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Retirement Plans Newsletter

March 23, 2023

3 New Job Opportunities 3 New Job Opportunities


[Official Guidance]

Text of IRS Publication 590-B: Distributions from Individual Retirement Arrangements (IRAs), for Use in Preparing 2022 Returns (PDF)

69 pages; rev. Mar. 20, 2023. "What's New: [1] Disaster tax relief.... [2] Excise tax relief for certain 2022 required minimum distributions.... [3] Required minimum distributions (RMDs).... [4] Qualified charitable distribution one-time election.... [5] Certain corrective distributions not subject to 10% early distribution tax.... [6] Substantially equal payments clarified.... [7] Excise tax rate for excess accumulations reduced.... [8] Distributions to terminally ill individuals.... [9] Tax treatment of IRA involved in a prohibited transaction. "  MORE >>

Internal Revenue Service [IRS]


Discounted 2023NAFE Registration? Sign Us Up!

Celebrate the end of the TPA testing season by taking $200 off of your member or non-member 2023NAFE registration! Register with code Celebrate315 by tomorrow, March 24 and find the insights you need to move your business forward.

Sponsored by NIPA {National Institute of Pension Administrators]

[Guidance Overview]

If You Have NFTs in Your Retirement Account, Beware

"[IRS Notice 2023-27] suggest that many NFTs may be considered 'collectibles' ... [T]he acquisition of a collectible by an IRA or an individually-directed account under a tax-qualified plan will be treated as a taxable distribution equal to the cost of the collectible ... [It] is unclear what the treatment will be of NFTs that were already acquired and are being held in a retirement account, but only deemed collectibles upon the effective date of final IRS guidance."  MORE >>


[Guidance Overview]

Impact of SECURE 2.0 on Single Employer DB Plans

"The cap on the mortality improvement rates will lower liability amounts, resulting in reduced minimum required contributions and [PBGC] premiums for underfunded plans.... [T]he termination of the indexing on the PBGC variable rate premium will further reduce costs for certain underfunded plans. The benefit accrual rules for cash balance plans using a variable interest crediting rate are changing, providing potential opportunity for plans ... to provide higher accruals for older, longer-service employees."  MORE >>


[Guidance Overview]

Resources for Tracking State and Local Retirement Initiatives (PDF)

"This article summarizes state and local retirement initiatives for private-sector workers and rounds up relevant ... resources."  MORE >>



Is There a Baked-In 20% Systemic Tax on Retirement Benefits in America?

"There is, in essence, a structural barrier to the payout of benefits across the board to the American workforce.... [T]he few bad apples, when combined with the inherent barriers to full payment of employees that are baked into the system, complicates and reduces retirement and benefit payouts to the American workforce as a whole[.]"  MORE >>

Stephen Rosenberg, The Wagner Law Group

Benefits in General

[Official Guidance]

Text of EBSA Meeting Notice for ERISA Advisory Council

"[T]he 215th open meeting of the [ERISA Advisory Council] will be held on Friday, May 5, 2023 ... [in] Washington, DC ... The meeting will also be accessible via teleconference and some participants, as well as members of the public, may elect to attend virtually.... The purpose of the open meeting is to set the topics to be addressed by the Council in 2023. Also, the ERISA Advisory Council members will receive an update from leadership of [EBSA]."  MORE >>

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

Employee Benefits Jobs

View job as Administrator
            for Pentegra



Remote / West Harrison NY

View job as Administrator for Pentegra

View job as Compliance Director
            for Allegiance Benefit Plan Management

Compliance Director

Allegiance Benefit Plan Management

Missoula MT

View job as Compliance Director for Allegiance Benefit Plan Management

View job as Retirement Plan Administrator
            for The Finway Group

Retirement Plan Administrator

The Finway Group

Remote / West Des Moines IA / IL / KS / MN / MO / ND / NE / SD / WV

View job as Retirement Plan Administrator for The Finway Group

Selected New Discussions

Plan Startup Credit

"An employer became an adopting / participating employer in a PEP effective 1/1/2022. They have 10 eligible NHCE's. In 2023 they established a new single employer 401(k) plan and did a spinoff from the PEP. For purposes of the plan startup credits, would they qualify under the Secure 2.0 provisions for administrative expenses under both plans (PEP and single employer 401(k) plan) or are they limited in some way in the 401(k) plan?"

BenefitsLink Message Boards

Hardship Self-Certification

"Does a plan have to require self-certification for Hardship distributions? If it is discovered under audit or otherwise that the hardship should not have been permitted (because the employee lied) what is the penalty?"

BenefitsLink Message Boards

Press Releases

Partner Jorge Leon Elected to Chair the Field Museum's Retirement and Benefits Committee and Elected to the Executive Committee

Michael Best & Friedrich

PenChecks, Inc. Onboards New East Regional Director

PenChecks Trust

Pentegra Welcomes Carlo Guerrera as Director, National Accounts


Healthcare and Living Costs Named Top Concerns by US Retirement Savers, Smart Future of Global Retirement Report Finds


Flume Health Launches Flume Relay to Speed Solution Integration

Flume Health

Webcasts and Conferences
(Retirement Plans / Executive Compensation)

SECURE 2.0, Part 1



SECURE 2.0, Part 2



Understanding Your Retirement DNA

April 26, 2023 WEBINAR

TRA [The Retirement Advantage]

Last Issue's Most Popular Items

SECURE 2.0: Changes to Plan Corrections Guidance

Haynes and Boone, LLP

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

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

Defined Benefits Plans: Underfunded Plans (PDF)

The Wagner Law Group and OctoberThree, via Bloomberg Law

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

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