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Retirement Plans Newsletter

March 22, 2023

4 New Job Opportunities 4 New Job Opportunities


[Official Guidance]

Text of DOL Announcement Reopening Comment Period on Proposed Amendments to PTE 84-14 (the QPAM Exemption)

"The public comment period for the proposed amendment to the class exemption published on July 27, 2022 ... will reopen on the date of publication of this notice [scheduled for Mar. 23, 2023] and close on April 6, 2023."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]


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[Guidance Overview]

SECURE 2.0: Changes to Plan Corrections Guidance

"New self-correction for eligible inadvertent failures ...Permanent safe harbor for automatic deferral failures...Clear guidance regarding decisions not to recoup overpayments."  MORE >>

Haynes and Boone, LLP

[Guidance Overview]

No Ifs, Ands, or Buts: All ROBS Plans Must File a Form 5500

"A narrow exception to the Form 5500 filing requirement is for a plan that only covers a company owner (or an owner and the owner's spouse) and that has less than a certain amount of plan assets.... While it may seem possible for a ROBS plan to meet both of these conditions, in fact, the ownership condition for the exception cannot be met by any ROBS plan ... Because the ROBS owner owns the company indirectly, through their plan account, they can never be the only owner of the company sponsoring the plan."  MORE >>

KLB Benefits Law Group

Church Plan ERISA Charges Dismissed, But Plan Administrators Newport, Symetra Still on the Hook

"The African Methodist Episcopal Church retirement plan and third-party administrators had federal ERISA charges from a class action retirement complaint dismissed by a Tennessee federal judge's ruling, but they still face state charges.... The lawsuit alleged claims under Tennessee law and 'in the alternative,' claims under [ERISA], against the denomination, church officials, the third-party service providers to the plan and others[.]" [In re: AME Church Employee Retirement Fund Litigation, No. 22-3035 (W.D. Tenn. Mar. 17, 2023)]  MORE >>

PLANSPONSOR; free registration may be required

Second Circuit: Former Employees' Pension Plan Interpretation Is 'Unambiguously Correct' and Entitles Them to Greater Benefits

"[T]he court rejected Colgate’s alternative reading of the plan language as unreasonable.... The Second Circuit agreed with the district court that Colgate was required to use the PBGC rate as the discount rate to calculate the actuarial equivalent of the lump sum payment expressed as an annuity, not because that interest rate was required under the Internal Revenue Code, but because it was required under the plan itself." [McCutcheon v. Colgate-Palmolive Co., No. 20-3225 (2d Cir. Mar. 13, 2023)]   MORE >>

Kantor & Kantor LLC


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401(k) Plan Sponsor and Participant Behavior Amid Inflation and Market Volatility (PDF)

"Participants with 100% invested in a target date product were 15 times less likely to exchange than those with 0% invested in a target date product during Q4 2022. Participants who take multiple loans per year have a deferral rate that is lower by an average of 2.3 percentage points than those who do not take multiple loans. Participants who are near retirement and have not taken a hardship withdrawal have an average of three times more in savings than their counterparts who have taken a hardship withdrawal."  MORE >>

T. Rowe Price

Survive and Advance: The Current State of Corporate DB Plans

"The combination of strong returns from equities in 2021 and rising discount rates in 2022 pushed the aggregate funded ratio to 99% as of December 31, 2022, up from 97.4% as of December 2021, and 89.2% as of December 2020. The increase in funded ratio in 2022 was driven largely by higher discount rates as plan assets declined 25% while liabilities were down 27%."  MORE >>


Defined Benefits Plans: Underfunded Plans (PDF)

17 pages."This chapter will provide an overview of the most common purposes for which the funding level of a single-employer PBGC-covered pension plan is determined, how assets and liabilities are determined for each of these purposes, what the key consequences are if a plan is underfunded for one or more of these purposes, what the key consequences are if the employer has failed to satisfy the minimum funding requirements for the plan, and what the key options are for dealing with unaffordable contributions." [Chapter 9 of Bloomberg Law Guide to Retirement Plan Designs]  MORE >>

The Wagner Law Group and OctoberThree, via Bloomberg Law

SEC Balances Competing Interests in Finalizing Cybersecurity Rule

"If approved as written, the cybersecurity rule would require broker/dealers, clearing agencies, national securities associations, national securities exchanges and transfer agents to maintain policies which identify and address their cybersecurity risks.... They must also inform the SEC of a significant cyber incident within 48 hours of becoming aware of it and make updates to that disclosure if the disclosed facts become materially inaccurate."  MORE >>

PLANSPONSOR; free registration may be required

Equal Pay and Retirement Savings

"Women live almost three years longer than men, so they need to plan for additional years of retirement savings.... 30 percent of working women are in part-time employment, compared to 19 percent of men -- so they may not be eligible to participate in a retirement plan offered through their employment.... Here are some steps to help you start saving for retirement."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

Matching Preferences and Access: Sustainable Investing in 401(k) Plans

"In late 2022, the [DOL] issued guidance that for the first time explicitly states that fiduciaries do not violate their duty of loyalty by considering participant preferences when making investment-related decisions. This Article ... evaluates the research on participant preferences for sustainable investments ... [and] provides a framework that fiduciaries can use to assess and consider those preferences while at the same time fulfilling their duties of loyalty and prudence."  MORE >>

Dana M. Muir, via SSRN

Benefits in General

Workplace Benefits Forecast for 2026: Employee Financial Well-Being (PDF)

"[This poll] predicts by the end of 2026: ... [1] Retirement plan coverage among employers with fewer than 100 employees will have equaled coverage among employers of 100 or more employees. [2] Flexible benefits and total rewards programs will have grown in popularity ... [3] Financial well-being benefits, such as mortgage or rent assistance, credit improvement, and student loan repayment programs, will be offered by more than 50% of employers.... [4] More than two-thirds of employers will offer high-deductible health plans (HDHP) and health savings accounts (HSA)."  MORE >>


Employee Benefits Jobs

View job as Retirement Plan Sales Consultant
            for Primark Benefits

Retirement Plan Sales Consultant

Primark Benefits

Remote / San Mateo CA

View job as Retirement Plan Sales Consultant for Primark Benefits

View job as Economist
            for Employee Benefits Security Administration [EBSA]


Employee Benefits Security Administration [EBSA]

Remote / Washington DC

View job as Economist for Employee Benefits Security Administration [EBSA]

View job as Retirement Plan Education Advisor
            for Moneta

Retirement Plan Education Advisor


Clayton MO / Hybrid

View job as Retirement Plan Education Advisor for Moneta

View job as Retirement Plan Client Service Manager
            for Moneta

Retirement Plan Client Service Manager


Clayton MO / Hybrid

View job as Retirement Plan Client Service Manager for Moneta

Selected New Discussions

Who Must Get The 7.5% Gateway?

"I'm working on a new client that has a group of participants who are eligible for the 401(k)/Profit Sharing, but are excluded from the Cash Balance Plan. Are these participants required to get the 7.5% to pass the gateway? Or can they be given a lower amount into the Profit Sharing? Basically, I wanted to confirm that the people who get 7.5% are those who are eligible to participate in both the Profit Sharing and Cash Balance Plan? If someone is only eligible for the Profit Sharing, can they just get the minimum gateway to pass the New Comp testing? Their contribution, as well as the Safe Harbor Match, does get included into the 6% max going into the Profit Sharing, correct? (I'm pushing to move this to the 3% Safe Harbor, as it will obviously help), but I wanted to confirm I was correct."

BenefitsLink Message Boards

Pass Through Dividends on Company Stock Held in 401(k) Plan

"We have a client that has company stock (NYSE traded) as an investment option in their 401(k) plan. The plan also allows participants to invest all money types, including Roth contributions, in the stock fund. Further, the plan gives participants the option to either reinvest dividends or pass them through. The question is if a participant invests their Roth money source in company stock and elects pass through of dividends, are the dividends taxable or tax exempt?"

BenefitsLink Message Boards

Press Releases

JULY Announces Acquisition Transaction with Digital Retirement Solutions

JULY Business Services

Securian Financial Subsidiary Acquires Employee Communication and Engagement Platform

Securian Financial Group

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

ESG Considerations for Retirement Investments


Jackson Lewis LLP

Last Issue's Most Popular Items

SECURE 2.0: What Comes Next?

Holland & Hart LLP

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

Willis Towers Watson

SECURE Act 2.0 Brings New and Improved Self-Correction Opportunities

Belfint Lyons Shuman

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

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