logo logo

Retirement Plans Newsletter

February 17, 2023

2 New Job Opportunities 2 New Job Opportunities


[Guidance Overview]

IRS Announces Key Deadlines for Preapproved Defined Benefit Plans

"IRS Announcement 2023-6 gives employers using preapproved defined benefit (DB) plans until March 31, 2025, to adopt a newly approved document reflecting changes in qualification requirements included on the 2020 Cumulative List. This date marks the end of the third remedial amendment cycle for preapproved DB plans (extended from Jan. 31, 2025)."  MORE >>


[Guidance Overview]

SECURE 2.0 Opens the Door on Retirement Match Based on Student Loan Payments

"Prior to SECURE 2.0, IRS guidance allowed employers to make contributions to a section 401(k) plan on account of student loan payments, but participating employees had to opt out of the regular match and the contributions had to be treated as 'non-elective' contributions. This meant that the student loan benefit could not be offered under a safe harbor plan and employees receiving the student loan contribution had to be counted as zeroes for nondiscrimination testing of the regular 401(k) match.... SECURE 2.0 solves that problem by allowing qualified student loan payments to be treated like elective deferrals for purposes of a plan's matching contribution provisions."  MORE >>


District Court Vacates DOL's Fiduciary Rollover Advice Policy

"The key issue for the court was 'whether, under the text of ERISA and the 1975 Regulation, the future provision of advice pertaining to an IRA would fall within the definition of 'render[ing] investment advice' to an employee benefit plan.' The court found it did not." [American Securities Association v. DOL, No. 22-0330 (M.D. Fla. Feb. 13, 2023)]  MORE >>

October Three Consulting

DOL Backs Plaintiffs in Fiduciary Breach Appeal

"The [DOL] has weighed in on an excessive fee case on behalf of the participant-plaintiffs -- asserting that the district court made a bad call on the burden of proof. The case under appeal involves Home Depot, and ... allegations that the fiduciaries of the $9 billion plan had breached their fiduciary duties under ERISA[.]" [Pizarro v. Home Depot, Inc., No. 22-13643 (11th cir. amicus brief filed Feb. 10, 2023]]  MORE >>

American Retirement Association [ARA]

Caution: That 'Spam' Is Actually Superior DOL Customer Service

"It's the time of year for another email from Scott Albert, a spammy-sounding name that's actually a dedicated public servant at the [DOL]. Albert, [who is] Chief of the DOL's Division of Reporting Compliance, takes it upon himself to send 20,000-plus personal emails to Form 5500 contacts for certain 'stop-filer' plans to warn of common and potentially cumbersome mistakes. The emails target plans where a Form 5500 or 5500-SF was submitted in 2021 but not 2022."  MORE >>

American Retirement Association [ARA]

How to Get a 401(k) Match for Your Student Loan Payment

"An employee must be making qualified student loan payments due to higher education expenses. The employer must offer a qualifying retirement account and a student loan matching contribution program. Student loan matching contributions can be made to a 401(k), 403(b), SIMPLE IRA or 457(b) plan."  MORE >>

U.S. News & World Report


ESG Could Mire Already Strained 401(k) Plans

"152 million Americans, or two-thirds of the U.S. population, will see their retirement funds -- estimated to be valued at $10 trillion -- jeopardized by ESG considerations. The primary goal of retirement plans, much like general investment strategies, is to maximize return on investments -- not stray away from this intended goal. Adding stressors like ESG will threaten existing accounts with depreciating funds and create more unnecessary financial risk."  MORE >>


Benefits in General

Labor Secretary Walsh Departing to Lead NHL Player Union

"U.S. Secretary of Labor Marty Walsh is resigning his cabinet post to become the next executive director of the NHL Players’ Association, according to the NHL and Department of Labor. The announcements confirmed reports of his departure that surfaced last week."  MORE >>


Executive Compensation and Nonqualified Plans

What Are 'Double-Vest' RSUs and Why Are They Making Headlines?

"[T]he expiration date of older Double-Vest RSU awards is approaching at the same time that many companies may be confronted with less access to capital markets, coupled with pent-up desire for liquidity by employees. This alert ... describes the mechanics and applicable tax considerations underlying Double-Vest RSUs."  MORE >>

Goodwin Procter

Employee Benefits Jobs

View job as Defined Benefit Plan Consultant / Actuarial Analyst
            for Sentinel Benefits & Financial Group

Defined Benefit Plan Consultant / Actuarial Analyst

Sentinel Benefits & Financial Group

Remote / Wakefield MA / MI / NY / Hybrid

View job as Defined Benefit Plan Consultant / Actuarial Analyst for Sentinel Benefits & Financial Group

View job as Retirement Sales Consultant
            for Leading Retirement Solutions

Retirement Sales Consultant

Leading Retirement Solutions


View job as Retirement Sales Consultant for Leading Retirement Solutions

Selected New Discussions

HCE Definition / Multiple Plans / Different Plan Years

"I have a client who sponsors two plans, a calendar year 401(k) plan, and a profit-sharing plan with a November 30 plan year end (the latter is paired with a cash balance plan). Do I determine highly compensated employees for both plans with respect to the look back year that corresponds to their plan year? It just seems odd to have, perhaps, two different groups of highly compensated employees."

BenefitsLink Message Boards

Plan Was Never Set Up

"Back in 2020, CPA asked me to run a proposal for a DB plan. Did projections for 2020 and 2021, big numbers, provided consulting and also all the mandatory deadlines. Never heard again from the CPA and the prospective client. Last week I got a note from the CPA saying the client did not make any money in 2022, is $0 contribution ok? I went "huh???" Apparently, plan sponsor (one lifer) made deposits into an account (do not even know what kind as there is no plan document) for 2020 and 2021. So

  • No document
  • No valuation
  • No signed SB
  • No 5500 for 2020 and 2021 (EZ - easy fix)

Other than getting an ERISA attorney involved, has anyone dealt with a situation like this and if yes, what steps were taken?"

BenefitsLink Message Boards

Press Releases

Fraser Trebilcock Introduces ERISA Health and Welfare Plan Voluntary Audit Service

Fraser Trebilcock

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

What Public Retirement Systems Need to Know Now About Changes to Actuarial Standard of Practice No. 4


Nossaman LLP

The Rise of Climate-Friendly 401(k) Investment Options


401(k) Marketing

Secure 2.0 2023 Provisions

February 28, 2023 WEBINAR


Employee Benefit Issues When Making Workforce Reductions: Section 409A, 401(k) Plans, Health and Welfare Plans

April 12, 2023 WEBINAR


Last Issue's Most Popular Items

SECURE 2.0: Changes to the Minimum Required Distribution Rules

Foley & Lardner LLP

Special Rules for Special Plans: How SECURE 2.0 Impacts 403(b) Plans, MEPs and ESOPs

Cohen & Buckmann, P.C.

Correcting 'De Minimis' Plan Errors


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.