"The American Benefits Council is writing to identify ... the most important, time-sensitive issues with respect to which DOL guidance is needed as soon as possible.... [1] Group of plans reporting ... [2] Recovery of retirement plan overpayments ... [3] Reasonable good faith compliance standard."  MORE >>

American Benefits Council


American Benefits Council Letter to Treasury Immediate Guidance Needs Under SECURE 2.0

14 pages. "[1] Increase in RMD age ... [2] Roth employer matching or nonelective contributions ... [3] Expanding automatic enrollment ... [4] Catch-up contributions required to be Roth ... [5] Enhancement of start-up credit ... [6] QLAC reforms ... [7] SEP and SIMPLE Roth IRAs ... [8] Cash balance plan projections ... [9] Recovery of retirement plan overpayments ... [10] Self-correction of inadvertent plan and IRA failures ... [11] Eliminating the incentive not to partially annuitize ... [12] Expansion of IRA charitable distribution rule ... [13] Exception to 10% additional tax for terminally ill individuals."  MORE >>

American Benefits Council

Executive Compensation and Nonqualified Plans

[Guidance Overview]

Reimagining Benefits for a World Without Noncompetes

"[N]oncompetes have often been used to mitigate potential Section 280G excise taxes and deduction losses that would otherwise apply to change-in-control payments and benefits. The proposed rule would eliminate this strategy.... [E]ven if an employer relies on a noncompete condition alone, without requiring continued employment, to defer the taxation on some Section 83 property, that property will become immediately taxable if the proposed rule takes effect in its current form."  MORE >>

Jackson Lewis P.C.

Employee Benefits Jobs

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Selected New Discussions

SHNEC Contribution and ACP Testing

"If a plan makes a 3% SHNEC contribution, but also make a match of 50% up to 5% is ACP testing required? Does the SHNEC cover both ADP/ACP?"

BenefitsLink Message Boards

SECURE 2.0 New Plan Credit for Small Employers: Clarification Needed

"Prior to SECURE 2.0 there was the 3-year credit of 50% of plan admin costs up to $5,000 for small employers. I understand now that credit rate is 100%. PLUS there is now a new credit of 100% or an employer contribution up to $1000 per employee (phased down after year 2.) So a small employer starting a new plan gets both credits? That seems to be what I am reading. Is it really that good?"

BenefitsLink Message Boards

RMD Withholding Form W-4R or W-4P

"For qualified plans, the tax withholding certificate for non-periodic payments and eligible rollover contributions is Form W-4R. For non-periodic payments, if no withholding election is made, the default withholding is 10%. For periodic payments made in regular installments over a period of more than one year, to elect withholding Form W-4P must be used. For RMDs they are clearly not eligible rollover contributions and are arguably not non-periodic payments but rather are typically regular payments that must be made to the participant for a period of more than a year. Thus, it's my view that if a participant wants tax withholding on an RMD that the Form W-4P rather than Form W-4R must be used. In fact, Form W-4R should have nothing to do with RMDs because if it did, then if no withholding election is made the Form W-4R mandates 10% withholding which should never apply to RMDs. Any comments?"

BenefitsLink Message Boards

Press Releases

Employee Fiduciary Hires Brian Furgala as Director of 401(k) Education

Employee Fiduciary, LLC

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

IRA Transfers and Rollovers

March 23, 2023 WEBINAR


ERISA Benefit Plan Investment Management Agreements: Selecting 3(38) Investment Managers, Structuring the IMA

April 26, 2023 WEBINAR


Last Issue's Most Popular Items

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

Jackson Lewis P.C.

Roth IRA Conversions Explained


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

Davis & Gilbert LLP, via Employee Relations Law Journal

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

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