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Retirement Plans Newsletter

March 21, 2023

5 New Job Opportunities 5 New Job Opportunities


[Guidance Overview]

SECURE 2.0: What Comes Next?

"We have now had a couple of months to review and digest SECURE 2.0 (and its roughly 90 provisions impacting retirement plans). If plan sponsors haven't done so already, it is time to roll up their sleeves and put a triage list together on these law changes. [Here] are some suggestions on where to start."  MORE >>

Holland & Hart LLP

[Guidance Overview]

SECURE 2.0: Auto-Portability (PDF)

"SECURE 2.0 created a new prohibited transaction exemption covering the receipt of fees and compensation by an automatic portability service provider in connection with automatic portability transactions. Conditions of the exemption include the provision of certain disclosures and notifications and certain other requirements."  MORE >>

Stradley Ronon, via Employee Benefit Plan Review

[Guidance Overview]

SECURE 2.0: Tax Credits for Administrative and Contribution Costs for New Plans for Small Employers

"The SECURE Act 2.0 provides significant tax credits for startup plan costs -- for both administration and contribution costs. The credits are fully available for employers with 50 or fewer employees and partially available up to 100 employees. This provision is effective now, that is, it is effective for tax years beginning after December 31, 2022 (in 2023 for calendar year taxpayers)."  MORE >>

[Guidance Overview]

SECURE Act 2.0 Brings New and Improved Self-Correction Opportunities

"Any 'eligible inadvertent failure' that was not egregious and does not involve the diversion or misuse of plan assets or an abusive tax avoidance transaction can now be self-corrected. Since the 'eligible inadvertent failure' definition is very broad and is not limited to particular types of failures like operational errors or plan document errors, many errors that were previously ineligible for self-correction may no longer have to go through the Voluntary Correction Program (VCP)."  MORE >>

Belfint Lyons Shuman

Massachusetts District Court Denies Three Motions to Dismiss in Cases Very Similar to the Complaints in CommonSpirit and Oshkosh

"The plan fiduciaries in all three cases had asserted that the complaints must be dismissed because they fail to meet the high plausibility pleading standard articulated by recent appellate court decisions in Smith v. CommonSpirit (Sixth Circuit), Albert v. Oshkosh (Seventh Circuit), and Matousek v. MidAmerican (Eighth Circuit), but the Massachusetts District Court found curious ways to distinguish these cases in allowing all three excess fee complaints to proceed." [Brown v. The Mitre Corp., No. 22-10976 (D. Mass. Mar. 6, 2023); Norton v. Mass General Brigham Inc., No. 22-10045 (D. Mass. Mar. 15, 2023); Monteiro v. The Children's Hospital Corp., No. 22-10069 (D. Mass. Mar. 15, 2023)]  MORE >>

Euclid Specialty Managers

What's the State of Retirement Preparedness in America? (PDF)

"Post-Pandemic and amid continued volatility, Americans' preparedness has declined to yellow, with Millennials seeing the greatest decline. The study also reveals over half (52%) of those surveyed are not on target and face modest to significant adjustments to their planned retirement lifestyle if they don't take action to make up the shortfall, up from 46%."  MORE >>


Leading Disruptors of the Retirement Industry by 2030

"An aging workforce, Generation Z, the growing demand for personalized investment advice, and financial wellness are top of mind for [plan sponsors and financial professionals] ... [P]ersonalized investment portfolios and managed account services will be common offerings within defined contribution plans by 2030.... [T]here will be a shift from improving the enrollment process for employees to improving the retirement process, which can include services such as advice, retirement planning, and creating retirement income."  MORE >>

Principal Financial Group

Investors Nearing Retirement Show Patience with Markets

"Despite last year's upheaval, many investors are sticking with long-term plans and tightening their budgets instead of moving money out of stocks and bonds."  MORE >>


Managing a 403(b) Over Time

"Take the time to periodically review and readjust your 403(b) and think ahead about future decisions and challenges.... [T]ime-sensitive 403(b) touchpoints can be referred to as the ten Rs: Record-keeping, Returns, Rebalancing, Rollovers, Reweighting, Retirement, Required beginning date (RBD), Required minimum distributions (RMDs), Risk tolerance, and Relationships."  MORE >>



The Effects of Biden's Veto on Retirement Investments

"The 2020 regulation departed from the historic requirement that plans must not compromise investment returns for purposes unrelated to providing plan benefits. Instead, it required plans to forgo financial-maximizing investments in order to comply with political hostility to ESG.... The Biden veto keeps in effect the 2022 regulation, which does not favor or disfavor ESG factors. Rather, it reinforces the traditional legal principle governing plan investments -- plans cannot prioritize anything other than retirement income and financial benefits under the plan."  MORE >>

Dana Muir, via University of Michigan News

Benefits in General

[Guidance Overview]

Non-English Language Assistance Requirements Under ERISA and the ACA

"This article discusses the ERISA and ACA requirements for non-English language assistance, including the threshold that the non-English-speaking employee population must reach in order to trigger those requirements. It concludes with the case for offering language assistance as a best practice even when the employer doesn't have enough non-English-speaking employees to make the assistance mandatory."  MORE >>

KLB Benefits Law Group, via Bloomberg Law

The 'Great Return': Getting Your Employees Back to the Office

"Balancing the needs of remote, hybrid and onsite workers has left many employers feeling overwhelmed. Many companies continue to grapple with making the workplace attractive and keeping employees connected when so many are working remotely. [B]enefits and wellbeing have proved invaluable in supporting employee needs regardless of work style."  MORE >>

Willis Towers Watson

Executive Compensation and Nonqualified Plans

[Guidance Overview]

Nasdaq and NYSE Propose Rules Regarding Recovery of Incentive-Based Executive Compensation Awarded in Error

"The new proposed listing standards have remained analogous to the standards released by the [SEC]... Companies should take time now to review these proposed rules, which may remain at or near their current versions, and their existing clawback policies since compliance will be required within 60 days following final approval of the new Nasdaq and NYSE rules."  MORE >>


Tax Returns and Nonqualified Deferred Comp: Issues to Be Aware Of

"Distributions from NQDC plans, as well as salary income, are now reported as part of income on Line 1a of Form 1040.... The IRS has still not finalized the Section 409A rules on W-2 reporting. Therefore, your company does not need to indicate deferred income from an NQDC plan on your Form W-2, though it may do so voluntarily in Box 14.... If your plan violates Section 409A and you need to pay a penalty and interest, you report that on Schedule 2 of your IRS Form 1040 tax return"  MORE >>

409A Issues in Executive Compensation Contracts and Employment Agreements (PDF)

"[T]he difficulty with 409A is its overly broad definition of what constitutes a nonqualified deferred compensation plan.... The article provides a summary of the more common 409A issues that arise when drafting and negotiating executive compensation contracts and employment agreements."  MORE >>

Manatt, Phelps & Phillips, LLP

Employee Benefits Jobs

View job as DC Plan Administrator
            for Plan Design Consultants, Inc.

DC Plan Administrator

Plan Design Consultants, Inc.


View job as DC Plan Administrator for Plan Design Consultants, Inc.

View job as Client Service Specialist
            for EPIC Retirement Plan Services

Client Service Specialist

EPIC Retirement Plan Services


View job as Client Service Specialist for EPIC Retirement Plan Services

View job as Lead Compliance Analyst - Retirement Plans
            for Ameritas

Lead Compliance Analyst - Retirement Plans



View job as Lead Compliance Analyst - Retirement Plans for Ameritas

View job as Senior Retirement Plan Document Specialist
            for Empower

Senior Retirement Plan Document Specialist



View job as Senior Retirement Plan Document Specialist for Empower

View job as Employee Benefits Attorney
            for Best Best & Krieger, LLP

Employee Benefits Attorney

Best Best & Krieger, LLP


View job as Employee Benefits Attorney for Best Best & Krieger, LLP

Press Releases

Many Americans Think Finding an In-Network Psychiatrist Is More Grueling Than Filing Taxes


ReKlame Health Certified as a Minority-Owned Business Enterprise in New York State


Shawn Chowdhury Joins Barclay Damon

Barclay Damon

Strive Announces 401(k) Offering for Small and Medium-Sized Businesses


Webcasts and Conferences
(Retirement Plans / Executive Compensation)

Understanding Fiduciary Responsibility: DC Retirement Plan Operations

March 29, 2023 WEBINAR

Multnomah Group

Last Issue's Most Popular Items

President Biden Vetoes Congressional Resolution That Would Have Blocked DOL ESG Rule

Executive Office of the President

SECURE 2.0 Needs Technical Corrections


SECURE 2.0 Act: How the New Retirement Bill Affects You

American Century Investment Services, Inc.

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

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