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Retirement Plans Newsletter

March 8, 2023

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

Text of PBGC SFA Application Guidance for Non-Priority Group Plans

"On Friday, March 10, 2023, the priority group application period as specified in the Special Financial Assistance (SFA) regulation will end, and on Saturday, March 11, 2023, the application period begins for all SFA-eligible plans.... [T]he e-Filing portal will be closed temporarily beginning at 12:00 AM Eastern Standard Time (EST) on Saturday, March 11, 2023, to SFA applications (including supplemented applications). Beginning at 9:00 AM Eastern Daylight Time (EDT) on Monday, March 13, 2023, PBGC will begin to accept requests to be placed on a waiting list for plans seeking to apply for SFA."  MORE >>

Pension Benefit Guaranty Corporation [PBGC]


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[Official Guidance]

Proposed Revision of ASOP No. 27: Selection of Assumptions for Measuring Pension Obligations (Exposure Draft)

"Throughout the past few revisions, the ASB has adopted identical language in ASOP Nos. 27 and 35 where practical and improved the similarity of layout and structure to simplify the overall guidance. The final step in this simplification is to combine the two current pension assumption ASOP Nos. 27 and 35 into one. When the proposed revision to ASOP No. 27 is adopted as the single assumption standard for pensions, ASOP No. 35 will be repealed. The ASB generally attempted to avoid changing the current guidance in both ASOPs except when the two standards took different approaches to the assumption selection framework."  MORE >>

Actuarial Standards Board

[Guidance Overview]

IRS Issues Relief for Incorrect RMD Statements

"[Notice 2023-23 provides that] the IRS will not consider an RMD statement provided to an IRA owner who will attain age 72 in 2023 to have been provided incorrectly if the IRA owner is notified by the IRA provider no later than April 28, 2023, that no RMD is actually required for 2023. The notice further states that when Form 5498 is filed for IRA owners who were born in 1951, Box 11 should not be checked."  MORE >>

Convergent Retirement Plan Solutions, LLC

[Guidance Overview]

Exceptional Usefulness and Quality icon Nerding Out on SECURE 2.0: Long-Term Part-Time Employees, and 403(b) Plans

"Questions have arisen as to whether the LTPT rules will override a class exclusion in a 403(b) for employees working fewer than 20 hours and/or student employees.... Unless the DOL revises its views on 'completely voluntary,' it appears that 403(b) plans subject to automatic enrollment in 2025 will not be able to qualify for the safe harbor ERISA exemption for deferral-only plans.... [T]his would have incredibly far-reaching implications in relation to how current non-ERISA plans operate."  MORE >>

Ferenczy Benefits Law Center

[Guidance Overview]

SECURE 2.0 Glitches and Unanswered Questions

"Considering that it made 92 new IRA and retirement plan changes and is 357 pages long, it's not surprising that the new SECURE 2.0 law has several unintended drafting errors and lots of unresolved questions. The drafting errors will have to be fixed, either by Congress in 'technical corrections' legislation or by the IRS."  MORE >>

Slott Report

[Guidance Overview]

Traditional and Roth IRA Changes Under SECURE 2.0

Chart lists and describes SECURE 2.0 changes, organized by effective date.  MORE >>

Groom Law Group

[Guidance Overview]

Proposed Regs on Plan Forfeiture Accounts: Helpful Guidance and a Great Reminder to Plan Sponsors

"For defined contribution plans, the regulations provide welcome clarity on what forfeitures can be used for and the date by which forfeitures must be used.... [T]hey provide a helpful transition rule and ... serve as a reminder that forfeiture accounts must be used promptly to avoid an operational failure that will place the plan's tax-qualified status at risk."  MORE >>

Verrill Dana LLP

Reducing PBGC Premiums in 2023: The Significance of the Standard/Alternative Method Election

"[T]his year, for many plans, the amount of PBGC premiums the plan will owe will depend more on whether the plan is able to use the standard (spot-rate) method, rather than the alternative (24-month average) method, to value PBGC 'unfunded vested benefit' liabilities.... This [article's] analysis is for sponsors of DB plans that [1] are not fully funded and [2] are not at the PBGC variable-rate premium headcount cap."  MORE >>

October Three Consulting

The Importance of Plan Governance and Implementing Proper Fiduciary Protocols

"A good plan governance framework can help keep the retirement plan compliant with all relevant laws and regulations.... A solid governance framework also leads to improved decision-making by establishing an investment policy statement (IPS) that outlines the plan's investment goals, objectives, and strategies.... [S]trong policies and procedures can increase participant confidence in the plan."  MORE >>


Defined Contribution Plan Participants' Activities, 2022 (PDF)

"In 2022, 4.1 percent of DC plan participants took withdrawals, compared with 4.1 percent in 2021, 3.8 percent in 2020 (as the COVID-19 pandemic hit the United States), 3.9 percent in 2019, and 3.1 percent in 2009 ... Levels of hardship withdrawal activity edged up a bit in 2022, though still low in absolute terms.... Only 2.5 percent of DC plan participants stopped contributing in 2022, compared with 2.2 percent in 2021, 2.3 percent in 2020, 2.3 percent in 2019, and 3.4 percent in 2009."  MORE >>

Investment Company Institute [ICI]

Benefits in General

[Guidance Overview]

IRS Provides an 'Electric Shock' by Lowering Mandatory Electronic Filing Threshold

"Many plan sponsors, employers, and other filers not currently subject to mandatory electronic filing will be ensnared by the new regulations and be required to file returns electronically. The new aggregation rules, coupled with the dramatically lower 10-return threshold, will make it difficult for most filers to avoid mandatory electronic filing of many returns."  MORE >>

Groom Law Group

Executive Compensation and Nonqualified Plans

2023 Compensation Committee Handbook (PDF)

130 pages. "This year's handbook reflects important updates, including on the SEC's new clawback rules, the new pay-versus-performance proxy disclosure requirements, changes in proxy advisory firm policies and the continued focus on environmental, social and governance considerations in structuring compensation arrangements."  MORE >>


Employee Benefits Jobs

View job as Defined Benefit/Defined Contribution Administrator
            for Heritage Pension Advisors, Inc.

Defined Benefit/Defined Contribution Administrator

Heritage Pension Advisors, Inc.

Commack NY / Hybrid

View job as Defined Benefit/Defined Contribution Administrator for Heritage Pension Advisors, Inc.

View job as Corporate Paralegal
            for Vestwell

Corporate Paralegal


Remote / New York NY

View job as Corporate Paralegal for Vestwell

View job as Sales Consultant - Retirement Plans
            for CBIZ - Retirement & Investment

Sales Consultant - Retirement Plans

CBIZ - Retirement & Investment

CA / CO / MO / TN / Hybrid

View job as Sales Consultant - Retirement Plans for CBIZ - Retirement & Investment

View job as Sr. DB Plan Administrator
            for Nyhart, part of FuturePlan by Ascensus

Sr. DB Plan Administrator

Nyhart, part of FuturePlan by Ascensus


View job as Sr. DB Plan Administrator for Nyhart, part of FuturePlan by Ascensus

Selected New Discussions

Deadline for Correction of Attributable Match?

"Are ATM corrections subject to the 3/15 deadline? (for 1/1 plans)"

BenefitsLink Message Boards

Calculating Amount Available for Second Loan

"A client want's to take a second loan. I looked at the IRS' explanation and it is not how I have been calculating 2nd loans. In the end I have been more strict (it appears). Am I wrong? ...

IRS Example: Jim’s vested account balance is $80,000. He borrowed $27,000 eight months ago and still owes $18,000 on that loan. ...  Maximum second loan if amount still owed on first loan: Jim’s current loan balance is $18,000. This amount plus the new loan cannot exceed the lesser of:

  1. $50,000 – ($27,000 - $18,000) = $41,000, or
  2. $80,000 x 1/2 = $40,000

Jim’s total permissible balance is $40,000, of which $18,000 is an existing loan balance. This leaves a new maximum permissible loan amount of $22,000 ($40,000 - $18,000).

I always said that you take the vested balance to find the maximum loan amount for the 1st loan. If a 2nd loan is requested regardless of whether the 1st is paid off or not, this is how you calculate the maximum allowed: First, determine what the maximum loan amount can be right now Next, If the participant has an existing loan (or had a loan in the past 12 months), look to see what the highest balance of that loan was and subtract it from what the participant's could borrow now had s/he never had a loan THAT is what they can borrow. Using the IRS' example I would say that Jim could only borrow $13,000 ($40,000 maximum allowable less highest outstanding balance in the past 12 months or $27,000..... 40,000 - 27,000 = 13,000), not $22,000 It's a big difference. The IRS' example is more beneficial. Have I been wrong all these years?"

Centers for Medicare & Medicaid Services [CMS], U.S. Department of Health and Human Services [HHS]

Press Releases

HBL Adds Renowned Los Angeles ERISA Attorney to Of Counsel Ranks

Hall Benefits Law

Cleary Gottlieb’s Leading Executive Compensation, Employee Benefits, and ERISA Practice Continues to Expand

Cleary Gottlieb Steen & Hamilton LLP

ForUsAll Partners with CoinDesk Indices to Increase Retirement Savings Among Younger Workers


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0: Part 2

March 28, 2023 WEBINAR


IRA Institute

May 8, 2023 in FL


Last Issue's Most Popular Items

Text of IRS Notice 2023-23: Relief for Reporting Required Minimum Distributions for IRAs for 2023 (PDF)

Internal Revenue Service [IRS]

DOL Finalizes Significant Form 5500 Changes for 2023 Year

Groom Law Group

SECURE 2.0 FAQs for Employers

Qualified Plan Advisors [QPA]

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

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