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Retirement Plans Newsletter

March 1, 2023

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Draft of IRS Form 8915-F: Qualified Disaster Retirement Plan Distributions and Repayment (PDF)

Rev. Jan. 2023. "Form 8915-F replaces Form 8915-E for 2021 and later years. Form 8915-E was used for coronavirus-related and other 2020 disaster distributions. Also use Form 8915-F for 2021 and later disaster distributions. Qualified disaster recovery distributions are qualified disaster distributions."  MORE >>

Internal Revenue Service [IRS]

[Guidance Overview]

Treasury Proposes Rule on Retirement Plan Forfeitures

"The proposal clarifies that forfeited DB amounts may not be used to offset employer contributions.... The proposal makes clear that a money purchase plan.... is treated the same as other types of DC plans with respect to forfeitures ... DC plans will have to eliminate any forfeitures within 12 months of the last day of the plan year in which the forfeiture occurs."  MORE >>


[Guidance Overview]

DOL Reopens Comment Period for Voluntary Fiduciary Correction Program Changes

"One of the key changes in the DOL's proposed amendments would allow plan fiduciaries to self-correct late-deposited participant contributions or loan repayments by filing a notice of correction with the DOL, in lieu of filing a full VFCP application, when the 'lost earnings' due to the plan are $1,000 or less."  MORE >>

Groom Law Group

[Guidance Overview]

SECURE 2.0 Provisions Allow Greater Access to Retirement Money

"SECURE 2.0 authorizes many ways a plan can allow participants access to their retirement savings for other reasons. The repayment features are meant to avoid retirement savings leakage that could otherwise occur if the amounts could not be repaid to the plan. It remains to be seen if amounts that can be repaid are repaid in practice. Of course, these provisions are all optional, making the decision whether to include them in the discretion of the sponsoring employer as a matter of plan design."  MORE >>

Murphy Austin

[Guidance Overview]

Small Business 401(k) Tax Credits: SECURE 2.0 Updates

"There are now three distinct tax credits for plan fees or contributions paid by small businesses. [This article provides] a summary of each tax credit  ... [along with] a few examples to demonstrate the scope of the tax credits."  MORE >>

Employee Fiduciary


2023 CCA Enrolled Actuaries Conference | Virtual

Choose from 39 sessions covering topics in single-employer, multiemployer, public, and small plans and other topics relevant to pension professionals. Earn up to 18.5 EA credits, which includes 2.0 EA Ethics credits & 1.5 credits toward bias topics.

Sponsored by Conference of Consulting Actuaries [CCA]

Multiemployer Plans Receiving SFA Program Assets Face Critical Investment Choices

"Being conservative is an understandable instinct, given current market uncertainty, but this may be detrimental to long-term solvency of the plan -- the very thing that the SFA program was designed to protect.... While many options exist, a plan-specific, holistic approach that combines multiple investment strategies is most likely to generate optimal outcomes. This paper provides a guide to plan sponsors as they seek to make the most effective use of their SFA program capital."  MORE >>

Cambridge Associates

CPA Dismay Over Form 5500 Changes May Be Misplaced

"[C]ertain provisions of SECURE 2.0 will likely increase plan participation levels over the next few years and result in more plans that are of the size that must file as 'large plans' and accompany their Form 5500 with an audit report. Below, we explain the change to the audit requirement, and briefly cover the SECURE 2.0 provisions that may be coming to the rescue."  MORE >>

E is for ERISA

FAS87 ASC715 Discount Rates and Moody's Rates, February 28, 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

Benefits in General

President Biden Nominates Julie Su for Secretary of the Department of Labor

"Julie Su ... currently serves as the Deputy Secretary of Labor, a position she has held since her July 2021 Senate confirmation. As Deputy Secretary, Su has worked side by side with Secretary Walsh to advance President Biden’s vision of a strong, resilient, inclusive economy with worker well-being at its center."  MORE >>

Executive Office of the President

Employee Benefits Jobs

View job as 401(k) Retirement Plan Account Manager
            for Kushner & Company

401(k) Retirement Plan Account Manager

Kushner & Company

Remote / Portage MI

View job as 401(k) Retirement Plan Account Manager for Kushner & Company

View job as Pension Plan Administrator
            for DeMars Pension Consulting Services, Inc.

Pension Plan Administrator

DeMars Pension Consulting Services, Inc.

Overland Park KS / Hybrid

View job as Pension Plan Administrator for DeMars Pension Consulting Services, Inc.

View job as Senior Retirement Plan Administrator
            for Prime Pensions

Senior Retirement Plan Administrator

Prime Pensions

Florham Park NJ

View job as Senior Retirement Plan Administrator for Prime Pensions

Selected New Discussions

Funding Calculation for DB Plan with Life Insurance

"DB plan with whole life insurance. Calendar plan Insurance contract/effective May 2022 and with 30k annual premium, no other illustration was provided. In December found out that premium payments were being made monthly 2.5k/month so during calendar 2022, 8 payments were made for a total of 20k, all from the corporation. I have always used premiums paid only during the plan year but now the agent is pushing me to use 4 additional payments made/to be made in 2023 so that the total of 30k is applied to 2022. I understand that they are contributions to be discounted to val date but my concern is the valuation of the CV as of the val date -- EOY val. I have the 12/31/2022 CV from the insurance company and did the RP 2005-25 calculation. No issue if I was using what was paid in 2022 only. How do you incorporate the payments made in 2023 to 12/31/2022 val date and determine what the 12/31/2022 CV would be under RP 2005-25? As they are planning to make the minimum required contribution, a proper determination of all assets is imperative."

BenefitsLink Message Boards

Refund Due to Participant Election Error?

"We have a participant who intended to make a salary deferral election effective January 2023, but submitted it too soon so it was implemented effective December 2022. They asked us TODAY to refund it. I can't find any legal justification for refunding it to them -- it was a valid, although premature election; they did not exceed any IRS limits and they have no distributable events. They are under 59 1/2. Is there a loophole I am missing?"

BenefitsLink Message Boards

Press Releases

The Wagner Law Group Grows its Chicago Office With the Addition of Attorney Lee T. Polk

The Wagner Law Group P.C.

Nationwide Retirement Solutions Continues to Provide Stellar Service to Retirement Plan Participants


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Are You Ready For the 401(k) of The Future?

March 16, 2023 in CA

Western Pension & Benefits Council

Anticipating SECURE 2.0 Changes

March 22, 2023 WEBINAR

CAPTRUST Financial Advisors

The End of the Federal COVID-19 Emergency Declarations: What This Means for Employee Benefit Plans and Participants, and Other COVID-Related Benefit Considerations

March 30, 2023 WEBINAR

American Bar Association Joint Committee on Employee Benefits [JCEB]

Safe Harbor Plans

April 13, 2023 WEBINAR


2023 DOL Fiduciary Rule Developments: Recent Cases, Five-Part Test, Rollover Advice, Next Steps for Advisers

April 19, 2023 WEBINAR


Last Issue's Most Popular Items

IRS Proposes Rules on Permitted Uses of Forfeitures in Qualified Retirement Plans

Thomson Reuters Practical Law

Departments Finalize Revisions to 2023 Form 5500 and Instructions to Reflect SECURE Act Changes

Thomson Reuters Practical Law

PBGC Proposes Interest Rate Assumptions for Determining Employer Withdrawal Liability

International Foundation of Employee Benefit Plans [IFEBP]

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

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